Business Studies 4 Marks Question

Intellectual property refers to the creations of the human mind, like inventions, literary and artistic works, symbols, names, images and designs used in business. All inventions of creations begin with an 'idea'. Once the idea becomes an actual product, i.e., Intellectual Property, one can apply to the authority concerned under the Government of India for protection. Legal rights conferred on such products are called 'Intellectual Property Rights' (IPR). Hence Intellectual property refers to products of the human mind, hence, just like other types of property, the owners of IP can rent, give or sell it to other people.
The following types of Intellectual Property Rights are recognized in India: Copyright, Trademark, Geographical Indication, Patent, Design, Plant Variety, Semiconductor Integrated Circuit Layout Design. In addition to this, traditional knowledge also falls under IP.

A business can promote its goodwill in by adopting the following measures:
i. By providing quality product and service.
ii. Unique selling proposition.
iii. Satisfied customer base.
iv. Marketing and advertisement.

i. Huge capital resources: These enterprises have huge financial resources and also possess the ability to raise funds from different sources. They are able to tap funds from various sources. They can raise funds by issuing equity shares, debentures, etc. Because of their high credibility in the market, the investors of the host countries are always willing to invest in them. Because of their financial strength they are able to survive under all circumstances.
ii. Foreign collaboration: Usually, these enterprises enter into agreements with companies of the host countries. These agreements are made in respect of the sale of technology, production of goods, patents, resources, etc.
iii. Expansion of market territory: As the network of operations of these enterprises extends beyond their existing physical boundaries, they expand their market territory. They operate through their branches, subsidiaries in host countries, and occupy dominant positions in various markets.
iv. Centralized control: Despite the fact that branches of these enterprises are spread over in many countries, they are controlled and managed by their Head Office (H. O.) in their home countries only all these branches have to work within the broad policy framework of the parent company. A common system for working of all the companies under their control is evolved.

E-business deals with the buying and selling of products and services through a computer network. The two applications of E-business are discussed below:
i. e-Procurement: It involves internet-based sales transactions between business firms including both, "reverse auctions" that facilitate online trade between a single business purchaser and many sellers, and, digital market places that facilitate online trading between multiple buyers.
ii. e-Delivery: It includes electronic delivery of computer software, photographs, videos, books (e-journals) and other multimedia content to the other's computer. It also includes the rendering of legal, accounting, medical and other consulting services electronically. In fact, the internet provides the firms with opportunities for the outsourcing of a host of Information Technology Enabled Services (ITES).

Industry, business, and trade are firmly identified with one another in various manners: The industry is identified with the creation of merchandise and enterprises and trade assists with conveying the products and ventures delivered by the business to the last purchaser.
Industry and trade are bury subject to one another. They can't get by in disengagement as both are imperative for one another. Trade will be of no utilization without industry and industry can't get by without business. Business is a maker of spot utility and time utility and serves the foundation of the industry, while industry gives the base to trade.
Trade is a basic piece of business. It alludes to the deal and acquisition of merchandise and ventures. It gives ground to business to play. It offers help to industry as well as keeps up a smooth progression of business simultaneously.

Yes, it is right to call business as an institution that provides goods and services for earning profit because of certain characteristics of the business. Following are the main characteristics of business:
i. Sale or exchange of goods and services for the satisfaction of human needs: Business involves sale or exchange of goods and services. The production of goods or services for self-consumption is not business.
ii. Deals in goods or services on a regular basis: Another important feature of the business is that it must sell or exchange goods or services on a regular basis, one time sale of goods is not considered as business.
iii. Profit motive: The main purpose of business is to earn a profit. If the profit motive is missing in a transaction, then it cannot be considered as a business transaction.

a. Deepa will be classified as a 'Fixed Shop Retailer' because she operates his business from a permanently established shop.
b. Second-hand Goods Shop.
c. Three Features of Second-hand Goods Shop:
i. The shops may be located at street crossings or in busy streets.
ii. These shops may either be in the form of a stall with a temporary platform or may have reasonably good infrastructure.
iii. The goods are generally sold at lower prices as they are used goods.

Services provided by the retailer to the customers are as follows:
i. Regular availability of the goods: Retailers maintain regular availability of a variety of products from different manufacturers. This helps the customers to buy the products of their choice as and when they require it.
ii. Information about the goods: By effectively displaying the goods and through personal selling efforts; retailers provide important information about the arrival of the new goods, their special features, etc. thus helps them in making their purchase decision.
iii. Convenience in buying: Firstly, retailers are situated very nearer to the residential areas and remain open for long hours. Secondly, retailers sell the goods of the desired variety in small quantities according to customers' requirements, therefore, providing convenience to customers.
iv. Wider choice: Retailers generally keep stock of a wide variety of goods, produced by different manufacturers. This enables the customers to make their choice out of the wide variety available to select the best good.
v. After-sales service: Retailers sometimes provide home delivery and after-sales service to consumers.
vi. Provide credit facilities: Retailers often sell goods on credit to their regular customers.