BCOC-132 TERM END JUNE 2023 QUESTIONS . ANSWER SHEET

 

Q1. PARADIGM SHIFT OF CORPORATE RESPONSIBILITY
The paradigm shift in corporate responsibility has changed over time due to factors like

NGO influence , media reach and corporate scandals. Globalisation has shifted the role of governments, leading to changing social expectations. Consumers now demand transparency beyond philanthropy . this shift resulted in two types A change in business philosophy and focus on society

1. First shift: Philosophy of business
In the first shift in business philosophy recognise that , business are more than just

profit makers, the social institution with duties to society and the environment. It emphasize that society not just the entrepreneurs , decides if a business should continue based on fulfilling assigned duties.

Business now expected to be accountable not only to society but also to the natural environment. Environment issues have become a

significant concern, and business are urged to consider their responsibility in preserving resources. This shift reflects a growing awareness of the interconnection between business , society, and the environment

2. Second shift: Towards society and Natural environment
In business ethics , business need to consider different participants those inside

the company like stakeholders and employees and those outside like customer and community. And the natural environment is also crucial part of this

However in reality business often prioritise shareholders and immediate impacts. The challenge is making sure business balance their responsibilities to society and the environment with their financial goal Corporate responsibility consist of:- • CSR

• Corporate Governance

• Environmental accountability

  Q2. SOLE TRADER ORGANISATION

  Sole trade organisation as a “ one man business” in which an individual produce independently with his own capital, skill and intelligence and entitled receive all profits and assumes all the risks of ownership

  MAIN FEATURES:-

1. One man ownership :- the ownership lies with one person there is no partners or

   association

2. No separation of ownership and management:-the owner himself manages the

   business

3. No separate entity:-the business does not have any entity separate from the owner

4. All profits to proprietor:-since there is no partners all the profit are enjoyed by sole

   proprietor

5. Individual risk

6. Unlimited liability

7. Less legal formality

Q3

Action to achieve item, it’s a systematic process that helps in defining goals, identifying resources and outlining task

IMPORTANCE OF PLANNING :-

1. Provides direction:-planning provides a clear sense of direction to the activities of

   the organisation and job behaviour of managers and others

2. Provides opportunity to analyse alternative course of action

3. Reduce uncertainty

4. Riskmanagement

5. Resource allocation

6. Resource efficiency

7. Adaptive response

8. Integration

Q4. Financial incentives and non- financial incentives are two type of motivators used in the workplace to encourage employees

Bases Financial incentives Non- financial incentives

Nature	Financial incentives are tangible rewards that have monetary value, such as salary increases, bonus, profit s-sharing or stock option	Non-financial incentives are intangible reward that do not involve direct monetary compensations Eg: recognition, praise, flexible work hours, career development, opportunities or positive work environment
Motivational factors	They directly impact an employee’s financial well being and are often seen as extrinsic motivators. Employees are motivated by the process of earning more money	They are often intrinsic motivators , appealing to an employee’s emotional and psychological needs. Recognition and positive work culture can contribute to job satisfaction

Q5. Basic of pricing
The price should be determined after taking into consideration the cost, demand, competition , elements of marketing mix and legal consideration ,three practical approaches are:

1. Cost-oriented pricing:-when the selling price determined based on the product cost and a specified margin of profit, the approach is knows as cost oriented approach to pricing or the cost based pricing , the two methods of cost oriented pricing are

   • Cost-plus pricing

   • Target profit pricing

2. Demand-oriented pricing:-its based on an estimate of how much sales volume can

   be expected at various price which can be paid by different types of buyers. Instead of fixing price on the basis of costs or competitors price, some firms often fi selling price on their products on the basis of demand. Two methods of pricing under this

Approaches are

• Differential pricing

• Perceived pricing
  3. Competition-oriented pricing:- when the price is determined with reference to the

  price of similar product charged by competitor and not on the basis of costs of the product or the different perception of the product by different buyers, the pricing approach is referred to as competition -oriented pricing. The method under this approach:

• Going rate pricing

Q6. A functional organization structure is a common form of organizing a business where activities are grouped by common functions or departments such as marketing, finance , operations and human resources. Each functional areas is headed by manager with expertise in that specific function

Advantages :-

• Specialization and expertise

• Clear hierarchy

• Cost effective

• Professional development

• Easier decision making

  Disadvantages :-

• Communication barrier

• Slow response to changes

• Limited interdepartmental co-ordination

• Narrow perspective

Q7. (i)

The marketing managers are instrumental in shaping and refining fundamental

marketing process to achieve organizational objectives

1. New product development:-marketingmanagersareresponsibleforguiding

   the creation and introduction of new products. This involves understanding market needs, conducting market research, and collaborating teams to ensure that new offerings align with customer expectations and market trend

2. Brandmanagement:-itisacrucialforestablishingandmaintainingapositive brand image. Marketing managers oversee the development of brand strategies, ensuring consistent messaging, visual identity, and brand positioning. They work to enhance brand equity and foster customer loyalty

3. Marketingcommunication:-marketingmanagersareinvolvedincrafting effective communication strategies to reach target audiences. This includes advertising, digital marketing and other communicational channels.

4. Pricing strategies :-determining the right pricing strategy is vital for market competitiveness. Marketing managers assess market conditions, compete tors, and customer behavior to set price that reflect product value. Effective pricing strategies contribute to revenue generation and market position.

5. Continues improvement:-marketing mangers focus on the continues improvement to these process. They analyse performance metrics, gather feedback and adapt strategies to changing market dynamics. this approach ensure that marketing efforts remain effective and aligned with organisational goal

(ii). A person who is engaged in trade called “trader” or “middleman”

1. Trader:- a trader or individual or entity involved in buying and selling goods or

   financial instruments in the market. Trades can operate in various capacities , such as retail trader who sell directly to customers or wholesale traders who deal large with larger quantities and may supply to retailers

2. Middleman :- a middle man is a boarder term that refers to an intermediary or agent involved in the distribution chain between the manufacturer and the end customer. Middleman can include wholesalers, distributors , retailers and other intermediaries who facilitate the movement of good from produces to customer

Q8. (i)
1. Business:- it refers to organization or individuals engaged in commercial, industrial or professional activities with the aim of earning profit, it typically involves the production, purchase or sale of goods and services in order to meet the needs of customer.

2.EMPLOYMENT:-It refers to the state of being engaged in paid work or holding a job in which an individual performs tasks , services or duties for an employer. It is an mutual agreement between employer and employee, where the employee provides labor or services in exchange for compensation , which may include wages, salary, or other benefits.

Employment can takes various forms, including full-time part- time, temporary or contract position.
Types of employment:-

a) Full time employment b) Part-time employment c) Casual employment
d) Contract employment e) Seasonal employment

3.PROFESION:- A profession is a vocation or occupation that involves specialized education, training, and expertise in a particular field. It often requires formal qualifications such as degrees or certification and practitioners are expected to apply their specialized knowledge to serve the needs of client, customer or public. Examples medicine, law, engineering , teaching, accounting etc.

(ii) SECTORS OF ECONOMIC ACTIVITY:-

• Primary:-it involves the extraction of raw materials from the earth, such as

  agriculture, forestry, fishing, mining

• Secondary sector :- it involves the process of raw materials into finished goods.

  This sector includes manufacturing and construction

• Tertiary sector:- also known as service sector, it in volves providing services to consumers and business, examples include retail, education, healthcare, entertainment

Q9
(i) STARTUP INDIA:- it’s a programme of government of India with a major aim of building a sector ecosystem which is favorable for the growth of start-up business.it gives sustainable
economic growth leading to large scale opportunities for employment
Action plan of start-up India:-

• Simplification and land holding

• Funding support and incentives

• Industry – academia partnership and incubation

  INCUBATOR

  Incubator basically is an organization which shows the part to the start-up companies to speed up their growth and success.

  (ii)
  Bases Departmentation :

  1. Functional:- department are formed based on the primary functions or activities performed with in the organization

  Example:- department like finance , marketing, production and human resources represent different functions

  2. Product:- department are created based on the different products or product lines offered by the organization

  Example:- if company produces both electronics and clothing there might be separate department for each product line

  3. Territory:- department organized based on the geographical locations or areas served by the organization

  Example:- companies operating in multiple regions or countries may have departments for each geographical area

  4. Customers:- department structured around different type of customers or customer segment

  Example:- a business might have separate departments for retail customers, wholesale customers or government clients

  5. Process:- department formed based on the specific process or stage of product Example:-in manufacturing this could involve departments for design , assembly, quality control etc.