CMAT 2024 Slot 2 Question Paper

Option A is the correct answer. Correct Sequence is B → A → E → C → D

The Design Thinking process consists of the following stages in sequence:

Empathize (B): Understand the needs and perspectives of the users.
Define (A): Clearly articulate the problem based on insights gathered.
Ideate (E): Brainstorm potential solutions to the defined problem.
Prototype (C): Create tangible representations of the ideas to explore solutions.
Test (D): Test the prototypes with users to refine and improve the solution.

Let us evaluate the stated factors:

A: Effective organisational policies guide the strategic direction and alignment of EDPs with developmental objectives.

B: Proper selection ensures that the right candidates and qualified instructors participate, improving program relevance and effectiveness.

C: High-quality training equips participants with practical skills and knowledge for entrepreneurial success.

D: The organisation associated with the EDP may influence its effectiveness, but it is not a critical factor for evaluating the program’s success. The primary focus should remain on internal factors like policies, selection, and training quality.

We observe that A, B and C are key factors that need to be considered. Hence, Option C is the correct answer. 

The correct answer is A, B, C, and E, as these are critical factors for the success of entrepreneurial ventures:

Effective Market Research (A): Understanding market needs, target audience, and competition is vital to identify opportunities and tailor offerings accordingly.

Good Financial Control (B): Proper financial management ensures optimal allocation of resources, cash flow stability, and the ability to adapt to market challenges.

Good Management (C): Strong leadership and efficient management drive strategic decision-making, team performance, and operational success.

Good Idea (E): A strong and innovative idea is the foundation of any entrepreneurial venture, providing the value proposition that attracts customers and investors.

The caste of the entrepreneur (D) is irrelevant in determining business success. Success is driven by skills, strategies, and execution, not by socio-cultural factors.

Entrepreneurial success is rooted in actionable factors like market research, financial control, management skills, and innovative ideas (A, B, C, and E). Attributes like caste (D) do not impact the ability to create or grow a successful venture and have no bearing on the universal principles of entrepreneurship.

Therefore, the correct answer is option C.

Statement I: Dividing the market into small niches is not targeting. Instead, dividing the market into small niches is segmentation. Targeting comes after segmentation, where the marketer selects the specific segments to focus on. So, Statement I is false.

Statement II: Segmentation and targeting are indeed essential components of understanding and tapping the market effectively. Segmentation helps in identifying different customer groups, while targeting helps in selecting the right group to focus marketing efforts on. Statement II is true.

The correct answers are A, B, and C because they all involve practical and hands-on approaches to learning:

Case Study Analysis (A): This helps students engage with real-world situations, understand problems, and come up with solutions. It’s an effective way to apply theoretical knowledge in a practical context.

Entrepreneurial Audit (B): This involves examining real businesses to understand their strengths, weaknesses, and operations. It gives learners direct exposure to how businesses work in practice.

Entrepreneurial Profiling (C): By studying the journeys and strategies of successful entrepreneurs, students gain real insights into decision-making, challenges, and the mindset required to succeed.

All three methods focus on active learning and practical application, making them ideal for hands-on learning.

Shaadi.com, as an online matchmaking service, primarily operates on a subscription-based business service model, where users pay a fee to access premium features or services such as enhanced profile visibility, direct messaging, or personalized matchmaking assistance. This model generates revenue by charging users for ongoing access to its services.

Statement I: Business ideation is important aspect of venture creation.

This statement is true. Business ideation refers to the process of coming up with and developing ideas for a new business or product. It is a critical step in venture creation because without a solid idea, it's difficult to build a successful business. Business ideation involves identifying market needs, potential solutions, and the core vision for the business.

Statement II: Conversation that happens in an elevator is known as elevator pitch

The elevator pitch is not simply any conversation that happens in an elevator. It specifically refers to a brief, persuasive speech that is designed to spark interest in a person, idea, product, or project. The term "elevator pitch" comes from the idea that the pitch should be short enough to be delivered during a brief elevator ride—typically lasting between 30 seconds to 2 minutes. Hence, not true.

Hence, Statement I is correct but Statement II is incorrect

(C) Finding new financers
(D) Diversification and export potential
These are not mandatory for a thriving business that is growing, this is probably applicable for a certain fraction of businesses. 
Whereas the other three options, (A), (B), (E) are all essential for growing enterprises. 

Labour market indirectly affect market adequacy by influencing production capabilities, an hence are useful in judging how adequate is the market. 

Domestic and export demand are similarly useful in giving an idea of how big the market is. 

While competitors and their market shares provide insight into the competitive landscape, they do not directly determine the adequacy of the market itself. Hence is not a relevant factor. 

Therefore, Option D is the correct answer. 

Option C is the correct answer. Statement I is correct but Statement II is incorrect

Statement I: Changing competition in the marketplace can indeed drive government involvement in businesses globally. Governments may intervene to ensure fair competition, prevent monopolies, protect consumer interests, and promote economic stability. This makes Statement I correct.

Statement II: While an increase in production costs might lead businesses to seek government support (e.g., subsidies or incentives), it is not the primary reason for government involvement. Governments typically get involved to regulate the market, ensure equitable distribution of resources, or address market failures, not just to manage production costs. This makes Statement II incorrect.