What is the most effective strategy to reduce risk in an art-based enterprise?
Answer and explanation
Correct answer: Maintaining product diversity, customer records, and links with multiple markets
Maintaining a variety of products, customer records, and links with more than one market prevents the enterprise from depending on a single season, buyer, or sales channel. This reduces risk if demand falls or one market is disrupted. Depending entirely on one festival increases risk. Exam tip: mention product diversification, record-keeping, and multiple market linkages as risk-reduction measures.
Frequently asked questions
What is the correct answer to this question?
Maintaining product diversity, customer records, and links with multiple markets
Why is this the correct answer?
Maintaining a variety of products, customer records, and links with more than one market prevents the enterprise from depending on a single season, buyer, or sales channel. This reduces risk if demand falls or one market is disrupted. Depending entirely on one festival increases risk. Exam tip: mention product diversification, record-keeping, and multiple market linkages as risk-reduction measures.
Which subject and chapter does this question cover?
This is a Class 11 Home Science question. Chapter: Work, Livelihood and Career. Topic: Traditional occupations in India - Visual arts.
