The features of business environment being referred to in the given case are:
(a) Dynamic nature. It is dynamic in nature and keeps on changing due to technological upgradations, shifts in consumer preferences or increase in competition in the market.
(b) Inter-relatedness. All the elements of business environment are closely inter-related. Therefore, any change is one element may necessitate corresponding changes in the other elements as well.

No, management is not a full fledged profession because of the following reasons:
(a) No restriction on anyone being designated or appointed as manager in any business enterprise irrespective of the educational qualifications possessed.
(b) No requirement for managers to be members of professional association like AlMA and follow their code of conduct.
(c) Profit maximisation objective may predominate service motive.

i) Deprivation of environment from deforestation
ii) Availability of goods at low cost
iii) Development of backward areas
iv) Employment opportunities increase in backward area

Nature of managerial principles
(a) General guidelines— They are not readymade solutions to all managerial problems, rather they are general guidelines to help the management.
(b) Formed by practice and experimentation — They are not developed overnight. They are derived on the basis of observations and analysis of events which managers face in actual practice. Secondly they are derived after conducting experimental studies.
(c) Flexible— They can be modified by managers to meet the needs of the situations.
(d) Universal Applicability— They are applicable to all types of organizations

Characteristics of sound plan are :
1. Plan should be simple : for a good plan to be effective, it should be simple, to understand and worked upon different individuals and groups.
2. Plan should be specific : objectives and goals should be clearly defined and explained. Thus planning is purposeful.
3. Plan must be flexible : conditions under which a business operate keep on changing. Therefore, planning must be flexible and not rigid. It should enable the management to take care of the changes in the environment

Standardisation of work is the technique of scientific management, which helps in establishing interchangeability of manufactured parts and products.
It is the process of setting standards for every business activity, process, raw materials, time, machinery and methods to achieve efficiency.
Standardisation of product implies that the size, design, quality, shape, etc of the product should meet the requirements and tastes of consumers.
The objective of standardisation are:
(i) To maintain quality standards.
(ii) To set up performance standards for men and machines.
(iii) To provide interchangeability of manufactured parts and products.
(iv) To achieve target production in pre-determined time.

It is true that management is an art because of the following reasons:
(i) It has a systematised body of knowledge consisting of principles, concepts and vocabulary which forms the basis of the art.
(ii) The practice of management principles differs from individual to individual, giving rise to different styles of management.
(iii) Management involves practice and creativity for finding solutions to complex managerial problems.

Channels of distribution It refers to the path through which the ownership as well as possession of goods transfer to the consumers from the producers.
The three main functions of channels of distribution are as follows
(i) Sorting Middlemen procure goods of different nature, size and quality from several sources. They sort these goods into homogeneous groups on the basis of size and quality.
(ii) Accumulation Middlemen build up a stock of products for maintaining continuous flow of supply to customers.
(iii) Allocation It involves breaking homogeneous stock into smaller marketable lots.

The concept referred here is decentralisation.
Importance of decentralisation is as follows:
(a) Relief to top management. In a decentralised organisation, the top executives are not burdened by the problems and complexities of administrative details. Therefore, they have enough time to plan ahead, develop new strategies and concentrate on coordination and control.
(b) Improved team work. In a decentralised organisation, managers make special efforts to seek the participation of subordinates in decision-making, open communication and take personal interest in their welfare. These factors lead to superior team work.
(c) Develops managerial talent for the future. When there is decentralisation of authority, the subordinates get an opportunity to take decisions and develop themselves for getting promotion to higher positions in the organisation. This leads to development of future executives.
(d) Quick decision-making. Since decision making authority is entrusted nearest to the point of action, quick decision-making is facilitated. It provides competitive edge to the company.
(e) Develops initiative among subordinates. Managers with greater degree of autonomy take initiative, develop better ingenious ways of doing work thereby creativity and experimentation are encouraged.
(f) Better control. In decentralistion, employees working at different levels take their own decisions and they are personally accountable for their decisions. They can not pass the blame to their superiors.
(g) Motivation of employees. A decentralised organisation improves motivation of employees because it encourages lower levels to take decisions without seeking approval from higher levels. It gives employees a sense of importance, recognition and responsibility.

Planning is the primary function of mgt. It is concerned with both ends & means i.e. What to do and how to do it. Therefore planning means setting objectives & targets & formulating an action plan to achieve them effectively & efficiently. Planning is closely corrected with creativity and innovation.
Organising is the mgt for of assigning duties, grouping tasks, establishing authority and allocating resources reqd. to carry out a specific plan.

An interview is a flexible tool as it can be used for many different types of jobs and with many different kinds of personalities. It can emphasise the applicant's formal qualifications or study in depth traits of his personality. The interviewing process is both expensive and time consuming, but most of the organisations should be able to derive the following benefits:
(a) A skilled interviewer can draw out the relevant information since it provides a valid sample of the applicant's behaviour.
(b) The interviewer can uncover clues to the applicant's motivation and his attitude towards himself and to the kind of situation he finds troublesome.
(c) By getting the applicant to talk about himself, the interviewer can assess the candidate's level of aspiration.

The features of formal organisation are:
(i) it is a means to achieve objectives specified in the plans.
(ii) It facilitates interlinking of various departments, levels and people in the organisation.
(iii) It is deliberately designed by the top management.
(iv) It places more emphasis on work rather than on interpersonal relations.

Staffing refers to putting right people on the right job.It begins with workforce planning and includes other functions like recruitment, selection, training, development, promotion, compensation and performance appraisal of workforce.
Staffing is an important function of management.Following points highlight the same:
(i) Staffing ensures the availability of the most suitable and capable persons for various jobs.
(ii) By placing the right person at the right job, it ensures better performance.
(iii) Staffing ensures the continuous survival and growth of the enterprise, through the succession planning for managers.
(iv) It helps in avoiding over manning, under utilisation of manpower and high labour cost.It also helps in preventing the disruption of work by indicating in advance about the likely shortage of employees.
(v) It improves job satisfaction by providing fair remuneration and regular assessment.

The two components of business environment affected are:
(i) Economic environment
The economic elements affect the business firms in the following ways:
(i) With an increase in the rates of taxation, business expenses increase. This causes a rise in the prices of goods, leading to fall in demand for such goods.
(ii) With an increase in the inflation rates, there is a rise in the cost of production. This affects the profits of the business adversely.
(iii) A rise in the per capita and disposable income will lead to an increase in the demand for goods and services.
(ii) Legal environment
The legal environment affects the business firms in the following ways:
(i) The advertisement of alcoholic beverages is prohibited, which affects the marketing of such products.
(ii) Products like tobacco and cigarettes are required to carry a statutory warning on their packages, 'Smoking is injurious to health'.

(i) 'Planning' function of management is defined by the lines given in above para. 
(ii) Planning : It is deciding in advance what is to be done. When a manager plans, he projects a course of action for the future, attempting to achieve a consistent and coordinated structure of operations aimed at the desired results. 
Importance of planning:
(i) Planning provides direction By stating in advance how work is to be done, planning provides direction for action. It reduces aimless activity and makes action more meaningful. 
(ii) Planning reduces the risk of uncertainty Planning is always done for future and future is uncertain. With the help of planning, possible changes in future are anticipated and various activities are planned in the best possible way. 
(iii) Planning facilitates decision-making Planning is an intellectual activity. It helps the manager to look into the future and make a choice from amongst various alternative courses of action. The manager has to evaluate each alternative and select the most viable option. Thus, decision- making is inherent in planning. 
(iv) Planning reduces overlapping and wasteful activities : Planning serves as the basis of coordinating the activities and efforts of different divisions, departments and individuals. It helps in avoiding confusion and misunderstanding. Since, planning ensures clarity in thought and action, hence, the work is carried on smoothly without any interruptions.
(v) Planning promotes innovative ideas : Planning is the first function of management, where new ideas can take the shape of concrete plans. It is the most challenging job or an activity of the management as it guides all future actions, leading to growth and prosperity of the business.

(a) General Guidelines Management principles are only the general guidelines to action, as they do not provide readymade solutions to all the managerial situations. This is so because real business situations are very complex, dynamic and are a result of many factors.
e.g. As per the principle of 'subordination of individual interest to general interest', a manager, while dealing with a situation of conflict between two departments, may emphasise the primacy of overall goals of the organisation.
(b) Mainly Behavioural Management principles aim at influencing human behaviour, for better utilisation of resources in the organisation.
They also enable a better understanding of the relationship between human and material resources in accomplishing organisational goals.
e.g. While planning the layout of a factory, principle of order would require that work flows are matched by flow of materials and movement of men.
(c) Formed by Practice and Experimentation The principles of management are developed after deep research work, observation, experimentation and experience of management thinkers.
e.g. It is a matter of common experience that discipline is essential to achieve any purpose in an organisation.

Difference between advertising and personal selling

Delegation of authority is a process of sharing .of tasks and authority between a manager and his subordinates. The importance of delegation of authority may be outlined as follows:
(a) Reduces workload of managers. Delegation of authority permits a manager to share his workload with his subordinates. By passing on some of his own work to the subordinates, the manager is able to concentrate on more important aspects of his work. Delegation of authority takes place at all levels of the managers in a systematic manner.
(b) Basis of superior-subordinate relations. In delegation process, only superior and subordinates are involved. If superiors shares or pass on their responsibilities and authorities to their subordinates, it indicates a good relationship between superiors and subordinates because superiors will transfer their responsibilities and authorities only when they have trust on their subordinates.
(c) Effective managementlImproves managerial effectiveness. The manager who delegates authority can perform much more than the one who does not. This is because the manager who delegates can get some work done by his subordinates and is able to concentrate on important matters which need his attention, take appropriate decisions and act accordingly. The manager increases his own effectiveness and that of his work unit by enlisting the co-operation and skills of his subordinates.
(d) Better coordination. In delegation, authority and responsibility are divided systematically. This systematic division of work give clear picture of work to everybody so that there is no duplication of work. Thus, clarity in duties assigned and reporting relationship bring effective coordination in the organisation.
(e) Basis of Management Hierarchy. Delegation establishes superior-subordinate relationship which is the base for hierarchy of managers. The extent of power delegated to subordinates decides who will report to whom, and the power at each job position forms the management hierarchy.
(f) Motivation of employees. In delegation, when the manager shares his responsibilities and authority with his subordinates, it motivates them as they develop the feeling of belongingness and trust shown by their superiors in them. Employees can be motivated by both financial and non-financial incentives.

Business environment refers to all those factors and forces, which lie outside a business enterprise and are beyond its control.These factors and forces exercise a significant influence on business.
There is close and continuous interaction between business and its environment.
Components of business environment
(i) Components of Economic Environment:
1. Structure of economy
2. Rate of growth of GNP
3. Per capita income
4. Rates of savings and investments
5. Balance of Payments
6. Value of exports and imports
7. Agricultural and industrial production
8. Money supply in the economy
9. Public debt
(ii) Components of Social Environment 
1. Concern with quality of life
2. Life expectancy
3. Expectations from workforce
4. Birth and death rates
5. Population shifts
6. Educational system and literacy rates
7. Consumption habits
8. Composition of family
9. Attitudes towards product innovations, lifestyles, etc.
(iii)Components of Technological Environment
1. Spirit of invention and innovation among people.
2. Facilities for research and development.
3. Incentive and concessions for development and application of new technology
4. Legal protection for intellectual property rights.
5. Access to foreign technology.
(iv) Components of Political Environment
1. The constitution of the country 
2. Political stability
3. Political ideology
4. Political outlook on business sectors
5. Extent and nature of government intervention in business
6. Degree of politicization of business and economic issues.
(v) Components of Legal Environment
1. Legislation passed by the government
2. Court judgments
3. Decisions of various commissions and agencies at every level of administration
4. Administrative orders.

a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).

b) Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).

b) Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).

a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).

a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).