As per the emerging trends, Mr Singhania should first earn degree before joining and managing his family business with his father. Hence, he should go to USA for his MBA, because of the following reasons:
(i) It has a well defined body of knowledge consisting of principles and concepts.
(ii) Though there are no restrictions on entry into the profession. Even if Nitin wants to join his family business the qualification would help him to manage his business efficiently and effectively.
(iii) The aim of all managers is to fulfil the service motive towards society.

Science is a systematised body of knowledge that establishes cause and effect relationship.
The basic features of science are:
(i) Systematised body of knowledge: Science is a systematised body of knowledge, consisting of principles and theories based on cause and effect relationship.
(ii) Principles based on experimentation: Scientific principles are valid and applicable universally.
Management is a science because of the following reasons:
(i) Like science, there is a systematised body of knowledge in management, consisting of theories, principles and concepts.
(ii) Principles of management are evolved after continuous observations and experimentation.
(iii) Like science, some of the principles of management have universal validity, but they are not as exact as principles of pure science.
Conclusion: Management is a social science or soft sciences, as it involves the study of human behaviour. Management cannot be as perfect as natural siences. Therefore it is an inexact science.

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.

(i) To regulate stock exchange and securities industry to promote their orderly functioning.
(ii) To protect the rights and interests of investors, particularly individual investors and to guide and educate them.
(iii) To prevent trading malpractices and achieve balance between self-regulation by the securities industry and its statutory regulation.

HR Manager should make the schedule and provide training to the workers as training will help in improving the skills and knowledge of the workers.
(i) Training improves skills and knowledge of the employees, which leads to better career of the employees.
(ii) Training makes employee more efficient to handle machines thus, less chances of accidents.
(iii) Training increases the satisfaction and morale of employees and thus, builds confidence in them.
Vestibule training is highly suited in this case as in this method, training is given on the same equipment but away from actual workplace.
This method will be extremely useful as the employees will be able to handle expensive and sophisticated machines under expert guidance.

Following actions can be taken:
(i) She should force him to refund the extra price paid by her.
(ii) She can make her friend circle aware about the wrong practices of the seller and ask them not buy books from that bookseller.
(iii) She can inform to the publication house,whose books are being sold by that bookseller at wrong price, so that appropriate actions can be taken.

Two advantages of formal organisation are:
(i) It is easy to fix responsibility as mutual relationships are clearly defined.
(ii) It provides stability to the enterprise. There are specific rules to guide the behavior of members.
Two limitations of formal organisation are:
(i) It may create rigidity due to prescribed policies and rules.
(ii) Formal lines of communication are to be followed, thus, decisions are delayed.

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.

Negative effects of liberalisation and globalisation are:
(i) Tremendous redistribution of economic power and political power leads to destabilising effects on the economy.
(ii) Rapid increase in technology forces enterprises to adapt to changes, or close their businesses.
(iii) Competition has increased for Indian firms.
(iv) Threat from multinational corporations.
(v) Acquisitions and mergers are increasing day-by-day.

It is sequence of steps undertaken to complete a certain activity.It describes the exact manner in which an activity is performed.e.g. in the process of staffing of employee, various steps are followed:
(i) Estimating manpower  
(ii) Recruitment  
(iii) Selection  
(iv) Placement/Orientation
(v) Training
(vi) performance appraisal 
(vii) Career planning  
(viii) Remuneration

The Importance of supervision can be understood after analysing the function of the supervisor in the following points:
(i) Maintains Contact :- A supervisor maintains day-to-day contact and friendly relation with the workers. He guides and instructs them like a friend, philospher and guide.
(ii) Acts as a link :- A supervisor act as a link between workers and manager, as he conveys management ideas and instruction to the workers and workers grievance and suggestions to the managers.
Thus, it helps to reduce conflict and misunderstandings between two group.
(iii) Maintains group unity :- A supervision sorts out difference among workers in order to maintain group unity and harmony within the organisation
(iv) Ensures performance :- A suoervisor is responsible for the achievements of goals, for which he motivates his employees and ensures performance in the organisation

Corrective action is not required in case of:
(i) Deviations within permissible limits.
(ii) Positive deviations.

Investment decision involves careful selection of assets in which funds are to be invested. Decisions relating to investment in fixed assets are known as capital budgeting decisions, whereas, those concerning investment in current assets are called working capital decisions.
A business needs to invest funds for setting up new business, for expansion and modernisation. Investment decision is taken after careful scrutiny of available alternatives in terms of costs involved and expected return.
These decisions are very crucial for any business. Earning capacity of the fixed assets of a firm, profitability and competitiveness, all are affected by the capital budgeting decisions. Moreover, these decisions normally involve huge amount of investment and are irreversible, except at a huge cost.
These decisions are crucial in nature  due to the following reasons:
(i) these are long-term decisions and can be reversed only at huge costs.
(ii)These generally involve commitment of huge funds.
(iii) These have a significant effect on the profitability and future of the business.
Thus, once these decisions are taken, it is impossible for a firm to undo these decisions and certainly, a bad capital budgeting decision normally has the capacity to severely damage the financial fortune of a business.  

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.

Leadership may be defined as the process of influencing the behaviour of people by making them strive voluntarily towards the achievement of goals.
Certain qualities of traits possessed by individuals help them to become successful leaders These qualities are
I) Physical qualities: A good leader must possess a good height, weight, height and appearance. Health and endurance help a leader to work hard and inspire others also to do so.
2) Knowledge: A good leader should have required knowledge and competence so that he can influence others.
3) Integrity: A leader should possess high level of integrity and honesty so that he can be a role model to others
4) Initiative: A leader should have courage and initiative to do things on his own, rather than waiting for others to do it first.
5)  Communication skills: A leader should be a good communicator. He Should be able to clearly explain his views to others. He should not only be a good speaker But a good listener, researcher and counsellor.
6) Motivation skills: A leader should understand the needs of his employees and motivate them by satisfying their needs
7) Self-confidence: A leader should have a high level of confidence. He should not lose confidence even in the most difficult times.
8) Decisiveness: A leader must be decisive in the sense that once he has taken a decision, he should be firm on it
9) Social skills: A leader should be sociable and friendly with his colleagues and followers so that he can understand them and their needs.

Redressal Agencies
For the redressal of consumer grievances, the Consumer Protection Act,1986 provides for setting up of a three-tier machinery at the district, state and the national levels.These agencies are:
1.District Forum or District Consumer Dispute Redressal Forum
(i) The state Governments are required to establish District Forums in each district.
(ii ) Each District Forum consists of a chairman and two members appointed by the State Government, one of whom should be a woman
(iii) A District Forum can receive consumer complaints,where the value of goods or services and the compensation claimed is not more than Rs 20 lakh.
(iv) The complaint can be filed by a consumer to whom goods are sold or services rendered or any recognised consumer association.
(v) On receiving the complaint, the District Forum shall refer the complaint to the opposite party concerned and send the sample of goods for testing in a  laboratory.The opposite party is the seller,manufacture or any organisation aginst whom the complaint has been filed.
(vi) The District Forum, after being satisfied that the goods are defective or there is some unfair trade practice, replace can issue an order to the opposite party directing him to either resolve the ireplace the goods, or return the price paid, or pay compensation to the consumer for loss or injury,etc.
2.State Commission or state  Consumers Disputes Redressal Commission.
(i) State Commission is set-up by the Stae Government and its jurisdiction is restricted to the boundaries of the state concerned.
(ii) The state Commission shall consist of a President, who is or has been a judge of a High Court and two other members, one of whom is a woman.All the three shall be appointed by the State Government.
(iii) Only those complaints can be filed, where the value of goods or services and compensation claimed is more than rs 20 lakh but or more than rs 100 lakh.The appeals against the orders of any District Forum can also be filed before the state commission, days  of days of passing of the order.
(iv) The State Commission, after being satisfied that the goods were defective,can issue an order directing the opposite party to either remove the defect or replace the goods or return the price paid or pay compensation to the consumer for loss or injury, etc.
3. National Commission or National Consumer Disputes Redressal Commission
(i) The national Commission is set-up by the Central Government.
(ii) It shall consist of a President, who is or has been a judge of the Supreme Court and four other members appointed by the Central Government, one of whom shall be a woman.
(iii) All complaints pertaining to those goods or services and compensation whose value is more than rs 100 lakh can be filed.Appeals against the order of any State Commission can also be filed before the National Commission, within 30 days of passing of the order.
(v) The National Commission has the power to issue orders for recall of defective or unsafe products for replacement or removal of deficiency in service, It can make the manufacture comply with safety provision and pay compensation for loss or injury caused.
(v) An order passed by the National Commission is appealable before the Supreme Court.

Adequate working capital is essential for smooth and efficient working of every business enterprise
Adequate working capital provides the following advantages to a business enterprise:
(i) A firm with adequate working capital can meet its liabilities promptly.prompt payment helps to raise the credit-standing or reputation of the enterprise.
(ii) Adequacy of working capital enables the firm to take advantage of any favourable business opportunity,e.g. to purchase raw materials at a discount or to execute a special order.
(iii) Financial soundness of business boosts the morale of employees.
(iv) Lack of adequate working capital may result in interruptions in operations and underutilisation of plant capacity.
(v) Adequate working capital permits timely and regular payment of cash dividends.This helps to maintain cordial relations with shareholders. 

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.
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'.
(iii)Social Environment 
The social elements affect the business firms in the following ways:
(i) Traditions It refers to such social practices that are followed for decades. Traditions like celebrations of festivals provide greater opportunities to business like confectionary, sweets, greeting cards, gift galleries, etc.
(ii) Trends It refers to changes and inclination towards new products.Emerging trend of health and physical fitness provide opportunities to business like gyms, diet drinks, mineral water, food supplements, etc.
(iii) Values It refers to concepts that a society holds in high esteem, such as freedom, social justice, equality, etc. Values affect business enterprises by making it more responsible towards society, enforcing non-discriminatory employment practices and providing freedom of choice to its customers.
(iv) Political Environment
The political elements affect the business firms in the following terms:
(i) Political unrest and threat to law and order adversely affect confidence of investors and reduce the level of investment in the economy.
(ii) Decisions regarding offering subsidy to the producers give a boost to such industries.