[Solved] MGT211 GDB Fall 2021
MGT211 GDB Fall 2021 solution idea:
Through this exercise, students are expected to learn the:
- factors to be considered while setting up a new business; &
- Impact of the environment on a local business.
Business consists of all economic activities undertaken by human beings living in a society to mint money for their survival. It is an activity undertaken by such people to produce goods and render services to their society men for some mutual economic or non-economic gains. Such types of activities are sometimes affected by environmental forces including natural calamities. Once such force known as COVID-19 has recently been occurred globally and the World is still bearing its shocks. Most of the industries faced large decline in the number of employees during this COVID-19 as businesses did not had enough financial resources and vanished owing to earning of zero profits. However, small businesses in certain sectors have flourished during the COVID and have seen uplift in high demand.
For example, Small business owners with medical and technical expertise have offered their services in this period when there was shortage of imported medical instruments in underdeveloped countries. Sanitizers, masks and health kits were made locally and provided it to major pharmacies and healthcare organizations in the hour of need. With the outrage of Coronavirus, it was no surprise that professional cleaning services that sanitize offices, restaurants and homes were in high demand. Delivery services offering businesses have saw boom in this time. Smaller grocery stores were given attention to in trying times. In short, people had come up with innovative and creative ideas to sustain their businesses and some of them have done it exceptionally well.
After going through the afore-mentioned paragraph, briefly answer the following questions:
- Why does demand for a product or service play a significant role in starting a new business? Give any two reasons.
Demand for a product or service play a significant role in starting a new business.
Success of the business is depending upon the demand need of the product service.
- Mask and Sanitizers Companies throughout Covid.
- Revenue as well as Growth can be made as a result of need for a service or product.
- Medicine Companies
- Give any two major reasons giving boom to some of the local business during testing times such as COVID-19.
Two major reasons are follows which are giving boom to some of the local business during testing times such as COVID-19.
- Dealing (Buying and Selling) of Mask and Medicine Product is Rise as it is the necessary demand of the situation.
- Government should outlaw import to hype the product in his nation and additionally make great quality product.