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Direction: Read the following text and answer the questions that follow:
Utsav Sharma, an entrepreneur is planning to enter into a new business of manufacturing laptop bags with an inbuilt lock facility and solar charger. Being highly complex and tedious, its manufacturing operations need to be well planned. He decides that the complete bag will be manufactured at his own factory but its advertisement campaign can be given to Vigyapan Agency so that he can focus on key functions.
Q. Identify the mode of business followed by Utsav to focus on key functions of business.
- a)Outsourcing
- b)e-business
- c)Agency
- d)Joint venture
Correct answer is option 'A'. Can you explain this answer?
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Direction: Read the following text and answer the questions that foll...
Outsourcing is the business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in-house by the company's own employees and staff. Outsourcing is a practice usually undertaken by companies as a cost-cutting measure.
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Direction: Read the following text and answer the questions that foll...
Mode of Business: Outsourcing
Definition:
Outsourcing is the practice of contracting out certain business functions or operations to external third-party vendors or agencies. It involves delegating specific tasks or processes to specialized service providers, allowing the company to focus on its core competencies and key functions.
Explanation:
Utsav Sharma, an entrepreneur, is planning to enter the business of manufacturing laptop bags with an inbuilt lock facility and solar charger. Recognizing that the manufacturing operations for these bags are highly complex and tedious, Utsav decides to adopt the mode of outsourcing.
Reasoning:
1. Complex Manufacturing Operations: The manufacturing of laptop bags with inbuilt lock facility and solar charger requires specialized knowledge and expertise. By outsourcing the manufacturing process to a third-party factory, Utsav can leverage the skills and experience of professionals who are well-versed in producing such complex products.
2. Focus on Key Functions: Utsav wants to concentrate on the key functions of his business, such as product development, marketing, and sales. By outsourcing the manufacturing operations, he can delegate the time-consuming and resource-intensive task to a dedicated external partner, allowing him to allocate his resources more effectively and concentrate on his core competencies.
3. Advertisement Campaign to Vigyapan Agency: Utsav understands the importance of effective marketing and advertisement to promote his laptop bags. Instead of handling the advertising campaign in-house, he decides to engage the services of Vigyapan Agency. This decision further emphasizes his focus on key functions and his intention to delegate non-core activities to external agencies.
Advantages of Outsourcing:
- Cost Savings: Outsourcing can often result in cost savings as companies can take advantage of the specialized expertise and economies of scale offered by external vendors.
- Access to Expertise: By outsourcing certain functions, businesses can tap into the knowledge and skills of professionals who specialize in those areas.
- Increased Efficiency: Outsourcing allows companies to streamline their operations and focus on what they do best, leading to increased efficiency and productivity.
- Scalability: Outsourcing provides scalability, allowing businesses to adjust their resources and operations based on changing demands and market conditions.
In conclusion, Utsav Sharma's decision to outsource the manufacturing operations and advertising campaign reflects his focus on key functions and the understanding that specialized external partners can provide the necessary expertise and efficiency to support his business goals.
Definition:
Outsourcing is the practice of contracting out certain business functions or operations to external third-party vendors or agencies. It involves delegating specific tasks or processes to specialized service providers, allowing the company to focus on its core competencies and key functions.
Explanation:
Utsav Sharma, an entrepreneur, is planning to enter the business of manufacturing laptop bags with an inbuilt lock facility and solar charger. Recognizing that the manufacturing operations for these bags are highly complex and tedious, Utsav decides to adopt the mode of outsourcing.
Reasoning:
1. Complex Manufacturing Operations: The manufacturing of laptop bags with inbuilt lock facility and solar charger requires specialized knowledge and expertise. By outsourcing the manufacturing process to a third-party factory, Utsav can leverage the skills and experience of professionals who are well-versed in producing such complex products.
2. Focus on Key Functions: Utsav wants to concentrate on the key functions of his business, such as product development, marketing, and sales. By outsourcing the manufacturing operations, he can delegate the time-consuming and resource-intensive task to a dedicated external partner, allowing him to allocate his resources more effectively and concentrate on his core competencies.
3. Advertisement Campaign to Vigyapan Agency: Utsav understands the importance of effective marketing and advertisement to promote his laptop bags. Instead of handling the advertising campaign in-house, he decides to engage the services of Vigyapan Agency. This decision further emphasizes his focus on key functions and his intention to delegate non-core activities to external agencies.
Advantages of Outsourcing:
- Cost Savings: Outsourcing can often result in cost savings as companies can take advantage of the specialized expertise and economies of scale offered by external vendors.
- Access to Expertise: By outsourcing certain functions, businesses can tap into the knowledge and skills of professionals who specialize in those areas.
- Increased Efficiency: Outsourcing allows companies to streamline their operations and focus on what they do best, leading to increased efficiency and productivity.
- Scalability: Outsourcing provides scalability, allowing businesses to adjust their resources and operations based on changing demands and market conditions.
In conclusion, Utsav Sharma's decision to outsource the manufacturing operations and advertising campaign reflects his focus on key functions and the understanding that specialized external partners can provide the necessary expertise and efficiency to support his business goals.
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Direction: Read the following text and answer the questions that follow:Utsav Sharma, an entrepreneur is planning to enter into a new business of manufacturing laptop bags with an inbuilt lock facility and solar charger. Being highly complex and tedious, its manufacturing operations need to be well planned. He decides that the complete bag will be manufactured at his own factory but its advertisement campaign can be given to Vigyapan Agency so that he can focus on key functions.Q. Identify the mode of business followed by Utsav to focus on key functions of business.a)Outsourcingb)e-businessc)Agencyd)Joint ventureCorrect answer is option 'A'. Can you explain this answer?
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Direction: Read the following text and answer the questions that follow:Utsav Sharma, an entrepreneur is planning to enter into a new business of manufacturing laptop bags with an inbuilt lock facility and solar charger. Being highly complex and tedious, its manufacturing operations need to be well planned. He decides that the complete bag will be manufactured at his own factory but its advertisement campaign can be given to Vigyapan Agency so that he can focus on key functions.Q. Identify the mode of business followed by Utsav to focus on key functions of business.a)Outsourcingb)e-businessc)Agencyd)Joint ventureCorrect answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: Read the following text and answer the questions that follow:Utsav Sharma, an entrepreneur is planning to enter into a new business of manufacturing laptop bags with an inbuilt lock facility and solar charger. Being highly complex and tedious, its manufacturing operations need to be well planned. He decides that the complete bag will be manufactured at his own factory but its advertisement campaign can be given to Vigyapan Agency so that he can focus on key functions.Q. Identify the mode of business followed by Utsav to focus on key functions of business.a)Outsourcingb)e-businessc)Agencyd)Joint ventureCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the following text and answer the questions that follow:Utsav Sharma, an entrepreneur is planning to enter into a new business of manufacturing laptop bags with an inbuilt lock facility and solar charger. Being highly complex and tedious, its manufacturing operations need to be well planned. He decides that the complete bag will be manufactured at his own factory but its advertisement campaign can be given to Vigyapan Agency so that he can focus on key functions.Q. Identify the mode of business followed by Utsav to focus on key functions of business.a)Outsourcingb)e-businessc)Agencyd)Joint ventureCorrect answer is option 'A'. Can you explain this answer?.
Direction: Read the following text and answer the questions that follow:Utsav Sharma, an entrepreneur is planning to enter into a new business of manufacturing laptop bags with an inbuilt lock facility and solar charger. Being highly complex and tedious, its manufacturing operations need to be well planned. He decides that the complete bag will be manufactured at his own factory but its advertisement campaign can be given to Vigyapan Agency so that he can focus on key functions.Q. Identify the mode of business followed by Utsav to focus on key functions of business.a)Outsourcingb)e-businessc)Agencyd)Joint ventureCorrect answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: Read the following text and answer the questions that follow:Utsav Sharma, an entrepreneur is planning to enter into a new business of manufacturing laptop bags with an inbuilt lock facility and solar charger. Being highly complex and tedious, its manufacturing operations need to be well planned. He decides that the complete bag will be manufactured at his own factory but its advertisement campaign can be given to Vigyapan Agency so that he can focus on key functions.Q. Identify the mode of business followed by Utsav to focus on key functions of business.a)Outsourcingb)e-businessc)Agencyd)Joint ventureCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the following text and answer the questions that follow:Utsav Sharma, an entrepreneur is planning to enter into a new business of manufacturing laptop bags with an inbuilt lock facility and solar charger. Being highly complex and tedious, its manufacturing operations need to be well planned. He decides that the complete bag will be manufactured at his own factory but its advertisement campaign can be given to Vigyapan Agency so that he can focus on key functions.Q. Identify the mode of business followed by Utsav to focus on key functions of business.a)Outsourcingb)e-businessc)Agencyd)Joint ventureCorrect answer is option 'A'. Can you explain this answer?.
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