To calculate the probable cost of the product, knowledge of following factors involves


Important Question (Given Below)


2. To calculate the probable cost of the product, knowledge of following factors
involves:-

(A) Production time required
(B) Use of previous estimates of comparable parts
(C) Effect of change in facilities on costing rates
(D) All of the above

Answer – (D) all of the above


For More Such Question And Answers, Kindly Use Our Search Option Given In The Site (Directly). 

Nature and Significance of Management, Class 12 Business Studies Chapter 1, Nature and Significance of Management In Hindi, Nature And Significance Of Management Class 12 Questions And Answers, NCERT Solutions for Class 12 Business Studies Chapter 1, Introduction to Cost Accounting, cost accounting, cost accounting definition, what is cost accounting, cost accounting introduction

NCERT Solutions for Class 12 Business Studies Chapter 1 प्रकृति और प्रबंधन का महत्व

Nature and Significance of Management, Class 12 Business Studies Chapter 1, Nature and Significance of Management In Hindi, Nature And Significance Of Management Class 12 Questions And Answers


NCERT Solutions for Class 12 व्यावसायिक अध्ययन अध्याय 1 प्रकृति और प्रबंधन का महत्व
NCERT Solutions for Class 12 Business Studies Chapter 1 Nature and Significance of Management


1. प्रबंधन को परिभाषित करें।
उत्तर: प्रबंधन को प्रभावी ढंग से और कुशलता से लक्ष्यों को प्राप्त करने के उद्देश्य से चीजों को प्राप्त करने की एक प्रक्रिया के रूप में परिभाषित किया गया है। या,
यह एक ऐसे वातावरण को डिजाइन करने और बनाए रखने की एक प्रक्रिया है जिसमें समूह में काम करने वाले व्यक्ति, चयनित उद्देश्यों को कुशलतापूर्वक और प्रभावी ढंग से प्राप्त कर सकते हैं।

2. प्रबंधन की किसी भी दो महत्वपूर्ण विशेषताओं का नाम बताइए।

उत्तर: व्यापक और बहुआयामी।

3. रितु एक बड़े कॉरपोरेट घराने के उत्तरी डिवीजन की मैनेजर हैं। वह संगठन में किस स्तर पर काम करती है? उसके मूल कार्य क्या हैं?
उत्तर: रितु मध्यम स्तर पर काम कर रही है। उसके मूल कार्य हैं (प्रश्नों के लिए आवंटित अंकों के अनुसार कार्यों की संख्या दी जानी चाहिए)।
(i) शीर्ष-स्तरीय प्रबंधन द्वारा गठित नीतियों की व्याख्या करना और शीर्ष-स्तरीय प्रबंधन और ऑपरेटिव प्रबंधन के बीच एक कड़ी के रूप में कार्य करना।
(ii) कर्मचारियों को आवश्यक कर्तव्य सौंपना।

4. प्रबंधन को बहुआयामी अवधारणा क्यों माना जाता है?
उत्तर: प्रबंधन को एक बहुआयामी अवधारणा माना जाता है क्योंकि यह एक जटिल गतिविधि है जिसके तीन मुख्य आयाम हैं। य़े हैं
(i) कार्य प्रबंधन सभी संगठन कुछ कार्य करते हैं, जैसे, उत्पादन या बिक्री। कार्य को लक्ष्यों को प्राप्त करने के रूप में परिभाषित किया गया है।
(ii) लोगों का प्रबंधन एक संगठन की मुख्य संपत्ति मानव संसाधन है। इस संसाधन को इस तरह से प्रबंधित किया जाना है कि यह संगठनों के लक्ष्यों को प्राप्त करने में मदद करता है।
(iii) संचालन का प्रबंधन सभी संगठन या तो एक उत्पाद का उत्पादन करते हैं या एक सेवा प्रदान करते हैं। इसके लिए एक उत्पादन प्रक्रिया की आवश्यकता होती है जिसका अर्थ है कि इनपुट को आउटपुट में बदलने के लिए एक ऑपरेशन का उपयोग करना, यह काम के प्रबंधन और प्रबंधन दोनों के साथ जुड़ा हुआ है
उत्पादन।

5. एक पेशे के रूप में प्रबंधन की बुनियादी विशेषताओं पर चर्चा करें।
उत्तर: पेशेवर प्रबंधन के रूप में प्रबंधन की बुनियादी विशेषताओं में निम्नलिखित विशेषताएं हैं जो निम्नानुसार हैं
(i) अच्छी तरह से परिभाषित बॉडी ऑफ नॉलेज सभी पेशेवर ज्ञान की अच्छी तरह से परिभाषित बॉडी पर आधारित होते हैं जिन्हें शिक्षा के माध्यम से प्राप्त किया जा सकता है।
(ii) प्रोफेशनल एसोसिएशन भारत में प्रबंधकों के अभ्यास के कई संघ हैं, जैसे AIMA (ऑल इंडिया मैनेजमेंट एसोसिएशन) जिन्होंने अपने सदस्यों की गतिविधियों को विनियमित करने के लिए आचार संहिता रखी है।
(iii) सेवा का उद्देश्य सभी व्यावसायिक संगठनों का उद्देश्य उचित गुणवत्ता वाले उत्पादों या सेवाओं को उचित मूल्य पर प्रदान करना है, जिससे समाज की सेवा हो सके।
इस प्रकार, हम कह सकते हैं कि प्रबंधन किसी पेशे के सटीक मानदंडों को पूरा नहीं करता है, लेकिन इसमें पेशे के रूप में कुछ विशेषताएं हैं।


Long Question Answers – दीर्घ उत्तरीय प्रश्न

1. प्रबंधन को एक कला और विज्ञान दोनों माना जाता है। के बारे में बताएं।
उत्तर: कला वांछित लक्ष्य को प्राप्त करने के लिए मौजूदा ज्ञान का कुशल और व्यक्तिगत अनुप्रयोग है।

प्रबंधन को निम्नलिखित कारणों से कला माना जाता है
(i) सैद्धांतिक ज्ञान का अस्तित्व: सभी कला विषय सैद्धांतिक ज्ञान पर आधारित होते हैं, जैसे, लिखित सामग्री नृत्य, समय कला, संगीत, आदि पर उपलब्ध है, उसी तरह प्रबंधन और इसकी शाखाओं पर बहुत सारा साहित्य उपलब्ध है – वित्त, आदि विपणन, मानव संसाधन, आदि।
(ii) वैयक्तिकृत अनुप्रयोग: इस मूल ज्ञान का उपयोग एक व्यक्ति से दूसरे व्यक्ति में भिन्न होता है। दो चित्रकार, दो नर्तक, या दो गायक सभी अपने तरीके से अपने ज्ञान का उपयोग करते हैं। उसी तरह से दो प्रबंधकों, जिन्होंने समान ज्ञान प्राप्त किया है, वे इसे अपने अलग-अलग तरीकों से काम करने के लिए उपयोग कर सकते हैं।
(iii) अभ्यास और रचनात्मकता पर आधारित: सभी कला व्यावहारिक है। इसमें रचनात्मक अभ्यास शामिल है। हम जितना बेहतर इसका अभ्यास करते हैं हम उतना ही बेहतर होते जाते हैं। इसके लिए रचनात्मकता की भी आवश्यकता होती है।
उसी तरह एक प्रबंधक अपने अर्जित ज्ञान को एक अनोखे तरीके से लागू करता है। अधिक अभ्यास उसे एक बेहतर प्रबंधक बनाता है और वह प्रबंधन की अपनी शैली भी विकसित करता है।

प्रबंधन एक सटीक विज्ञान है
(i) व्यवस्थित शरीर का ज्ञान: विज्ञान ज्ञान का एक व्यवस्थित शरीर है। इसके सिद्धांत कारण और प्रभाव संबंध पर आधारित हैं, उदाहरण के लिए, पानी गर्म होने पर वाष्पित हो जाता है। उसी तरह प्रबंधन एक शरीर कलंकित ज्ञान है। सभी प्रबंधकीय सिद्धांतों का एक कारण और प्रभाव संबंध है।
(ii) प्रयोग के आधार पर सिद्धांत: वैज्ञानिक सिद्धांतों को पहले अवलोकन के माध्यम से विकसित किया जाता है और फिर दोहराया प्रयोग के माध्यम से परीक्षण किया जाता है। उसी तरह प्रबंधन के सिद्धांतों को भी अवलोकन और दोहराया प्रयोग के बाद प्रस्तावित किया जाता है।

(iii) सार्वभौमिक वैधता: सभी वैज्ञानिक सिद्धांतों में सार्वभौमिक वैधता है। वे जहां भी आवेदन करते हैं, वही परिणाम देते हैं।
प्रबंधन के सिद्धांतों में सार्वभौमिक वैधता नहीं है। उन्हें स्थिति की आवश्यकता के अनुसार समायोजित और लागू किया जाना है।
इस प्रकार, प्रबंधन एक अनुभवहीन विज्ञान है।

2. क्या आपको लगता है कि प्रबंधन में एक पूर्ण पेशे की विशेषताएं हैं?
उत्तर: नहीं, प्रबंधन के पास एक पूर्ण पेशे की सभी विशेषताएं नहीं हैं। कारण निम्नानुसार हैं

(i) अच्छी तरह से परिभाषित बॉडी ऑफ नॉलेज सभी पेशे ज्ञान की अच्छी तरह से परिभाषित बॉडी पर आधारित होते हैं जिन्हें शिक्षण-अधिगम प्रक्रिया में प्राप्त किया जा सकता है। पेशे की यह विशेषता प्रबंधन के पास भी है। परिभाषाओं, अवधारणाओं, सिद्धांतों, सिद्धांतों आदि के रूप में प्रबंधन पर उपलब्ध विशाल ज्ञान है।
(ii) प्रतिबंधित प्रविष्टि सभी व्यवसायों में एक प्रतिबंध या इसके चिकित्सकों का प्रवेश है। उन्हें पेशेवर होने के लिए एक विशिष्ट डिग्री हासिल करनी होती है, जैसे डॉक्टर के लिए वकील एमबीबीएस के लिए एलएलबी, लेकिन एक प्रबंधक एमबीए योग्य हो सकता है या नहीं।
(iii) प्रोफेशनल एसोसिएशन सभी पेशे एक पेशेवर एसोसिएशन से जुड़े होते हैं जो प्रवेश, अभ्यास के प्रमाण पत्र को नियंत्रित करता है, और एक आचार संहिता तैयार करता है, यानी, वकीलों को कानून का अभ्यास करने के लिए बार काउंसिल का सदस्य बनना पड़ता है। सभी प्रबंधकों के लिए AIMA का सदस्य होना अनिवार्य नहीं है। ‘
(iv) नैतिक आचार संहिता सभी आचार संहिता एक नैतिक आचार संहिता से बंधी होती है जो अपने सदस्यों के व्यवहार का मार्गदर्शन करती है। लेकिन जैसा कि सभी प्रबंधकों के लिए AIMA का सदस्य होना अनिवार्य नहीं है, वे सभी AIMA की निर्धारित आचार संहिता के बारे में नहीं जानते होंगे।
(v) सेवा का उद्देश्य अपने ग्राहक के हित की सेवा करना, जैसे, अपने ग्राहकों, रोगियों का इलाज करने के लिए डॉक्टरों को न्याय दिलाना आदि सभी मूल मकसद हैं। उचित मूल्य पर ग्राहक को प्रदान की जाने वाली अच्छी गुणवत्ता के सामान।
इस प्रकार, प्रबंधन एक पेशे की कुछ विशेषताओं के पास है, लेकिन सभी नहीं।

3. समन्वय प्रबंधन का सार है। क्या आप सहमत हैं? कारण दो।
Ans: समन्वय एक महत्वपूर्ण भूमिका निभाता है क्योंकि यह प्रबंधन के अन्य सभी कार्यों को बांधता है। यह सभी गतिविधियों जैसे खरीद, उत्पादन, बिक्री आदि का सामान्य धागा है, जो चलता है। कुछ बुनियादी विशेषताएं इस प्रकार हैं
(i) समूह प्रयासों को एकीकृत करता है समन्वय सभी में एकता लाता है। यह समूह प्रयासों के लिए एक सामान्य ध्यान केंद्रित करता है।
(ii) क्रियाओं की एकता सुनिश्चित करता है यह विभागों के बीच एक बाध्यकारी शक्ति के रूप में कार्य करता है और यह सुनिश्चित करता है कि सभी कार्रवाई संगठन के लक्ष्यों को प्राप्त करने के उद्देश्य से है।
(iii) यह एक सतत प्रक्रिया है समन्वय एक बार का कार्य नहीं है बल्कि एक सतत प्रक्रिया है। यह नियोजन स्तर पर शुरू होता है और नियंत्रण तक जारी रहता है।
(iv) यह विभिन्न विभागों की गतिविधियों की अन्योन्याश्रित प्रकृति के कारण प्रबंधन के सभी स्तरों पर एक सर्वव्यापी कार्य समन्वय की आवश्यकता है। यह विभिन्न विभागों और विभिन्न स्तरों के प्रयासों को एकीकृत करता है।
(v) यह सभी प्रबंधकों की ज़िम्मेदारी है कि वे किसी न किसी चीज़ का समन्वय करें। उत्पादन विभाग के एक प्रबंधक को अपने विभाग के भीतर और साथ ही अन्य विभागों के साथ काम का समन्वय करने की आवश्यकता होती है।
(vi) यह एक डेलीगेट फंक्शन है जो भी मैनेजर किसी संगठन में कर रहे हैं वे इसे जानबूझकर कर रहे हैं। समन्वय सभी प्रबंधकों के सबसे महत्वपूर्ण कार्यों में से एक है। इस प्रकार जानबूझकर समन्वय भी किया जाता है। प्रबंधक जो भी करते हैं, वे पूर्व निर्धारित लक्ष्यों और उद्देश्यों को प्राप्त करने के लिए जानबूझकर करते हैं।
इस प्रकार, हम कह सकते हैं कि समन्वय इन बिंदुओं का विश्लेषण करने के बाद प्रबंधन का सार है।

4. “एक सफल उद्यम को अपने लक्ष्यों को प्रभावी ढंग से और कुशलता से प्राप्त करना होगा”।
उत्तर: “एक सफल उद्यम को अपने लक्ष्यों को प्रभावी ढंग से और कुशलता से प्राप्त करना है”। इस प्रकार, प्रबंधन को यह देखना है कि कार्य पूरा हो गया है और लक्ष्य न्यूनतम संसाधनों के साथ प्राप्त किया जाता है।
इस प्रकार प्रबंधन प्रभावी ढंग से और कुशलता से लक्ष्यों को प्राप्त करने के उद्देश्य से किया जाता है। प्रभावी ढंग से या प्रभावी ढंग से काम करने का अर्थ है मूल रूप से दिए गए कार्य को पूरा करना। यह अंतिम परिणाम से संबंधित है, इसे हासिल किया गया है या नहीं। दक्षता का अर्थ है कार्य को सही ढंग से और न्यूनतम लागत के साथ करना। यदि कम संसाधनों का उपयोग करके अधिक लाभ प्राप्त किए जाते हैं तो दक्षता बढ़ गई है। इस प्रकार किसी भी संगठन के लिए दक्षता के साथ-साथ प्रभावशीलता पर ध्यान देना आवश्यक है। यह न केवल काम को सही ढंग से पूरा करने के लिए महत्वपूर्ण है, बल्कि न्यूनतम लागत के साथ इसे पूरा करने के लिए भी उतना ही महत्वपूर्ण है। उसी तरह, यह न केवल लागत को कम करने के लिए महत्वपूर्ण है, बल्कि कार्य को सही ढंग से पूरा करने के लिए भी उतना ही महत्वपूर्ण है।

5. प्रबंधन निरंतर अंतर-संबंधित कार्यों की एक श्रृंखला है। टिप्पणी।
उत्तर: प्रबंधन निरंतर अंतर-संबंधित कार्यों की एक श्रृंखला है। उनमें से प्रत्येक ने दूसरों के प्रयासों को निर्देशित करने और निर्देशित करने के लिए प्रदर्शन किया।
(i) नियोजन नियोजन प्राथमिक कार्य है जो अन्य सभी कार्यों से चलता है। यह करने से पहले सोचने की प्रक्रिया है। यह हम कहाँ हैं और हम कहाँ जाना चाहते हैं के बीच की खाई को पाटता है।
(ii) आयोजन और वांछित लक्ष्यों को पूरा करने के लिए लोगों और संसाधनों के बीच औपचारिक संबंध को परिभाषित करने की प्रक्रिया है। इसमें शामिल है
(ए) काम की पहचान और विभाजन
(b) विभागीयकरण
(c) कर्तव्यों का निरूपण
(d) रिपोर्टिंग संबंध स्थापित करना
(iii) कर्मचारी संगठनात्मक लक्ष्यों को मानव प्रयासों के माध्यम से ही प्राप्त किया जा सकता है। इस संसाधन का सर्वोत्तम संभव उपयोग करना प्रबंधन का कर्तव्य है। इस प्रकार, सही व्यक्ति को सही काम पर रखना बहुत महत्वपूर्ण है। स्टाफ प्रबंधन को सही काम पर सही व्यक्ति को प्रेरित करने, चयन करने और जगह देने में मदद करता है।
(iv) निर्देशन निर्देशन में कर्मचारियों को उनके द्वारा सौंपे गए कार्यों को करने के लिए अग्रणी, प्रभावित और प्रेरित करना शामिल है। इसके लिए ऐसा माहौल स्थापित करने की आवश्यकता है जो कर्मचारियों को अपना सर्वश्रेष्ठ प्रदर्शन करने के लिए प्रोत्साहित करे। निर्देशन में चार तत्व शामिल हैं; पर्यवेक्षण, प्रेरणा, नेतृत्व और संचार।
(v) नियंत्रण को नियंत्रित करना संगठनात्मक लक्ष्यों की प्राप्ति के लिए संगठनात्मक प्रदर्शन की निगरानी का प्रबंधन कार्य है। नियंत्रित करने का कार्य शामिल है
(a) प्रदर्शन के मानक स्थापित करना
(बी) वर्तमान प्रदर्शन को मापने ‘
(c) स्थापित मानकों के साथ इसकी तुलना करना
(d) सुधारात्मक कार्रवाई करना


Tags: बिजनेस स्टडीज क्लास 12 एनसीईआरटी उत्तर, बिजनेस स्टडीज क्लास 12 एनसीईआरटी सॉल्यूशंस फ्री, एनसीईआरटी सॉल्यूशंस फॉर क्लास 12, एनसीईआरटी सॉल्यूशंस, एनसीईआरटी सॉल्यूशंस क्लास 12 बिजनेस स्टडीज, क्लास 12 के लिए एनसीईआरटी सॉल्यूशंस, क्लास 12 एनसीईआरटी सॉल्यूशंस के लिए एनसीईआरटी सॉल्यूशंस, Business Studies Class 12 NCERT Answers, Business Studies Class 12 NCERT Solutions Free, NCERT Book Solutions for Class 12, NCERT Solutions, NCERT Solutions Class 12 Business Studies, NCERT Solutions for Class 12, NCERT Solutions for Class 12 Business Studies, NCERT TextBooks Solutions

Quality Definitions And Concepts, Concepts of Total Quality Management, What Is Quality And Concepts, What Is Quality, What Is Concepts.

Quality Definitions And Concepts | Total Quality Management

Quality Definitions And Concepts, Concepts of Total Quality Management, What Is Quality And Concepts, What Is Quality, What Is Concepts.

Checkout More Important Questions On – Business Management.


Quality Definitions And Concepts

Quality of a product or service can be defined as its ability to fulfill the need and expectations of a buyer and generate the desired level of satisfaction through its set of features, attributes, and characteristics.

Hence, quality encompasses two parameters, namely, satisfaction and the ability of the product or service to satisfy the customer. Satisfaction is a very subjective term as it depends upon the perception of each individual how he defines satisfaction. To a larger extent, we judge the quality of a product or service on the basis of relation, in other words, through comparisons, without any parameters of comparison or judgment, we can not evaluate the worth of the product or service. Whenever a person makes a purchase of any commodity, the main objective is to derive a particular level of satisfaction through the fulfillment of the need. If it is achieved, the customer is satisfied or delighted, otherwise, he remains unsatisfied so quality is a subjective term.

So a precise definition about quality is still not there. The literal meaning as per the dictionary is “the degree of excellence.” As the whole definition revolves around customer satisfaction which is purely subjective. Hence, the main focus of quality depends on identifying the customer’s needs translating these into a set of measurable characteristics or attributes which can be incorporated into a product or service. This will provide a particular level of customer satisfaction.

For achieving it, we develop specifications, which act as parameters or scales to measure and monitor the consistency in the product characteristics or attributes and act as the basis for continuous improvement in the product or service. So quality ensures that the customer will be delighted to pay for the product or service and the company will be able to make a reasonable profit in the process of exchange. 


We try to evaluate the quality of the product or service on the basis of the following:

 Performance:- How a product or service is able to perform the primary task for which it is being purchased. For instance, when we buy a car, the primary objective is a convenient way of traveling.

 Durability:- It means the product should be fit for use for an appropriate life span and can withstand normal wear and tear through the operation. Similarly, when we buy an air conditioner, we expect it to last long for a period of 5 to 10 years under normal working conditions.

 Reliable:- It shouldn’t go out of operation and should give consistent performance. When we purchase any commodity, the customer expects that breakdowns or malfunctioning of the product should be least. When we buy a computer, we expect that it will not go out of operation suddenly or data is not lost due to frequent malfunctioning.

 Serviceability:- At the current time, the acquisition and service of a product have become a very critical factor in customer satisfaction. When we buy a product or service, we want the convenience of getting service done. When we open an account with a bank, if it provides facilities like phone banking, e-banking and has more number of ATMs, we can conduct the transactions very conveniently, and hence we can say the quality of service is better than that of others.

 Aesthetics:- With intense competition and similar technologies, it has become a very difficult job to retain a customer. The style or aesthetics of the product has become another critical factor in defining the quality of the product or service. Today the customer is also influenced by the style or aesthetics of the product which can be defined with the help of color, shape, contours, and operational features, etc, preferred by consumers. When we purchase a bike, apart from its mileage or safety features, our buying decisions are greatly influenced by the color, shape, or, in other words, the style of the product, and a customer is also willing to pay more for such features.

 Perceived Quality:- As we had already discussed the satisfaction is subjective. So when a consumer takes a decision to make a purchase, he has certain minimum expectations from the products and service which is known as the perceived quality. Again, the concept of perceived quality is purely subjective as it depends on various factors like the brand image of the product, positioning of the product, pricing, and communication of the product. So the product or service is of quality if it has the ability to fulfill the basic minimum expected level of satisfaction.

 Timing:- A product or service should be made available to the customer at the right time. And the right time is when the customer wants. When a consumer buys a mediclaim policy, he expects the claim should be settled as soon as he incurs any medical expense due to any ailment. If a person is about to undergo an open heart surgery operation, he cannot wait for too long for his mediclaim policy to approve the claim settlement. Hence timing is also very crucial in terms of quality.

 Accuracy:- The product or services should be according to stated specification and
its working should be precise/ accurate. For instance, what is the use of buying a
weighing scale or watch which doesn’t give you the correct reading or right time?

 Timeliness:- It can be defined as the time required for service and repair, the more
time is taken by the company to respond to customer requirements and conduct the
service, the inferior is the quality of service.


What Is Quality, What Is Concepts?

Now from the above discussion, we move to defining and describing the quality on different factors.

 Quality as conformance to specifications:- So we can define the quality as the degree to which the product meets its defined specifications consistently, e.g., the dimensions of the product, the constituents of the product, etc. If a car is designed to give a mileage of 10 miles for a liter of gasoline, all the cars of that model should give the specified mileage.

 Quality is the worth of a product or value for money:- Quality can be defined as the worth or value a customer perceives and is willing to pay for it.

 Quality as fitness to use:- This can be defined as the degree to which a product or service performs.

 Quality as convenience in service:- This can be defined as the degree of the convenience of the availability of support service ( maintenance, repair, etc), lesser response time, etc

 Quality as Psychological Satisfaction:- The degree of psychological satisfaction a product or service will provide entirely depends on the subjective preferences of the customer, for one individual the features of the product is more critical, for the after-sale service.

Quality Definitions And Concepts, Concepts of Total Quality Management, What Is Quality And Concepts, What Is Quality, What Is Concepts.

The National Minimum Wage In United Kingdom

National Minimum Wage (NMW) In The UK Of 2020-21 (Business Law)

The National Minimum Wage Act 1998 (NMWA 1998) was brought into force by regulations over the period of 1998/9. The Act and connected regulations provide workers with a floor below which their wages will not fall, regardless of the size of the employer’s business. Those who work part-time have benefited most. Section references are to the 1998 Act.

Explaining National Living Wage, National Minimum Wage 2020 - The ...

1. Entitlement –
 
T
hose entitled must be ‘workers’ who work or ordinarily work in the UK under a contract of employment and are over compulsory school leaving age [ss 1(2) and 54(3)]. Casual workers are included as are agency workers (s 34) and home-workers (s 35).

The self-employed are excluded, as are voluntary workers. These include charity workers who either are totally unpaid or receive only reasonable travel and out-of-pocket expenses. Regulations also exempt from the provisions of those working and living as part of a family, e.g. au pairs. Those under 16 years of age are also excluded. 

2. Owner-managed businesses – The 1998 Act applies to directors of owner-managed businesses. Thus, a person who works as a director of his company but takes no salary (or very little), relying on dividends as income, falls foul of the Act and must receive the minimum wage or adjust the hours worked to comply. The company must also pay the employer’s NIC. So, If the business is disincorporated, then the former director would come under the exemption for the self-employed for sure.

Those who are starting up a business as a company and cannot initially pay themselves also fall foul of the Act though they could notionally pay themselves the minimum wage but remain as a creditor until the company can pay them. As an alternative, they could set up in partnership because partners are excluded from the minimum wage provisions unless they are salaried employees as distinct from profit-sharing partners. A spouse employed in a family business is excluded from the provisions under the ‘family business’ exception as are other members of the employer’s family who live at home, but not if the employer is incorporated, i.e. a family company.

A further solution for those directors who wish or have to work for less than the minimum wage is not to have a contract of employment so that they are not employees. This appears to be accepted by the relevant authorities. Furthermore, the DTI (now BERR) has indicated that it will not try to show that the director has an implied contract.

3. Level –
 National Minimum Wage rates (from 1 October 
2008):
Workers aged 22 and over – £5.73 per hour
Workers aged 18–21 – £4.77 per hour
Workers aged 16–17 – £3.53 per hour

4. Increases in level – This will depend upon the advice 
of the Low Pay Commission (LPC) and the economic situation and is not automatic.

5. Extensions – There is the power to apply the Act to those who do not fit the current definition of a ‘worker’ (s 41). This could be used to deal with changes in working practices and to close loopholes that bad employers may exploit.

6. Calculation –
 
The regulations set out the averaging 
period to be used in calculating whether a worker has been paid the NMW. It is set at a month (i.e. ‘calendar month’) except where workers are currently paid by reference to periods of shorter than one month, e.g. a week, a fortnight, or four weeks. In the latter cases, the pay reference period for NMW purposes will be the worker’s existing pay period. In addition, the hourly rate for those who are paid an annual salary will be calculated on an average basis. Therefore, the lowest salary for a 35-hour week would currently be £5.73 × 35 × 52 = £10,428.60.National Minimum Wage - Is now £7.83

7. What counts as remuneration?
The regulations deal 
with a number of instances of what does and does not count towards discharging an employer’s obligation to pay the NMW. Examples of things that do not count are advances of wages, pensions, redundancy payments, and benefits in kind with the exclusion of living accommodation at a fairly low limit.

Payments during absences from work such as sick pay, holiday pay, maternity pay, and guarantee payments are not included and neither are service charges, tips, gratuities, or cover charges not paid through the payroll. Thus, discretionary tips left for a worker by a customer and pocketed by the worker do not count nor would tips pooled under an employees’ informal scheme and distributed, but where tips are pooled by the employer and paid through the payroll they do count as remuneration.

Also, Check – ■ Examples Of Apparent Authority As Laid Down By Case Law

Nature and Significance of Management, Class 12 Business Studies Chapter 1, Nature and Significance of Management In Hindi, Nature And Significance Of Management Class 12 Questions And Answers, NCERT Solutions for Class 12 Business Studies Chapter 1, Introduction to Cost Accounting, cost accounting, cost accounting definition, what is cost accounting, cost accounting introduction

Examples Of Apparent Authority As Laid Down By Case Law

In This Post, We Will Discuss About The Examples Of Apparent Authority As Laid Down By Case Law From Business Law. Please, Find The Answer Below.


Section 5 does not say what acts are ‘in the usual course of business’. However, the courts have, over the years, and sometimes in cases heard before the 1890 Act was passed codifying the law, decided that there are a number of definite areas in which a partner has apparent authority. These are set out below.

All partners in all businesses. Here there is apparent authority to sell the goods (but not the land) of the firm, and to buy goods (but not land) on behalf of the firm; to receive money in payment of debts due to the firm and give valid receipts. So if A pays a debt due to the firm to B, a partner, who gives A a receipt and then fails to put the money into the firm’s funds, A is nevertheless discharged from payment of the debt. There is also the power to pay debts owed by the firm including the power to draw cheques for this purpose.

Partners can also employ workers, but once they are set on they are employees of all the partners so that one partner cannot discharge an employee without the consent of the others. Partners also have an insurable interest in the firm’s property and can insure it. They may also employ a solicitor to defend the firm if an action is brought against it. The authority of an individual partner to employ a solicitor to bring an action on behalf of the firm seems to be restricted to actions to recover debts owing to the firm.

All partners in trading partnerships. Partners in trading firms have powers that are additional to those set out in 1 above. Thus partners in a firm of grocers have more powers than partners in the professional practice of, e.g. law or accountancy. There does not seem to be any good reason for this, but it has been confirmed by many cases in court and cannot be ignored.

In Wheatley v Smithers (1906) the judge said in regard to what was meant by the word ‘trader’: ‘One important element in any definition of the term would be that trading implies buying or selling.’ This was applied in Higgins v Beauchamp (1914) where it was decided that a partner in a business running a cinema had no implied power to borrow on behalf of the firm. The partnership agreement did not give the power to borrow and, because the firm did not trade in the Wheatley v Smithers sense, there was no implied power to borrow. If a firm is engaged in trade, the main additional implied powers of the partners are:

■ to borrow money on the credit of the firm even beyond any limit agreed on by the partners unless this limit is known to the lender. Borrowing includes overdrawing a bank account;


■ to secure the loan, which means giving the lender a right to sell property belonging to the firm if the loan is not repaid.

What Is Business Law? Types Of Business Law’s

In This Post, We’re Going To Discuss Some Of The Very Interesting Topics – What Is Business Law, Types Of Business Law, Common law and equity, Private law and public law, Criminal law and civil law, etc. Just See The Answer In The Below Section.

Topic From – Business Law / LLB
Topic – ‘The English Legal System”
From Book – ACCA Corporate And Business Law (2011)

Also, Check – BBA Semester 3 (Case Study Assignments)


What Is Business Law?

Human society has developed over thousands of years from a primitive culture where the very survival of
the species was at stake to the complex, diverse and dominating species that humans are today.

Much of the success of this development can be attributable to rules and regulations laid down by society. With a little further study, the need for such rules becomes clear. In the early days of human existence, survival was achieved by working as a group. There was a fine line between life and death, for example, the stealing of food from some other group member could eventually result in the death of the victim.

Social order, created by rules is at the foundation of the society that we see today. The framework that was created influences how individuals interact and how businesses operate. In other words, it provides social control.

The framework of social control can be viewed as having two aspects:
• Formal control mechanisms
• Informal control mechanisms

Law is a formal control mechanism. It provides a structure for dealing with and resolving disputes that may arise, as well as providing some deterrent to those wishing to disrupt social order.

Informal mechanisms include ethical and moral guidance. These are ‘norms’ or behavioral expectations that society has developed over time through its culture. Such mechanisms have little formal structure to organize, control, or to punish – such matters are dealt with informally by pressure from other individuals or groups.

PER 2 requires you to ensure compliance with legal, regulatory and social requirements in your area of responsibility. The contents of this Study Text should help you identify common legal and regulatory requirements.


State Types Of Business Law ‘s:

• Common law and equity
• Statute law
• Private law and public law
• Criminal law and civil law

2.1 Common law and equity

The earliest element of the English legal system is common law, a system of rigid rules laid down by royal courts following the Norman conquest. The application of the law was by judges who traveled around the country to keep the King’s peace and judgments often resulted in harsh consequences.

The judges actually made the law by amalgamating local customary laws into one ‘law of the land’.
Remedies under common law are monetary and are known as damages.

However, there are times when money is not a suitable remedy. For example, you have agreed to buy a unique painting from an art dealer. Should the dealer at the last minute sell the painting to someone else, damages are unlikely to be acceptable, after all, you wanted that painting.

Equity was developed two or three hundred years after common law as a system to resolve disputes where damages are not a suitable remedy and to introduce fairness into the legal system.

2.2 Statute law

Whilst the judiciary is responsible for the creation of common law, Parliament is responsible for statute law. Statute law is usually made in areas so complicated or unique that suitable common law alternatives are unlikely, or would take an unacceptable length of time, to develop – company law is one example of this.

2.3 Private law and public law

Most of the law that you will be studying is private law. That is a law that deals with relationships and interactions between businesses, and private individuals, groups, or organizations.

The state provides a framework for dealing with disputes and for enforcing decisions, but it is for individuals to handle matters between themselves. For example, the Sale of Goods Act 1979 regulates the sale of goods. It provides rules that must be adhered to when making a sale. Should any dispute arise that is covered by the act, it is up to the parties to resolve the matter themselves using rules laid down by the legislation, the state does not get involved.

Public law is mainly concerned with the government and the operation and functions of public organizations such as councils and local authorities. It will not be of great interest to you in your studies of corporate law, however, examples of public law can be found in planning rules that must be adhered to when building or expanding offices.

A key distinction between public and private law is who takes up the case when a wrong is committed.
The state prosecutes the alleged perpetrator under public law, whereas we have already seen, under
private law it is for the individual concerned to take action.

criminal law is a part of public law and deals with behavior that the state considers unwelcome and wishes to prevent. Criminal law also decides how those guilty of committing unlawful behavior should be punished. You will notice the names of criminal cases are reported as R v Jones or Regina v Jones. This
indicates that the state takes action on behalf of the crown.

2.4 Criminal and civil law

It is often the criminal law about which the general public has a clearer perception and keener interest.
Some of the high profile criminal cases at London’s Old Bailey are deemed extremely newsworthy. Civil
law, on the other hand, receives less overt media coverage. However, every time you buy or sell goods, or
start or finish an employment contract, your actions, and those of the other party, are governed by civil
law.

The distinction between criminal and civil liability is central to the English legal system and to the way the
the court system is structured.

2.4.1 Criminal law

In a criminal case, the State is the prosecutor because it is the community as a whole which suffers as a
result of the law being broken. Persons guilty of a crime may be punished by fines payable to the State,
imprisonment, or a community-based punishment.

Generally, the police take the initial decision to prosecute, but this is then reviewed by the Crown
Prosecution Service. Some prosecutions are started by the Director of Public Prosecutions, who is the
head of the Crown Prosecution Service.

In a criminal trial, the burden of proof to convict the accused rests with the prosecution, which must
prove its case beyond a reasonable doubt.

2.4.2 Civil law

Civil law is a form of private law. In civil proceedings, the case must be proved on the balance of
probability. The claimant must convince the court that it is more probable than not that their assertions
are true.

There is no concept of punishment, and compensation is paid to the wronged person. Both parties may
choose to settle the dispute out of court should they wish.

Terminology in civil cases is different from that of criminal cases. A claimant sues a defendant. A civil case
would, therefore, be referred to as, for example, Smith v Megacorp plc.

One of the most important areas of civil liability for the business, and accountants, in particular, is the law of contract. The law of contract is looked at in detail in Part B of this text.

2.4.3 Distinction between criminal and civil cases

It is not an act or event which creates the distinction, but the legal consequences. A single event might
give rise to criminal and civil proceedings.


Important Question Related To This Article

Q. While on a sales trip, one of your employees is involved in a car accident. The other vehicle involved is damaged and it is alleged that your employee is to blame. What legal proceedings may arise as a result of this incident?
Answer – Your employee may be guilty of a driving offense such as careless driving. The police, to whom the incident should be reported, will investigate, and if the facts indicate a driving offense, they will prosecute him. The owner of the damaged vehicle (or his insurers) may sue the driver at fault in civil proceedings to recover damages.


 

The 4Ps: How To Design Your Marketing Mix

In This Post, We Are Going To Discuss Some Of The Important Topics – The 4 Ps Definition, 4 Ps Of Marketing, The 4PS Marketing Mix, Marketing Mix Definition & Examples, 4PS Of Marketing Example. So, Let’s Start Discussing It On Details.


Let’s See The Complete Answer In The Below Section. For More Questions And Answers & More Educational Materials – I Would Consider You To Please Subscribe Some Of These Channels Now. (Check Them Below)
1. Study24Hours 11 & 12
2. Study24Hours Exam
3. Study24Hours Courses


What the model looks like and how it works There is an old saying that marketing is about getting the right product at the right price in the right place with the right promotion. The 4Ps (Figure 2.1) is an extension of this simplistic view. It describes the four essential components of the marketing mix:

4Ps Of The Marketing Mix: The Best Guide To Show You How To ...

Product:
This is what a company has to sell. It may not be a physical product; it could just as easily be a service or a product accompanied by a service. It is nevertheless what the company offers. Arguably, the product is the most important part of the marketing mix. It defines who will buy it, how much they will pay, what features they will find appealing, and where it could be sold.

Also, Check – Introduction To Overview Of Business And Marketing Models

Questions that need to be answered to determine that the product is right for its market are:
● What benefits does the product provide to the customer? How do these benefits solve the customer’s problem?
● What type of customers are the most likely targets for the product? What are their demographics, their behaviors, their attitudes, and their psychographic profiles? How would they be described as a segment?
● How will the customer use the product? How frequently will they use it? When will they replace it?
● What would the customer do if the product was not available?

Price Price is the component of the 4Ps that collects revenue. The other 3Ps incur costs. The price that someone is prepared to pay for a product is the ‘bargain’. From the customer’s point of view, it is a figure that is worth paying to obtain the product, and, from the supplier’s point of view, it is a figure that covers the costs of production and collects (hopefully) sufficient revenue to make a profit.

Questions that need to be answered to determine that the price is right for its market are: 
● How do customers perceive value in the product? What are the key benefits that they value? What monetary value is put on each of these benefits?
● To what extent do customers perceive the lifetime value of the product (how long it lasts, the degree of maintenance that is required, any resale value, etc)?
● What are competitors’ prices for a similar product? To what extent is the product perceived to be better or worse than competitors’ products?

Promotion
People need to be aware of the availability of products and they need to be convinced of their value. Promotion is the means by which this communication takes place. The promotion could be any part of a mix that includes adverts in newspapers, magazines, journals, TV, and radio. It could also include direct marketing such as flyers or e-mails. Exhibitions, public relations, and point-of-sale material are part of the promotional mix.

Questions that need to be answered to determine that the promotion is right for its market are: 
● What is the reach of the promotion? How many customers/potential customers will see it?
● What is the impact of the promotion? To what extent will it stop people in their tracks and capture their interest?
● What is the relevance of the promotion? Is it something that the customer is interested in? Do the messages resonate?
● What is the call to action? What will potential customers do next?

Place The product (or service) is made available somewhere for the customer. This could be in a shop, online or direct from the manufacturer. It is the channel (or channels) by which the product is distributed.

Questions that need to be answered to determine that the place is right for its market are: 
● What are the channels that are most used by the customer for this type of product?
● What penetration of the channels can be achieved?
● What are the opportunities for finding new routes to market – ie alternative channels?
● What does each of the organizations in the channel require in terms of margin and service support?
● How will the product stand out from competitive products in the channel? It should be clear from the above that the 4Ps are not aimed at just anyone; they are aimed specifically at a target audience. The four essential ingredients of the marketing mix are often referred to as hygiene factors. If the company fails on any one of them, the marketing strategy will fail.

The origins of the model 
The 4Ps were coined by Edmund Jerome McCarthy, an American marketing professor. McCarthy’s aim was to bring science and structure to marketing as befitted his training as a statistician and mathematician. He launched the framework in 1960 in a book entitled Basic Marketing: A managerial approach. The book became a bestseller on the subject of marketing and the simple mnemonic of the 4Ps was quickly accepted.

Developments of the model Still holding with the mnemonic of the 4Ps, other authors have added three more elements to the mix: 
● People: it is argued that, in many businesses, people are a critical part of the offer. They make the product. They sell the product and create relationships with customers. They service the product and they deliver it. They deal with inquiries and problems. People are an essential component in any offer.
● Process: the process by which the product is made is part of the offer. Companies have other processes that are relevant to customers such as the way it deals with inquiries, carries out credit checks, handles complaints, etc. These are all part of the offer.
● Physical evidence: in some situations, the physical environment is an important part of the offer. This would especially be the case for a supermarket where the width of the aisles, the layout of the store, the colors, the smells and the ambiance of the place can all have a big influence on the marketing.

In 2013, Richard Ettenson, Eduardo Conrado, and Jonathan Knowles wrote an article in Harvard Business Review entitled ‘Rethinking the 4Ps’.2 They argued that the original 4P model is not suited to the business to business (B2B) world. They claimed that the old 4P framework stresses product technology and quality, and these they said are hygiene factors and do not differentiate. In an attempt to shift the focus from products to solutions, they suggested the SAVE framework. SAVE is an acronym for the solution, access, value, and education:

● Solution (rather than product). This places the emphasis on solving the problem rather than selling the product.
● Access (rather than place). It is important to have access to customers wherever they are and whatever they are doing. This means that bricks-and-mortar distribution outlets are far less relevant today than, for example, the internet.
● Value (rather than price). People care far less about the price than what they get for their money – it is a value that matters.
● Education (rather than promotion). Promotion can be seen as manipulative and, in many B2B markets, trust and reputation are more important. Trust is built up over time in an educative way. The model in action The 4P model (or one of its derivatives) can be used whenever a marketing plan or business case is being considered. It is particularly useful in two business scenarios: launching a new product and entering a new market.

Launching a new product New products are the lifeblood of all companies. Successful companies continuously modify or introduce new products to meet the changing needs of their customers, and it is said that a successful company has over one-third of its products that are less than three years old. This proportion could vary considerably, and companies that make confectionery – for example – are more likely to have a greater proportion of new products in their portfolio than those that make steel components. Whether the product in question is a new doughnut or a new alloy, the discipline of checking out the 4Ps is still worthwhile:

● Does the new product better meet the needs of customers than existing products?
● How much are the features and benefits of the new product valued over and above those of existing products?
● Will the new product fit into the distribution chain alongside existing products?
● What promotion will be required to launch the new product?

Entering A New Market –

Growth can often be achieved by taking a product into a new geography or launching it to a new group of customers. The questions to be answered must be:

Western companies selling into China have had to modify their product portfolios. KFC offers Peking duck, Starbucks has added green and aromatic teas and Coca-Cola sells carbonated fruit drinks (as well as Coke) to the Chinese. Manufacturers of workplace gloves sell smaller sizes to fit the smaller hands of the Chinese workforce.

The price that is charged in a country has to be appropriate for the income in that country. This is often referred to as purchasing power parity. It is why a Big Mac may cost three or four times as much in Norway or Switzerland than it does in India.

The channel to market varies enormously across different countries. In China and in many Asian countries the open market is still a major outlet for all types of products – both consumer and industrial. Small and specialist shops abound in the East while megastores are dominant in the West.

The promotion of products differs considerably across the world. In the East, great significance is placed on the name of the product, the design of the logo, and possibly the color of the pack.

When IKEA opened stores in China, it could not afford to support them with the big catalogs that were a standard promotion in the West. They used smaller brochures that could be sent out several times during the year. They also communicated with a softer message. Instead of positioning the company as a proud rebellious brand – as it does in the West – they communicated how small changes would make life better, a more humble approach aimed at young Chinese women of 25–35 years of age.


 

Introduction To Overview Of Business And Marketing Models

In This Post, I’m Going To Discuss An Very Interesting Topic, Which Is – ‘Introduction To Overview Of Business And Marketing Models”. So, Let’s Start These Topics – Business And Marketing Models, Types Of Marketing Models, Marketing Models And Theories, Business Marketing Models PDF, Explain Business Marketing Models.


Let’s See The Complete Answer In The Below Section. For More Questions And Answers & More Educational Materials – I Would Consider You To Please Subscribe Some Of These Channels Now. (Check Them Below)
1. Study24Hours 11 & 12
2. Study24Hours Exam
3. Study24Hours Courses


Overview Of Business And Marketing Models

Introduction To Overview Of Business And Marketing Models People in business often talk about their ‘business model’. By this, they mean the way that their business is organized to make money. Business models also have another meaning. They refer to the frameworks and analytical tools that are used in strategic planning. These are the business models that are the subject of this book. They are the methods by which people in business plan their strategy. They are generic models, tool kits if you like, that structure how we think about and find a solution to a business problem.

We use models all the time. If we are faced with a problem we try to answer the question ‘Where are we now?’ At this stage, we lay down our understanding of the problem and what has caused it. We then turn to the next question, ‘Where are we going?’ We set ourselves goals that will solve the problem. Finally, we ask ‘How are we going to get there?’ We work out what we are going to do, who is going to do it, what resources we need, and how long it will take.

Business models give us a sense of confidence. They are a sort of map; a plan of where we are and where we can go. Just as we would never attempt to walk up a mountain without a map, we should never address a business problem without a model.

There are hundreds of models and frameworks to help us develop our business strategies. There are models for our overall strategy such as SWOT, Porter’s five forces, and PEST (political, economic, social, and technological). There are models that help us to find a competitive edge such as Porter’s four corners, Porter’s generic strategies, and USP analysis. There are models that help develop marketing strategies such as customer journey mapping, Maslow’s hierarchy of needs, Roger’s diffusion curve, and the 4Ps.

It is important to familiarize ourselves with the different models. They each play to their strengths. Successful business models have a simplicity about them. Once someone is introduced to the model, it makes perfect sense. It is a formula that explains the situation. It is a tool kit for the user.

Often the model includes templates that, once completed, clarify the subject. The models eventually become a shorthand that makes it easy to have a conversation with colleagues. We refer to ‘our USP’ and everyone knows it is our unique selling proposition – the thing that distinguishes us from the competition.

Useful as they are, business models should not be regarded as the holy grail. Just as we can get tired of the use of SmartArt in PowerPoint, we should be careful not to use models as cookie cutters. They are there to be adapted. Each chapter contains a note on the development of the models and how they have changed. Indeed, you are encouraged to think of your own model.

Some years ago my company was commissioned to carry out a market research survey for a house builder to find out the satisfaction of customers who had bought one of their properties. The analyst who worked on the project presented the findings in the framework of a snakes and ladders board. Buying a new house had its ups and downs. The building society or bank could provide a ladder or a snake depending on the financial circumstances of the buyer. Some builders offered a part-exchange deal that could move the buyer higher up the board. Then there was the building phase, which could be a ladder or a snake and determined whether the house would be ready on time.

Moving day was another critical moment and when the keys were passed to the householder they could see if their new house was pristine or had a list of snags that needed sorting. The die that determined how quickly and easily someone moved up the board was the sales agent. A good sales agent helped the customer progress quickly onwards and upwards while a poor one left them languishing. The graphic image of the model was very powerful and was remembered long after the hard facts of the survey were forgotten. Companies have been in existence forever. The Industrial Revolution brought many innovations, including mass production, but it was not until we entered the 20th century that business models were developed.

In fact, most of them are a product of the last 40 to 50 years. Spurred by increasing levels of competition, more demanding customers, and new forces that put pressure on companies, solutions were found by consultants and academics. Models were born. The first models often focused on some aspect of marketing. The AIDA – attention, interest, desire, action – model is a rare example of a framework created in the early 1900s. After the Second World War, the development of models came in a rush following Theodore Levitt’s teaching on the basic principles of marketing. This was a period during which business schools were opened throughout the United States and Europe.

Their professors were inspired to make their names with new business structures and tools. Michael Porter’s name is synonymous with a number of business models on competitive strategy. He was joined by Ansoff, Maslow, Kano, Kotler, Rogers, Mintzberg, and Greiner. Consultants got in on the act too. McKinsey developed a number of famous models. The Boston Consulting Group gave its name to the matrix for portfolio management. Arthur D Little made a contribution. Latterly Edward de Bono has provided us with models to inspire lateral thinking. Daniel Kahneman has introduced the world to System 1 thinking, which is quick, emotive, and often subliminal; and System 2 thinking, which is slower and more logical. Many of the consultants are still practicing and we can expect that the development of models has not finished.

Knowing which model to choose is half the problem. In part, our choice is narrowed down by the type of problem that we face. Are we seeking help in the development of a new product? Do we face new competitive threats? Are we planning a high-level strategy for the business? We can look within these categories for a model that could be appropriate. The book covers 50 of the most popular business strategy models. They are laid out in Table 1.1 in chapter/alphabetical order and classified according to whether they are mainly used for marketing, general business strategy, pricing, innovation, product management, or customer analysis. Many of the models can be used in more than one application.


Tags: Business And Marketing Models, Types Of Marketing Models, Marketing Models And Theories, Business Marketing Models PDF, Explain Business Marketing Models.

What Are The Characteristic Of Business Activity?

In This Post, We Will Answer This Question – What Are The Characteristic Of Business Activity? The Question Is From Business Management.






Question – What Are The Characteristic Of Business Activity?

Answer – The Following Are The Characteristic Of Business Activity:-
(i) Purchase/Productions Of Goods Or Provision Of Services.
(ii) Sale Of Exchange Of Goods And Services For Satisfactions Of Human Needs.
(iii) Regularity Of Dealings, (This Must Be Not An One Time Activity)
(iv) Profit Earning.
(v) Uncertainty Of Return.

Follow Us On Facebook – For Important Updates!






General and Specific Skills Your Business Needs : Business Plan

Topic General and Specific Skills Your Business Needs
Topic From  Do You Really Want To Own A Business Plan?
Book Name How To Write A Business Plan?



❄ General and Specific Skills Your Business Need ❄ 


Businesses need two kinds of skills to survive and prosper: Skills for business in general and skills specific to the particular business. For example, every business needs someone to keep good financial records. On the other hand, the tender touch and manual dexterity needed by glassblowers are not skills needed by the average paving contractor.

✸ Also ReadBenefits Of Writing A Business Plan : How & Why To Write?

Next, take a few minutes and list the skills your business needs. Don’t worry about making an exhaustively complete list, just jot down the first things that come to mind. Make sure you have some general business skills as well as some of the more important skills specific to your particular business.




If you don’t have all the skills your business needs, your backers will want to know how you will make up for the deficiency. For example, let’s say you want to start a trucking business. You have a good background in maintenance, truck repair, and long distance driving, and you know how to sell and get work. Sounds good so far—but, let’s say you don’t know the first thing about bookkeeping or cash flow management and the thought of using a computer makes you nervous. Because some trucking businesses work on large dollar volumes, small profit margins, and slow-paying customers, your backers will expect you to learn cash flow management or hire someone qualified to handle that part of the business.



🔊 For More Questions And Answers, Please Use Our Search Option To Search Those Answers. Please Keep Visiting – www.Study24Hours.Com For More Study Materials. Thank You For Visiting This Site !! 🔊