Question : Which of the following about the impact of economic reforms of the businesses is incorrect?
Option 1: Firms used to follow production oriented approach.
Option 2: PSU have realised that they need to improve their performance otherwise it would leads to disinvestment.
Option 3: The market forces have become trubulent and enterprises have to continuously modified their operations and policies.
Option 4: All of the above are correct.
Correct Answer: Firms used to follow production oriented approach.
Solution :
With the increasing competition the firm has shifted to market oriented approach, i.e., study and analyse the need of the market first and then produce goods and services to satisfied the needs of the customers.
Hence Option A is correct.
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