NPTEL Entrepreneurship Essentials Week 3 Assignment Answers 2024

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NPTEL Entrepreneurship Essentials Week 3 Assignment Answers 2024

1. You have come up with a new idea and would like to understand whether it can be transformed into a new business. The first thing you are interested in is to understand the market and what features of the product are more desired by the target customers so that the product development team may explore the time and cost of its final form? What type of market research is most appropriate for you at this stage?

a) By source: primary, by method: quantitative, by objective: descriptive
b) By source: primary, by method: quantitative, by objective: exploratory
c) By source: primary, by method: qualitative, by objective: descriptive
d) By source: secondary, by method: quantitative, by objective: descriptive
e) By source: secondary, by method: qualitative, by objective: exploratory

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2. The storytelling example of Huggies is about______________

a) Online marketing
b) Social media marketing
c) Content marketing
d) PR marketing

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3. Which of the following is NOT served by market segmentation?

a) To understand the customer better by virtually isolating them from the crowd.
b) To create product differentiation for suiting the particular type of people to target.
c) To understand the sources of inputs such as rawmaterials and the dependable suppliers thereof.
d) To assess and understand competition by collecting data from target customers and to know the demand-supply gap.

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4. Which is the most attractive market type to be in for any entrepreneur.

a. Oligopolistic since there are limited number of players and they are closely linked to make collective decisions to regulate prices.
b. Perfect Competition since there is no entry barrier and it is easy for any company to enter or exit from such market.
c. Monopolistic since the company will have no competitor and can serve the customers well.
d. Duopolistic since it is almost like monopolistic market with the difference that you always have company to consult and learn from.

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5. The characteristic feature of attractive market structure (Please learn this now. It is important for final examination.)

a. A market where a company has been serving as niche market segment.
b. A market that has been growing, has potential for growth moving forward, large enough to accommodate new entrants, and is not dominated by single or a couple of players.
c. A market where one or more competitors have large market share
d. A market with limited or no entry barrier and new entrants can easily enter into it and there is demand-supply gap.

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6. What is the initial step in starting a business?

a. Raising the capital through bootstrapping
b. Identifying co-founders and registering a company
c. Identifying Customer pain, define the pain, and explore possible solution
d. Building a minimum viable product and conducting market research

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7. Qualitative research is

a. Causal analysis
b. Exploratory in nature
c. Captures descriptive aspect of the market
d. Used only for secondary data collection

Answer :- 

8. Difference between ‘public relation’ and ‘advertisement’. Choose the best answer.

a. Public relations is a method for creation of awareness through ‘content marketing’.
b. Public relations is a method for creating awareness through articles in magazines and other print or digital media written by a journalist or columnist.
c. Advertisement is a paid media and it is more trusted than public relation marketing.
d. Public relations is promoted through social media and influencers.

Answer :- 

9. Marketing funnel is used to

a. Defines a salesman’s journey from being a salesman to a marketing executive.
b. Defines a customer’s journey from being a one-time customer to a repeat customer
c. Defines the customers’ journey from being a prospect to a customer and finally to an evangelist.
d. A logistic funnel through which products make their journey from the factory to the customers.

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10. You are targeting to capture a potential market size of ₹10 crore within your geographical reach during the next two years. The size of the market in the whole country is ₹500 crore. The size of the market in the market segment that you cater to in the whole country is ₹70 crore. What are TAM, SOM, & SAM

a. ₹10 crore, ₹ 70 crore & ₹ 500 crore
b. ₹ 70 crore, ₹10 crore, ₹ 500 crore
c. ₹ 500 crore, ₹10 crore, ₹ 70 crore
d. ₹ 500 crore, ₹70 crore, ₹10 crore

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