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

Explain the following rights of consumers:

1. Right to seek redressal;
2. Right to consumer education.

Explain the following rights of consumers:

1. Right to choose.
2. Right to be heard.

Malini is a well-known businesswoman in the field of publishing. She owes the success of her business to her own education in business management and her team of certified management consultants. Therefore, she decides to send both her children Darshit and Pihu abroad to acquire a degree in business management in their individual area of expertise. She feels that all over the world there is marked growth in management as a discipline, but still it is not considered to be a full-fledged profession for certain reasons.

1. Explain the reasons because of which Malini considers management as a discipline.
2. Critically examine the various reasons because of which management is not considered to be a full-fledged profession.

What is meant by the ‘Product Concept’ of marketing’?

Give two instances of impact of changes in political environment on companies.

Ashutosh Goenka was working in ‘Axe Ltd.’, a company manufacturing air purifiers. He found that the profits has started declining from the last six months. Profit has an implication for the survival of the firm, so he analysed the business environment to find out the reasons for this decline.

1. Identify the level of management at which Ashutosh Goenka was working.

2. State three other functions being performed by Ashutosh Goenka.

Explain how planning provides direction to action.

Explain briefly the Investment Decisions.

Gaurav, an HR professional of Naunidh Tyres had conducted an interview of 100 different professionals.
In the second round he had taken the selection tests of candidates. What was the reason behind conducting the selection test and state two advantages and disadvantages of such tests?

In a particular company, no importance had been attached to the suggestions given by the subordinates. In 2014, the company appointed Mr Lotus as its Chief Executive Officer. He was an M.B.A. degree-holder from I.I.M. Ahmedabad with an experience of a decade. On assuming the charge of his office, he started a sort of campaign asking for suggestions from every big or small employee of the company. In a very short time, there were about 10,000 suggestions. After studying them intensively, about 1500 suggestions were implemented in different fields. This campaign fetched the company an additional profit of 50 crore rupees.

1. What principle of management will have been working behind Mr Lotus’ thinking?
2. What will be the effect of implementing these suggestions on the employees?