Coordination is the process by which manager synchronises the activities of different departments. It is the force that binds all the other functions of management. The important features of coordination are:
(i) Integrates group efforts: It binds the diverse efforts of individuals to attain the organisational goals.
(ii) Continuous process: Coordination begins with planning and continues till controlling. Thus, it is a continuous process.

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.

Price is an important element of marketing mix due to the following reasons:
(i) It determines the sales volume and profit margin of the manufacturer/dealer.
(ii) It influences the competitive strength of a product.
(iii) It affects promotion and place components of marketing mix.
(iv) It determines the purchasing power and standard of living of consumers.
(v) Without pricing, there can be no marketing, as sales takes place after the buyer and seller agree on the price.

(i) upward communication
(ii) Downward communication
(iii) Lateral and horizontal communication

(i) Advantages of labelling which are shown in this case are as follows:
(a) It helps in advertising activity and promotion of the product.
(b) It helps to assess the supremacy of a product over other products.
(c) It raises the prestige of a product and guarantee the standard of the product.
(ii) As Taj Mahal is a famous name in tea brands which are offering standardised tea, it offers the following values:
(a) Quality products to consumers
(b) Satisfaction of customer's needs

(i) The principle of absoluteness of responsibility is related to in the above para which states that subordinate is responsible in front of his superior/general manager only for the work, but the final answerably is on superior only, to whom the work was allotted.
(ii) Lack of concern for employees/insensitive behavior.

(i) Right to safety A consumer has a right to be protected against goods and services which are hazardous to life and health. For instance, electrical appliances which are manufactured with sub-standard products do not confirm to the safety norms, might cause serious injury. Thus, consumers are educated that they should use electrical appliances which are ISI marked, as this would be an assurance of such products meeting quality specifications.
(ii) Right to consumer education The consumer has a right to acquire knowledge and to be a well informed consumer throughout life. Many consumer organisations and some business are actively educating consumers, He should be aware about his rights and the reliefs available to him in case of a product or service falls short of his expectations.

Motivation is necessary for the following reasons:
(i) It helps to improve the performance level of employees.
(ii) It helps to change negative attitude of employees to positive attitude.
(iii) It helps to reduce employee turnover and absenteeism 

Training means the process of increasing the knowledge and skills of an employee for doing a particular job.It seeks to improve the job performance and work behaviour of those trained.
Training programmes may be conducted to achieve the following objectives.
(i) To provide necessary information to newly appointed employees so as to help them in getting adjusted to the jobs assigned to them.
(ii) To bring about improvement in the performance of work, so as to bridge the gap between existing level and desired level of performance.
(iii) To prepare employees for promotion to higher positions in the organisation.
(iv) To improve job satisfaction of employees and thereby minimise labour turnover and absenteeism.

Informal organisation supports formal organisation in many ways, some of them are as follows:
(i) Quick feedback
Prescribed lines of communication are not followed. Thus, the informal organisation leads to faster spread of information as well as quick feedback.
(ii) Social needs
It helps to fulfill social needs of the members. This enhances their job satisfaction, since it gives them a sense of belongingness in the organisation.
(iii) Flexibility
In formal organisation, rules and policies are fixed, thus it is rigid in nature. On the other hand, in informal organisation, no such rules are there, thus leads to flexibility.

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.

In order to complete the order in time, more people are required at short notice.Thus, labour contractor should be approached, who can provide a large workforce at a short notice.

The process of organising consists of the following steps:
(i) Identification and division of work.
(ii) Departmentalisation.
(iii) Assignment of duties.
(iv) Establishing reporting relationships.

Objective is the most important type of plan. These are defined as ends which the management seeks to achieve by its operations.
The objectives are usually set by top management ofthe organisation and focus on broad and general issues. They define the future state of affairs which the organisation strives to realise.
For example, An organisation may have an objective of increasing sales by 10% or earning a reasonable rate of return.

The broad features of this policy were:
(i) Government reduced the number of industries under compulsory licensing to six.
(ii) Many industries, which were reserved for the public sector under the earlier policy, were deserved.
(iii) Disinvestment was carried out in case of many public sector industrial enterprises.
(iv) The share of foreign equity participation was increased as policy towards foreign capital was liberalised.
(v) Foreign investment Promotion Board was set up to promote and channelise foreign investment in India.

Social environment consists of all social and cultural forces such as traditions, values, and trends that affect business enterprises significantly.

Traditions such as celebration of festivals gives an opportunity to business-like greeting cards, gifts, sweets etc.

Planning involves thinking before doing.It anticipates future and course of action to be taken.

It is the process which decides in advance the objectives to be achieved and formulates plans, policies and methods to achieve them.In this way, we can say that it bridges the gap between where we are where we want to go.

The success of an enterprise is possible only when the plans are properly made and then implemented.In order tom achieve goals, plans need to be translated into action or they become meaningless.

Managers usually rely on previously tried and tested successful plans and like to use them in every similar condition/situation because of the view that the plan has worked before too.But, business environment is dynamic and rigid plan is not aa guarantee of success. 

(i) An efficient control system keeps a constant check on the work of an organization. It helps in reviewing and analyzing that the set targets are accurate and achievable.
(ii) Values shown by the employees are:
(a) Respect for order.
(b) Responsible and accountable behavior.
(c) Discipline
(d) Initiative.

The main and foremost objective of financial management is to maximise the wealth of equity shareholders.The financial manager of a company takes this decision because the shareholders are the owners of the company.

Financial decisions taken will determine the manner in which the funds are invested.The return earned on investment will determine the value and price of the shares.The market price of the shares will increase if the benefit from the decision has exceeded its cost.

Secondly, the objective of increase in value of equity shares automatically fulfils many other objectives like increasing the profitability, maintaining liquidity, effective utilisation of funds and providing for growth of the company. 

Study of management principles is necessary due to the following reasons:
(i) They provide useful insights to managers.
(ii) Principles help managers to secure optimum utilisation of resources.
(iii) It helps in taking scientific decisions.
(iv) Management principle help in fulfilling social responsibilities.

Personal selling involves oral presentation of message in the form of conversation with one or more prospective customers for the purpose of making sales. It involves a face-to-face communication between a seller and a buyer. The persons who do the job of personal selling are called salesmen or sales representatives.
Benefits of personal selling in the economic progress of the society
(i) Personal selling converts latent demand into effective demand, 
Which results in increase in sales thus bringing about economic growth.
(ii) Standardisation
Personal selling increases product standardisation and uniformity in consumption pattern.
(iii) Provides employment opportunities
 It offers employment opportunities to the unemployed youth.

Yes, decentralization is an optional policy, yet it is important in the organization.
It refers to a systematic delegation of authority at all levels of management and in all departments of the organisation to take a decision.
Importance of decentralization
1. Develops Initiative Among subordinates
It helps to promote self-reliance and confidence amongst the subordinates.This is because, lower managerial levels have been given freedom to take their own decisions and they learn to depend on their own judgment. It also helps to identify those executives, who have the potential to become dynamic leaders.
2.Develop Managerial Talent for the future
Formal training along with the experience of handling independent assignments helps to create a reservoir of qualified and capable managers, who can take up more challenging positions in the upcoming ventures of the organization.
3. Quick Decision-Making
Under decentralization, authority to make decisions is placed in the hands of those, who are responsible for executing the decisions. Since decisions are taken at levels nearest to the point of execution, there is no delay or distortion of information.
4.Relief to Top Management
It helps to reduce the amount of direct supervision over subordinates by giving them freedom to take a decision and act on their own. This reduces the workload of top executives and they can devote their time and attention to important policy matters.
5. Facilitates Growth
It provides greater autonomy to lower level managers and departmental heads.
This encourages them to function more efficiently to prove their supremacy, and facilitate expansion and growth of the organization.
6. Better Control
It makes it possible to evaluate performance at each level and making the departments accountable for their own results.Feedback is quick and leads to better control.

(i) Employee recognition programmes; Recognition means acknowledgement of work with a show of appreciation. with such appreciation, employees feel motivated.
It can be done in the following ways:
(a) Congratulating an employee for his/her good performance.
(b) Distributing momentous, complementaries like T-shirt, caps, bags, etc
(c) Display on notice board or newsletter of the company about the achievement of the employee
(d) Giving award/certificates for best performance.
(e) Rewarding an employee for giving valuable suggestions
(ii) Non-financial incentives
All the needs of an individual are not satisfied by money alone. Psychological, social and emotional factors also play an important role in motivating employees. The incentives which are provided to satisfy these needs are termed as non-financial incentives
(iii) Three other non-financial incentives;
(i) Job Security: It ensures stability of income and work, which motivates an individual to work with great zeal. However, it has one negative aspect i.e. it makes individual feel that they are not likely to lose their jobs and hence may become complacent and careless
(ii) Employee participation: It means involving employees in decision-making regarding the issues related to them. e.g. encourage participation in joint management committees, work committees, canteen committees, etc. 
(iii) Employee empowerment; It means giving more autonomy and powers to subordinates. It makes people feel that their jobs are important, as a result of which, they contribute positively to the use of skill and talents in the job performance.

No, I do not agree with the view of the manager.There is a great need for training due to the following reasons:
(i) It results in improved performance in terms of quality as well as quantity.
(ii) It leads to reduction in chances of accidents.
(iii) It facilitates systematic learning, resulting in reduction in wastage of resources.
(iv) It helps to build up morale and motivation of the employees.

The stock exchange is an institution, which provides a platform for buying and selling of existing securities.
Functions of Stock Exchange
(i) Provides liquidity and marketability to existing securities
The primary function of a stock exchange is to provide a ready and continuous market where existing securities can be bought and sold.
This provides both liquidity and cash marketability to already existing securities in the market.
(ii) Pricing of securities
Share prices on a stock exchange are determined by the forces of demand and supply.Stock market indices like SENSEX, NSE, etc reflect market direction and indicate day-to-day fluctuations in share prices.
Thus, both buyers and sellers can get constant information about price movements of shares in the market.
(iii) Safety of transactions
The membership of a stock exchange is well defined according to the existing legal framework. This ensures that the investment of public is safe and they will get a fair deal in the market.
(iv) Contributes to economic growth
In stock exchange. the process of disinvestment and reinvestment channelise the savings into productive investment avenues. This leads to capital formation and economic growth
(v) Spreading Equity Cult
It is an organised market, which takes various steps to guide and educate investors, publish information about companies listed on the exchange and ensures better and safe trading practices. These practices have played a vital role in increasing the number of people investing in equity, thus leading to wider ownership of equity.
(vi) Provides Scope for Speculation
It is generally accepted that a certain degree of speculation is necessary to ensure liquidity and price continuity in the stock market. Thus, it provides sufficient scope for speculation in a restricted and controlled manner within the provisions of law.

(i) Unity of Direction
It implies that there should be one head and one plan for a group of activities having the same objective. In other words, the related activities should be put under one group, there should be one plan of action for them and they should be in the control of one manager.
This ensures unity of action and coordination.

(ii) Equity
This principle emphasises kindliness and justice in the behaviour of managers towards workers. It will bring loyalty and devotion in the behaviour of employees and they will put their best to achieve the targets.
There should be no discrimination against anyone on account of sex, religion, language, caste or belief and equal opportunities should be available for all. 

(iii) Esprit De Corps
It means union is strength. Fayol emphasised on team work. He suggested that every employee must consider himself as a part of team. This sprit brings harmony in the groups and they strive to work hard to achieve the targets of an organisation.
For this, managers should replace 'I' with 'We' in all his conversations.

(iv) Order
As per this principle, there should be an orderly arrangement of men and material which implies that there is a fixed place for everything and everyone in the organisation.
A place for everything, called material order and a place for everyone. called social order, ensures that there is no hindrance in the activity going on in the organisation.

(v) Centralisation and Decentralisation
The concentration of decision-making authority is called centralisation whereas its dispersal among more than one person is known as decentralisation. According to Fayol, an organisation should strive to achieve a proper balance between centralisation and decentalisation according to size of organisation, ability of superiors, ability of subordinates, etc.
In general large organisations have more decentralisation than small organisations.

(vi) Initiative
Fayol suggested that employees at all levels should take Initiatives or actions without any force or boundations. They should be encouraged to develop and carry out plans for improvements. Initiative means taking the first step with self-motivation.
This will help to motivate them and they will work hard for the betterment of the organisation.

Liberalisation
The essential features of liberalisation were:
(i) It laid stress on freedom of business and industry from unnecessary controls and restrictions of the government.
(ii) Emphasis was laid on simplifying export and import procedures.
(iii) Restrictions on the movement of goods and services were removed.
(iv) Public sector enterprises were dereserved.
Privatisation 
The essential features of privatisation were:
(i) It laid stress on induction of private ownership, management and control in public sector.
(ii)There was a significant reduction in the role of public sector enterprises for economic growth.
(iii) BIFR was established for rehabilitation of sick units.
(iv) Disinvestment of public sector took place at a significant rate.
Globalisation
The essential features of globalisation were
(i) It laid stress on integration of domestic economies into a cohesive global economy.
(ii) Licensing was abolished for imports.
(iii) The share of foreign equity participation was increased.
(iv) FIPB was set up to a promote foreign investments in India.

Objective
 It refers to the desired future positions that an organisation seeks to reach. They are the 'end' of managerial activity i.e. the end result of activities.
They are framed by the top management and accordingly objectives are set for different departments and units.Objectives should be set in specific, quantitive terms, in the form of written statement of desired results, to be achieved within a given time period. These provide the base for controlling the activities. e.g. increase in sales by 10%, increase in profit by 15%, etc.
Strategy
It is a comprehensive plan, which includes three dimensions for achieving organisational goals:
(i) Determining long-term objectives.
(ii) Adopting a particular course of action.
(iii) Allocating resources necessary to achieve objectives.
It helps to define the organisation's scope and direction in the long-run. Therefore, it is formed on the basis of changes occurring in business environment.

Financial planning is the act of deciding in advance the financial activities necessary to achieve the goals and objectives of an organisation. Importance of financial planning is as follows:
(a) It helps in forecasting what may happen in future under different business situations. Preparation of alternative financial plans to meet different situations is clearly of immense help in running the business smoothly.
(b) It helps in avoiding business shocks and surprises and thus, helps the company in preparing for the future.
(c) It helps in coordinating various business functions by providing clear policies and procedures.
(d) It helps in reducing waste, duplication of efforts and gaps in planning through detailed plans of action.
(e) It helps in linking the present with the future.
(f) It helps as providing a link between investment and financing decisions on a continuous basis.
(g) It helps in better evaluation of actual performance through listing detailed objectives for various business segments

Difference between top level, middle level and lower level or supervisory level of management: