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Questions and Answers
What is the primary purpose of scanning the business environment?
What is the primary purpose of scanning the business environment?
The primary purpose is to systematically gather and analyze information about external factors that can affect an organization's performance.
List two factors that can influence the business environment according to the content.
List two factors that can influence the business environment according to the content.
Economic conditions and technological advancements.
What was the main objective of the Industrial Policy 1948 introduced in India?
What was the main objective of the Industrial Policy 1948 introduced in India?
The main objective was to increase industrial development by promoting a mixed economy involving both public and private sectors.
Explain the role of government in the Industrial Policy 1956.
Explain the role of government in the Industrial Policy 1956.
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How do industrial policies contribute to employment in a nation?
How do industrial policies contribute to employment in a nation?
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What were the main objectives of the Industrial Policy of 1991 in India?
What were the main objectives of the Industrial Policy of 1991 in India?
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How does the Haryana State Industrial Policy aim to support businesses?
How does the Haryana State Industrial Policy aim to support businesses?
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What factors does the Haryana Labour Policy cover to ensure fair treatment of workers?
What factors does the Haryana Labour Policy cover to ensure fair treatment of workers?
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What are the two broad classifications of surveys according to instrumentation and time span?
What are the two broad classifications of surveys according to instrumentation and time span?
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What was a significant feature of the Industrial Policy of 1977 in promoting small-scale industries?
What was a significant feature of the Industrial Policy of 1977 in promoting small-scale industries?
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Study Notes
Government Polytechnic Ambala City, Electronics and Communication Engineering
- Course: Entrepreneurship Development and Management
- Chapter: Market Survey and Opportunity Identification/Ideation
Scanning the Business Environment
- Scanning is systematically gathering, analyzing, and interpreting information about external factors affecting an organization's performance
- Key aspects include:
- Analyzing external factors like market trends, competitor actions, regulations, and technological advancements
- Monitoring trends in competitive intelligence and regulatory changes
- Analyzing economic conditions and identifying risks
- Recognizing new opportunities
- Informed decision-making for strategic adaptation
Factors Affecting the Business Environment
- Economic conditions (GDP growth, inflation, interest rates)
- Technological advancements
- Regulatory changes and government policies
- Market trends and consumer behavior
- Competitor actions
- Environmental sustainability concerns
- Global events and geopolitical risks
- Supply chain disruptions
- Legal and ethical considerations
National and Haryana State Industrial Policies
- Government plans to support business growth and competitiveness
- Objectives include:
- Maintaining and enhancing sustainable growth in productivity
- Enhancing employment opportunities
- Transforming India into a globally competitive industrial nation
Industrial Policies in India
- 1948: Introduced a mixed economy model combining public and private sectors
- 1956: Emphasized government control in key sectors (machinery, defense), encouraged private sector growth, and introduced regulations to prevent any single company from dominating a sector
- 1977: Classified small sectors into cottage, household, and small-scale industries and focused on promoting rural and small-town industrial growth
- 1991: Shifted towards a liberalized market economy, reduced government intervention, and opened the Indian economy to foreign investment
Haryana State Industrial Policy
- State-level policy to promote industrial growth, offer incentives, improve infrastructure, create jobs, and encourage entrepreneurship.
Haryana Labour Policy
- Sets rules and standards for labor practices (wages, working hours, safety, welfare) in the state
Haryana Land Acquisition Policy
- Outlines procedures for acquiring land, fair compensation, and resettlement of affected communities; ensures balanced and transparent land acquisition processes
Market Survey Research Methods
- Surveys: (i) Questionnaires gather data efficiently and cost-effectively, standardizing responses. (ii) Interviews provide flexibility, clarify questions, and collect nuanced data about opinions, attitudes, and behaviors based on direct interaction between respondents and interviewers
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Advantages:
- Scalability in surveys; high response rates during interviews, in-depth responses
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Disadvantages:
- Surveys have limitations in depth of understanding; interviews are time-consuming, costly; bias in responses from surveys or interviews
- Questionnaire surveys: Collecting data using a set of written questions.
- Interview method: Direct interaction between interviewer and respondent for data collection
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Description
This quiz covers the chapter on Market Survey and Opportunity Identification for the Entrepreneurship Development and Management course. It focuses on scanning the business environment and analyzing external factors influencing organizational performance. Topics include market trends, competitor actions, and decision-making strategies.
