Saurabh decided to start a chocolates manufacturing business. He set the target of earning $10 %$ profit on sales in the first year. As a good businessman, he was concerned about the future of the business, which was uncertain. He gathered information that the demand for chocolates is increasing day-by-day. He used this information as the base for future planning and shared it with his team. On the basis of the gathered information, he scheduled a meeting in the following week to find innovation ways to achieve the objectives.
List the first two steps, which have been followed by Saurabh that are related to the process of one of the functions of management.

Open in App

Solution

The first two steps, which have been followed by Saurabh that are related to the process of one of the functions of management are:
(a) Setting objectives;
(b) Developing premises.

Suggest Corrections

Similar questions

Q. Two years ago Nishant, completed his degree in Textile Engineering. He worked for some time in a company manufacturing readymade garments. He was not happy in the company and decided to have his own readymade garments manufacturing unit. He set the objectives and targets and formulate action plan to achieve the same.
One of his objectives was to earn 80% profit on the amount invested in the first year. It was decided that raw materials like cloth, thread, button, etc will be purchased on two months credit. He also decided to follow the steps required for marketing the products through his own outlets. He appointed Ritesh as a PRoduction Manager who decided the exact manner in which the production activities are to carried out. Ritesth also prepared a statement showing the requirement of workers in the factory throughout the year. Nishant informed Ritesh about his sales target for different products areawise for the forthcoming quarter.
A penalty of Rs. 200 per day was announced for the workers who found smoking in the factory premises.
Quoting lines from the above para identify and explain the different types of plans discussed.

Q. On the introduction of Goods and Services Tax Act, experts in the field of business started analysing and forecasting its impact on various sectors and industries. Vivek, an established businessman, attended a few seminars and conferences organised by such experts to familiarize himself with this information. He wanted to use these forecasts to reduce the uncertainty in making decisions for the future in his business.
Name the step in the planning process that is being discussed in the above paragraph.

On the introduction of Goods and Services Tax Act, experts in the field of business started analysing and forecasting its impact on various sectors and industries. Vivek, an established businessman, attended a few seminars and conferences organnised by such experts to familiarize himself with this information. He wanted to use these forecasts to reduce the uncertainty in making decisions for the future in his business.

As Jack was walking towards the city, he was thinking about the math lecture he would have that day (if it was 2015). He always spared time for the kids because he believes that young minds are the way to a great future. He would teach the 7th students Data Handling. The other day, one of his students asked a question- “Is organized data more useful or unorganized data?”

Quite a doubt it was huh, he answered- “Of course, organized data are more useful because”

Q. A businessman earns an income of Rs 1 on the first day of his business On every subsequent day he earns an income which is double of that made on the previous day On the 10th day of his business his income is (in Rs)

Join BYJU'S Learning Program

The first two steps, which have been followed by Saurabh that are related to the process of one of the functions of management are:(a) Setting objectives;(b) Developing premises.

The first two steps, which have been followed by Saurabh that are related to the process of one of the functions of management are:
(a) Setting objectives;
(b) Developing premises.