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Questions and Answers
What do customers put a product in during online shopping?
Which of the following best describes planning in management?
What is the primary focus of the staffing function in management?
Which of the following principles corresponds to Henry Fayol?
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What concept does 'Agro tourism' primarily relate to?
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What initiative aims to support women entrepreneurs in India?
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Which of the following best represents the nature of management principles?
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What is the primary purpose of the concept of 'Technology' in management?
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What is the term for the process of identifying and bringing the required resources together such as men, money, machine, and method?
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Which of the following best describes an employee who has the authority and support of the organization to implement creative ideas?
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What is the first step in conducting an online transaction?
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What does the term CSR typically indicate regarding company spending?
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What does the principle of authority and responsibility relate to in an organization?
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Which of the following definitions describes a market?
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What is NEFT an abbreviation for?
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Which of the following is not a principle of management?
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Who is known as the father of modern management?
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What does the term 'remuneration' refer to?
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What principle is indicated by ‘a place for everything and everything in its place’?
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Which policy provides protection from financial loss?
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Which of the following options is a function of creating something new for an economy?
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What does the 'District Commission' refer to in consumer protection?
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Which term refers to the demand made by the insured to the insurer for loss occurred due to mishap?
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What does the 'Consumer Welfare Fund' aim to achieve?
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What is the position of the President of the District Commission?
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What is emphasized in the exchange concept of the market?
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Which of the following is NOT a factor of the business environment?
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What type of insurance protects businesses from loss due to fire?
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Which management function involves arranging resources necessary for operations?
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Which of the following is a characteristic of corporate social responsibility?
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What should Ms. Harshali consider for modern money transfer methods?
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What management function did Navnath and Jagannath jointly perform?
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What is the principle of unity of command?
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Which of the following best describes outsourcing?
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What is the primary role of controlling in management?
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Which option best defines business services?
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What does the national commission primarily handle?
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What is an entrepreneur often defined as?
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Which statement accurately describes demand deposits?
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What is the function of a commercial bank?
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Study Notes
Online Shopping
- Customers add products to a shopping cart or digital cart in online shopping
Management Principles
- Planning: Deciding in advance what to do, when to do it, how to do it, and who is to do it
- Organizing: Process of bringing together resources such as men, money, machine, and method
- Staffing: Process of recruiting, selecting, placing, and remunerating employees
- Directing: Process of instructing, guiding, communicating, and motivating employees
- Coordinating: Integration and synchronization of group efforts
Entrepreneurship
- Gap filling function: Addresses the demand for products or services not currently available
- Entrepreneur: A person with the initiative to start and run a business
- Agro tourism: Rural tourism associated with agricultural activities
- Technology: Advances in knowledge improve production methods
- Stand up India: Initiative by the state government to support SC/ST and/or women entrepreneurs
- Start Up India: Initiative by the state government to support new businesses
Principles of Management
- Principles of Management: Set of general guidelines
- Nature of principles: Provide a framework for management
- Principle of Unity of Direction: One head, one plan
- Principle of Initiative: Right to take decisions
- Principle of Discipline: Obey and respect the rules
- Henry Fayol: Known as father of Modern Management
Insurance
- Sprinkler policy: Provides a regular percentage of the sum assured
- Child insurance: Suitable for children
- Money back policy: Returns a percentage of the sum assured periodically
- Claim: Demand made by insured to insurer for loss due to mishap
- Insurance: Financial protection from loss
Consumer Protection
- District Commission: Consumer protection body at the district level
- Consumer Welfare Fund: An NGO working towards consumer protection
- Right to Choose: Freedom to select products as per requirements
- National Commission: National level consumer protection body with at least four members
- Grahak Shakti: Government initiative for consumer empowerment
Business Concepts
- Business Function: A specific activity within a business
- Principle of Order: Everything has a designated place
- Controlling: The final function of management
- Father of Modern Management: Henry Fayol
- Organizing: The process of combining resources
- Intrapreneur: An employee with the authority to implement creative ideas
- International Business: Businesses earning foreign exchange
- Online Transaction: Begins with the selection of products
- KPO: Knowledge Process Outsourcing - outsourcing of knowledge-based services to specialized agencies
- Directing: The most important management function
- Branding: Creating a unique identity for a product
- Outsourcing: Contracting out specific business functions
- Business: A purposeful activity aimed at profit generation
- Plan: A detailed program outlining a course of action
- Profit-motivated activity: Any activity driven by the goal of achieving profit
General Knowledge
- Qualified, Efficient, Skilled Workforce: An asset to an organization
- Principles of Management: Universal and applicable in various situations
- Entrepreneur: Should be willing to work hard
- Unity of Command: Each employee should receive orders from only one superior
- Agro Tourism: Supporting agricultural economy
- Controlling Function: Includes setting standards for performance
- Business Services: Essential for business growth
- NEFT: National Electronic Fund Transfer
- C2B: Customer-to-Business transactions
- E-Business: Driven by e-mail and e-commerce
- Corporate Social Responsibility (CSR): Companies spend at least 4% of their average net profits on CSR initiatives
- Media: Plays a crucial role in public life
- Outsourcing: Allows companies to focus on core areas
- Public Interest Litigation (PIL): Legal action initiated on a matter of public interest
- CERC: Consumer Education and Research Centre, a non-governmental organization
- Market: Aggregate demand for a product or service
- Area Concept of Market: Linked to the exchange concept of market
Odd One Out
- Principle of Indemnity: Principle of Insurance, not a Management Principle
- NGO: Non-profit organization, other options are governmental bodies
- A2B: Business-to-Business, other options involve consumer interactions
- Coordinating: A management function, other options are related to staffing
- Right to Represent: A basic right, others are consumer rights
- Writing: Not a management function, others are management functions
- People: A marketing element, not a management function
- B: Members in national commission - should be 'four'
- C: Consumer Protection Act - should be 'Consumer Protection Act, 1986'
- D: National Commission - should be 'National Consumer Disputes Redressal Commission'
- E: Matter of general public interest - should be 'PIL'
- A: After-Sales Service - should be 'responsibilities towards customers'
- B: Timely payment of taxes - should be 'responsibilities towards government'
- C: Protest anti-social activities - should be ' responsibilities towards society'
- D: Fair practices on stock exchange - should be ' responsibilities towards shareholders'
- E: Reasonable Profit - should be 'responsibilities towards owners'
- A: Services - should be 'intangible'
- B: Commercial bank - should be 'accepting deposits'
- C: Small finance bank - should be 'niche banks in India'
- D: Credit Cards - should be 'fund transfer system'
- E: RTGS - should be 'no need to carry cash'
Sentence Answers
- Principle of Unity of Command: An employee should report to only one superior
- Outsourcing: Contracting out specific business functions to external agencies
- Controlling: Evaluating organizational performance against set standards
- Business Services: Services provided by businesses to support other businesses
- Principle of Management: General guidelines for effective management practices
- National Commission: National level consumer protection body
- Right to Represent: Consumers' right to be represented in legal proceedings
- Staffing: The process of acquiring and maintaining qualified employees
- Branding: Creating a unique identity for a product
- KPO: Knowledge Process Outsourcing
- Agro Tourism: Tourism based on agricultural activities
- Demand Deposit: Deposits in a bank that can be withdrawn on demand
- Grading: Categorizing products based on quality
- Exchange Bank: A bank that facilitates currency exchange
- Entrepreneur: A person who starts and runs a business
- Consumer: An individual who purchases goods or services
Sentence Corrections
- The word entrepreneur comes from the French verb entreprendre, it means to undertake.
- The Reserve Bank of India is the apex financial institution in the banking industry in the country.
- Digital currency is a form of electronic currency that exists only in cyberspace.
- The person who is protected against certain losses is known as the insured.
- The loan taken under the Stand-up India scheme is repayable in seven years.
- Controlling measures are flexible to some extent.
- LPO is a subsegment of BPO.
- Social responsibility is a broader term than legal responsibility of business.
- All sorts of unfair practices related to the stock exchange should be avoided
- Espirit de corps means 'unity is strength'.
- ** Every year 15th March is observed as 'World Consumer Rights Day'.**
- The chairperson of the District Commission is a sitting or retired High Court judge.
- Factors of the business environment are constantly changing.
- Territorial jurisdiction of State Commission is the geographical limits of the state.
- In the exchange concept of market emphasis is given on 'the exchange of goods or services'.
- **Security in job always impacts positively on the efficiency of employees. **
Sequence Order
- Planning, Organizing, Controlling
- Taking the policy, Accident, Claim, Compensation
- District Judge, High Court Judge, Supreme Court Judge
- Placing an order, Registration, Cash on Delivery
- Staffing, Directing, Coordinating
Explanations
- Principle of Unity of Command: In an organization, each employee reports to only one superior.
- Organizing: The process of creating a structure and framework for an organization by putting together the necessary resources, such as people, materials, money, equipment, and technology. This ensures efficient coordination and effective operations. It involves identifying and grouping tasks, defining roles and responsibilities, establishing relationships among individuals, and determining the various organizational levels and departments.
- Controlling: Assessing organizational performance and taking corrective action to ensure it aligns with the set standards and objectives. It involves establishing performance standards, measuring actual performance, comparing the performance to the standards, and taking corrective action if necessary. Controlling helps to keep things on track, minimize deviations, and ensure that the organization achieves its goals effectively.
- KPO: Knowledge Process Outsourcing - Outsourcing specialized services that require a high level of knowledge, expertise, and intellectual capital. It covers areas such as research and development (R&D), analytics, financial modeling, legal services, and consulting. KPOs are specialized agencies that offer these services to other businesses, leveraging their expertise to provide high-quality solutions.
- Entrepreneurship Development Programme: These programs aim to support and nurture aspiring entrepreneurs by providing training, guidance, and resources. They offer a holistic approach to developing entrepreneurial skills, including business planning, marketing, finance, and managing operations. These programs often feature mentoring, networking opportunities, and access to funding and support networks.
- Insurance: A financial contract where an individual (insured) pays premiums to an insurance company (insurer) in return for protection against unexpected losses. In exchange for the premiums, the insurer agrees to compensate the insured for losses arising from specific events like accidents, natural disasters, or illness. It provides a safety net against financial hardship caused by unforeseen circumstances.
- Outsourcing: Contracting out specific tasks or functions to external providers. These providers are specialized in their respective areas and offer expertise, resources, and cost efficiency to the outsourcing companies. Outsourcing frees up the internal resources of the company to focus on its core competencies while ensuring efficient completion of the outsourced tasks.
- Social Responsibility: Commitment of businesses to ethical practices and considerations for the welfare of society and the environment. It involves balancing profits with ethical principles and making decisions that benefit stakeholders, including employees, customers, communities, and the environment. Social responsibility goes beyond legal obligations and addresses broader societal concerns, like environmental sustainability, fair labor practices, and community development.
- Corporate Social Responsibility (CSR): A form of social responsibility practiced by businesses. It involves incorporating social and environmental concerns into their business operations and interactions with stakeholders. CSR efforts might involve contributing to community development, protecting the environment, promoting ethical labor practices, and engaging in fair business dealings. Businesses increasingly recognize that CSR initiatives enhance their reputation, build trust with stakeholders, and contribute to sustainable long-term growth.
- National Commission: A national-level consumer protection body. It oversees and addresses consumer grievances, investigates complaints, and provides redressal mechanisms. The National Commission plays a significant role in ensuring consumer rights are protected at a national level, promoting fair trade practices, and fostering a culture of consumer awareness.
- Product Promotion: A process of creating awareness, generating interest, and stimulating demand for a product. Promotion encompasses various marketing strategies to reach target audiences, communicate product benefits, and influence purchasing decisions. It includes advertising, public relations, sales promotion, direct marketing, social media marketing, and digital marketing campaigns.
- Product: A good, service, or idea that is offered for sale in the market. Products can be tangible (physical goods) or intangible (services). They are designed to meet specific consumer needs and demands, offering value and satisfaction to customers. Products encompass a range of attributes, including quality, features, design, price, and branding.
- Labelling: Providing clear and accurate information on product packaging. Labelling ensures consumers are informed about the product's contents, ingredients, usage instructions, safety precautions, and other relevant details. It plays a crucial role in consumer protection and decision-making, enabling informed choices.
- Marine Insurance: Provides financial protection for losses related to sea voyages and maritime activities. It covers risks like shipwrecks, cargo damage, piracy, and other perils at sea. Marine insurance is essential for businesses involved in shipping, trade, and maritime transportation to manage potential financial losses associated with these activities.
- Life Insurance: A contract that provides financial protection to beneficiaries upon the death of the insured person. The insured pays premiums to the insurer, and upon death, the designated beneficiaries receive a death benefit or a lump sum payment. Life insurance offers financial security and peace of mind, helping to provide for dependents and cover expenses after the insured's passing.
- Fire Insurance: Provides financial protection against losses arising from fire damage to property. It covers repairs, replacement costs, and other financial losses resulting from fire incidents. Fire insurance is essential for protecting homes, businesses, and other valuable assets from fire hazards, mitigating potential financial risks.
Case Studies
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Case Study 1:
- i. Navnath was involved in the organizing function of management, as he was arranging resources like funds, machinery, and materials.
- ii. Jagannath was responsible for staffing the firm by hiring architects, draftsmen, surveyors, contractors, and laborers.
- iii. Navnath and Jagannath jointly performed the planning function by setting the objective of completing three projects within four years.
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Case Study 2:
- i. Ms. Harshali is maintaining a current account as it allows for frequent deposits and withdrawals, suitable for business transactions.
- ii. NEFT (National Electronic Fund Transfer) is a modern way for Ms. Harshali to receive payment electronically.
- iii. Ms. Harshali can avail various facilities with her bank account, such as online banking, mobile banking, and debit card services.
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Case Study 3:
- i. Mr. Sadagopan can take a child insurance policy for his daughters because it provides a benefit in case of the child's death during the policy term.
- ii. Child insurance is suitable for Mr. Sadagopan's wife as it provides a benefit if the wife passes away during the policy term.
- iii. Fire insurance is suitable for Mr. Sadagopan's factories to protect them against financial losses due to fire damage.
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Case Study 4:
- Shirish is using a cheque as a payment method for the furniture shifting services.
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