(i) The National Consumer Disputes Redressal Commission (NCDRC)of India is a quasi-Judicial commission in India.
(ii) It was set up in 1988 under the consumner protection Act, of 1986.
(iii) Its head office is in New Delhi. It is headed by the servicing or retired judge of the Supreme court.
(iv) It isalso called as National Commission.

'Caveat emptor' is a Latin term which means "let the buyer beware." In other words, the principle of caveat emptor serves as a warning to the buyers that they have no recourse with the seller if the product does not meet their expectations.

According to Jerome Mc. Carthy, "Marketing mix is a pack of four sets of variables namely product variable, price variable, promotion variable and place variable".

Training refers to the teaching and learning activities carried on for the primary purpose of helping members of an organization to acquire and to apply the required knowledge, skill and attitudes to perform their jobs effectively and efficiently.

(i) Human resource is the only factor of production that lives.
(ii) Human resources created all other resources.

(i) Brokers are commission agents, who act as intermediaries between buyers and sellers of securities.
(ii) They do not purchase or sell securities on their behalf.
(iii) They bring together the buyers and sellers and help them in making a deal.
(iv) Brokers charge a commission from both the parties for their service.

(i) OTCEI means Over The Counter Exchange of India.
(ii) The OTCEI was set up by a premier financial institution to allow the trading of securities across the electronic counters throughout the country.
(iii) It addresses some specific problems of both investors and medium-size companies.

The objectives of MBO are ;
(i) to measure and judge performance.
(ii) to relate individual performance to organisational goals

Planning refers to deciding in advance. Planning is a constructive reviewing of future needs so that present actions can be adjusted in view of the established goal.

Management is the process of giving direction and controlling the various activities of the people to achieve the objectives of an organisation.

The major elements of the political and legal environment are:
(i) Political stability is reflected by the following parameters like the election system, the law and order situation, the role and structure of Military and Police force, the declaration of President's rule, civil war, etc
(ii)Political organisation refers to the ideology and philosophy of the political parties, the government, the role and degree of authority of bureaucracy, the level of political consciousness among citizens and the funding of political parties by business houses.
(iii) The image ofthe leader and the country in the inter-national arena
(iv) Legal tramework of business and their degree of tlexibility.

(i) There may be few products that are more likely to cause physical danger to consumers health lives and property. They may contain potentially harmful substances which are dangerous from the consumer welfare point of view.
(ii) The best examples of this kind are food additives, colours, emulsifiers, preservatives. The health hazards which are likely to arise have to be eradicated or reduced altogether.
(iii)In case of food items and drugs both life saving and life sustaining safety is to be guaranteed.One thing that is encouraging to-day is that recent legislations have shifted the responsibility for the production of such unsafe items on to the shoulders of sellers rather than on buyers.

(i) Niche marketing denotes a strategy of directing all marketing efforts towards one well defined segment of the population.
(ii) It is found by company by identifying the need of customers which are not served or under served by the competilors.
(iii) A niche market does not mean a small market, but it involves specilic target audience with a specialized oflering.
(iv) It aimed at being a big fish in a small pond instead of being a small fish in a big pond.
(v) For example, there are various cinema halls across India, but there are few which have recliner seats to offer.
(vi) The sports channels like STAR Sports, ESPN, Star Cricket are the examples of Niche market.
 

(i) Very shot period market :Markets which deal in perishable goods like fruits, milk, vegetables,etc. are called very short period market.
(ii) Short period market : In certain goods, supply is adjusted to meet the demand. The demand is greater then supply. Such markets are known as shortperiod market.
(iii) Long period market : This type of market deals in durable goods, where the goods and services are dealt for longer period usages.

(i) Structured interview method, a series of question to be asked by the interviewer are pre-prepared by the interviewer and only these questions are asked in the interview.
(ii) Ultimately interviewees are ranked on the basis of score earned by the candidate in the interview.
(iii) It is otherwise called as Guided interview and Planned interview.

In the words of E.F.L. Breach, HRM as that part of management process which is primarily concerned with the human constituents of an organisation.

The various types of Commercial Bill are as follows:
(i) Demand  bills
(ii) Clean bill and documentary bills
(iii) Inland bills and foreign bills
(iv) Indigenous bills
(v) Accommodation and Supply bills.
         (i) Demand bills: A demand bill is one wherein no specific time of payment is mentioned.
         (ii) Clean bills and documentary bills: Bills that are accompanied by documents of title to goods are called documentary bills. Eg: Railway Receipt and Lorry Receipt.
        (iii) Inland bills and Foreign bills: Bills that are drawn and payable in India on a person who is resident in India are called inland bills. Bills that are drawn outside India and are payable either in India or outside India are called foreign bills.

A market wherein financial instruments such as financial claims, assets and securities are traded is known as a 'financial market'. In another words, financial markets may be channels through which flow loanable funds directed from a supplier who has an excess of assets toward a demander who experiences a deficit of funds.

(i) An attempt ismade by the management to integrate the goals of an organisation and individuals. This will lead to effective managerment.
(ii) MBO tries to combine the long run goals of organisation with short run goals.
(iii) Management tries to relate the organisation goals with society goals.
(iv) MBO's emphasis is not only on goals but also on effective performance.
(v) It increases the organisational capability of achieving  goals at all levels.
(vi) Aims at replacingthe exercise of authority with consultations.

According to Koontz and Weihrich, "Management is the process of designing and maintaining of an environment in which individuals working together in groups efficiently accomplish selected aims.

The following are the internal sources of Recruitment.
(i) Transfer - The simplest way by which an employee requirement can be filled is through transfer of employee from one department with surplus staff to that of another with deficit staff.
(ii) Upgrading - Performance appraisal helps in the process of moving employees from a lower position to a higher position.
(iii) Promotion - Based on seniority and merits of the employees they are given opportunity to move up in the organisational hierarchy.
(iv) Demotion - Movement of employee from a higher position to a lower position because of poor performance continuously to make him realise the significance of performance.
(v) Recommendation by existing Employees - A family member, relative or friend of an existing employee can be recruited and placed.
 

Functions of management can be classified into two categories.
(i) Main functions 
(ii) Subsidiary functions.
A. Main Functions :
(i) Planning :
(a) Planning is the primary function of management.
(b) Planning is a constructive reviewing of future needs so that present actions can be adjusted in view of the established goal.
(c) Eg. Writing a book starts with planning.
(ii) Organising : 
(a) Organising is the process of establishing harmonious relationship among the members of an organisation.
(b) Organising function work is assigned to employees who are given authority to carry out the work assigned and made accountable for it.
(iii) Staffing :
(a) Staffing function comprises the activities of selection and placement of competent personnel. 
(b) Staffing refers to placement of right persons in the right iobs.
(iv) Directing : 
(a) Directing denotes motivating, leading, guiding and communicating with subordinates.
(b) Employees are kept informed of all necessary matters by circulars. instructions manuals, newsletters,
notice-boards, meeting. participative mechanism, etc. 
B. Subsidiary functions :
(i) Innovation :
(a) Innovation refers to the preparation of personnel and organisation to face the changes made in the business world.
(b) Innovation includes developing new material, new products, new techniques in production, new package, new design of a product and cost reduction.
(ii) Representation :
(a) A manager has to act as representative of a company.
(b) Manager has dealings with customers, suppliers, government officials, banks, financial institutions, trade unions.,etc
(iii) Decision-making :
(a) Every employee of an organisation has to take a number of decisions every day.
(ii) Decision-making helps in the smooth functioning of an organisation.
(iv) Communication : 
(a) Communication is the transmission of human thoughts, views or opinions from one person to another person.
(b) Workers are informed about what should be done, where it is to be done, how it is to be done and when it is to be done.

The management concept can be understood from its profound characteristic features as follows:
1. Body Knowledge:
(i) Management has now developed a specialised body of management theory and philosophy.Management literature is growing in all countries.
2. Management Tools:
Tools of management have been developed such as, accounting, busines law, psychology, statistics, econometrics, data processing, etc.
3. Separate Discipline:
Management studies in many universitis and institutions of higher learning are recognised as a separate discipline.
4. Specialisation:
There is a growing tendency to select and appoint highly qualified, trained and experienced persons to manage the business in each functional area of management.
5. Code of Conduct:
Enlightened businessmen have recognised that business management is a social institution and it has social responsibilities to be fulfilled - towards customers, employees, and the public or community.
 

S.No	Basis of comparison	Recruitment	Selection
1	Approach	Approach under recruitment is positive one	Approach under selection is negative one
2	Objective	Inviting large number of candidates to apply for the vacant post	Picking up the most suitable candidates and eliminating the rest
3	Sequence	First	Second
4	Method	It is an economical method	It is an expensive method
5	Contractual relation	It involves the communication of vacancies. No contractual relation is established	It creates contractual relation between employer and employee
6	Process	Recruitment process is very simple	Selection process is very complex and complicated

The State Commission is to be appointed by the State Government in consultation with the Centre. It has the same function as state level. the state consumer protection council is also known as "Consumer Disputes Redressal Commission". Ihe State Consumer Protection Council is also called State Commission. 
Members : Each Sate Commission shall consist of the following members.
(i) A person who is or has been a Juclge of a High Court appointed by the State Government as its President.
(ii) Two other members who shall be persons of ability, integrity and standing and have adequate knowledge or experience of or have shown capacity in dealing with problems relating to economics, law, commerce, industry, public affairs or administration
of them, one shall be a woman.
Jurisdiction : The Jurisdiction of the State Commission is as follows.
(i) The State Commission can entertain complaints within the territory of entire state and where the value of the goods or services and the compensation, if any claimed exceed Rs. 20 lakhs and below Rupees One Crore.
(ii) The State Commission also has the jurisdiction to entertain appeals against the orders of any District Forum within the State.
Powers : The following are the powers of the State Commission.
(i) The State Commission also has the power to call for the records and pass appropriate orders in any consumer dispute which is pending before or has been decided by any District Forum within the State.
(ii) To furnish such information that may be required for the purposes of the Act to any officer so specified.
Appellate Forum
(i) The State Commission's jurisdiction may be original, appellate or revision.
(ii) Any person aggrieved by an order of the State Conmission may prefer an appeal to the National Conmmissionwithin 30 days
from the date of such order.

(i) Right to Protection of Health and Right of Safety:
1. There may be few products that are more likely to cause physical danger to consumers health, lives and property.
2. They may contain potentially harmful substances which are dangerous from the consumer welfare point of view
(ii) Right to be Informed:
1. Consumers should be given all the relevant facts about the product so that they can take intelligent decisions on purchasing the product.
2. The package should contain the full details about the name of the product, composition, dosage, date of manufacturing, date of expiry, batch number, warnings, antidose etc.
(iii) Right to choose:
1. Consumer satisfaction is the ultimate aim of modern marketing and is the philosophy of marketing concept.
2. Consumer satisfaction can be increased by giving the consumer the widest choice.
3. The term 'Choice' means offering the widest range of products in quality and brand varieties.
(iv) Right to be heard :
1. Consumers have every right to ventilate and register his or her dissatisfaction.
2. Business enterprises should lend a compassionate ear to complaints or grievances of consumers.
(v) Right to seek Redressal :
1. The complaints and protests are not just to be heard but the aggrieved party is to be granted compensation within a reasonable time period .
2. This will boost consumer confidence and help render justice to buyers.
(vi) Right to consumer education :
1. The consumer has a right to acquire knowledge and stay well-informed all through his life.
2. Many consumer organisations and some enlightened businesses are taking a pro active part in educating consumers in this respect.
(vii) Right to Quality of Life
1. Quality of life refers to the preceived well-being of people, in groups and individually and well-being of the environment in which these people live.
2. Consumerism has been defined as 'an improved quality of life'.
(viii) Right to Consumer Protection
The consumer has a right to be aware of his rights and remedies available to him, redress his grievances through publicity in the mass media.
(ix) Right to Basic Needs
1. Every consumer has a right to get basic necessities of life such as food, clothing and water, and right to pure and healthy environment.
2. Community life should be free from various modes of pollution.

S. No.	E-Marketing	Traditional Marketing
1.	Electronic marketing or E-marketing is the process of marketing of products and services Over internet and tele networks.	Goods and services are directly purchased and sold in the market is known as traditional marketing.
2	It is very economical and faster way to promote the products	It is very expensive and takes more time to promote product
3.	It is quite easier for promoting product globally in the short  time	It is very expensive and time consuming to promote product/ service under traditional marketing
4.	E-Business enterprises can expand their operation with minimum man power	It needs more man power
5.	In this marketing product can be sold or bought 24 x 7,round the year with minimum manpower	That is not possible in traditional marketing

(i) Barter System : The goods are exchanged against goods, without any other   medium of exchange, like money.
(ii) Production Orientation : This was a stage where producers, instead of       being concerned with the consumer preferences, concentrated on the mass production of goods for the purpose of profit.
(iii) Sales Orientation : The stage witnessed major changes in all the spheres of economic life. The selling became the dominant factor, without any efforts for the satisfaction of the consumer needs.
(iv) Marketing Orientation : Customer's importance was realised but only as a means of disposing of goods produced. Competition became more stiff.
(v) Consumer Orientation : Under this stage only such products are brought forward to the markets which are capable of satisfying the tastes, preferences and expectations of the consumers-consumer satisfaction.
(vi) Management Orientation: The marketing function assumes a managerial role to co-ordinate all interactions of business activities with the objective of planning, promoting and distributing and services to the present and potential customers.

(1) Benefits to the organisation:
(i) It improves the skill of employees and enhances productivity and profitability of the entity.
(ii) It reduces wastages of materials and idle time.
(2) Benefits to the employees:
(i) It improves the employees productivity
(ii) It enhances the morale of the employee.
(3) Benefits to the customer:
(i) Customers get better quality of product service.
(ii) Customers get innovative products or value added or feature rich products

The characteristics of Human Resource :
(i) Human resource is the only factor of production that lives.
(ii) Human resource created all other resources.
(iii) It is only the labour of employees that is hired and not the employee himself.
(iv) Human resource exhibits innovation and creativity.
(v) Human resource alone can think, act analyse and interpret.
(vi) Human resources are emotional beings.

S.No.	Feature	Stock Exchange	Commodity Exchange
1.	Meaning	Stock exchange is an organised market for the purchase and sale of industrial and financial security.	A commodity exchange is an exchange where commodity are traded
2.	Function	Providing easy marketability	Offering hedging or price insurance services and liquidity to securities
3.	Participants	Investors and speculators	Producers, dealers, traders and a body of speculators
4.	Period of dealings	Cash, ready delivery and dealings for account for a fortnight	Instant cash dealings and a settlement period of 2 or 3 months for Future Market dealings.
5.	Forward Contract	Forward dealings are simplified as securities are fully standardized.	Standards are to be fixed for deliverable grades to facilitate futures contract.
6.	Price Quotation	As regards forward dealings, only one quotation is possible.	For future dealings, multiple quotations are possible.

The characteristics of government securities are discussed below:
(i) Agencies :
Government securities are issued by agencies such as Central Government,State Governments, semi-government authorities like local Government authorities,example municipalities,autonomous institution such as metroplitian,port trusts etc.
(ii) RBI Special Role:
RBI takes a special and an active role in the purchase and sale of these securities as part of its monetary management exercise.
(iii) Nature of Securities:
Securities offer a safe avenue of investment through guaranteed payment of interest and repayment of principal by the Government.
(iv) Liquidity Profile:
The liquidity profile of gilt-edged securities varies.Accordingly liquidity piofite of securities issued by Central Government is high.
(v) Tax Rebate:
A striking feature of these securities is that they offer wide-range of tax incentives to investors.This has made these securities very popular for this benefit.
(vi) Market:
As each sale and purchase has to be negotiated separately, the Gilt-Edged Market is an Over-the-Counter Market.The government securities market in India has two segments namely primary market and secondary market.

Following are the nature/characteristic of a capital market.
(i) Securities Market
The dealings in a capital market are done through the securities like shares, debentures, etc.The capital market is thus called securities market.
(ii) Price
The price of the securities is determined based on the demand and supply prevailing in the capital market for securities.
(iii) Participants
There are many players in the capital market.The participants of the capital market include individuals, corporate sectors, Govt., banks and other financial institutions.
(iv) Location
Capital market is not confined to certain specific locations, although it is true that parts of the market are concentrated in certain well-known centers known as Stock Exchanges. It has its impact in the overall economy, wherever suppliers and users of capital get together and do business.
(v) Market for Financial Assets
Capital market provides a transaction platform for long term financial assets.

(i) The main disadvantage of MBE is, only managers have the power over really important decisions, which can be demotivating for employees at a lower level
(ii) Furthermore, it takes time to pass the issues to managers.
(iii) Managing employees who deviate from the normal procedures.
(iv) Because of compliance failures are considered difficult to manage and typically find themselves with limited job duties and ultimately dismissed / terminated.