Commercial Applications
Caveat vendor means ……………
- let the buyer beware
- let the seller beware
- let the advertiser beware
- let the market beware
Sales
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Answer
let the seller beware
Reason — Caveat vendor is the principle followed in marketing — "let the seller beware" — meaning the seller is responsible for ensuring that the goods satisfy the customer's needs. It is opposite to caveat emptor used in selling.
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Related Questions
It begins after the goods are produced:
- Marketing
- Research and Development
- Selling
- Procurement of Raw Material
With reference to steps in personal selling, which statement is (are) correct?
(1) Prospecting means locating and identifying the potential buyers for sales.
(2) Prospecting means to make face to face contact with buyers.
(3) Prospecting means after meeting buyers, display the product.
(4) Prospecting makes well trained sales force.
- 2 & 3
- 1 & 4
- Only 4
- Only 1
Personal selling is …………… as the salesman can tailor his sales presentation to fit the needs, motives, and behaviour of individual consumers.
- Art
- Flexible
- Mutual benefit
- Rigid
With reference to the 'Cost Plus Pricing', which statement(s) is/are correct?
(1) Selling price of the product must cover full cost.
(2) Selling price must cover full cost and yield a reasonable margin of profit.
(3) Selling price should be high to get more profit.
(4) Selling price should be low, so cost could be covered.
- 1 & 3 are correct
- 2 & 3 are correct
- 1 & 4 are correct
- Only 2 is correct