(a) Explain the steps that are involved in the buying decision process. (10 marks) (b) Outline five benefits of the product plant layout. (5 marks) (c) Outline five advantages of good inventory control in a firm. (5 marks) (a)The chief inspector at Punjab Limited has adopted the floor inspection method. Explain five reasons that may have influenced this decision. (10 marks) (b) Explain five characteristics of a good wage system. (10 marks) (a) Explain five working conditions that a factory worker is entitled to. (10 marks) (b)Industries must satisfy certain requirements before they can adopt continuous production system. Explain five of these requirements. (10 marks)

(a) The steps involved in the buying decision process are:<br /><br />1. Problem Recognition: The buyer recognizes a need or problem that needs to be addressed.<br /><br />2. Information Search: The buyer searches for information about the product or service that can fulfill their need.<br /><br />3. Evaluation of Alternatives: The buyer evaluates different options or brands based on their features, prices, and other relevant factors.<br /><br />4. Purchase Decision: The buyer makes a decision on which product or service to purchase based on their evaluation.<br /><br />5. Post-Purchase Behavior: After the purchase, the buyer evaluates their satisfaction with the product or service and may engage in repeat purchases or recommend the product to others.<br /><br />(b) Five benefits of the product plant layout are:<br /><br />1. Increased Efficiency: The product layout allows for a streamlined production process, reducing waste and increasing efficiency.<br /><br />2. Improved Productivity: By organizing the production process in a logical sequence, the product layout can lead to higher productivity levels.<br /><br />3. Reduced Costs: The product layout can help reduce costs by minimizing material handling and reducing the need for excessive movement.<br /><br />4. Enhanced Flexibility: The product layout can be easily modified to accommodate changes in production needs or product lines.<br /><br />5. Better Quality Control: The product layout allows for better quality control as each stage of the production process can be monitored and adjusted as needed.<br /><br />(c) Five advantages of good inventory control in a firm are:<br /><br />1. Reduced Costs: Good inventory control helps to minimize carrying costs and avoid stockouts, leading to cost savings.<br /><br />2. Improved Customer Service: By ensuring that products are available when needed, good inventory control can enhance customer satisfaction.<br /><br />3. Increased Efficiency: Effective inventory control streamlines the production and distribution process, leading to increased efficiency.<br /><br />4. Better Cash Flow Management: Good inventory control helps to manage cash flow by ensuring that inventory levels are optimized.<br /><br />5. Reduced Risk of Stockouts: Effective inventory control helps to prevent stockouts, which can lead to lost sales and customer dissatisfaction.<br /><br />(a) Five reasons that may have influenced the chief inspector at Punjab Limited to adopt the floor inspection method are:<br /><br />1. Improved Quality Control: The floor inspection method allows for real-time monitoring of the production process, ensuring that quality standards are met.<br /><br />2. Increased Efficiency: By inspecting products as they are produced, the floor inspection method can help identify and address issues early in the production process.<br /><br />3. Reduced Costs: The floor inspection method can help reduce costs by minimizing the need for extensive testing and quality control measures.<br /><br />4. Enhanced Productivity: The floor inspection method can help improve productivity by identifying and addressing issues quickly, reducing downtime and delays.<br /><br />5. Better Communication: The floor inspection method fosters better communication between workers and inspectors, leading to a more collaborative and effective quality control process.<br /><br />(b) Five characteristics of a good wage system are:<br /><br />1. Fairness: A good wage system ensures that employees are paid fairly based on their skills, experience, and performance.<br /><br />2. Equity: A good wage system ensures that employees are paid equitably compared to their peers within the organization.<br /><br />3. Flexibility: A good wage system allows for flexibility in adjusting wages based on changing market conditions or employee performance.<br /><br />4. Transparency: A good wage system is transparent, with clear criteria for determining wages and opportunities for employees to provide feedback.<br /><br />5. Alignment with Organizational Goals: A good wage system is aligned with the organization's goals and objectives, motivating employees to contribute to the organization's success.<br /><br />(a) Five working conditions that a factory worker is entitled to are:<br /><br />1. Safe Working Environment: Factory workers are entitled to a safe and healthy working environment, free from hazards and risks.<br /><br />2. Reasonable Working Hours: Factory workers are entitled to reasonable working hours, with adequate breaks and rest periods.<br /><br />3. Fair Wages: Factory workers are entitled to fair wages that reflect their skills, experience, and performance.<br /><br />4. Job Security: Factory workers are entitled to job security, with protection against arbitrary dismissal or layoffs.<br /><br />5. Training and Development: Factory workers are entitled to opportunities for training and development to enhance their skills and career growth.<br /><br />(b) Five requirements that industries must satisfy before they can adopt a continuous production system are:<br /><br />1. High Demand: Industries must have a consistent and high demand for their products to justify the investment in a continuous production system.<br /><br />2. Standardized Products: Industries must produce standardized products with consistent specifications to make the continuous production system effective.<br /><br />3. Efficient Production Process: Industries must have an efficient production process that can be optimized for continuous operation.<br /><br />4. Adequate Capital Investment: Industries must have the necessary capital investment to implement and maintain a continuous production system.<br /><br />5. Skilled Workforce: Industries must have a skilled workforce that can operate and maintain the continuous production system effectively.