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Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Opportunity5 Marks
Question
Explain 'Market-Driven Ideas', 'Trading related Ideas' and 'Service-Sector Ideas' as different Idea Fields.
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Answer

  1. Market driven or demand driven ideas: Market research is any organized effort to gather information about target markets or customers. It is a very important component of business strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets. Market research is a key factor to maintain competitiveness over competitors. Market research provides important information to identify and analyze the market need, market size and competition.
Example: Radical business innovation like Amazon.com, Body Shop, CNN, IKEA, Starbucks, and Swatch, are better described as market driving.
  1. Trading related ideas: With increasing consumerism, the scope and nature of trade has enlarged; local trade, import and export, e-commerce are all making trading a very wide area of enterprise. Trade, in simple terms, is buying goods and services and selling them to consumers at a profit. One big advantage that trading has over other types of businesses is that, it is easier to launch and less risky. It is however, necessary for a prospective trader to be aware of the trends in an economy.
Example: Brokers.
  1. Service sector ideas: Entrepreneurial opportunities are not only restricted to the manufacturer. Service sector is the most growing field these days, the world over, thanks to emerging knowledge societies and advancements in Information and Technology. So, new opportunities can be identified by understanding the linkages to different business activities.
Example: Mc. Donald's and Pizza Hut can be the role models in terms of efficiency of service, hygiene, quality, and overall value, but the menu should be "Indian" rather than Indianised version of American food.

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