Explain the following elements of an operational plan : (i) Scheduling (ii) Follow-up (iii) Inspection One of the important methods for generating ideas is to carry out a 'Market Research'. (i) What is meant by 'Market Research' ? (ii) Explain how market research helps an entrepreneur for generating 'Market-driven or Demand-driven ideas' as a source of idea field.

Question

Accepted Answer

### (i) Scheduling
Scheduling is the process of arranging jobs, activities, and tasks in proper sequence and time. It ensures that the production process flows smoothly without delays. A good schedule specifies what is to be done, when it should be done, who will do it, and how it will be done.

### (ii) Follow-up
Follow-up is a systematic review of the progress of each stage of production. It ensures that the scheduled activities are being carried out as planned. It helps in detecting delays and bottlenecks early so that corrective action can be taken promptly.

### (iii) Inspection
Inspection involves examining the raw materials, work-in-progress, and finished goods to ensure that they meet the desired quality standards. It helps in detecting defects at various stages of production, preventing faulty products from reaching the customer.

### Market Research
**(i) Market Research** is the systematic collection, recording, and analysis of data related to the target market, customers, and competitors. It helps in understanding customer needs, preferences, and buying behaviour.

**(ii) Market research helps an entrepreneur in generating Market-driven or Demand-driven ideas** by identifying gaps between what customers want and what is currently available. By studying market trends, consumer behaviour, and competitor offerings, an entrepreneur can spot unmet needs and develop products or services to satisfy them, creating a viable business opportunity.