Here you will get Gauhati University Bcom 3rd Sem GU New Venture Planning Solved Question paper 2023 in pdf Basically this question paper is CBCS pattern but very helpful for FYUGP 3rd Sem Student so read this solved question paper top to bottom and prepare for your upcoming examination.
Gauhati University B.com 3rd Semester New Venture Planning 2023 Solved question paper.
Gauhati University BCom 3rd Semester New Venture Planning Solved Question Paper 2023
1. Choose the correct option from the following: (1×4=4)
(a) Creativity is the act of turning _______ ideas into reality.
(i) Resourceful
(ii) Imaginative
(iii) Government
(iv) Challenging
(b) Which of the following is an important consideration for evaluating a franchise opportunity?
(i) Climate
(ii) Service
(iii) Food
(iv) Exit strategy
(c) The ________ symbol can be used by one who has filed a trademark application.
(i) TM
(ii) SM
(iii) ®
(iv) ©
(d) According to section _______ of the Limited Liability Partnership Act, 2008, it is not mandatory for a limited liability partnership to have a common seal.
(i) 15
(ii) 14 (c)
(iii) 11 (a)
(iv) 3
2. Write short answers to the following questions: (2×3=6)
(a) State two techniques for generating business ideas.
Ans:- Two techniques for generating business ideas:
Brainstorming: A creative group technique where individuals come together to generate a variety of ideas without judgment, encouraging free-flowing thoughts to spark innovation.
Market Research: Gathering and analyzing data on consumer needs, trends, and competitors to identify gaps or opportunities in the market that could lead to new business ideas.
(b) Define Intellectual Property Rights.
Ans:- Definition of Intellectual Property Rights (IPR):
Intellectual Property Rights refer to legal protections granted to the creators, inventors, or owners of intellectual creations like inventions, designs, trademarks, and artistic works. These rights give the holder exclusive control over the use, production, and distribution of their creations for a specific period of time, ensuring they can benefit financially from their innovations.
(c) State two criticisms against state financial corporations.
Ans:- Two criticisms against state financial corporations:
Political Interference: State financial corporations are often criticized for being influenced by political agendas, leading to inefficient lending practices and favoritism toward certain sectors or businesses.
Inefficient Management: Since these corporations are government-controlled, there can be a lack of accountability and poor management, resulting in slow decision-making, delayed project funding, and ineffective financial support.
3. Write answers to the following: (any two) (5×2=10)
(a) Discuss the various impediments to creativity.
Ans:-Creativity is essential for innovation and problem-solving, but several factors can impede the creative process:
Fear of Failure: A fear of making mistakes or facing criticism can stifle creativity. When individuals or teams are too focused on avoiding failure, they might stick to safe, conventional ideas rather than exploring new and innovative concepts.
Lack of Time: Creativity often requires time to experiment, think deeply, and explore new ideas. A time-constrained environment or heavy workload can limit the ability to think outside the box.
Rigid Organizational Structures: Hierarchical systems in organizations can hinder creativity by discouraging open communication and idea-sharing. When decision-making is centralized, employees may feel less empowered to propose innovative ideas.
Limited Resources: Creativity can be restricted when there are insufficient financial, technological, or human resources. Without access to the right tools or support, individuals may struggle to bring their creative ideas to fruition.
Over-reliance on Past Success: Relying too heavily on past methods or strategies can limit creativity. If individuals or organizations become complacent with what has worked in the past, they may be less inclined to explore new or unconventional approaches.
Cognitive Biases: Cognitive biases, such as confirmation bias or functional fixedness, can limit creative thinking. These biases cause individuals to favor familiar ideas or solutions and overlook alternatives.
Lack of Diversity: A lack of diversity in background, experience, and perspective can lead to a narrow view of problems and solutions. Diversity in thought and experience is crucial for generating a wide range of creative ideas.
Stress and Burnout: High stress levels or burnout can hinder the brain's ability to think creatively. When individuals are overwhelmed, their focus shifts to immediate tasks rather than long-term, creative problem-solving.
(b) Explain five advantages of acquiring an ongoing venture.
Ans:-Acquiring an existing business can provide numerous benefits compared to starting from scratch:
Established Customer Base: An ongoing venture typically has an existing customer base, which can provide immediate revenue and reduce the time and effort needed for marketing and customer acquisition.
Proven Business Model: Acquiring an existing business means inheriting a tested business model. This reduces the risk compared to starting a new venture, as the company has already demonstrated its ability to generate revenue and sustain operations.
Brand Recognition: An ongoing business often comes with brand recognition, which can be leveraged to attract new customers or enter new markets more quickly than if you were to build a brand from the ground up.
Existing Infrastructure: Acquiring a business often means acquiring its infrastructure, including physical assets, technology, staff, and operational systems. This allows the new owner to avoid the substantial initial investment required to build these elements from scratch.
Access to Skilled Employees: When acquiring a business, the new owner gains access to experienced employees who already understand the business operations. This can significantly reduce the time needed to train and onboard staff, improving operational efficiency.
(c) Discuss the factors based on which new business opportunities may be identified.
Ans:-Identifying new business opportunities is critical for growth and innovation. Several factors can help in recognizing such opportunities:
Market Demand: Identifying gaps in the market where consumer demand is not being fully met can uncover profitable business opportunities. This can involve researching emerging trends, customer feedback, and market shifts.
Technological Advancements: Innovations in technology can create new business opportunities by enabling new products, services, or ways of doing business. Entrepreneurs who stay informed about technological trends may spot opportunities for disruption or improvement.
Changes in Regulations or Legislation: New government policies, laws, or regulations can open up new markets or force businesses to adapt, presenting opportunities for those who can innovate or offer solutions in response to these changes.
Social and Demographic Changes: Shifts in demographics, such as changes in population age, cultural trends, or income levels, can create new business needs. Identifying how these changes impact consumer behavior can lead to identifying business opportunities.
Globalization and International Markets: The opening up of global markets, trade agreements, and the rise of e-commerce create opportunities for businesses to expand beyond their local regions and offer products or services in new geographical areas.
Competitive Landscape: Monitoring competitors and identifying their weaknesses or underserved segments can present opportunities to capitalize on unmet needs in the market. Competitive analysis helps reveal areas for improvement or innovation.
Economic Conditions: Changes in the economy, such as shifts in disposable income, economic growth, or recession, can create new needs or demand for certain goods and services, providing potential opportunities for businesses to enter.
Personal Experience or Expertise: Entrepreneurs can leverage their own expertise, interests, or personal experiences to identify business opportunities. Understanding a particular industry or niche can enable individuals to spot problems that need solving.
(d) Explain the applicability of marketing research in the modern business world.
Ans:- Marketing research plays a crucial role in the success and growth of businesses in the modern business world. With rapidly changing consumer preferences, technological advancements, and dynamic market conditions, marketing research provides businesses with critical insights that drive strategic decision-making. Below are key areas where marketing research is applicable:
Understanding Consumer Behavior: Marketing research helps businesses understand consumer needs, preferences, motivations, and buying behaviors. This insight allows companies to develop products, services, and marketing strategies that are more aligned with what customers want, leading to higher customer satisfaction and loyalty.
Market Segmentation: Through marketing research, businesses can identify distinct customer segments based on demographics, psychographics, geographic, and behavioral factors. This enables targeted marketing efforts and helps companies allocate resources efficiently by focusing on the most profitable segments.
Product Development and Innovation: Marketing research provides valuable feedback during the product development process. Companies can test new ideas, concepts, or prototypes with target audiences to gauge their potential success before launching a product in the market. This reduces the risks of product failure and helps create products that meet consumer needs.
Competitive Analysis: Marketing research helps businesses analyze their competitors, monitor their strategies, and identify market gaps. By understanding competitors' strengths, weaknesses, and market positioning, businesses can develop strategies that differentiate them and gain a competitive edge.
Pricing Strategy: Through surveys, focus groups, and sales data analysis, marketing research helps determine the optimal price point for products or services. Understanding the price sensitivity of customers and the value they place on a product enables companies to set competitive prices that maximize profitability while ensuring customer satisfaction.
Branding and Positioning: Marketing research aids businesses in measuring brand awareness, perception, and positioning in the market. Understanding how consumers view the brand allows companies to adjust their branding strategies, improve brand loyalty, and effectively communicate their value proposition to the target audience.
Advertising and Promotion Effectiveness: Marketing research helps assess the effectiveness of advertising campaigns, promotions, and other marketing activities. By collecting data on customer responses and engagement, businesses can evaluate which strategies are working, identify areas for improvement, and refine future campaigns for better results.
Trend Identification and Market Forecasting: In today's rapidly evolving business environment, staying ahead of trends is essential. Marketing research enables businesses to track emerging trends, forecast market shifts, and predict future consumer behavior. This helps companies stay proactive, adapt quickly, and capitalize on new opportunities.
4. Answer from the following questions: (10×3=30)
(a) Explain a franchise business with suitable examples in the Indian context. Also, discuss the advantages of buying a franchise. (3+7=10)
Ans:-A franchise business is a type of business model in which a business (the franchisor) allows individuals or other businesses (franchisees) to use its brand name, trademark, business model, and operating systems in exchange for fees or royalties. The franchisee operates their own business under the established brand and benefits from the franchisor's proven business strategies, marketing, and training.
Examples in the Indian context:
McDonald's: The American fast-food chain has expanded rapidly in India by offering franchise opportunities to local entrepreneurs. Franchisees operate McDonald’s outlets under the brand’s guidelines, ensuring uniform quality and customer experience.
Domino’s Pizza: Another popular example, Domino’s offers franchises in India. The franchisee benefits from Domino’s global brand recognition, supply chain, and marketing strategies while operating locally.
KFC: Kentucky Fried Chicken (KFC) is another international brand that uses the franchise model to expand its presence across India.
Advantages of buying a franchise:
Established Brand Name: Franchisees benefit from an already recognized and trusted brand, which helps in attracting customers more easily compared to starting a business from scratch.
Lower Risk of Failure: Since the franchise is based on a proven business model, there’s generally a lower risk of failure as compared to independent businesses.
Training and Support: Franchisors typically provide comprehensive training and ongoing support to their franchisees, ensuring they have the knowledge and resources to run the business effectively.
Marketing and Advertising: Franchisees often benefit from national or regional marketing campaigns and advertising strategies executed by the franchisor, reducing the burden of creating marketing plans.
Supply Chain Assistance: Many franchisors have established supply chains, which means franchisees can access quality products at better rates than if they were sourcing individually.
Access to Technology: Franchisees often receive access to the latest technologies and tools to streamline operations and enhance customer experience.
Or
Discuss the various laws governing businesses in India. (10)
Ans:- In India, businesses are governed by a complex framework of laws designed to regulate various aspects of business operations. These laws ensure fair competition, protect stakeholders, and maintain compliance with national standards. Some key laws include:
Companies Act, 2013: This is the primary legislation governing the registration, functioning, and dissolution of companies in India. It regulates corporate governance, director responsibilities, financial disclosure, and shareholder protection.
Indian Contract Act, 1872: Governs the contracts entered into by businesses, setting out the rules for forming valid contracts, the rights and obligations of parties, and consequences of breach of contract.
Goods and Services Tax (GST) Act, 2017: The GST Act governs the taxation of goods and services in India. It replaces a complex web of indirect taxes with a unified tax structure, ensuring uniformity and reducing tax evasion.
Labour Laws: Several laws protect the rights of workers in India, including:
Factories Act, 1948: Regulates working conditions in factories, ensuring worker safety, health, and welfare.
Industrial Disputes Act, 1947: Addresses disputes between employers and employees, ensuring fair labor practices.
Employees’ Provident Fund (EPF) and Miscellaneous Provisions Act, 1952: Ensures employee benefits like retirement funds and pension schemes.
Foreign Exchange Management Act (FEMA), 1999: Regulates foreign exchange transactions in India, covering aspects of international trade, investment, and cross-border financial dealings.
Competition Act, 2002: Prevents anti-competitive practices in business and promotes fair competition. It prohibits monopolies, cartels, and other unfair trade practices.
Consumer Protection Act, 2019: Protects consumers from unfair trade practices, defective goods, and substandard services. It provides a mechanism for consumers to file complaints and claim compensation for damages.
Intellectual Property Laws:
Patent Act, 1970: Protects inventions and patents.
Trademark Act, 1999: Governs the registration and protection of trademarks.
Copyright Act, 1957: Protects creative works such as literature, music, and software.
Environmental Laws: These laws regulate businesses' impact on the environment, ensuring sustainable practices. For example, the Environment Protection Act, 1986 and the Air (Prevention and Control of Pollution) Act, 1981 are critical for industries that impact air, water, and land quality.
Indian Partnership Act, 1932: Governs partnerships in India, specifying the roles and responsibilities of partners, profit-sharing arrangements, and dissolution procedures.
(b) Discuss the meaning and advantages of a business incubator. Also, describe the various industries in Assam where business incubators may focus. (5+5=10)
Ans:-Meaning of a Business Incubator: A business incubator is an organization or facility designed to support the growth and development of startup businesses by providing various services, resources, and infrastructure. These services can include mentorship, office space, financial support, networking opportunities, technical assistance, and access to funding. Incubators aim to foster innovation, reduce the risks associated with starting a new business, and increase the likelihood of long-term success for entrepreneurs.
Advantages of a Business Incubator:
Mentorship and Guidance: Entrepreneurs in incubators have access to experienced mentors who guide them through challenges and help refine business strategies.
Reduced Startup Costs: Incubators offer affordable office space, shared resources (like internet, office equipment, and meeting rooms), and administrative support, helping startups reduce overhead costs.
Access to Funding: Incubators often have connections with investors, venture capitalists, and grant providers, facilitating easier access to funding.
Networking Opportunities: Entrepreneurs can network with other startups, investors, industry experts, and potential clients, fostering valuable collaborations and partnerships.
Business Development Support: Incubators provide access to training programs, legal advice, marketing expertise, and financial services, helping entrepreneurs develop their business from the ground up.
Increased Credibility: Being part of an incubator can provide startups with credibility and make them more attractive to potential investors and clients.
Industries in Assam Where Business Incubators May Focus:
Tea Industry: Assam is known for its tea production. Incubators can help startups involved in tea cultivation, processing, packaging, and export by providing resources to scale operations and improve product quality.
Handloom and Textile Industry: Assam’s rich tradition of handloom weaving can benefit from incubators that offer support in areas like design innovation, market expansion, and export development.
Tourism and Hospitality: Assam, with its natural beauty, wildlife, and cultural heritage, can attract businesses in the tourism and hospitality sectors. Incubators can offer guidance on developing eco-tourism, homestays, and other tourism-based ventures.
Agriculture and Agri-tech: Assam is primarily an agricultural state. Incubators focused on agri-tech startups can help innovators develop sustainable farming techniques, precision agriculture solutions, and value-added products.
Food Processing Industry: With a focus on local agricultural products such as rice, spices, and fruits, food processing startups can benefit from incubators that provide technical support and business development services.
Renewable Energy: Assam has potential for renewable energy projects, especially in solar and hydropower. Business incubators can focus on promoting startups in the renewable energy sector, helping them innovate and scale solutions.
Or
How is the price of a product determined? Discuss the various pricing methods adopted by business firms. (3+7=10)
Ans:- How the Price of a Product is Determined: The price of a product is determined through a combination of market factors, business costs, and strategic goals. Key elements in pricing include:
Cost of Production: This includes the direct costs (like materials and labor) and indirect costs (such as overheads) associated with producing the product.
Market Demand: The level of consumer demand plays a significant role in pricing. Higher demand can justify higher prices, while lower demand may require lowering the price to attract customers.
Competitive Pricing: Businesses often consider the prices set by competitors for similar products in the market. They may choose to price their product similarly or offer a better value proposition.
Value Perception: The perceived value of a product in the eyes of customers, which can be influenced by branding, quality, and unique features, also impacts the pricing strategy.
Economic Conditions: External factors, such as inflation, taxation, or changes in supply and demand due to economic conditions, also affect pricing decisions.
Pricing Methods Adopted by Business Firms:
Cost-Based Pricing: This method involves calculating the total cost of production and then adding a markup to determine the price. The markup is often a fixed percentage over the cost.
Formula: Price = Cost + Markup
Example: If the cost to produce an item is ₹50 and the markup is 20%, the price will be ₹60.
Competition-Based Pricing: Businesses may set their prices based on the prices charged by competitors for similar products. This method is commonly used in industries with many competitors offering similar products.
Example: If the competitor is selling a similar product for ₹500, the company might price their product at ₹490 or ₹510.
Value-Based Pricing: This strategy involves setting prices based on the perceived value of the product to the customer rather than the cost of production. Companies focus on customer benefits and are willing to charge a premium for high-value products.
Example: A luxury watch brand may price its products significantly higher because of the perceived value and brand prestige.
Penetration Pricing: When launching a new product, businesses may set a low initial price to attract customers and gain market share quickly. Once the product has been established in the market, the price may be gradually increased.
Example: A new mobile phone company may offer its phone at a low price to gain market share, then increase the price once it has established a customer base.
Skimming Pricing: This method involves setting a high initial price for a new product and gradually lowering it over time. This is often used for innovative products with little competition in the market.
Example: A new high-tech gadget may be introduced at a premium price, and as competitors enter the market, the price is reduced.
Psychological Pricing: This method uses pricing techniques to influence customers' perception of a product. For example, pricing products at ₹999 instead of ₹1000 exploits the psychology of customers perceiving the lower price as a better deal.
Example: Pricing an item at ₹999 instead of ₹1000, making it seem more affordable.
Dynamic Pricing: Prices are adjusted based on real-time demand and supply conditions. This pricing strategy is commonly used in industries like airlines, hotels, and e-commerce.
Example: Airline ticket prices vary depending on demand, time of booking, and season.
(c) Why is a business plan necessary? Discuss some of the mistakes to be avoided while writing a business plan. (3+7=10)
Ans:-Why a Business Plan is Necessary:
A business plan is a detailed written document that outlines a company's goals, strategies, financial projections, and operational plan. It serves as a blueprint for establishing and growing the business. Here are key reasons why a business plan is essential:
Guidance and Roadmap: A business plan provides clear direction and a roadmap for the business. It outlines how to achieve goals, allocate resources, and manage time effectively, helping to keep the business on track.
Attracting Investors and Funding: A well-structured business plan is essential for attracting investors or securing loans. It helps demonstrate the potential of the business and shows that the entrepreneurs have a clear strategy for success.
Risk Management: A business plan forces entrepreneurs to anticipate challenges and risks, and it provides a framework for addressing them. By planning for potential obstacles, the business can better navigate unforeseen problems.
Measuring Progress: A business plan helps set measurable milestones and benchmarks, allowing business owners to evaluate performance over time and make adjustments as necessary.
Strategic Focus: It helps define the business’s vision, mission, and objectives, ensuring all team members and stakeholders are aligned and focused on the same goals.
Mistakes to Avoid While Writing a Business Plan:
Lack of Clear Vision and Objectives: One of the most common mistakes is not clearly defining the business vision and objectives. A business plan should start with a strong, clear, and realistic vision for the company’s future.
Overly Optimistic Financial Projections: Entrepreneurs sometimes make overly optimistic projections regarding sales, profits, or market share, which can damage credibility with investors. It’s important to base projections on realistic assumptions and market research.
Ignoring Market Research: Failing to conduct thorough market research is a critical mistake. Without understanding the target market, customer needs, competition, and industry trends, the business plan lacks a solid foundation.
Underestimating the Competition: Underplaying the competition or ignoring their strengths and strategies is another common mistake. A successful business plan should analyze competitors in detail and outline strategies to differentiate the business.
Vague or Generic Content: Avoid being too general. A business plan should provide specific details on the company’s strategies, marketing, and operations. Vague language without actionable insights can leave investors uninterested.
Overcomplicating the Plan: While detail is important, the business plan should be concise and clear. Overloading the plan with unnecessary jargon or excessive detail can confuse readers.
Failure to Address Risks: Some entrepreneurs fail to mention or plan for potential risks, such as market changes or financial challenges. A business plan should be realistic and acknowledge possible risks and strategies for mitigation.
Or
Discuss the concept of milestone scheduling and describe some of the significant milestones for business plans. (3+7=10)
Ans:- Concept of Milestone Scheduling:
Milestone scheduling is a project management technique that involves identifying key achievements or goals (milestones) in a business plan, then setting a timeline for their completion. These milestones act as checkpoints that help track progress, ensure that the business is moving in the right direction, and allow for timely adjustments when needed. Milestones are significant events, developments, or objectives that can be clearly measured or evaluated.
The concept of milestone scheduling ensures that the project or business is progressing as planned, and it helps prioritize tasks, allocate resources effectively, and avoid delays. It enables the business to stay organized and on target with its goals.
Significant Milestones for Business Plans:
Business Formation and Legal Setup: A key milestone is the legal establishment of the business, which involves registering the company, obtaining necessary licenses and permits, and meeting all regulatory requirements.
Product or Service Development: For product-based businesses, a significant milestone would be the development and completion of the prototype or first version of the product. For service-based businesses, it could involve the development of key service offerings.
Market Research Completion: Completing market research and analysis is a crucial milestone. This research informs decisions related to target markets, product offerings, pricing strategies, and competitive positioning.
Funding and Investment: Securing initial funding (either through investors, loans, or personal savings) is a major milestone that provides the necessary capital for business operations and growth.
Launch of Business Operations: The actual launch of the business or opening of the store/website is a significant milestone. It marks the beginning of full operations and the start of generating revenue.
Achieving Revenue Targets: Setting and achieving initial revenue goals is a critical milestone that demonstrates the business’s ability to generate income and sustain operations.
Team Expansion and Hiring: As the business grows, the milestone of hiring additional team members or expanding the workforce signifies scalability and the ability to handle increased demand.
Market Expansion or Geographic Expansion: Once the business is established in its initial market, expanding into new geographical areas or targeting new customer segments represents a significant milestone.
Profitability: Achieving profitability for the first time is an important milestone that indicates the business has moved from an initial investment phase to a self-sustaining one.
Partnerships and Collaborations: Forming strategic partnerships, joint ventures, or collaborations with other businesses is another significant milestone that can provide growth opportunities, increase visibility, or open new markets.
Achieving Customer Satisfaction or Brand Recognition: A milestone that measures the level of customer satisfaction, brand recognition, or market share attained can be an essential indicator of success.
Each of these milestones should have specific timelines attached, as well as measurable criteria to track success. By scheduling these milestones, businesses can stay focused, ensure proper resource allocation, and improve their chances of meeting objectives in a timely manner.
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