Explain the importance of consumer protection from the point of view of a business.
A business must also lay emphasis of protecting the consumers and adequately satisfying them. This is important because of the following reasons:
1. Long-term Interest of Business: Customer is the foundation of business. Satisfied consumers not only bring repeated sales but also give positive feedback about the product, which help to increase the customer-base of business.
In order to satisfy and retain consumers for long-term, consumer protection is necessary. This facilities long-term profit maximisation of the firm.
2. Business Uses Society’s Resources: Business firms use resources that belong to the society such as manpower, mineral resources, capital, etc. Therefore, it is the responsibility of businesses to convert these resources into useful goods and services for the welfare of society.
3. Social Responsibility: Business organisation makes money by selling their products to consumers. It is the social responsibility of businessman to provide satisfaction to their customers and take care of their interests.
4. Moral Justification: Business exists to serve human beings. It is the moral duty of a businessman to serve their customers well and keep them away from exploitative and unfair trade practices.
Therefore, business must avoid unfair trade practices such as adulteration, misleading advertising, black-marketing, etc.
5. Government Intervention: If a business organisation is engaged in any form of exploitative trade practices, government would interfere and can tarnish the image of the company. Therefore, it is in the interest of business itself, to take care of consumer protection.
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.
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.
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.
Define scientific management. State any three of its principles.
Discuss the relevance of Taylor and Fayol’s contribution in the contemporary business environment.
Explain the qualities of a good leader? Do the qualities alone ensure leadership success?
Management is a series of continuous interrelated functions. Comment.
Give an example to show that a business firm operates within numerous inter related factors constituting the business environment.(Hint: example highlighting the inter relatedness of dimensions of business environment).
Ms. Jayshree recently completed her Post Graduate Diploma in Human Resource Management. A few months from now a large steel manufacturing company appointed her as its human resource manager. As of now, the company employs 800 persons and has an expansion plan in hand which may require another 200 persons for various types of additional requirements. Ms. Jayshree has been given complete charge of the company’s Human Resource Department.
Questions
a. Point out, what functions is she supposed to perform?
b. What problems do you foresee in her job?
c. What steps is she going to take to perform her job efficiently?
d. How significant is her role in the organisation?
State the meaning of controlling.
Name any two Specific forces of business environment affecting business.
State the type of plan and state whether they are Single use or Standing plan:
a. A type of plan which serves as a controlling device as well.(budget)
b. A plan based on research and analysis and is concerned with physical and technical tasks. (Method).
How would you characterize the business environment? Explain with examples, the difference between general and specific environment.
State any two relief available to consumers under CPA.
Company X is facing a lot of problems these days. It manufactures white goods like washing machines, microwave ovens, refrigerators and air conditioners. The company’s margins are under pressure and the profits and market share are declining. The production department blames marketing for not meeting sales targets and marketing blames production department for producing goods, which are not of good quality meeting customers’ expectations. The finance department blames both production and marketing for declining return on investment and bad marketing. State the quality of management that the company is lacking? What quality of management do you think the company is lacking? Explain briefly. What steps should the company management take to bring the company back on track?
What are the essential features of:
a. Liberalisation,
b. Privatization and
c. Globalisation?
How is the Principle of ‘Unity of Command’ useful to management? Explain briefly.