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प्रश्न
Attempt the following:
Impact of new economic policy on business and industry.
उत्तर
(A) Introduction: On July, 1991, the Government of India announced its New Industrial Policy. It brought about radical changes in the Economic Policy. The three main pillars of Economic reforms are L-P-G- (Liberalisation, Privatisation, and Globalisation). The main purpose was to modernise India’s Industrial system, implement new techniques, remove unproductive control, encourage private investment, and integrate our economy with the global economy.
(B) Impact of changes in Government Policy on Business and Industry:
(1) Budgetary Support: The Central Government’s budgetary support for financing the public sector outlays have declined over the years. In order to survive and grow, PSUs have to be more efficient and self-sufficient so as to compete with the private sector.
(2) Increase in Competition: Competition for Indian firms has increased due to the changes in the rules of industrial licensing and entry of foreign firms. for e.g. Service Industries like Insurance, Banking, Telecommunications, Hotel, and Airlines, etc. which were earlier in the public sector are now facing, competition from private players such as Bajaj Alliance, Max Life, Star Life, Insurance, low-cost airlines like Indigo, etc.
(3) New Trade Policy: The new trade policy has helped the Indian Firms to enter into foreign markets and earn the foreign exchange required for importing raw materials, spare parts and components they needed t for keeping their production lines going.
(4) Demanding Customers: Today’s market is customer-oriented as customers are well informed and there is a growing awareness among them about the malpractices adopted by traders, consumer rights, consumer education, and so on. Moreover, competition in the market gives the customer a wider choice in purchasing good quality products and makes customers more demanding.
(5) Need for Human Resource Development: New technologies require expert knowledge and skill in various fields. Moreover, newer markets made it compulsory for companies to acquire trained personnel with a high degree of competence and commitment. Hence, there is a need for well-trained staff and thereby develop human resources.
(6) Change in Technological Environment: Increased competition and advancements in the field 0f technology have forced the business units to develop new ways to survive and grow in the market and keep pace with the latest technological developments.
(7) Change in the Concept of Marketing: Earlier business organisations were production oriented but due to the fast-changing business world it has now become market-oriented. This changed to a societal concept where the needs of society are kept in mind by the producers. The latest is relationship marketing whereby it is not only producing goods for consumers but maintaining long term relationships with them so as to sustain them.
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संबंधित प्रश्न
State any three points of importance of business environment
Why is the understanding of business-environment important for managers? Explain with the help of any four points
What is included in the 'Legal environment' of business? State.
Select the correct option and rewrite the sentence.
The new Industrial policy was formulated in __________.
Select the correct option and rewrite the sentence.
Privatization implies reduction in the role of ___________ sector.
Match the pairs.
| Group ‘A’ | Group ‘B’ |
| A) Globalization | 1) Profit motive |
| B) Privatization | 2) 2006 |
| C) Liberalization | 3) Borderless economy |
| D) New economic policy | 4) Service Motive |
| E) Social Environment | 5) Internal factor |
| 6) Disinvestment | |
| 7) Social Values | |
| 8) 1991 | |
| 9) Abolishing license policy | |
| 10) GATT |
State whether the following statement is True or False.
Business is the product of different environmental factors.
Correct the underlined word and rewrite the following sentence.
External factors of business environment are controllable.
Justify the following statement:
Political stability builds up confidence among business people.
Answer the following.
What is the business environment? Explain the importance of the business environment.
The sum total of all individuals, institutions and other forces that are outside the control of a business enterprise but that may affect its performance is known as ______.
Any kind of external devices, like compact discs (CD's) for computers, have become obsolete. Google, with its Google Drive service, Apple 12. with its icloud offering, enables the users store documents, photos, music and movies on web-based servers. Identify the feature of business environment being described in the above lines.
According to the United Nations Environmental Agency, the world produces around 300 million tons of plastic each year, half of which constitutes single-use items. Ford is recycling over one billion plastic bottles every year to develop elements of the car's interior, reducing the amount of plastic ending up in a landfill. The American car maker has revealed that their Romanian-built EcoSport SUVs' carpets are made using 470 recycled singleuse plastic bottles The process for making Ford EcoSport carpets involves shredding bottles and their caps into tiny flakes and then heating them to 260° C. Identify the related dimension of business environment.
Read the following text and answer the following questions on the basis of the same:
The name and taste of Coca-Cola is known to almost each and every individual in India as well as throughout the world. This carbonated soft drink holds the most market share in the soft drink market and got itself a special seat in each and every gathering. The Coca-Cola Company has on occasion introduced other cola drinks under the Coke name. The most common of these are Diet Coke, along with others including Caffeine free Coca-Cola, Diet Coke Caffeine free, Coca-Cola Zero Sugar, Coca-Cola Cherry, Coca-Cola Vanilla and the list goes on. It has capitalized on each and every opportunity to market itself effectively and place itself in the middle of every gathering. The main reason for such an outstanding placement of product goes to the way they have established the connection between every occasion and the need for Coke to be present there, product design and creative advertising.
Identify the feature of Business Environment which the Coca-Cola Company managed to get in their favour.
Which of the following is the feature of Business Environment?
The term 'Business Environment' means the sum total of :
Which of the following statement is incorrect:
