Why it is important for business enterprises to understand their environment? Explain.
Understanding the business environment is important for the business enterprise because it provides a lot of benefits to the businessman. Following are the benefits of understanding business environment:
1. It enables the firm to identify opportunities and get the first mover advantage: Environment provides numerous opportunities for business success. Early identification of opportunities helps an enterprise to be the first to exploit them instead of losing them to competitors.
2. It helps the firm to identify threats and early warning signals: Threats means external environmental changes that hinder the performance of the firm. And proper awareness of the business environment helps the manager to identify the threats on time and then they can prepare themselves to meet the threats.
3. It helps in tapping useful resources: Environment is a source of various resources for running a business and it provides inputs to the business like finance, machines, raw materials, power, and water, labour etc. Every enterprise depends on the environment as a source of inputs or resources and in return the enterprise supplies outputs such as goods and services. And for that enterprise designs policies that allow it to get resources that it needs so that it can convert those resources into outputs that the environment desires.
4. It helps in coping with rapid changes: Business environment is dynamic in nature and changes are taking place at a fast pace. And to cope effectively with the changes managers must understand and examine the environment and develop suitable courses of action.
5. It helps in assisting in planning and policy formulation: Environment is a source of both opportunities and threats for the business enterprise. And its understanding and analyzing helps them to decide future course of action or training guidelines for making policies to deal with the present situation.
6. It helps in improving performance: The future of the business is bound with what is happening in the environment. And a continuous monitor to the environment helps to adopt suitable business policies and practices which not only improve the performance of the business but also continue to succeed in the market for long terms.
What are the steps taken by management in the planning process?
Why is management considered to be a multi-dimensional concept?
Explain the procedure for selection of employees.
How would you characterize the business environment? Explain with examples, the difference between general and specific environment.
The government of India announced Demonetization of ₹ 500 and ₹ 1,000 currency notes with effect from the midnight of November 8, 2016. As a result, the existing ₹ 500 and ₹ 1,000 currency notes ceased to be legal tender from that date. New currency notes of the denomination of ₹ 500 and ₹ 2,000 were issued by Reserve Bank of India after the announcement.
This step resulted in a substantial increase in the awareness about and use of Point of Sale machines, e-wallets, digital cash and other modes of cashless transactions. Also, increased transparency in monetary transactions and disclosure led to a rise in government revenue in the form of tax collection.
a. Enumerate the dimensions of the business environment highlighted above.
b. State the features of Demonetization.
Indian Railways has launched a new broad gauge solar power train which is going to be a path breaking leap towards making trains greener and more environment friendly. The solar power DEMU (Diesel Electric Multiple Unit) has 6 trailer coaches and is expected to save about 21,000 liters of diesel and ensure a cost saving of Rs 12, 00,000 per year. Name the objectives of management achieved by Indian Railways in the above case.
Define scientific management. State any three of its principles.
Explain the qualities of a good leader? Do the qualities alone ensure leadership success?
Discuss the relevance of Taylor and Fayol’s contribution in the contemporary business environment.
Management is a series of continuous interrelated functions. Comment.
What is a divisional structure? Discuss its advantages and limitations.
State the main objective of time study.
A company manufacturing sewing machines set up in 1945 by the British promoters follows formal organisation culture in totality. It is facing lot of problems in delays in decision making. As the result it is not able to adapt to changing business environment. The work force is also not motivated since they cannot vent their grievances except through formal channels, which involve red tape. Employee turnover is high. Its market share is also declining due to changed circumstances and business environment. You are to advise the company with regard to change it should bring about in its organisation structure to overcome the problems faced by it. Give reasons in terms of benefits it will derive from the changes suggested by you.
Decentralisation is an optional policy. Explain why an organisation would choose to be decentralised.
Describe the functions of labeling in the marketing of products.
A company wants to modify its existing product in the market due to decreasing sales. You can imagine any product about which you are familiar. What decisions/steps should each level of management take to give effect to this decision?
How would you characterize the business environment? Explain with examples, the difference between general and specific environment.
Define advertising? What are its main features? Explain.
Ritu is the manager of the northern division of a large corporate house. At what level does she work in the organisation? What are her basic functions?
A company ‘M’ limited is manufacturing mobile phones both for domestic Indian market as well as for export. It had enjoyed a substantial market share and also had a loyal customer following. But lately it has been experiencing problems because its targets have not been met with regard to sales and customer satisfaction. Also mobile market in India has grown tremendously and new players have come with better technology and pricing. This is causing problems for the company. It is planning to revamp its controlling system and take other steps necessary to rectify the problems it is facing.
a. Identify the benefits the company will derive from a good control system.
b. How can the company relate its planning with control in this line of business to ensure that its plans are actually implemented and targets attained.
c. Give the steps in the control process that the company should follow to remove the problems it is facing.