12th OCM Justify the following statement | Question Bank Solution | Maharashtra Board Exam 2022
12th OCM Justify the following statement
Justify The Following
(Question Bank Solution)
Planning is the first function of management.
- Planning refers to a detailed programme of future courses of action.
- It includes deciding the things to be done in advance.
- All other functions of management are based on planning.
- Unless the plan is ready, other management functions such as organising, staffing etc. cannot be undertaken.
- Hence, it is the basic & first function of the management process.
Organizing facilitates the administration as well as operation of the organisation.
- Organizing is the process of identifying, bringing the required resources together comma grouping and arranging
- them properly for achieving the objectives.
- Firstly organizing involves identifying various activities and grouping them together.
- Grouping and assigning activities the task of administration.
- It also involves processing the activities is an operational activity
- Thus, organizing facilitates administration as well as operation of the organization.
Entrepreneurs must be a good communicators.
- An entrepreneur needs to communicate with customers, suppliers, creditors, employees, etc.
- He must be able to express his ideas and strategies effectively in order to succeed.
- The entrepreneur also has to motivate the employee so that the business grows overall.
- It is necessary that there is a proper understanding between the sender and the receiver of a message.
- Hence, the entrepreneur must be able to communicate.
Entrepreneur must be an innovator
- The entrepreneur introduces new combinations of means of production.
- He must introduce new products or bring changes in the existing products.
- Customers are satisfied only when new products or new features and existing products are introduced.
- Innovation is also necessary to solve problems that arise in business.
- Hence, an entrepreneur must be an innovator.
Coordination between different functions of management is the essence of organisational success.
- Coordination refers to the integration and synchronization of the group efforts.
- It provides unity of action for organizational goals.
- It also binds all other functions of management together.
- It harmonizes different elements and efforts of the organization in order to ensure a smooth flow of organizational activities and to achieve the common objectives.
- Hence, coordination between different functions and all levels of employees is the essence of organizational success.
Principle of equity is important.
- Principle of equity is one of the 14 principles of management suggested by Henry fuel.
- According to this principle management should be fair as well as friendly to the subordinates.
- While allocating any work, delegating the authorities, delegating the monetary terms etc, they should not be any discrimination between the employees.
- Further the salary/wages of employees working at the same level should be the same even though they belong to different departments.
- This Equity will help in avoiding conflicts in the organization. Thus, the principle of equity is important.
Principles of management are flexible in nature.
- The principles of management can be changed or modified according to the situation and need of the organization.
- Managers can be flexible while implementing principles to suit the requirement.
- They act as guidelines to managers and are not in the form of a law that is to be followed as it is.
- Thus, principal the management of flexible in nature.
Warehousing is important.
- Warehousing is a group of activities connected with the storing and preserving of stored goods from the time of production till the time of consumption.
- It is one of the important Services which support business activities.
- It performs a wide range of functions such as price stabilization, risk-bearing, Financing, grading and packing, transportation processing etc.
- Warehousing also creates time and place utility. Hence, warehousing is important.
Business services are necessary.
- Services are intangible in nature.
- They are neither manufactured not transported or stocked.
- Since Services cannot be stored for future use they are produced and consumed simultaneously.
- Unlike Goods no transfer of possession or ownership takes place within services are sold.
- Sometimes it may be difficult to identify Services since they are closely associated with Goods.
Outsourcing is important
- Outsourcing in the process of contracting business functions or specific business activities to specialized agencies.
- The need for outsourcing can be explained as follows:
- The services all over the world are becoming highly specialized.
- So you need a job in my email that is a need for finely tuned skills to provide most of the specialized services.
Expectations of society towards business organisations are changing.
- Society’s expectations from business firms have undergone a drastic change over time.
- Earlier businesses were viewed just as a provider of goods and services.
- Now they act as a responsible citizen besides providing goods and services.
- Businesses are also expected to contribute towards social welfare.
- Hence, expectations of society towards business are changing.
Business organisations have responsibilities towards different interest groups.
- Social responsibility of business implies the obligation of the management to protect the interest of society.
- No, business existing isolation. Every organ of the society contributes towards the success of the business.
- So, it becomes important that businesses should do something for society in return.
- The commitment to society is important along with the motive of maximizing profit
- Hence, business organizations are said to have certain responsibilities.
Consumers are protected with various rights.
- The consumer is the one who consumes are uses any commodity or service available from any natural resources or
- through a market.
- On 15th March 1962 the president of the United States of America JF. Kennedy declared certain rights of consumers and therefore it is observed as World Consumers Rights Day.
- Consumer rights protect consumers from being cheated by salesman manufacturers and shopkeepers.
CPA has set up various consumer dispute redressal forums at various levels.
- The consumer protection act came into existence in the year 1986.
- This act prescribes the right of the consumers.
- It also provides three attire with a quasi judiciary Machinery to solve consumer grievances.
- The provision in the ACT safe got the consumer from exploitation by sellers.
- Hence, the consumer protection act is a blessing for consumers.
Role of NGOs is important in consumer protection
- To organize campaigns and various programmes on consumer issues to create social awareness.
- To organize training programmes for the consumers and make them conscious of their rights
- and modes of redressal of their grievances.
- To publish periodicals to enlighten the consumers about various consumer-related developments.
- To provide free legal advice to members on matters of consumer interest and help them to take up grievances.
- To interact with businessmen and Chambers of Commerce and Industry for ensuring a better deal for consumers.
- To file Public Interest Litigation on important consumer issues, such as ban on a product injurious to public health.
Marketing is significant to consumers.
- Marketing helps to create awareness about the product among the consumers and helps them in decision making.
- It creates moral pressure on the business to provide quality goods to the consumers.
- It ensures that business is providing a variety of goods to cater to the needs of different market segments.
- Marketing makes every effort to satisfy the customer.
- It helps to maintain a balance between demand and supply. Hence, marketing is significant to the consumers.
Promotion plays an important role in marketing.
- Promotion is an important tool of marketing as it creates brand recognition and sales.
- It helps to create awareness about the product among the consumers.
- It conveys features of the product to potential buyers and induces them to buy it.
- Promotion mix includes tools such as advertising, direct Marketing, sales, promotion, personal selling etc.
- Hence, promotion plays and important role in marketing
12th OCM paper with solution| Organization of Commerce and Management
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