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Explain the steps of creative process.
Concept: Elaborate on the Creative and Innovative Processes
Explain in detail Idea Fields.
Concept: Idea Fields
Given below are the factors necessary for developing a successful idea.
Identify the correct combinations from the given options.
Concept: Technique of Transformation of Ideas into Opportunities
Assertion (A): Customers are part of the Micro environment.
Reason (R): Micro environment does not operate in isolation and is one of the levels of business environment.
Concept: Enlist the Various Factors Affecting Business Environment
Read the following article written on the basis of reopening of economy world wide in various sectors and answer the following questions.
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E-Commerce - The pandemic has given rise to a “homebody economy”, as households make more use of online orders to avoid crowds. Across Europe’s largest e-commerce markets - France, Germany, and the UK - purchase behavior has evolved. According to a May study by Kantar, 9% of shoppers make more online purchases than before; 60% say they will continue to shop online after the outbreak; and 80% say they will shop online again for nonessential items. Gaming - The pandemic has accelerated existing trends within the gaming industry, such as the way gamers purchase and consume, moving from packaged games to downloadable content. Another indicator of this shift, mobile apps in general have skyrocketed during the crisis and are expected to account for 48% of the global games market this year, according to Newzoo’s April study. Automotive industry - As consumers regain the ability to travel in a post-lockdown world, they’ll also be more concerned with how to commute safely. Despite being caught in the grip of the Covid-19 pandemic, the automotive industry has been a surprising early riser post-confinement. Marketers have quickly realised that more consumers are exploring car ownership now that they want to reduce their use of public transport. Blogging - Confined to their homes, most people have resorted to creating their own blogging services related to every field. Home cooks have emerged successfully creating their own reels. Many ready to cook food companies have resorted to advertising their products through these influential bloggers. Finance - In the early stages of Covid-19, finance, and especially insurance services, saw a huge spike in page views as consumers wanted to ensure the safety and health of their families. Following the global financial uncertainty, consumer behaviour has shifted from a “now” mindset to one that prioritises the future - thinking more about how to invest and protect savings. As this crisis continues to evolve, finance will likely continue to be a high priority, and brands have started to identify the current mood and concerns of their customers through feedback, observations and are deciding how best to address them. |
1. ‘Cook-it-fast’ - a growing ready to cook product manufacturing company was looking into various means of advertising their products. The marketing team suggested approaching an influential food blogger who can use their products in their recipes. Which way of trend spotting does this indicate?
- Read Trends
- Talk Trends
- Watch Trends
- Think Trends
2. “Play your way” a leading game developer company realised that they have to redevelop and enhance their app experience after reading the above article and listening to customer reviews as well observing the pattern of people downloading and using the “In Purchase Facilities” within the app. Which way of trend spotting does this indicate?
- Read Trends
- Talk Trends
- Watch Trends
- Think Trends
3. “According to a May study by Kantar, 9% of shoppers make more online purchases than before; 60% say they will continue to shop online after the outbreak; and 80% say they will shop online again for non-essential items. ” Which way of trend spotting does this indicate?
- Read Trends
- Talk Trends
- Watch Trends
- Think Trends
4. “Marketers have quickly realised that more consumers are exploring car ownership now that they want to reduce their use of public transport.” Which way of trend spotting does this indicate?
- Read Trends
- Talk Trends
- Watch Trends
- Think Trends
5. “As this crisis continues to evolve, finance will likely continue to be a high priority, and brands have started to identify the current mood and concerns of their customers through feedback, observations and are deciding how best to address them.” Which way of trend spotting does this indicate?
- Read Trends
- Talk Trends
- Watch Trends
- Think Trends
Concept: Trend Spotting
Read the following newspaper article and identify and explain the elements in the PESTEL model which is present in this article.
| India will ban the use of single use plastics from July 1 in order to prevent its harmful effects on environment and in pursuance of its global climate goals. The production, importation, stocking, distribution, sale, and use of certain single-use plastic items that have a low utility and a high potential for littering will henceforth be banned. The items that face ban are plastic stirrers, plastic plates, plastic cups, plastic glasses, plastic cutlery like forks, spoons, and knives, plastic trays, wrapping or packaging films around candy boxes, balloon sticks made of plastic, flags made of plastic, candy sticks, ice-cream sticks, and polystyrene (Thermocol) for decorations. The ministry announcement further stated that control rooms at the national and state levels must be established in order to monitor the unauthorized production, importation, stocking, distribution, sale, and use of items made of single-use plastic that are forbidden. Plastic carry bags with a thickness of less than 75 microns are currently illegal to manufacture, import, stock, distribute, sell, and use, according to the Plastic Waste Management Amendment Rules, 2021. Plastic carry bags with a thickness of less than 120 microns will be forbidden as of December 31, 2022. |
Concept: Enlist the Various Factors Affecting Business Environment
To be successful an entrepreneur needs to work on various areas. One such area is generation of ideas which is very crucial for the ultimate success of the firm. In order to streamline the generation of ideas entrepreneurs will have to use various convenient frames of reference. Comment on any two such frames.
Concept: Idea Fields
Environmental analysis is required by every firm to determine the opportunities and threats in an organisation. What is required to process and analyse the so obtained data?
Concept: Environment Scanning
Assertion (A): The basic test of a successful entrepreneur is the identification of business opportunity in the environment.
Reason (R): In order to be successful an entrepreneur needs to initiate steps to produce and sell goods and services to make the best use of that opportunity.
Concept: Concept and Elements of Business Opportunity
| The United Nations has declared 2023 as the International Year of Millets. Many start up firms were influenced with this news and have started to create their own version using millets. One such company was 'Young You'; they created a new variety of product using millets which was targetted at the young generation. |
Which of the following stage of enterprise process has the company followed in the above case?
Concept: Process of Sensing Opportunities
| Farheen, also known online as Fairu, has become a well-known figure on social media. This social media phenom has a staggering 28M Instagram followers, and they support her wholeheartedly. Millions of social media users enjoy her videos and photographs because she understands how to connect with the viewers. Fairu frequently uploads photos and videos to her Instagram account to keep her followers entertained. The fact that this social media celebrity will soon appear in India’s most popular reality show marks a significant turning point in her career. |
Raja an entrepreneur, has been following Farheen to spot the latest trend. Which of the following trend is it?
Concept: Trend Spotting
| As a chemistry enthusiast, Athavan was always very innovative and wanted to try out new things. He had an idea of making a new stain remover which will help in removing stains very fast from clothes. He did a market research to find out the various stain removers available in the market to foresee the future of the product in the market. |
Which of the following step of creative process is he following?
Concept: Elaborate on the Creative and Innovative Processes
The finance minister of India announced in the 2023 budget that the Government has allocated Rs.16,459 crore to the IT ministry, 40% higher than last year to improve various facilities.
Which of the following PESTEL factor does the above news article indicate?
Concept: Enlist the Various Factors Affecting Business Environment
| Carpet weaving has been a major industry in Kashmir. Bareen wanted that this cottage industry to be known worldwide and that it gets its due importance. She along with her friends and help from the government decided to market and sell the same. She organised the required raw material and human resource for carpet weaving. |
Identify the element of innovation process that Bareen is performing
Concept: Elaborate on the Creative and Innovative Processes
State any two objectives of problem identification.
Concept: Problem Identification
Enlist any two ways in which creative ideas can be generated.
Concept: Idea Fields
| Pooja after finishing her catering course wanted to start her pastry shop in her home town - Jaipur. She knew that there were a lot of national and international tourists who visit the place whom she considered as her target customers. She also planned to have a centralised kitchen to make the pastries and then use vans to transport to various shops all around Jaipur. For the same, she also decided to rent a warehouse near to her centralised kitchen. |
From the above case study, identify and explain the factors which Pooja has paid attention whilst doing market assessment.
Concept: Technique of Transformation of Ideas into Opportunities
An entrepreneur perceives opportunities, synthesizes the available information and analysis emerging patterns so that it can be shared and supported by all customers, partners, employees and suppliers. Comment on any two factors involved.
Concept: Factors Involved in Sensing Opportunities
‘Finance is the elixir for any business’. Justify the given statement.
Concept: Concept and Elements of Business Opportunity
Explain the first five steps involved in idea and opportunity assessment.
Concept: Technique of Transformation of Ideas into Opportunities
