4 (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) .5 (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)

4 (a) The steps involved in the buying decision process are:<br />1. Problem Recognition: The consumer recognizes a need or problem that needs to be solved.<br />2. Information Search: The consumer searches for information about the product or service that can fulfill their need or solve their problem.<br />3. Evaluation of Alternatives: The consumer evaluates different options based on their features, prices, and other relevant factors.<br />4. Purchase Decision: The consumer makes a decision on which product or service to purchase based on their evaluation.<br />5. Post-Purchase Behavior: The consumer evaluates their purchase decision after making the purchase and may experience satisfaction or dissatisfaction.<br /><br />(b) Five benefits of the product plant layout are:<br />1. Increased Efficiency: The product layout allows for a streamlined production process, reducing waste and increasing efficiency.<br />2. Improved Quality Control: The product layout allows for better quality control as each stage of the production process is closely monitored.<br />3. Reduced Costs: The product layout reduces the need for excessive movement and handling, resulting in lower production costs.<br />4. Enhanced Safety: The product layout ensures that workers are not exposed to unnecessary hazards, promoting a safer work environment.<br />5. Better Utilization of Space: The product layout makes efficient use of available space, maximizing productivity.<br /><br />(c) Five advantages of good inventory control in a firm are:<br />1. Reduced Costs: Good inventory control helps to avoid overstocking and stockouts, reducing inventory costs.<br />2. Improved Cash Flow: Effective inventory control ensures that inventory levels are optimized, improving cash flow.<br />3. Increased Customer Satisfaction: Good inventory control ensures that products are available when needed, improving customer satisfaction.<br />4. Better Forecasting: Effective inventory control allows for better forecasting of future demand, enabling more accurate planning.<br />5. Reduced Risk of Obsolescence: Good inventory control helps to avoid the risk of products becoming obsolete, reducing waste.<br /><br />5 (a) Five reasons that may have influenced the chief inspector at Punjab Limited to adopt the floor inspection method are:<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 />2. Increased Efficiency: The floor inspection method reduces the need for extensive paperwork and documentation, increasing efficiency.<br />3. Better Communication: The floor inspection method promotes better communication between workers and inspectors, leading to improved teamwork.<br />4. Reduced Costs: The floor inspection method reduces the need for extensive training and equipment, lowering costs.<br />5. Enhanced Safety: The floor inspection method ensures that safety standards are strictly enforced, promoting a safer work environment.<br /><br />(b) Five characteristics of a good wage system are:<br />1. Fairness: A good wage system ensures that workers are paid fairly for their work.<br />2. Equity: A good wage system ensures that workers are paid equitably based on their skills and experience.<br />3. Flexibility: A good wage system allows for flexibility in adjusting wages based on market conditions.<br />4. Transparency: A good wage system is transparent and easy to understand, promoting trust between workers and management.<br />5. Competitiveness: A good wage system ensures that wages are competitive with industry standards, attracting and retaining skilled workers.<br /><br />(a) Five working conditions that a factory worker is entitled to are:<br />1. Safe Working Environment: Factory workers are entitled to a safe and healthy working environment.<br />2. Reasonable Working Hours: Factory workers are entitled to reasonable working hours, avoiding overwork and fatigue.<br />3. Adequate Rest Breaks: Factory workers are entitled to regular rest breaks to avoid exhaustion.<br />4. Fair Wages: Factory workers are entitled to fair wages for their work.<br />5. Social Security: Factory workers are entitled to social security benefits, including medical coverage and retirement plans.<br /><br />(b) Five requirements that industries must satisfy before they can adopt a continuous production system are:<br />1. High Demand: Industries must have a high demand for their products to justify the investment in a continuous production system.<br />2. Standardized Products: Industries must produce standardized products that can be produced continuously.<br />3. Adequate Capital: Industries must have sufficient capital investment to support the implementation of a continuous production system.<br />4. Skilled Workforce: Industries must have a skilled workforce capable of operating and maintaining the continuous production system.<br />5. Efficient Supply Chain: Industries must have an efficient supply chain to ensure a steady flow of raw materials and components.