MGT211 GDB Solution Fall 2021 - Introduction to Business Topic Discussion

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MGT211 GDB SOLUTION FALL 2021

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Objective:

Factors to be considered while setting up a new business.

Impact of the environment on a local business.

GDB Idea:

Requirement 1:

Why does demand for a product or service play a significant role in starting a new business? Give any two reasons?

Solution:

In demand in product or service plays a major role in their business growth 

Reason 1: 

Offering good products in markets will boost products or service demand.

Example. Mask Making Company

Reason 2:

They will increase your business growth and profit because of their good products. 

Example. Medicines Making Companies

Requirement 2:

b) Give any two major reasons giving boom to some of the local businesses during testing times such as COVID-19?

Solution:

Reason 1:

During COVID-19 most of the local businesses grow is online business people will be interested to buy online products. 

Example. E-commerce industry

Reason 2:

The government reduced tax on local Pakistani businesses to boost their business easily by offering good products in markets.

Example. Medicines industry

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