Management is an art of getting things done with and through others. Management can be defined as, the process of getting things done with the aim of achieving organizational goals effectively and efficiently.
Principle - A principle is a fundamental statement of truth that provides guidance to thought and action. Principles of Management - Principles of management are broad and general guidelines for managerial decision making and behavior (i.e. they...
Business environment refers to forces and institutions outside the firm with which its members must deal to achieve the organisational purposes. Here Forces = economical, social, political, technological etc Institutions = suppliers, customers,...
Deciding in advance what to do& how to do it. It is one of the basic managerial functions. It involves 2 aspects: Setting of aims and objectives of the organization + Selecting and developing an appropriate course of action to achieve these...
Staffing has been described as the managerial function of filling and keeping filled, the positions in an organization structure. Staffing is identifying the requirement of workforce followed by recruitment, selection, placement, promotion,...
Directing means giving instructions, guiding, counseling, motivating and leading the staff in an organization in doing work to achieve Organizational goals. Directing is a key managerial function to be performed by the manager along with...
Controlling involves comparison of actual performance with the planned performance. If there is any difference or deviation, then finding the reasons for such difference and taking corrective measures or action to stop those reasons so that they...
Business Finance = Money or funds available for a business for its operations (that is, for some specific purpose) is called finance. It is indispensable for survival and growth of business, for production and distribution of goods and meeting...
Financial Intermediation = process of allocating funds from saving surplus units (E.g. households) to saving deficit units (e.g. industries, government etc). Alternatives = Banks or Financial markets Financial Markets are the institutional...
MEANING OF SOME IMPORTANT TERMS: • Needs = basic human requirements. Essential items necessary or fundamental to human existence. • Wants= desire for a particular product. Tend to be "satisfier specific". • Demand- willingness to buy is backed by...
Importance of Consumer Protection (from Consumer's point of view) 1. Consumers Ignorance: Majority of consumers are not aware of their rights and reliefs available to them as a result of which they are exploited. In order to save consumers from...
ISC Solutions for Class 12 Business Subject chapters
HRM is the process of managing people of an organization with a human approach. Human resources approach to manpower enables the manager to view the people as an important resource. HRM, is the department of a business organization that looks...
The most convenient way to reach out to people is by sending messages through texts or letters. These are a few types of correspondence used in business. We call this as the business correspondence.
They use the simplest way of expressing i.e.,...
Business financing serves many purposes. It could be used for working capital or to start a business. Financing may also be used to fund the purchase of raw materials or inventory. Alternatively, a business may require financing to grow or...
Trends in Globalization. There are several major trends pertaining to globalization, which consist of: demographic, scientific, governance, economic interdependence. Science and technology - Includes the Internet and other computer components as...
Three roles of financial intermediaries are taking deposits from savers and lending the money to borrowers; pooling the savings of many and investing in a variety of stocks, bonds, and other financial assets; and making loans to small businesses...
