Marketing

Marketing

1. Market It refers to the ‘set of potential and actual buyers of a product or service’. 2. Customer It refers to the people or organisations that seek satisfaction of their needs and wants. 3. Marketer or Seller The marketer can be a person or organisation who make available the products or services and offer them to the customer withRead more about Marketing[…]

Financial Market

Financial Market

1. Financial Market Financial market is a link between surplus and deficit units or in other words financial market brings together lenders and borrowers. 2. Functions of Financial Markets (i) Mobilisation of savings and channelising them into most productive use (ii) Facilitates price discovery (iii) Provides liquidity to financial assets (iv) Reduces the cost of transactionRead more about Financial Market[…]

Financial Management

Financial Management

1. Business Finance Money required for carrying out business activities is called Business Finance.  2. Financial  Management It refers to efficient acquisition of finance, efficient utilisation of finance and efficient distributing and disposal of surplus for smooth working of company. According to Howard and Upton, “Financial management involves the application of general management principles to a particular financial operation.Read more about Financial Management[…]

Controlling

Controlling

1. Controlling It can be defined as comparison of actual performance with the planned performance. According to Ricky W Griffin. “Controlling function leads to goal achievement. an organisation without effective control is not likely to reach its goals.”  2. Importance of Controlling (i) Helps in achieving organisational goods (ii) Judging accuracy of standards (iii) Making efficient use of resources (iv)Read more about Controlling[…]

Directing

Directing

1. Directing Directing function of management is concerned with instructing, guiding, inspiring and motivating the employees in the organisation so that their efforts result in achievement of organisational goal.  According to Ernest Dale, “Directing is telling people what to do and seeing that they do it to the best of their ability.” 2. Characteristics of Directing It initiates action. Continuing function. ItRead more about Directing[…]

Staffing

Staffing

1. Staffing It consists of manpower planning, recruitment, selection, training, compensation. promotion and maintenance of managerial personnel.  According to Dale Yoder, “Staffing is that phase of the management which deals with the effective control and use of manpower or human resources.” 2. Importance of Staffing Filling the roles by obtaining competent personal Placing right person at the right job GrowthRead more about Staffing[…]

Organising

Organising

1. Organising : Identifying and grouping different activities in the organisation and bringing together the physical, financial and human resources to establish most productive relations for the achievement of specific goal of organisation.  According to Henry Fayol, “To organise a business is to provide it with everything useful to its functioning; raw materials, machines and tools, capital and personnel.” 2. Process ofRead more about Organising[…]

Business Environment

Business Environment

1. Business Environment Business environment as such is the total of all external forces which affect the organisation and operation of business. 2. Features/Characteristics of Business Environment Totality of External Force Business environment includes all the external forces so it is aggregative in nature. Specific and General Forces Business environment includes both specific and general forces. Specific forces such as investors. customers affect business directly.General forces auchRead more about Business Environment[…]