Nature and Significance of Management — Business Studies STD 12 Commerce — Question

Bhuvan, Rishabh and Piyush have decided to start a business of manufacturing toys. They identified the following main activities which they have to perform. • Purchase of raw material

• Purchase of machinery.
• Production of toys.
• Arrangement of finance.
• Sale of toys.
• Selection of employees.

In order to facilitate the work, they thought that four managers should be appointed to look after production, finance, marketing and personnel.

1. Identify the function of management involved in the above para.
2. Quote the lines from the above para which helps you to identify this function.
3. State the steps followed in this process.

In which situations is divisional organisation structure more suitable?

What is product mix? State the salient features of product to be considered under product mix.

Explain briefly the principle of 'unity of command'. How does it differ from the principle of 'unity of direction'?

How does 'marketing' help in satisfying wants of people?

Rajeev, the owner of Pathways Constructions, decided to start a campaign to create awareness among people for developing clean surroundings in their area. He formed a team of 10 members to list the different ways for cleaning the surroundings. One suggested to take the help of local residents, another suggested that they may involve school-going children in their venture. One more suggestion was to take the help of the unemployed youth. On evaluation of different ways, it was decided to take the help of local residents. To achieve the desired goal, various activities are identified like

• Purchase of necessary items like dustbins, garbage bags, brooms, etc.
• Collection of garbage;
• Disposal of garbage, etc.

After identification of different activities, the work was allocated to different members.

1. Identify the concepts of management involved in the above situation and quote the lines which help in their identification.
2. Also identify the values which the company wants to communicate to society.

Explain ‘objectives’ as one of the types of plans.

Mention two reasons for increasing involvement of managers in staffing.

What are the main basis of setting standards?

How planning bridges the gap between where we are and where we want to go? Explain in brief.