IGNOU MTTM 8 Free Solved Assignment 2022-23

IGNOU MTTM 8 Free Solved Assignment 2022-23, IGNOU MMTM 8 MANAGING ENTREPRENEURSHIP AND SMALL BUSINESS IN TOURISM Free Solved Assignment 2022-23 If you are interested in pursuing a course in radio production and direction, IGNOU MTTM 8 can be an excellent choice. In this article, we will take a closer look at what IGNOU MTTM 8 is all about and what you can expect to learn from this course.

Important Links : Handwritten Hardcopy 

IGNOU MTTM 8 Free Solved Assignment 2022-23  is a course offered by the Indira Gandhi National Open University (IGNOU) under the School of Journalism and New Media Studies. As the name suggests, it is a course on “Production and Direction for Radio.” The course is designed to provide students with a comprehensive understanding of radio production and direction and covers various topics related to this field.
IGNOU MTTM 8 Free Solved Assignment 2022-23

Q1. What are the major characteristics of a Small Scale Enterprise (SSE)? Discuss the role of Entrepreneurship in SSE and economic development?

Small Scale Enterprises (SSEs) are businesses that have relatively small capital investment, low turnover, and a small workforce. The following are the major characteristics of an SSE:

  • Limited capital: SSEs usually have limited capital investment, which makes it difficult for them to compete with larger businesses.
  • Small workforce: SSEs employ a small number of people, often fewer than 50.
  • Low turnover: SSEs have a relatively low turnover compared to larger businesses.
  • Simple technology: SSEs typically use simple and often outdated technology because they cannot afford the latest technology.
  • Local market: SSEs usually operate in a local or regional market and do not have a wide reach.

Entrepreneurship plays a critical role in the development of SSEs and the economy as a whole. Entrepreneurs are risk-takers who invest their time, money, and resources to start and grow businesses. They are the driving force behind SSEs and contribute significantly to economic growth.

Entrepreneurship creates new businesses, which leads to the creation of jobs, and the growth of the economy. SSEs are the backbone of most economies, particularly in developing countries. They contribute significantly to employment, income, and tax revenue.

Entrepreneurship also encourages innovation and the development of new products and services. This can lead to the creation of new industries and the growth of existing ones. SSEs can also contribute to social development by addressing specific societal needs and challenges.

In conclusion, SSEs play a critical role in the economy, and entrepreneurship is vital to their success. Entrepreneurs create new businesses, generate employment, and contribute to economic growth. Therefore, governments and other stakeholders should support and promote entrepreneurship and SSEs to ensure sustainable economic development.

Q2. What are the different types of entrepreneurs? Explain the concept of entrepreneurial competencies.

Entrepreneurship is the process of starting and managing a new business venture to make a profit while taking on financial risk. There are different types of entrepreneurs, based on their motivations, goals, and business models. Here are some of the most common types:

  • Lifestyle entrepreneur: This type of entrepreneur seeks to build a business that supports their desired lifestyle. They value freedom, flexibility, and creativity over financial success and growth.
  • Serial entrepreneur: A serial entrepreneur is someone who starts and runs multiple businesses over their career. They are usually driven by a desire to create something new and innovative, and they enjoy the challenge of building a business from scratch.
  • Social entrepreneur: Social entrepreneurs seek to create positive change in society through their business ventures. They are typically motivated by a desire to solve social or environmental problems and to make a difference in people’s lives.
  • Corporate entrepreneur: A corporate entrepreneur is someone who works within an established company to create and implement new ideas and business ventures. They use the resources and infrastructure of the company to develop innovative products, services, or business models.
  • Small business entrepreneur: A small business entrepreneur is someone who starts and runs a small business, typically with fewer than 500 employees. They are often motivated by a desire to be their own boss and to have control over their own destiny.

Entrepreneurial competencies refer to the skills, knowledge, and attitudes that are required to be a successful entrepreneur. These competencies can be grouped into several categories, including:

  • Personal traits: These include characteristics such as creativity, persistence, resilience, and risk-taking.
  • Business knowledge: This includes knowledge of the industry, market trends, financial management, and marketing.
  • Interpersonal skills: These include communication, networking, and relationship-building.
  • Strategic thinking: This involves the ability to analyze problems, identify opportunities, and make strategic decisions.
  • Leadership skills: This includes the ability to inspire and motivate others, delegate tasks, and manage teams.

Entrepreneurial competencies are essential for the success of any business venture. By developing these skills, entrepreneurs can improve their chances of success and create businesses that are sustainable and profitable.

3. Write short notes on the following:

a) Role of SIDBI

SIDBI, or the Small Industries Development Bank of India, is a specialized financial institution that was established in 1990 to support the growth and development of small-scale industries in India. It plays a crucial role in promoting and financing the MSME (Micro, Small, and Medium Enterprises) sector in the country. Here are some of the key roles played by SIDBI:

  • Providing Financial Assistance: SIDBI offers various types of financial assistance to MSMEs, including term loans, working capital loans, and export credit. It also provides refinance support to banks and other financial institutions for their lending to the MSME sector.
  • Venture Capital Funding: SIDBI provides venture capital funding to innovative and promising MSMEs through its subsidiary, SIDBI Venture Capital Limited. This helps new and innovative businesses to grow and scale up their operations.
  • Development of MSME Ecosystem: SIDBI has set up a number of programs and initiatives to develop the MSME ecosystem in India. This includes setting up incubation centers, promoting entrepreneurship, providing technical assistance, and supporting the development of ancillary industries.
  • Policy Advocacy: SIDBI plays an important role in advocating for policies and regulations that support the growth and development of the MSME sector in India. It works closely with the government, industry associations, and other stakeholders to create an enabling environment for MSMEs.

Overall, SIDBI plays a crucial role in promoting the growth and development of the MSME sector in India, which is a key driver of the country’s economy.

b) Opportunity Scanning and Identification (OSI)

Opportunity Scanning and Identification (OSI) is a process of systematically identifying and evaluating potential opportunities for a business or organization. This process involves the gathering and analysis of information about the business environment, market trends, customer needs, and competitor activities.

The goal of OSI is to identify new opportunities that can help the business grow and improve its performance. This may include opportunities for new products or services, new markets, partnerships, collaborations, or other strategic initiatives.

The OSI process typically involves the following steps:

  • Define the scope and objectives of the opportunity scanning exercise.
  • Gather information about the business environment, including market trends, customer needs, and competitor activities.
  • Analyze the information to identify potential opportunities and assess their feasibility and attractiveness.
  • Prioritize the opportunities based on their potential impact and feasibility.
  • Develop a plan for pursuing the most promising opportunities, including resource allocation and implementation strategies.
  • Monitor and evaluate the outcomes of the opportunity pursuit to inform future OSI efforts.

OSI is an important process for businesses that want to stay competitive and grow in today’s rapidly changing business environment. By systematically scanning for and identifying new opportunities, businesses can develop strategies that leverage their strengths and capitalize on emerging trends and market shifts.

4. What do you understand by “Zeroing in Process”? Explain with the help of relevant examples from tourism industry.

The “Zeroing in Process” refers to the process of refining and narrowing down the focus of a particular task, goal, or objective to achieve the desired result. In other words, it involves identifying the essential factors that are necessary to achieve a specific goal or objective and eliminating everything else.

In the tourism industry, the Zeroing in Process can be applied in various contexts. For instance:

  • Targeting specific customer segments: The tourism industry can use the Zeroing in Process to identify and target specific customer segments that are most likely to be interested in their products or services. For example, a luxury hotel may target high-end customers by offering exclusive amenities and services.
  • Destination marketing: Tourism boards can use the Zeroing in Process to identify the unique features and attractions of a particular destination and highlight them in their marketing campaigns. For example, a tourism board may focus on the natural beauty, cultural heritage, or adventure activities of a destination to attract specific types of travelers.
  • Product development: Tour operators can use the Zeroing in Process to develop products that cater to the specific needs and preferences of their target customers. For example, a tour operator may design a hiking tour that caters to experienced hikers who are looking for challenging trails and off-the-beaten-path experiences.

Overall, the Zeroing in Process is a valuable tool in the tourism industry, enabling businesses to identify and target their customers, develop products that meet their needs, and promote their destinations effectively.

5. Define the following –

(i) SWOT Analysis

SWOT analysis is a strategic planning tool used to identify and evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project, business venture, or organization.

Here’s a breakdown of each of the components of SWOT analysis:

  1. Strengths: These are the internal factors that give an organization an advantage over others. This can include things like a strong brand reputation, skilled employees, and advanced technology.
  2. Weaknesses: These are internal factors that hinder an organization’s success. Weaknesses can include things like poor management, outdated technology, or limited financial resources.
  3. Opportunities: These are external factors that present new possibilities for growth and success. Opportunities can include things like changes in consumer behavior, advancements in technology, or new markets.
  4. Threats: These are external factors that can negatively impact an organization’s success. Threats can include things like economic downturns, increased competition, or changing government regulations.

By conducting a SWOT analysis, an organization can better understand their current position and make informed decisions about future strategies and actions.

(ii) Market Orientation

Market orientation is a business philosophy that emphasizes the importance of understanding and meeting the needs of customers and creating value for them. This approach involves putting the customer at the center of all business activities, including product development, marketing, and sales.

A market-oriented company focuses on gathering information about customer needs, preferences, and behaviors through market research and customer feedback. This information is then used to develop products and services that meet those needs and exceed customer expectations.

Market orientation also involves a focus on building strong customer relationships through exceptional customer service and ongoing communication. This can help to build brand loyalty and increase customer satisfaction, leading to repeat business and positive word-of-mouth recommendations.

In contrast to market orientation, a production-oriented company focuses on internal efficiency and producing as much as possible, while a sales-oriented company focuses on aggressive sales tactics and increasing revenue at all costs. However, a market-oriented approach is often seen as the most effective in today’s competitive business environment, as it allows companies to be more responsive to changing customer needs and preferences.

(iii) Asset Management

Asset management is the process of managing and overseeing a company’s or an individual’s assets to ensure that they are being used effectively and efficiently. This involves the management of financial, physical, and tangible assets, such as real estate, stocks, bonds, and other investments.

Asset management services are typically provided by financial institutions or asset management firms, who help clients to manage their investments and optimize their portfolios. These services can include investment advice, portfolio management, risk management, and asset allocation strategies.

Asset managers are responsible for making investment decisions on behalf of their clients, with the goal of maximizing returns while minimizing risk. They analyze market trends, evaluate investment opportunities, and make recommendations to clients based on their investment objectives and risk tolerance.

Overall, asset management is a critical function for individuals and companies looking to achieve their financial goals and secure their long-term financial future. By working with experienced asset managers, individuals and companies can effectively manage their investments and optimize their portfolios to achieve the best possible returns while minimizing risk.

(iv) Importance of Personnel relations in SSE

Personnel relations, also known as human resource management, is crucial in any organization, including SSE (Socially responsible, Sustainable, and Environmentally friendly) companies. Here are some reasons why personnel relations are important in SSE:

  • Employee satisfaction and retention: SSE companies are often mission-driven and attract employees who are passionate about social and environmental issues. Personnel relations can help ensure that employees feel valued, supported, and engaged, leading to higher job satisfaction and retention rates.
  • Ethical recruitment and hiring: Personnel relations can help SSE companies ensure that they are recruiting and hiring employees who align with the company’s mission and values. This can involve establishing ethical hiring practices, conducting interviews that focus on the candidate’s values and commitment to social and environmental responsibility, and offering fair compensation and benefits.
  • Training and development: SSE companies often require specialized skills and knowledge, such as sustainability practices and social impact measurement. Personnel relations can help ensure that employees receive the necessary training and development opportunities to acquire and maintain these skills.
  • Diversity, equity, and inclusion: SSE companies often prioritize diversity, equity, and inclusion as part of their mission. Personnel relations can help ensure that the company’s hiring practices, policies, and culture reflect these values and promote a sense of belonging for all employees.
  • Compliance with labor laws and regulations: SSE companies are often subject to complex labor laws and regulations, particularly in areas such as fair labor practices, health and safety, and environmental standards. Personnel relations can help ensure that the company is in compliance with these laws and regulations, reducing the risk of legal and reputational harm.

In summary, personnel relations play a critical role in supporting SSE companies’ mission and values by promoting employee satisfaction, ethical recruitment and hiring, training and development, diversity, equity, and inclusion, and compliance with labor laws and regulations.

6. What are the various elements or variables which must be understood in order to determine market demand.

To determine market demand, it is necessary to understand various elements or variables that can influence it. These elements are:

  • Price: The price of the product or service is a crucial variable that affects the demand for it. As the price of the product increases, demand typically decreases, and vice versa.
  • Income: The income of the consumers is another significant variable that affects the demand for the product. As the income of consumers increases, their purchasing power also increases, leading to higher demand for the product.
  • Consumer preferences: Consumer preferences and tastes are an important factor in determining market demand. A product that is highly desirable to consumers will have higher demand than a less desirable product.
  • Availability of substitute goods: The availability of substitute goods or services can significantly impact the demand for a product. If a substitute product or service is available at a lower price or with more desirable features, it can decrease demand for the original product.
  • Advertising and marketing: Effective advertising and marketing campaigns can increase awareness of a product or service, which can lead to increased demand.
  • Demographics: Demographic variables such as age, gender, and location can affect market demand. For example, certain products may be more popular among younger consumers or consumers living in urban areas.
  • Economic conditions: Economic conditions such as inflation, recession, or economic growth can impact market demand. In a recession, for instance, consumers tend to have lower purchasing power, which can decrease demand.
  • Government policies: Government policies such as taxes or regulations can affect market demand. For example, taxes on certain products can decrease demand, while regulations can increase demand for more environmentally friendly products.

Understanding these variables and how they interact with one another is important in determining market demand for a product or service.

Q7. Discuss the various stages involved in Product Design.

Product design is a complex and iterative process that involves various stages. These stages are often organized in a linear fashion, but in reality, they can be performed in parallel, or some stages may need to be revisited. The following are the typical stages involved in product design:

  • Research and Analysis: In this stage, designers conduct extensive research to gather information about the target audience, market trends, and competitors. They may use surveys, interviews, focus groups, or online tools to collect data. The goal is to understand the users’ needs and preferences, their pain points, and the opportunities for innovation.
  • Concept Development: Based on the research findings, designers generate multiple concepts for the product. These concepts may take the form of sketches, 3D models, or simulations. The designers explore different ideas and evaluate their feasibility, considering factors such as production cost, materials, and manufacturing processes.
  • Prototyping: In this stage, designers create a physical or digital prototype of the product. The prototype may be a working model or a simulation that allows the team to test the product’s functionality, usability, and aesthetic appeal. The feedback from testing is used to refine the design and improve the product’s features.
  • Design Refinement: Based on the feedback from testing, the design team refines the product design, making changes to the prototype to address any issues identified. This stage involves tweaking the design details to improve the product’s overall performance and usability.
  • Manufacturing: Once the design is finalized, the manufacturing stage begins. This stage involves sourcing materials, setting up the production line, and testing the product to ensure quality control. The goal is to produce the product in a cost-effective and efficient manner while meeting the design specifications.
  • Launch: The final stage of product design involves launching the product in the market. This stage involves marketing and advertising the product to generate awareness and drive sales. The team monitors the product’s performance and collects feedback from customers to improve future versions of the product.

In conclusion, product design is a complex and iterative process that involves research and analysis, concept development, prototyping, design refinement, manufacturing, and launch. Each stage is critical to the overall success of the product and requires close collaboration between designers, engineers, marketers, and other stakeholders.

Q8. Elaborate upon the role of the various financing institutions in respect of SSEs.

Social and Solidarity Economy (SSE) refers to a broad range of economic activities, such as cooperatives, mutuals, non-profit organizations, social enterprises, and community-based organizations, which prioritize social and environmental objectives over profit maximization. These organizations often face unique financing challenges compared to traditional for-profit enterprises. In this context, financing institutions play a crucial role in supporting the growth and sustainability of SSEs.

Here are some of the financing institutions and their roles in supporting SSEs:

  1. Social Finance Institutions: These institutions, such as Community Development Financial Institutions (CDFIs), provide access to capital for SSEs that may have difficulty obtaining financing from traditional banks. They provide loans and other financial services tailored to the specific needs of SSEs, such as longer loan terms and lower interest rates.
  2. Impact Investors: Impact investors are investors who prioritize social and environmental outcomes alongside financial returns. They provide funding to SSEs that align with their impact goals. Impact investors may provide funding in the form of equity, debt, or hybrid instruments, such as revenue-based financing.
  3. Crowdfunding Platforms: Crowdfunding platforms enable SSEs to raise funds from a large number of individuals, often through online platforms. SSEs can offer a range of rewards or equity in exchange for funding. Crowdfunding can provide SSEs with access to capital that may not be available through traditional financing channels.
  4. Government Support: Governments can provide support for SSEs through grants, subsidies, and tax incentives. These incentives can help SSEs to access funding, reduce their costs, and increase their visibility. Governments can also support SSEs by creating policies that encourage the growth of the SSE sector.
  5. Foundations and Philanthropic Organizations: Foundations and philanthropic organizations can provide grants and other types of funding to SSEs that align with their social and environmental missions. These organizations may also provide technical assistance and capacity building support to help SSEs to grow and scale their operations.

Overall, financing institutions play an essential role in supporting the growth and sustainability of SSEs. By providing access to capital, tailored financial services, and technical assistance, these institutions can help SSEs to achieve their social and environmental missions while generating financial returns.

Q9. What do your understand by business plan? Explain the steps involved in the preparation of a business plan.

A business plan is a written document that outlines a company’s goals and strategies for achieving them. It is a comprehensive roadmap for the success of a business that covers every aspect of the business, including its objectives, market analysis, financial projections, and marketing strategies. A well-prepared business plan is essential for securing funding, attracting investors, and providing a clear direction for the business.

The following are the steps involved in the preparation of a business plan:

  • Executive Summary: This section provides an overview of the business plan and highlights the key points.
  • Company Description: This section includes a brief description of the company, its history, and its mission statement.
  • Market Analysis: This section includes an analysis of the industry and market the company operates in, as well as its competitors and potential customers.
  • Products or Services: This section describes the products or services the company offers, and how they will be marketed and sold.
  • Marketing and Sales Strategy: This section outlines the marketing and sales strategies the company will use to reach its target market and generate revenue.
  • Financial Projections: This section includes the company’s financial projections, such as sales forecasts, cash flow projections, and profit and loss statements.
  • Management and Organization: This section describes the management structure of the company and the roles and responsibilities of each team member.
  • Funding Requirements: This section outlines the funding requirements for the business, including the amount of capital needed, how it will be used, and the potential sources of funding.
  • Appendix: This section includes any additional information that is relevant to the business plan, such as resumes of key team members, legal documents, and market research data.

Overall, the business plan serves as a blueprint for the success of the business and should be reviewed and updated regularly to ensure it remains relevant and effective.

Q10. Define Family Business. Discuss the strength and weaknesses of family based enterprises.

A family business is a type of enterprise that is owned and operated by members of the same family. In a family business, family members may hold key positions such as the CEO, CFO, and other top management positions. Family members are involved in the day-to-day operations of the business and may also participate in strategic decision-making.

Strengths of family-based enterprises include:

  • Long-term perspective: Family businesses are often driven by a long-term perspective, as the family members who own and manage the business are concerned with the legacy and reputation of the company for future generations.
  • Trust and loyalty: Family businesses can build strong bonds of trust and loyalty among family members, which can lead to a greater level of commitment and motivation.
  • Flexibility and adaptability: Family businesses are often able to be more flexible and adaptable in response to changing market conditions or other external factors, as family members can make quick decisions and implement changes without bureaucratic delays.
  • Strong culture: Family businesses often have a strong culture and shared values, which can lead to a greater sense of purpose and identity for employees and customers.

Weaknesses of family-based enterprises include:

  • Family conflicts: Family businesses can be susceptible to conflicts and disagreements among family members, which can create tension and affect business operations.
  • Limited access to capital: Family businesses may have limited access to external sources of capital, such as venture capital or bank loans, which can limit their ability to grow or invest in new projects.
  • Nepotism: Family businesses can be criticized for nepotism or favoritism towards family members, which can lead to a lack of diversity and talent in the organization.
  • Succession planning: Succession planning can be a challenge for family businesses, as the transfer of ownership and management from one generation to the next can be complex and emotional, and may not always be based on merit or qualifications.

In summary, family businesses have both strengths and weaknesses that should be considered when evaluating their potential for success. While family businesses can benefit from a strong culture, long-term perspective, and flexibility, they may also face challenges related to family conflicts, limited access to capital, nepotism, and succession planning.

GET Handwritten Hardcopy 
All Over India Delivery 
WhatsApp – 8130208920

Leave a Comment