1. Meaning : Pricing refers to the process of fixing the price of a product or service.
The term ‘Price’. refers to the exchange value of a product expressed in money. factors considered before fixing price are.
I Pricing objectives.
If a firm is operating in the competitive market and wants to introduce a more efficient substitute by a competitor, it may charge lower price for it.
To attain product quality leadership, a firm normally charges higher prices to cover high quality and high cost of Research and Development (R & D).
Thus, the price of a firm’s products and services is affected by the pricing objective of the firm.
2. Product cost : The second important factor to take care of while fixing the price is the product cost. Costs set the lower limits of the price. It is important that the price should recover total costs in the long run including a fair return for undertaking the marketing efforts and risk.
Two important types of costs need to be differentiated : fixed costs (e.g., rent of the premises, salaries of the permanent staff) and variable costs (e.g., cost of raw materials, direct labour costs, etc.)
The price must be able to recover the total cost in the long run. But sometimes in the short run, a product may be priced below the cost level in order to meet competitive challenges like making the entry of the rival difficult or out cutting the competitor.
3. Extent of competition in the market : Competition is another important consideration while pricing a product. When a firm does not face any competition, it can enjoy complete freedom in fixing its price.
But when there are competitors selling the same or similar products, the pricing freedom of the firm is considerably reduced. It price must fall in line with the competitors.
For example, Maruti’s Zen now faces a lot of competition from brands like Santro, Indica and Palio. Therefore, its pricing cannot be approached in isolation without considering the prices of other cars.
4. The utility and demand : The utility provided by the product an consumer’s demand set the upper limit of price, which he is willing to pa.
According to the law of demand, consumers buy more units of product at a lower price that at a higher price.

The given statement – “Control does not require any process” is not correct. Process of management control involves the following steps.
Setting performance Standard : Standards are required to judge whether the actual performance is proceeding in the right way. Standards must be in numerical or measurable terms.
Measurement of Actual performance : Actual performance is evaluated and expressed in terms of planned standards.
Comparing Actual performance with standards : Actual performance is compared with the planned performance and deviations if any found out.
Analysing the deviations : In order to know the causes of deviations, and in order to take corrective actions, deviations are analysed.
Taking corrective Actions : If the deviations exceed the acceptable limits they should be immediately brought to the notice of management for taking corrective measures. Thus it is clear that controlling requires systematic process.

Means for protecting consumers in India are given below :-
a) Publicity : All India Radio and Doordarshan telecast regular programmes on consumer protection. Film documentaries and video documentaries have been prepared to educate consumers. The Ministry publishes a quarterly journal ‘Upbhokta Jagaran’ directories and brochures on consumer affairs. World Consumer Rights Day is celebrated on 15th March every year.
b) Awards : Government of India offers awards to youth and women in order to encourage their participation in consumer protection. c) Consumer welfare fund : Govt. of India has created a fund for the welfare of consumers. This fund is to be utilized on consumer education, training and research in consumer education, setting up counseling, guidance and complaint handling facilities, setting up of product testing laboratories, etc.
c) Lok adakats : In a lok adalat the aggrieved consumer can directly present his grievance. The officials of the concerned firm discuss the matter and take appropriate decisions. This method saves time and money of people. It is a speedy and economical redressal system. Delhi Development Authority, Delhi Transport Corporation, Mahanagar Telephone Nigam Limited and India Railways organize lok adalats from time to time.

products may be classified as follows:
(i) Consumer products
These products are meant for final consumption and are not meant for further use. Consumer products are of three types:
(a) Convenience goods
These goods are purchased frequently and with minimum efforts. They are meant for personal consumption. Newspapers, cigarettes, toothpaste, soaps, tea, etc, are examples of convenience products.
(b) Shopping products
These products are purchased after a comparative analysis of quality, price, warranty, etc, of various competitive brands available in the market.
Furniture, cloth, TV, fridge, washing machine, scooters, cars are all examples of shopping products.
(c) Speciality products
These products are purchased with special efforts. Antique jewellery, designer clothes, etc are examples of speciality products.
(ii) Industrial products
These products are purchased for use in the production of other goods. Raw materials, components and machinery are all industrial products.

A complaint may be filed by the complainant or his authorised agent in person or by the post.There is no fee filing a complaint.
A complaint should be in writing and it should contain the following information:
(i) The name,description and address of the complainant.
(ii) The name,description and address of the opposite party or parties,as far as they can be ascertained.
(iii)The facts relating to complaint and when and where it arose.
(iv) Documents if any,in support of the allegations contained in the complaint.
(v) Details of the relief which a complainant is seeking

Non-monetary or non-financial incentives are those incentives which do not involve monetary benefits. These incentives are based on factors which gives a feeling of satisfaction of doing or accomplishing' something worth-while to the workers.
The two non-financial incentives are
(i) Participation in management decisions : The active participation of workers and their representatives in decision-making helps in securing cooperation and commitment of workers towards organisational goals.
(ii) Job security : Generally, workers prefer security of job.It is an assurance by the enmployer that the worker will continue in the employment

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.

SEBI stands for Securities and Exchange Board of India. SENSEX is the benchmark index of BSE.Since the BSE has been the leading exchange of Indian securities market.Stocks of thirty companies actively traded in the market constitute the SENSEX in Bombay Stock Exchange.

Following steps should be taken to manage informal groups:
(i) Managers should ensure that informal groups should follow the rules, laid down in an organisation.
(ii) Management should use group-based approaches for decision-making and conflict handling.
(iii) Management should make an efficient use of informal groups.
(iv) Managers should assist informal groups for the betterment of organisation. 

Difference between fixed and working capital

Three benefits of the principle of critical point control are as follows:
(i) It helps in saving time, and thus manager can focus on other relevant issues.
(ii) It helps in analyzing the key areas, which have a direct impact on the whole organization.
(iii) It enables a manager to focus, on Key Result Areas and correct deviations.

(i) Values of customers depicted in this case are:
(a) Respect for Indian culture.
(b) Following traditions.
(ii) Business includes the social forces like customs and traditions, social trends, society's expectations etc as business is running in the society and for the society.In order to survive in the long-run, it is the responsibility of a business towards the society to study all such values.

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 technique of motion study helps in improving the efficiency level in the following ways:
(i) It helps in determining the movements of workers while performing a task.
(ii) It helps to differentiate between productive and unproductive motions.
(iii) It helps to eliminate the unnecessary movements and results in saving the time to complete the job.

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.