Right Answer: To conduct a market survey, follow these steps:
1. Define the objective: Determine what information you need.
2. Identify the target audience: Decide who you want to survey.
3. Choose the survey method: Select between online, phone, face-to-face, or mail surveys.
4. Design the questionnaire: Create clear and concise questions.
5. Collect data: Distribute the survey to your target audience.
6. Analyze the results: Review the responses and extract insights.
7. Report findings: Summarize the results and present them to stakeholders.
Right Answer: Primary research involves collecting new data directly from sources, such as surveys or interviews, while secondary research involves analyzing existing data that has already been collected by others, such as reports or studies.
Right Answer: To present market research findings to stakeholders, I would:
1. **Summarize Key Insights**: Highlight the most important findings and trends.
2. **Use Visuals**: Incorporate charts, graphs, and infographics for clarity.
3. **Tailor the Message**: Adapt the presentation to the audience's interests and knowledge level.
4. **Provide Context**: Explain the methodology and relevance of the research.
5. **Encourage Discussion**: Allow time for questions and feedback to engage stakeholders.
Right Answer: Data analysis in market research is the process of systematically examining and interpreting data collected from surveys, focus groups, or other sources to identify trends, patterns, and insights that inform business decisions and strategies.
Right Answer: A questionnaire is a set of written questions used to gather information from respondents. To design one effectively, follow these steps:
1. Define the objective: Clearly outline what information you want to gather.
2. Identify the target audience: Know who will be answering the questions.
3. Choose the question type: Use a mix of open-ended and closed-ended questions.
4. Keep it concise: Limit the number of questions to avoid respondent fatigue.
5. Use clear and simple language: Ensure questions are easy to understand.
6. Pilot test: Test the questionnaire with a small group to identify any issues.
7. Revise based on feedback: Make necessary adjustments before the final distribution.
Right Answer: A customer care executive is a professional who assists customers by addressing their inquiries, resolving issues, and providing information about products or services. They communicate effectively, listen to customer needs, and ensure a positive experience through support and problem-solving.
Right Answer: I celebrated my last birthday with a small gathering of friends and family at my home. We had dinner together, shared some laughs, and enjoyed a cake. It was a relaxed and joyful day.
Right Answer: I want to work for Kotak because it has a strong reputation for innovation and customer service in the banking sector, offers opportunities for professional growth, and values employee development.
Ques:- A tire manufacturer in Vietnam has been the only player in that market due to high tariffs on imports. They dominate the tire industry. As it stands, the tariff is 50% of the total cost to produce and ship a tire to Vietnam. Because of the forces of globalization and lower consumer prices, the Vietnamese government decided to lower the tariff by 5% a year for the next ten years. The company is very concerned about this change, as it will radically alter the landscape of the industry in Vietnam. They hire you to assess the situation and advise them on what steps to take.
Right Answer: The tire manufacturer should take the following steps:
1. **Cost Reduction**: Focus on reducing production costs to maintain competitiveness as tariffs decrease.
2. **Market Research**: Analyze potential competitors and market trends to understand the impact of reduced tariffs.
3. **Product Differentiation**: Invest in innovation and quality improvements to differentiate their products from potential imports.
4. **Strategic Partnerships**: Consider forming alliances with local distributors or retailers to strengthen market presence.
5. **Diversification**: Explore opportunities to diversify product offerings or enter new markets to mitigate risks.
6. **Advocacy**: Engage with the government to discuss potential support measures for local manufacturers.
7. **Long-term Planning**: Develop a long-term strategy that anticipates further tariff reductions and prepares for increased competition.
Ques:- You have been called in by an accounting firm that is experiencing declining profitability in its auditing operation. What levers would you push to help improve profitability?
Right Answer: 1. Analyze and streamline processes to reduce inefficiencies.
2. Invest in technology to automate repetitive tasks.
3. Train staff to improve skills and productivity.
4. Review pricing strategies and adjust fees if necessary.
5. Focus on high-value clients and services.
6. Enhance marketing efforts to attract new clients.
7. Monitor and control costs more effectively.
8. Implement performance metrics to track and improve productivity.
Right Answer: To improve relations with our customers, we can enhance communication by actively listening to their feedback, providing personalized support, and regularly checking in to understand their needs. Additionally, we can offer loyalty programs, ensure timely responses to inquiries, and create opportunities for customer engagement through events or surveys.
Ques:- A corn feed company has eight manufacturing plans located in the Midwest. These plants services the entire U.S. Their plant in Ohio is in need of refurbishing. The company has four possible options: refurbish the existing plant, build a larger plant at the current location, build a similar size plant at a new location, and build a larger plant at a new location.
Right Answer: The company should conduct a cost-benefit analysis for each option, considering factors like refurbishment costs, construction costs, operational efficiency, and potential market reach, to determine the best choice for their needs.
