3 Marks Question

Question 13 Marks

Describe the following rights of a consumer :
i. Right to be informed
ii. Right to seek Redressal
iii. Right to choose

Answer

i. Right to be informed: The consumer has a right to have complete information about the product he/she intends to buy including its ingredients, date of manufacture, price, quantity, directions for use, etc.
ii. Right to seek Redressal: The consumer has a right to get reliefs against unfair trade practice or restrictive trade practices or unscrupulous exploitation in case the product or a service falls short of his expectations.
iii. Right to choose: The consumer has the freedom to access variety of products at competitive prices. This implies that the marketers should offer a wide variety of products in terms of quality, brand, prices, size, etc. and allow the consumer to make a choice from amongst these.

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Question 23 Marks

A ready-to-eat food manufacturing company uses lead in excess of the prescribed limits in its products. The usage of an excess quantity of lead in the products could cause severe health issues to the consumers.
a. Identify and explain the consumer right violated by the company.
b. Identify any two values overlooked by the company.

Answer

a. Right to Safety- According to this right, the consumer has a right to be protected against goods and services which are hazardous to health, life and property.
b. Values-
i. Health and safety of its customers.
ii. Business ethics.

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Question 33 Marks

Explain briefly the steps involved in the process of financial planning.

Answer

Following are the steps involved in the process of financial planning:
i. Determining financial objectives- The financial manager has to estimate the amount of capital needed. The financial manager has to determine the sources of finance, the amount to be raised from various sources and the types of securities to be issued.
ii. Formulating the policies- The financial manager lays down the suitable policies and procedures for the administration of capital to achieve the objectives of the firm. Financial policies serve as a guide posts for acquisition, allocation and control of the funds of the firm.
iii. Reviewing financial plans- A financial manager has to review the financial policies in the light of changed economic, social and business situations.

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Question 43 Marks

Mention any two measures to improve communication effectiveness.

Answer

(i) Clarify the ideas before communication. The problem to be communicated to subordinates should be clear in all its perspective to the executive himself. The entire problem should be studied in depth, analysed and stated in such a manner that is clearly conveyed to subordinates.
(ii) Consult others before communicating. Before actually communicating the message, it is better to involve others in developing a plan for communication. Participation and involvement of subordinates may help to gain ready acceptance and willing cooperation of subordinates.

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Question 53 Marks

Which one is the most popular network in organisations under Grapevine network and what does it mean?

Answer

Cluster network: In this form of communication a person tells something to selected indviduals. Those who receive the information further pass it on to another set of selected individuals. In this way this chain moves on. In every organisation, some people have good liaison with other persons. Such people pass on this information to the persons of their choice with the purpose of getting some favour from them.

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Question 63 Marks

XYZ Ltd. is a management oriented company. Time and again all the employees learn from their seniors various ways of dealing with diverse situations. They are provided training whenever required. They are also given incentives both financial as well as non financial. The result is employees see their development in the organisation. The organisation tries to behave as a responsible constituent of society and always creates good quality products. It has a very good image in the market. The training modules are superb and the employees always try to find unique ways of providing solutions in the context of rapidly changing business environment. This has helped the organisation to adjust frequently in a very good manner.
Which importance of management is highlighted here? Also identify the lines.

Answer

The importance of management highlighted here are:
i. Development of personnel. They are also given incentives both financial as well as non financial. The result is employees see their development in the organisation.
ii. Development of society. The organisation tries to behave as a responsible constituent of society and always creates good quality products.
iii. Helps in becoming dynamic organisation. The training modules are superb and the employees always try to find unique ways of providing solutions in the context of rapidly changing business environment. Management strives to change and adapt to maintain competitiveness and remain relevant.

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Business Studies 3 Marks Question

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