Financial Market — Business Studies STD 12 Commerce — Question

Differentiate between ‘Method’ and ‘Budget’ as types of plans.

Define planning. List any two reasons why planning is essential.

State any three qualities of a good leader.

What are the three categories of objectives of management?

Briefly state any three elements of ‘directing’.

Explain the following functions of marketing:

1. Market planning.
2. Product designing and development.

Joseph Bros is a firm manufacturing jute lampshades. It uses leftover jute pieces from various jute factories to manufacture economical lampshades which are supplied to various hotels in nearby towns. It employs men and women from nearby villages as workers for creating good lampshade designs.
Joseph Bros, is not able to meet its targets. Namish, the supervisor of the company, was told to analyse the reasons for the poor performance. Namish found the following problems and suggested certain solutions in the working of the business. The number of workers employed was less than what was required for the work. As a result, the existing workers were overburdened. The firm decided to search for new workers and it asked the present employees to introduce candidates or recommend their friends and relatives to the firm. This enabled the firm to ‘put people to jobs’ and assured the attainment of objectives according to plans.

1. Identify the functions of management being performed by the firm in the above situation.
2. Name the concept and its source used by the firm to attract more workers for the firm.
3. State any two values being followed by Jacob Bros.

After finishing her BBA degree course, Tanya gets a job of Assistant Manager in a retail company through the reference of her cousin Taruna who works in the same company as a Senior Manager. Taruna decides to guide Tanya through her experience by making her aware of the important facts about management in practice. She tells her that neither the principles of management provide any readymade, straitjacket solutions to all managerial problems nor they are not rigid prescriptions, which have to be followed absolutely.
In context of the above case :

1. Identify the two features of principles of management mentioned in the above paragraph by quoting lines from the paragraph.
2. Why do the principles of management not provide readymade, straitjacket solutions to all managerial problems ?

How does planning provide direction?

Home Creations Ltd is a well-known chain of large department store offering various types of products under one roof. The company owns fifty stores in various parts of the country. Each store is placed under the charge of a manager who is allowed to rim their stores autonomously by deciding about the products which may be promoted, the appointment of staff, ways to handle customer complaints etc. As these managers have a deeper knowledge of the local situations, it enables them to take these decisions effectively keeping in view the local circumstances and consumers’ needs. This approach helps to improve customer service and at the same time serves to boost morale and increase the job satisfaction of the store managers as it empowers them to innovate and use their initiatives.

(1) Identify and explain the policy followed by ‘Home Creations Ltd.’ to run their stores successfully.

(2) Also, give any three points highlighting the importance of the approach followed as identified in part (a) of the question.