Short type entrepreneur questions answer

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SHORT TYPE QUESTIONS

1) Define ecology

Ans: It is the scientific study of the interactions between organisms and their environment. The term comes from the Greek ‘study of house’ or the study of place we live in.

2) What is franchising
Ans: A continuous relationship which a franchisor provides a licensed privilege to the franchisee to do and offers assistance in organizing, training and merchandising in return for monitory consideration

3) What is subsidy
Ans: A sum of money granted by the state or a public body to help an industry or business keep the price of a commodity or service low is called subsidy

4) what is project formulation
Ans: It is a collection of interrelated actions and activities that take place in order to achieve a set of previously specified products, results or services

5) what is marketing
Ans: Marketing is dynamic activity. It is essential for the survival of business. It includes identifying human need and requirement.

6) Give the importance of expansion
Ans: The importance of business expansion are:

i) Make more money by selling more output to more customers

ii) Increase competitiveness by building more enormous resources

iii) Dominate the market by controlling a higher market share

iv) Increase bargaining power with stakeholders, including bargaining power with suppliers, customers, distributors, and suppliers

v) Achieve market leadership to further influence market prices.

vi) Increases economies of scale and can spread costs across more outputs, lowering unit costs

vii) Increase shareholder value in line with positive expectations for company growth and profits

7) What is entrepreneur opportunity?
Ans: Opportunity exists in environment. It consists of a set of an attractive project idea which an Entrepreneur accepts for his investment decisions. 

8) What is demand forecasting?
Ans: It is a process which helps the entrepreneur in identifying the selected group of customers to be served. ”when the customer is willing and at the same time able to buy the product or services, it is known as demand for the product or service”

9) What are financial resources?
Ans: It is defined as the provision of money. It refers to the flow of money. It is the process of raising the funds which is used in the enterprise. It includes a planning and controlling the funds for an organization.

10) what is meant by pricing
Ans:  Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan.

11) What is resource assessment
Ans: These are systematic methods of gathering data under standardized conditions and reaching a conclusion regarding the knowledge, qualification and potential of an employee.

12) What is economic viability
Ans: Variability refers to the divergence of data from its mean value, and is commonly used in the statistical and financial sectors. Variability in finance is most commonly applied to variability of returns, wherein investors prefer investments that have higher return with less variability.

13) Define business planning
Ans: Planning is the process of thinking in advance what is to be done how it is to be done and by whom it is to be done.

14) What is meant by environment scanning
Ans: It is a process of gathering analyzing and finding information for factual or strategic purposes. An entrepreneur must scan the entire environment to grab all the opportunities.

15) What is merger

Ans: A merger is an agreement that unites two existing companies into one new company. There are several types of, and reasons for, mergers.

16) write short note on
(a) Advertising
Ans: Advertising is a means of communication with the users of a product or service. It is an image promotional tool. It can be done by Newspaper, magazine, electronic media etc.
(b) Sales promotion
Ans: It refers to promotional activities which increase the sales of production. It includes advertisement personal setting coupons, publicity free samples etc. it helps in gaining the additional market share by expanding target market.

17) Define the term technical feasibility

Ans: Technical feasibility study is the complete study of the project in terms of input, processes, output, fields, programs and procedures. It is very effective tool 

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