- Planning - Concept and Importance of Planning
- Controlling - Concept and Importance of Controlling
- Coordination - Concept and Importance of Coordination
- Directing - Concept and Importance of Directing
- Organizing - Concept and Importance of Organizing
- Staffing - Concept and Importance of Staffing
Saurabh decided to start a chocolate manufacturing business. He set then a target of earning 10% profit on sales in the first year. As a good businessman, he was concerned about the future of the business, which was uncertain. He gathered information that the demand for chocolates is increasing day-by-day. He used this information as the base for future planning and shared it with his team. On the basis of the gathered information, he scheduled a meeting in the following week to find innovative ways to achieve the objectives.
List the first two steps, which have been followed by Saurabh that are related to the process of one of the functions of management.
‘Konark Ltd.’ Is an electronic goods manufacturing enterprise situated in Shivpuri, Madhya Pradesh. It is earning a very low revenue in comparison to a competing electronic goods manufacturing enterprise, ‘Nova Ltd.’ situated in Mumbai. Both Konark’s and Nova’s operations are affected directly by the investors, customers, competitors and suppliers, which are unique to their respective locations. In addition to this, individual firms of this field are affected indirectly by the factors like the money supply in the economy, composition of the families, the technological changes etc.
1) Identify and state the feature of the concept discussed in the above paragraph.
2) Also, state any four points of importance of this concept.