Group 1 by Business Studies

aarushimehta2306 — 2024-08-21 16:03:56 UTC

aarushimehta2306 — 2024-08-21 17:07:57 UTC

Q1. Two ambitious friends, Sana and Mihir, having passion for creating innovative software applications, established a tech startup named ‘Quick Solutions'. Their software was developed in such a way that it caters to the needs of all sections. Since its inception, 'Quick Solutions' was earning enough revenue to cover the costs. They faced countless challenges from competing with large and well-established companies. But they learned from their mistakes and continuously improved their product. Slowly, their software gained recognition for its quality and uniqueness and the company started making profits. It was a big incentive for Sana and Mihir for the continued successful operation of the enterprise. Within two years, the customer base increased manifold. Now, Sana and Mihir decided to make additional capital investment and hired more employees. They invested in research and development and expanded their product line to meet emerging market demands. ‘Quick Solutions' ultimately became the industry leader because of the tireless efforts of Sana and Mihir.

Quoting lines, identify and state the objectives of management discussed in the above case which 'Quick Solutions' seeks to achieve. [3]

aarushimehta2306 — 2024-08-21 17:10:19 UTC

Q2. Nalini has an online flower and gifts retail business. She has eight outlets in four cities of India. From November to February, during the wedding season, the demand shoots up. She coordinates the efforts of her staff in a conscious and deliberate manner and plans for the wedding season demand in the month of June itself. She ensures that there is adequate workforce and continuously monitors whether work is proceeding according to plans. She also briefs the marketing department in time to prepare their promotional and advertising campaigns. Thus, her coordination with all departments of the organization begins at the planning stage and continues till controlling. This acts as a binding force between the departments and ensures that all action is aimed at achieving organizational goals. As a result, Nalini is able to give a common focus to group effort to ensure that the business is performing as planned, year after year.

Quoting lines from the above paragraph, identify and explain four features of an important concept of management highlighted in the above case. [4]

aarushimehta2306 — 2024-08-21 17:11:03 UTC

Q3. Praveen and Naveen are friends. Praveen became a professional after completing his MBBS from ‘Hindu Medical College' and Naveen completed his MBA from IIM, Bangalore. In a discussion with Praveen, Naveen said that he too is a professional and is working with a multinational company as a senior manager getting a good package. Praveen was not convinced about the fact that Naveen was a professional in spite of being aware that nowadays there is increasing emphasis on managed business concerns. Praveen gave three reasons in support of his opinion.

Explain any three reasons that Praveen might have given. [3]

aarushimehta2306 — 2024-08-22 07:54:39 UTC