Business Studies 4 Marks Question

a. The Right to information is being fulfilled by the directives of SEBI in the above mentioned case.
According to the Right to information, the consumer has the right to get complete information about the product that he/she may propose to buy including its contents, date of manufacture and expiry, maximum retail price, quantity, directions for use etc. Moreover, as per law, it is mandatory for the marketers to provide complete information about the product/service to buyers.
b. An analysis of marketing management has made it clear that consumer is a king pin in the market. The producer should produce goods keeping in mind the requirements of consumers and satisfy the consumer but it is observed that this obligation is neglected by some businessmen and they are involved in the unfair practices such as supply of substandard quality, adulteration etc. So there is need for consumer protection. Hence consumer protection means protecting the interest of consumer.The importance of consumer protection from businessmen's point of view is outlined below:
i. Long - term interest of business: In order to ensure long term interest of business it is important that businessmen strive to earn profits only through consumer satisfaction. This will not only ensure the survival of business but also lead to its growth in the future.
ii. Business uses society's resources: Since a business employs society's resources to create offerings so they need to safeguard the consumer's interests.

Regulatory Functions
i. Registration of brokers and sub brokers and other players in the market.
ii. Registration of collective investment schemes and Mutual Funds.
Development Functions
i. Training of intermediaries of the securities market.
ii. Conducting research and publishing information useful to all market participants.

The assumptions of Maslow’s need hierachy theory are as follow:
1. People’s behaviour is based on their needs. Satisfaction of such needs influences their behavior.
2. People’s needs are in hierarchical order, starting from basic needs to other higher level needs.
3. A satisfied need can no longer motivate a person; only next higher level need can motivate him.
4. A person moves to the next higher level of the hierarchy only when the lower need is satisfied.

a. Harmony Not Discord: The principle emphasises that there should be complete harmony between the management and the workers. Management should share gains of the company with the workers and workers should work hard and be willing to embrace change for the good of the company. This requires 'Mental revolution' on the part of both management and workers. Both management and the workers should transform their thinking. Both should realise that they require one another. : Factory system of manufacturing meant that managers worked as a connection between the owners and the employees.
b. To achieve this state, Taylor called for Mental Revolution.

Controlling is the last step in the management process. When the staffing is done, the employee controlling is helpful in evaluating their performance and trying to remove the flaws in their work, if we talk about motivation, their performance needs some additional external push to get them working on a particular task. If your control over your employees is good you can achieve the desired goals in minimal time.

Controlling is a process under which:
(i) After setting the targets actual performance is compared with the standard or planned performance.
(ii) This is done in order to identify the deviations or difference between the two.
(iii) Finally, the aim of doing controlling is to remove these deviations after identifying the causes and taking action to correct or match the actual and planned performance.

Objectives
• These are defined as end results which the management seeks to achieve by its operations.
• They are set by the top management of the organisation.
• There must be a time limit for the achievement of objectives.
• These are expressed in quantifiable terms.
• For e.g. increasing sales by 10%
Procedure
• It is a stipulated sequence of a course of action for handling activities.
• They are specified in chronological order.
• Procedures are designed to execute policies and achieve objectives.
• For example, the procedure may be for the purchase of raw material, selection of employees, redressal of grievances, etc.

• A plan is a formulation of certain steps and actions which are essential for achieving specific results.
• Plans can be classified on the basis of what they focus to achieve and the methods adopted viz. objectives, strategy, policy etc.
• On the basis of usage, plans are of two types i.e. single use plans and standing plans.
• For example, if the planned output for a week is 1,000 units and actual output is 580 units, the planners have to critically review their plans and modify them.