Topics
Principles and Functions of Management
Nature and Significance of Management
- Case Study: Tata Group – Excellence in Management
- Concept of Management
- Characteristics of Management
- Objectives of Management
- Importance of Management
- Nature of Management
- Management as an Art
- Management as a Science
- Management as a Profession
- Levels of Management
- Functions of Management
- Coordination as an Essence of Management
- Management in the Twenty-First Century
Business Finance and Marketing
Principles of Management
- Case Study: Toyota's Guiding Principles of Management
- Evolution of Management Principles
- Concept of Management Principles
- Nature of Management Principles
- Significance of Management Principles
- Taylor's Scientific Management Theory
- Principles of Scientific Management
- Techniques of Scientific Management> Functional Foremanship
- Techniques of Scientific Management> Standardisation and Simplification of Work
- Techniques of Scientific Management> Differential Piece Wage System
- Fayol’s Principles of Management
- Comparison of Taylor's and Fayol’s Principles.
Business Environment
- Case Study: Dharamveer Kamboj's Entrepreneurial Journey
- Concept of Business Environment
- Importance of Business Environment
- Dimensions of Business Environment
- External Factors> Economic Environment
- External Factors> Social Environment
- External Factors> Technological Environment
- External Factors> Political Environment
- External Factors> Legal Environment
- Economic Environment in India
- The 1991 Economic Crisis and Reforms
- Liberalisation
- Privatisation
- Globalisation
- Demonetisation
Planning
Organising
- Case Study: Wipro's Organisational Restructuring for Growth
- Organising
- Steps in the Process of Organising
- Importance of Organising
- Structure of Organisation
- Types of Organisation Structure > Functional Structure
- Types of Organisation Structure > Divisional Structure
- Comparison Between Functional Structure and Divisional Structure
- Formal Organisation
- Informal Organisation
- Comparison between Formal Organisation and Informal Organisation
- Concept of Delegation of Authority
- Concept of Decentralization
- Comparison Between Delegation and Decentralization
Staffing
- Case Study: Management of Human Resources at Infosys
- Staffing
- Staffing as Part of Human Resource Management
- Evolution of Human Resource Management
- Staffing Process
- Aspects of Staffing > Recruitment
- Sources of Recruitment
- Internal Sources
- External Sources
- Aspects of Staffing > Selection
- Aspects of Staffing > Training and Development
- Methods of Training
Directing
- Case Study: Leadership Development at Ford Motor Company
- Directing
- Principles of Directing
- Elements of Directing
- Supervision
- Motivation
- Motivation> Motivation Process
- Motivation> Importance of Motivation
- Motivation > Maslow’s Need Hierarchy Theory of Motivation
- Motivation> Financial and Non-Financial Incentives
- Leadership
- Communication
- Communication> Formal Communication
- Communication> Informal Communication or Grapevine
- Barriers to Communication
- Improving Communication Effectiveness
Controlling
Financial Management
- Case Study: Tata Steel–Corus Acquisition
- Concept of Business Finance
- Concept of Financial Management
- Financial Decisions> Investment Decision
- Financial Decisions> Financing Decision
- Financial Decisions> Dividend Decision
- Concept of Financial Planning
- Importance of Financial Planning
- Capital Structure
- Factors affecting the Choice of Capital Structure
- Fixed Capital
- Working Capital
Financial Markets
- Concept of Financial Market
- Money Market
- Capital Market
- Primary Market
- Secondary Market/Stock Exchange
- Distinction Between Capital Market and Money Market
- Distinction between Primary and Secondary Market
- Functions of Stock Exchange
- Trading Procedure of Stock Exchange
- Depository Services
- Demat System
- Securities and Exchange Board of India (SEBI)
Marketing
- Concept of Financial Market
- Types of Financial Market
- Money Market
- Capital Market
- Primary Market
- Secondary Market/Stock Exchange
- Securities and Exchange Board of India (SEBI)
- Distinction Between Capital Market and Money Market
- National Stock Exchange of India (NSE)
- Overview of Marketing
Marketing Management
- Concept of Marketing
- Concept of Marketing Management
- Marketing vs. Selling
- Marketing Management Philosophies
- Functions of Marketing
- Concept of Marketing Mix
- Marketing Mix> Product
- Classification of Products> Consumer Products
- Classification of Products> Industrial Products
- Branding
- Packaging
- Labelling
- Marketing Mix> Pricing
- Marketing Mix> Physical Distribution
- Marketing Mix> Promotion
- Promotion Mix
- Advertising
- Personal Selling
- Sales Promotion
- Public Relations
- Distinction Between Advertising and Personal Selling
Consumer Protection
- Case Study: Consumer Protection in Banking Services
- Concept of Consumer Protection
- Importance of Consumer Protection
- Consumer Protection Act, 2019
- Concept of Consumer
- Consumer Rights
- Responsibilities of Consumers
- Ways and Means of Consumer Protection
- Redressal Agencies Under The Consumer Protection Act
- Role of Consumer Organisations and NGO's
- Overview of Consumer Protection
Estimated time: 15 minutes
CBSE: Class 12
Maharashtra State Board: Class 11
Maharashtra State Board: Class 11
Meaning
- Business environment refers to all the factors - internal and external - that affect the functioning of a business.
- It includes everything that surrounds and influences the business.
Maharashtra State Board: Class 11
Definition: Business Environment
- Bayard O. Wheeler: “The total of all things external to a firm and industries that affect its organization and operations is called the Business Environment.”
- William F. Glueck: “Business Environment is the process by which strategists monitor economic, governmental, market, supplier, technological, geographic, and social settings to determine opportunities and threats to the firm.”
- Barry M. Richman & Melvyn Copen: “Environmental factors or constraints are largely, if not entirely, external and beyond the control of individual enterprises.”
CBSE: Class 12
Types of Factors
- Internal factors - within the control of the business.
- External factors - outside the control of the business; further divided into:
- Specific forces (directly affect the firm)
- General forces (affect all businesses broadly)
CBSE: Class 12
Features of Business Environment
- Totality of external forces - it is the sum total of all forces outside the business.
- Specific and general forces - includes both forces that affect one firm specifically and forces that affect all firms.
- Inter-relatedness - different elements of the environment are connected to each other.
- Dynamic nature - the environment keeps changing constantly.
- Uncertainty - it is difficult to predict changes in the environment.
- Complexity - it is made up of many interrelated conditions and forces.
- Relativity - the impact of the environment differs from firm to firm and country to country.
CBSE: Class 12
Maharashtra State Board: Class 11
Maharashtra State Board: Class 11
Real-Life Application
When mobile wallets and UPI apps became popular, many small shops started accepting digital payments.
- Opportunity: Attracted more customers, smooth transactions
- Threat: Shops that didn’t adapt lost business
CBSE: Class 12
Maharashtra State Board: Class 12
Maharashtra State Board: Class 12
Key Points: Concept of Business Environment
- Business environment = all internal and external factors affecting a business.
- External factors are largely beyond the control of individual firms.
- It includes specific forces (affecting one firm) and general forces (affecting all firms).
- Key features: dynamic, complex, uncertain, inter-related, and relative in nature.
- Different businesses are affected differently by the same environmental change.
- Monitoring the environment helps identify both opportunities and threats.
- Examples of environmental factors: tax changes, technology, competition, and consumer fashions.
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The above information highlights one of the features of 'Business Environment'. Identify the feature from the following:
