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Test: Understanding the Market- 2 - Commerce MCQ


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20 Questions MCQ Test Entrepreneurship Class 11 - Test: Understanding the Market- 2

Test: Understanding the Market- 2 for Commerce 2024 is part of Entrepreneurship Class 11 preparation. The Test: Understanding the Market- 2 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Understanding the Market- 2 MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Understanding the Market- 2 below.
Solutions of Test: Understanding the Market- 2 questions in English are available as part of our Entrepreneurship Class 11 for Commerce & Test: Understanding the Market- 2 solutions in Hindi for Entrepreneurship Class 11 course. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free. Attempt Test: Understanding the Market- 2 | 20 questions in 20 minutes | Mock test for Commerce preparation | Free important questions MCQ to study Entrepreneurship Class 11 for Commerce Exam | Download free PDF with solutions
Test: Understanding the Market- 2 - Question 1
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Harish Hande is the founder of __________.

Detailed Solution for Test: Understanding the Market- 2 - Question 1
Harish Hande is the founder of Selco.
- Selco is a social enterprise that focuses on providing sustainable energy solutions to rural and underserved communities in India.
- The organization was founded by Harish Hande in 1995 with the aim of addressing energy poverty and promoting renewable energy usage.
- Selco has been instrumental in bringing solar energy solutions to thousands of households and businesses in rural areas, enabling them to access clean and affordable electricity.
- Harish Hande's vision and leadership have helped Selco become a leading provider of solar energy solutions in India.
- He has received several awards and recognition for his work, including the prestigious Ramon Magsaysay Award in 2011 for his efforts in harnessing technology to empower rural communities.
- Under his guidance, Selco continues to innovate and expand its reach, making a significant impact in improving the lives of people through sustainable energy solutions.
Test: Understanding the Market- 2 - Question 2
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Who among the following had created an organization In January  1995 in Bangalore India with a mission to work towards poverty eradication, promote environmental health, and strengthen democratic institutions and values in developing countries.

Detailed Solution for Test: Understanding the Market- 2 - Question 2
Answer:
The organization created in January 1995 in Bangalore, India, with a mission to work towards poverty eradication, promote environmental health, and strengthen democratic institutions and values in developing countries is Dr. Abraham M George's organization.
Explanation:
Dr. Abraham M George established an organization in January 1995 in Bangalore, India, with the aim of addressing various social issues. Here is a breakdown of the key points:
- Founder: Dr. Abraham M George
- Mission: The organization's mission is to work towards poverty eradication, promote environmental health, and strengthen democratic institutions and values in developing countries.
- Location: Bangalore, India
- Year of Establishment: January 1995
Therefore, the correct answer is option D: Dr. Abraham M George.
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Test: Understanding the Market- 2 - Question 3
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Which of the following is Non-Insurable risk?

Detailed Solution for Test: Understanding the Market- 2 - Question 3
Non-Insurable Risk:
Non-insurable risk refers to a risk that cannot be covered by insurance due to various reasons. These risks are considered uninsurable because they are difficult to predict, quantify, or mitigate. One such example is fluctuations in prices and demand.
Fluctuation in Prices and Demand:
Fluctuations in prices and demand are considered non-insurable risks because they are influenced by various external factors that are difficult to predict or control. Insurance companies rely on actuarial data and statistical analysis to determine the probability of a risk occurring and calculate premiums accordingly. However, fluctuations in prices and demand are highly volatile and can be affected by factors such as market conditions, consumer behavior, and economic trends, making it challenging for insurance companies to accurately assess and quantify these risks.
Reasons for Non-Insurability:
There are several reasons why certain risks are considered non-insurable:
1. Unpredictability: Risks that are difficult to predict, such as fluctuations in prices and demand, cannot be insured as insurance requires a certain level of predictability to assess the likelihood of a risk occurring.
2. Lack of Data: Non-insurable risks often lack sufficient historical data or statistical evidence to assess the probability and potential impact of the risk accurately.
3. Moral Hazard: Risks associated with intentional or fraudulent acts, such as illegal activities or deliberate damage, are considered non-insurable due to the moral hazard they pose.
4. Catastrophic Nature: Risks that have the potential for catastrophic losses, such as wars, nuclear accidents, or natural disasters, may be deemed non-insurable due to the magnitude of potential damages.
5. Adverse Selection: Some risks may be uninsurable due to adverse selection, where individuals or businesses seeking insurance are more likely to have a higher risk profile compared to the average population.
Conclusion:
In conclusion, fluctuations in prices and demand are examples of non-insurable risks. These risks are challenging to predict, quantify, or mitigate, making them difficult to cover under insurance policies. Insurance companies require a certain level of predictability, historical data, and statistical evidence to assess and calculate premiums for insurable risks accurately. However, non-insurable risks, such as fluctuations in prices and demand, lack these key factors, making them uninsurable.
Test: Understanding the Market- 2 - Question 4
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Vanshaj, has to bear the losses in his business as he could not achieve the target of completing his order of supplying 500 goods to his customer because his raw material supplier did not supply the Raw material on time. Which of the following factor is responsible for the loss borne by Vanshaj?
Detailed Solution for Test: Understanding the Market- 2 - Question 4
Factors responsible for the loss borne by Vanshaj:
1. Human Factors:
- Vanshaj's inability to achieve the target due to his raw material supplier's delay in supplying the raw material.
- The raw material supplier's failure to deliver the required raw material on time.
2. External Factors:
- The raw material supplier's failure to supply the raw material on time, which is beyond Vanshaj's control.
- Unforeseen circumstances such as natural disasters, transportation issues, or political instability that may have affected the raw material supply chain.
3. Financial Factors:
- Losses incurred due to the inability to complete the order and meet customer demands.
- Additional costs incurred to source the raw material from an alternative supplier or find alternative solutions to complete the order.
4. Operational Factors:
- Disruption in the production process caused by the delayed supply of raw materials.
- Inefficiencies in managing the supply chain or lack of contingency plans to address such situations.
5. Customer Factors:
- Dissatisfaction of the customer due to the delay in the delivery of goods.
- Potential loss of future business or negative impact on the reputation of Vanshaj's business.
6. Legal Factors:
- Breach of contract or legal obligations if there were specific terms and conditions regarding timely delivery in the agreement with the customer or raw material supplier.
In conclusion, the loss borne by Vanshaj can be attributed to various factors, primarily the human factor (inability to achieve the target) and external factors (delay in raw material supply). It is essential for businesses to analyze and address these factors to minimize the impact of such losses in the future.
Test: Understanding the Market- 2 - Question 5
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The packaging life has increased the shelf life of various products like chips, milk, etc. Due to which companies are able to keep to the unsold stock of these goods for a longer period of time instead of clearing off the unsold stock at lesser prices.
Which of the following factors is responsible for the above benefits to the business.
Detailed Solution for Test: Understanding the Market- 2 - Question 5
Technological factors
- The use of advanced packaging technology has increased the shelf life of products.
- Improved packaging materials and techniques prevent spoilage and maintain product quality for longer periods.
- Vacuum-sealed packaging, aseptic packaging, and modified atmosphere packaging are some examples of technological advancements in packaging.
- These advancements protect products from external factors such as air, moisture, and light, which can lead to spoilage.
- Extended shelf life allows companies to keep unsold stock for a longer time without compromising on quality.
- The ability to store unsold stock for longer periods reduces the need for immediate clearance at lower prices, saving costs for businesses.
- Technological factors also contribute to efficient inventory management, as companies can plan and control stock levels more effectively.
In conclusion, technological factors play a significant role in increasing the shelf life of products and allowing businesses to keep unsold stock for longer periods. This benefits companies by reducing wastage, saving costs, and improving inventory management.
Test: Understanding the Market- 2 - Question 6
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Kamal, has to bear the losses in his business as he could not achieve the target of completing his order of supplying 500 goods to his customer because the production got interrupted due to the failure of machinery. Which of the following factor is responsible for the loss borne by Kamal?
Detailed Solution for Test: Understanding the Market- 2 - Question 6
Explanation:
The factor responsible for the loss borne by Kamal is Physical factors. Here is the detailed explanation:
1. Definition of Physical factors:
Physical factors refer to the elements that are related to the physical environment of a business or organization. These factors can include machinery, equipment, infrastructure, and other physical resources.
2. Explanation of the situation:
In this scenario, Kamal's business suffered a loss because the production was interrupted due to the failure of machinery. As a result, he could not complete his order of supplying 500 goods to his customer.
3. Analysis:
By analyzing the situation, we can determine that the failure of machinery is a physical factor that directly caused the loss borne by Kamal. The machinery is an essential physical resource for Kamal's business, and its failure hindered the production process, leading to the inability to meet the target.
4. Conclusion:
Therefore, in this case, the physical factor (failure of machinery) is responsible for the loss borne by Kamal in his business.
Test: Understanding the Market- 2 - Question 7
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In the year 1977, the change in political power in the country changed the policy for MNCs in the country. Due to this many International Companies had to leave the Indian market in the year1977. Which of the following factor is responsible for the exit of MNCs?
Detailed Solution for Test: Understanding the Market- 2 - Question 7
Factors responsible for the exit of MNCs in 1977:
1. Political factors:
- The change in political power in 1977 resulted in a shift in the country's policies towards multinational corporations (MNCs).
- The new government may have implemented regulations or policies that were unfavorable for MNCs, leading to their exit from the Indian market.
2. Economic factors:
- Changes in economic conditions, such as the introduction of new economic policies or shifts in taxation regulations, may have made it financially unviable for MNCs to continue operating in India.
- Economic instability or unfavorable market conditions could also have played a role in their decision to exit.
3. Human factors:
- The availability and quality of skilled labor, as well as the level of labor unrest or strikes, could have influenced MNCs' decisions to leave.
- Political or social unrest, including protests or demonstrations, may have created an unfavorable business environment, leading to their exit.
4. Natural factors:
- Natural disasters or extreme weather conditions could have disrupted supply chains or operations, making it difficult for MNCs to continue their business in the country.
- Environmental regulations or concerns may also have played a role in their decision to exit.
Overall, while economic factors and human factors could have contributed to the exit of MNCs, the primary reason for their departure in 1977 was the change in political power and the resulting shift in policies towards MNCs in India.
Test: Understanding the Market- 2 - Question 8
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In India, attitudes have changed with respect to food and clothing as a result of Industrialization employment of women in factories and offices and the increased level of education. This has resulted in the growth of food processing and garments manufacturing units thus the emergence and growth of a new class of Entrepreneurs. Which of the following factors is highlighted in the above case?
Detailed Solution for Test: Understanding the Market- 2 - Question 8
Answer:
The highlighted factor in the given case is Social. Here's a detailed explanation:
Factors such as industrialization, employment of women in factories and offices, and increased education levels have brought about changes in attitudes towards food and clothing in India. This has led to the growth of food processing and garments manufacturing units, as well as the emergence and growth of a new class of entrepreneurs.
The social factor plays a significant role in this scenario because of the following reasons:
1. Changing attitudes: The shift in attitudes towards food and clothing indicates a change in societal values and preferences. This change is a result of social factors such as exposure to new ideas, increased awareness, and evolving cultural norms.
2. Industrialization: The process of industrialization has transformed the social fabric of society. It has created new employment opportunities, altered traditional gender roles, and paved the way for the entry of women into the workforce. This social change has had a direct impact on the growth of food processing and garment manufacturing units.
3. Employment of women: The increasing employment of women in factories and offices has not only contributed to the economic growth of the country but has also brought about significant social changes. Women gaining financial independence and becoming active participants in the workforce has challenged traditional gender roles and societal norms, leading to the growth of new industries.
4. Increased education: The higher levels of education attained by individuals have played a crucial role in influencing their attitudes towards food and clothing. Education has broadened their horizons, exposed them to new ideas, and empowered them to make informed choices. This social transformation has created a demand for processed food and fashionable garments, thereby contributing to the growth of related industries.
In conclusion, the highlighted factor in this case is social. The changes in attitudes towards food and clothing, as well as the growth of food processing and garments manufacturing units, are a result of the social factors of industrialization, women's employment, and increased education levels.
Test: Understanding the Market- 2 - Question 9
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Many Chinese apps were banned in India after The Galwan Ghati war between Indian and China. Which of the following barrier is faced by Chinese companies?
Detailed Solution for Test: Understanding the Market- 2 - Question 9
Barriers Faced by Chinese Companies in India:
1. Political Barrier:
- The ban on Chinese apps in India was a political decision taken by the Indian government.
- It was a response to the conflict between Indian and Chinese troops in the Galwan Valley.
- The political barrier refers to the restrictions imposed by the government due to political tensions and conflicts.
2. Economic Barrier:
- Chinese companies faced an economic barrier as their apps were banned in India.
- This resulted in a loss of revenue and market share for these companies.
- The economic barrier refers to the hindrance faced by Chinese companies in conducting business and generating profits in India.
3. Social Barrier:
- The ban on Chinese apps was also influenced by social sentiments and public outrage against China.
- There was a widespread boycott of Chinese products and services in India.
- The social barrier refers to the negative public perception and resistance towards Chinese companies in India.
4. Cultural Barrier:
- Although not directly related to the ban on Chinese apps, cultural differences can also act as a barrier for Chinese companies in India.
- Chinese companies may face challenges in understanding and adapting to the Indian culture, preferences, and consumer behavior.
Conclusion:
The primary barrier faced by Chinese companies in India after the Galwan Ghati war and the subsequent ban on Chinese apps is the political barrier. However, economic, social, and cultural barriers also play a role in hindering their business operations and growth in the Indian market.
Test: Understanding the Market- 2 - Question 10
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Anuj started a mask-making business, but his business could not grow as per his expectations, So he decided to quit his business because of the failure of his venture.
Which of the following barrier is faced by Anuj?
Detailed Solution for Test: Understanding the Market- 2 - Question 10
Barrier Faced by Anuj:

  • Motivational Barrier: Anuj faced a motivational barrier in his mask-making business as he was unable to achieve the expected growth and success. This barrier refers to a lack of motivation or drive to continue the venture due to setbacks or failures.


Explanation:



  • Anuj's decision to quit his business indicates a lack of motivation and belief in the potential success of his venture.

  • The failure to meet his expectations and see the desired growth may have demotivated him, leading to the decision to quit.

  • This motivational barrier can hinder entrepreneurs from persisting in their business endeavors, as it requires a high level of motivation and resilience to overcome challenges and setbacks.

  • Anuj's experience highlights the importance of maintaining motivation and belief in one's business, even in the face of obstacles and failures.


Therefore, the barrier faced by Anuj in his business is a motivational barrier.

Test: Understanding the Market- 2 - Question 11
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Nand Kishore Chaudhary is the founder of _______.
Detailed Solution for Test: Understanding the Market- 2 - Question 11
Answer:
Nand Kishore Chaudhary is the founder of Jaipur Rugs.
Explanation:
Jaipur Rugs is a leading manufacturer and exporter of hand-knotted rugs from India. Nand Kishore Chaudhary founded the company in 1978 with a vision to empower rural artisans and create sustainable livelihoods for them. Here is a detailed explanation of Nand Kishore Chaudhary's association with Jaipur Rugs:
- Background: Nand Kishore Chaudhary was born in a village in Rajasthan, India. He witnessed the struggles faced by rural communities and recognized the potential of traditional craftsmanship as a means of economic upliftment.
- Foundation of Jaipur Rugs: In 1978, Nand Kishore Chaudhary established Jaipur Rugs as a small-scale enterprise. He aimed to revive the dying art of hand-knotted rugs and provide employment opportunities to rural artisans.
- Focus on Rural Empowerment: Nand Kishore Chaudhary's vision was not limited to commercial success. He wanted to create a social impact by empowering rural communities. Jaipur Rugs adopted a decentralized model where artisans could work from their homes, preserving their traditional way of life.
- Artisan Development: Under Nand Kishore Chaudhary's leadership, Jaipur Rugs focused on skill development and training programs for artisans. The company provided them with necessary tools, raw materials, and design inputs to enhance their craft.
- Social Initiatives: Nand Kishore Chaudhary also initiated various social initiatives to improve the lives of artisans. These included healthcare programs, education support for artisans' children, and women empowerment initiatives.
- Recognition and Impact: Through Nand Kishore Chaudhary's efforts, Jaipur Rugs gained recognition globally for its high-quality rugs and sustainable business practices. The company has created a positive impact on the lives of thousands of artisans, enabling them to earn a fair income and improve their standard of living.
In conclusion, Nand Kishore Chaudhary is the founder of Jaipur Rugs, a renowned hand-knotted rug manufacturer that focuses on rural empowerment and sustainable development.
Test: Understanding the Market- 2 - Question 12
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Who among the following a Social entrepreneur was the founder and leader of Bhudan Andolan.
Detailed Solution for Test: Understanding the Market- 2 - Question 12
Answer:
The founder and leader of the Bhudan Andolan, a social movement in India, was Vinoba Bhave.
Details:
- Vinoba Bhave: He was an Indian social reformer and activist who is best known for his role in the Bhudan Andolan (Land Gift Movement).
- Bhudan Andolan: It was a non-violent movement initiated by Vinoba Bhave in the early 1950s. The movement aimed to address the issue of land inequality in India by encouraging wealthy landowners to voluntarily donate a portion of their land to landless farmers.
- Objective: The objective of the Bhudan Andolan was to promote social justice, alleviate poverty, and improve the living conditions of landless farmers.
- Impact: The Bhudan Andolan gained significant support from various sections of society and resulted in the redistribution of millions of acres of land to landless farmers.
- Legacy: Vinoba Bhave's efforts in the Bhudan Andolan made him a prominent social entrepreneur and a leading figure in the land reform movement in India.
In conclusion, Vinoba Bhave was the founder and leader of the Bhudan Andolan, a social movement aimed at addressing land inequality and improving the lives of landless farmers in India.
Test: Understanding the Market- 2 - Question 13
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Which of the following risks may result from strikes and lockouts by trade unions: negligence and dishonesty of an employee: accidents or deaths in the industry?
Detailed Solution for Test: Understanding the Market- 2 - Question 13

Answer:


Risks Resulting from Strikes and Lockouts by Trade Unions:




1. Negligence and Dishonesty of an Employee:



  • During strikes and lockouts, employees may become disgruntled or frustrated, which can lead to negligence in their work or even dishonest behavior.

  • This can result in reduced productivity, poor quality of work, or even theft or sabotage within the industry.

  • Employees may also engage in activities that harm the reputation of the company or disrupt its operations.




2. Accidents or Deaths in the Industry:



  • Strikes and lockouts can create an atmosphere of tension and conflict within the industry.

  • During such times, safety procedures and protocols may not be followed as strictly as usual.

  • This can increase the risk of accidents, injuries, or even fatalities among the workers.

  • As employees may be under stress or distracted, they may not pay adequate attention to their tasks, leading to hazardous situations.




Conclusion:


Strikes and lockouts by trade unions can have significant risks associated with them. The negligence and dishonesty of employees can impact productivity, quality, and the overall reputation of the industry. Additionally, the tense atmosphere during such periods can lead to accidents, injuries, and even deaths. It is crucial for companies to effectively manage labor disputes to mitigate these risks and ensure the safety and well-being of their employees.

Test: Understanding the Market- 2 - Question 14
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Priyansh, a businessman is bearing a huge amount of losses in his business because of bad debts. Which of the following factor is responsible for the loss borne by Priyansh?
Detailed Solution for Test: Understanding the Market- 2 - Question 14
Factors responsible for the loss borne by Priyansh:
There are various factors that can contribute to the loss borne by Priyansh in his business. In this case, the responsible factor is identified as human factors.
Human factors:
- Inefficient credit control: Priyansh may have failed to implement effective credit control measures, resulting in bad debts and financial losses.
- Poor decision-making: Priyansh may have made poor decisions in extending credit to customers without conducting proper risk assessments or credit checks.
- Inadequate collection efforts: Priyansh may have neglected or failed to follow up on overdue payments, leading to increased bad debts.
- Lack of communication: Poor communication between Priyansh and his customers may have resulted in misunderstandings, delays in payments, and ultimately bad debts.
- Ineffective sales strategies: Priyansh may have employed inefficient sales strategies that failed to attract reliable customers and resulted in a higher number of bad debts.
It is important for Priyansh to address these human factors and implement measures to mitigate the risk of bad debts. This may include improving credit control procedures, conducting thorough credit checks, establishing clear communication channels with customers, and reassessing sales strategies to attract reliable customers.
Test: Understanding the Market- 2 - Question 15
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Kartik, has to bear the losses in his business as he could not achieve the target of completing his order of supplying 500 goods to his customer because the supplied goods were damaged in the transit. Which of the following factor is responsible for the loss borne by Kartik?
Detailed Solution for Test: Understanding the Market- 2 - Question 15
Explanation:
The factor responsible for the loss borne by Kartik is Physical factors. Here's why:
1. Definition of Physical factors:
Physical factors refer to the tangible elements or conditions that directly affect the outcome of a situation. In this case, the physical factor is the damage caused to the goods during transit.
2. Goods damaged in transit:
The supplied goods were damaged during transportation, which means they were physically affected. This physical damage led to the inability to complete the order of supplying 500 goods to the customer.
3. Impact on business:
As a result of the damaged goods, Kartik could not achieve his target, which resulted in losses for his business. The damaged goods cannot be sold or used, leading to financial setbacks.
4. Other factors:
While other factors like technological, human, and external factors may contribute to the overall business environment, in this specific scenario, the primary factor leading to the loss is the physical damage to the goods.
In conclusion, the loss borne by Kartik is due to the physical factor of goods being damaged during transit.
Test: Understanding the Market- 2 - Question 16
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The Gujarat earthquake caused irreparable damage not only to the business enterprise but also adversely affected the whole economy of the state. Which of the following factor is responsible for the loss borne by Gujrat?
Detailed Solution for Test: Understanding the Market- 2 - Question 16
Factors responsible for the loss borne by Gujarat due to the earthquake:
There are several factors that contributed to the loss borne by Gujarat due to the earthquake. These factors can be categorized as natural, physical, human, and economic. However, the primary factor responsible for the loss is the natural factor.
Natural Factors:
- The earthquake itself was a natural disaster that caused widespread destruction and loss of life.
- The magnitude and intensity of the earthquake were significant, resulting in severe damage to infrastructure, buildings, and other properties.
- The seismic activity and aftershocks further aggravated the situation, making it difficult to recover and rebuild.
Physical Factors:
- The geographical location of Gujarat in a seismic zone made it more vulnerable to earthquakes.
- The lack of proper infrastructure and construction standards contributed to the extent of damage caused by the earthquake.
Human Factors:
- The population density in the affected areas increased the impact of the disaster, causing more casualties and displacement.
- Lack of awareness and preparedness among the people further added to the loss.
- Rescue and relief operations were challenging due to the high population and limited resources.
Economic Factors:
- The destruction of industries, businesses, and agricultural activities resulted in a significant economic setback for Gujarat.
- The disruption of transportation, communication, and supply chains hindered the recovery process.
- The cost of reconstruction and rehabilitation further strained the state's economy.
In conclusion, while there were various factors that contributed to the loss borne by Gujarat due to the earthquake, the primary factor responsible was the natural factor. The intensity and magnitude of the earthquake, coupled with physical and human factors, resulted in widespread damage and economic loss for the state.
Test: Understanding the Market- 2 - Question 17
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Mr. Mallaya is not able to implement his good idea of starting a business of Khadi PPE kits because of the unavailability of cash.Which of the following is the barrier faced by Mr Mallaya?
Detailed Solution for Test: Understanding the Market- 2 - Question 17
Barrier Faced by Mr. Mallaya: Economic

  • Mr. Mallaya is unable to implement his idea due to the unavailability of cash.

  • This indicates a financial constraint or barrier.

  • It is related to the economic aspect of starting a business.

  • Here, the lack of funds is preventing Mr. Mallaya from pursuing his business idea.

  • Without sufficient capital, it would be difficult for him to establish a business of Khadi PPE kits.

  • Mr. Mallaya's inability to access cash is hindering his entrepreneurial ambitions.

Test: Understanding the Market- 2 - Question 18
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When Mc Donalds entered India, To establish itself it ensured that it should understand the Indian Values, beliefs, and norms which helped Mc Donald to get a quicker acceptance in Indian Market. Which of the following factors is mainly taken care of by Mc Donald for its establishment in the Indian Market?
Detailed Solution for Test: Understanding the Market- 2 - Question 18
Factors taken care of by Mc Donald for its establishment in the Indian Market:
- Cultural:
- Understanding Indian values, beliefs, and norms.
- Adapting the menu to include vegetarian options to cater to the Indian preference for vegetarian food.
- Respecting religious sentiments by not serving beef or pork in India.
- Incorporating local flavors and spices into their products.
- Celebrating Indian festivals and occasions through special promotions and offers.
- Political:
- Complying with all the necessary legal and regulatory requirements.
- Building good relationships with government authorities and local officials.
- Adhering to labor laws and providing a safe and fair working environment for employees.
- Social:
- Engaging in corporate social responsibility activities to contribute to the local community.
- Creating employment opportunities and providing training for local individuals.
- Promoting diversity and inclusivity in their workforce.
- Economic:
- Conducting market research to understand the purchasing power and spending habits of the target audience.
- Pricing their products competitively to attract customers from different income segments.
- Establishing a strong supply chain network to ensure timely and efficient delivery of products.
By taking care of these factors, McDonald's was able to establish itself in the Indian market and gain acceptance quickly.
Test: Understanding the Market- 2 - Question 19
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Kiran, is earning her living by running a roadside mechanic shop. She is highly criticized in her neighborhood because of her type of work as people believe that mechanic jobs are for Men only. Which of the following barrier is faced by Kiran?
Detailed Solution for Test: Understanding the Market- 2 - Question 19
Perceptual Barrier Faced by Kiran
- Kiran faces a perceptual barrier in her neighborhood due to the stereotypes and biases associated with gender roles and occupations.
- People in her neighborhood hold the perception that mechanic jobs are suitable only for men, leading to criticism and resistance towards Kiran's choice of work.
Explanation:
- A perceptual barrier is a psychological factor that affects the way individuals perceive and interpret information or situations.
- In this case, the perception that mechanic jobs are exclusively for men creates a barrier for Kiran and contributes to the criticism she faces.
- This barrier is based on gender stereotypes and societal expectations, which limit the opportunities and acceptance of women in non-traditional occupations.
- The negative perception held by Kiran's neighbors hinders her ability to gain support, respect, and recognition for her work as a roadside mechanic.
Conclusion:
- Kiran's experience highlights the importance of challenging and breaking down gender stereotypes and biases to create a more inclusive and equal society.
- Overcoming perceptual barriers requires education, awareness, and promoting diverse representation in various fields of work.
Test: Understanding the Market- 2 - Question 20
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______ are high net worth individuals who provide equity funding and export advice to businesses. Fill in the blank with a suitable concept:
Detailed Solution for Test: Understanding the Market- 2 - Question 20
Angel investors

  • Angel investors are high net worth individuals who provide equity funding and expert advice to businesses.

  • They typically invest in early-stage startups or small businesses.

  • Angel investors often have industry-specific expertise and can offer valuable guidance and mentorship to entrepreneurs.

  • Unlike venture capital firms, angel investors usually invest their own money rather than managing a fund.

  • Angel investors can provide funding in exchange for equity in the company or as convertible debt.

  • They are often more flexible and less bureaucratic compared to other sources of funding.

  • Angel investors play a crucial role in supporting innovation and entrepreneurship by providing financial resources and strategic guidance.

  • They can help startups overcome the initial challenges of raising capital and gaining traction in the market.

  • Angel investors are typically involved in the early stages of a company's growth and may exit their investment through an acquisition or initial public offering (IPO).

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