Entrepreneurship Development: Market Survey

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
• Advantages:
  • Scalability in surveys; high response rates during interviews, in-depth responses
• 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

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.