12th OCM Justify the following statement

Justify The Following
(Question Bank Solution)

Planning is the first function of management.

Ans:

1. Planning refers to a detailed programme of future courses of action.
2. It includes deciding the things to be done in advance.
3. All other functions of management are based on planning.
4. Unless the plan is ready, other management functions such as organising, staffing etc. cannot be undertaken.
5. Hence, it is the basic & first function of the management process.
   

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Organizing facilitates the administration as well as operation of the organisation.

Ans:

1. Organizing is the process of identifying, bringing the required resources together comma grouping and arranging
2. them properly for achieving the objectives.
3. Firstly organizing involves identifying various activities and grouping them together.
4. Grouping and assigning activities the task of administration.
5. It also involves processing the activities is an operational activity
6. Thus, organizing facilitates administration as well as operation of the organization.
   

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Entrepreneurs must be a good communicators.

Ans:

1. An entrepreneur needs to communicate with customers, suppliers, creditors, employees, etc.
2. He must be able to express his ideas and strategies effectively in order to succeed.
3. The entrepreneur also has to motivate the employee so that the business grows overall.
4. It is necessary that there is a proper understanding between the sender and the receiver of a message.
5. Hence, the entrepreneur must be able to communicate.
   

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Entrepreneur must be an innovator

Ans:

1. The entrepreneur introduces new combinations of means of production.
2. He must introduce new products or bring changes in the existing products.
3. Customers are satisfied only when new products or new features and existing products are introduced.
4. Innovation is also necessary to solve problems that arise in business.
5. Hence, an entrepreneur must be an innovator.
   

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Coordination between different functions of management is the essence of organisational success.

Ans:

1. Coordination refers to the integration and synchronization of the group efforts.
2. It provides unity of action for organizational goals.
3. It also binds all other functions of management together.
4. 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.
5. Hence, coordination between different functions and all levels of employees is the essence of organizational success.
   

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Principle of equity is important.

Ans:

1. Principle of equity is one of the 14 principles of management suggested by Henry fuel.
2. According to this principle management should be fair as well as friendly to the subordinates.
3. While allocating any work, delegating the authorities, delegating the monetary terms etc, they should not be any discrimination between the employees.
4. Further the salary/wages of employees working at the same level should be the same even though they belong to different departments.
5. This Equity will help in avoiding conflicts in the organization. Thus, the principle of equity is important.
   

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Principles of management are flexible in nature.

Ans:

1. The principles of management can be changed or modified according to the situation and need of the organization.
2. Managers can be flexible while implementing principles to suit the requirement.
3. They act as guidelines to managers and are not in the form of a law that is to be followed as it is.
4. Thus, principal the management of flexible in nature.
   

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Warehousing is important.

Ans:

1. 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.
2. It is one of the important Services which support business activities.
3. It performs a wide range of functions such as price stabilization, risk-bearing, Financing, grading and packing, transportation processing etc.
4. Warehousing also creates time and place utility. Hence, warehousing is important.
   

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Business services are necessary.

Ans:

1. Services are intangible in nature.
2. They are neither manufactured not transported or stocked.
3. Since Services cannot be stored for future use they are produced and consumed simultaneously.
4. Unlike Goods no transfer of possession or ownership takes place within services are sold.
5. Sometimes it may be difficult to identify Services since they are closely associated with Goods.
   

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Outsourcing is important

Ans:

1. Outsourcing in the process of contracting business functions or specific business activities to specialized agencies.
2. The need for outsourcing can be explained as follows:
3. The services all over the world are becoming highly specialized.
4. So you need a job in my email that is a need for finely tuned skills to provide most of the specialized services.
   

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Expectations of society towards business organisations are changing.

Ans:

1. Society’s expectations from business firms have undergone a drastic change over time.
2. Earlier businesses were viewed just as a provider of goods and services.
3. Now they act as a responsible citizen besides providing goods and services.
4. Businesses are also expected to contribute towards social welfare.
5. Hence, expectations of society towards business are changing.
   

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Business organisations have responsibilities towards different interest groups.

Ans:

1. Social responsibility of business implies the obligation of the management to protect the interest of society.
2. No, business existing isolation. Every organ of the society contributes towards the success of the business.
3. So, it becomes important that businesses should do something for society in return.
4. The commitment to society is important along with the motive of maximizing profit
5. Hence, business organizations are said to have certain responsibilities.
   

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Consumers are protected with various rights.

Ans:

1. The consumer is the one who consumes are uses any commodity or service available from any natural resources or
2. through a market.
3. 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.
4. Consumer rights protect consumers from being cheated by salesman manufacturers and shopkeepers.
   

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CPA has set up various consumer dispute redressal forums at various levels.

Ans:

1. The consumer protection act came into existence in the year 1986.
2. This act prescribes the right of the consumers.
3. It also provides three attire with a quasi judiciary Machinery to solve consumer grievances.
4. The provision in the ACT safe got the consumer from exploitation by sellers.
5. Hence, the consumer protection act is a blessing for consumers.
   

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Role of NGOs is important in consumer protection

Ans:

1. To organize campaigns and various programmes on consumer issues to create social awareness.
2. To organize training programmes for the consumers and make them conscious of their rights
3. and modes of redressal of their grievances.
4. To publish periodicals to enlighten the consumers about various consumer-related developments.
5. To provide free legal advice to members on matters of consumer interest and help them to take up grievances.
6. To interact with businessmen and Chambers of Commerce and Industry for ensuring a better deal for consumers.
7. To file Public Interest Litigation on important consumer issues, such as ban on a product injurious to public health.
   

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Marketing is significant to consumers.

Ans:

1. Marketing helps to create awareness about the product among the consumers and helps them in decision making.
2. It creates moral pressure on the business to provide quality goods to the consumers.
3. It ensures that business is providing a variety of goods to cater to the needs of different market segments.
4. Marketing makes every effort to satisfy the customer.
5. It helps to maintain a balance between demand and supply. Hence, marketing is significant to the consumers.
   

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Promotion plays an important role in marketing.

Ans:

1. Promotion is an important tool of marketing as it creates brand recognition and sales.
2. It helps to create awareness about the product among the consumers.
3. It conveys features of the product to potential buyers and induces them to buy it.
4. Promotion mix includes tools such as advertising, direct Marketing, sales, promotion, personal selling etc.
6. Hence, promotion plays and important role in marketing
   

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12th OCM paper with solution| Organization of Commerce and Management

PRELIMINARY QUESTION PAPER FOR VARIOUS COLLEGES