Description

Internal Assignment-BCOM102 BUSINESS ORGANIZATION AND MANAGEMENT

 

1. Explain the advantages and disadvantages of Sole Proprietorship form of Business Organisation.

Ans: Sole Proprietorship: Advantages and Disadvantages

A Sole Proprietorship is the simplest and most common form of business ownership, where a single individual owns, operates, and controls the business. This form of business organization is particularly popular for small-scale enterprises and start-ups.

Below are the advantages and disadvantages of a sole proprietorship:-

Advantages of Sole

 

 

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2. Explain the term Business Ethics. Discuss the responsibilities of Business towards its various stakeholders.

Ans: Business Ethics: Definition

Business Ethics refers to the principles and standards that guide behaviour in the world of business. It involves making decisions that are morally and socially responsible while balancing the pursuit of profits with the interests of stakeholders. Business ethics emphasizes fairness, honesty, integrity, and respect for all individuals and the environment.

Responsibilities of Business towards

 

 

3. What do you understand by Partnership agreement? Discuss the salient features or characteristics of Partnership firm.

Ans: Partnership Agreement: Definition

A partnership agreement is a legally binding document that outlines the terms and conditions governing the relationship between partners in a partnership firm. It serves as a blueprint for the partnership’s operation, detailing each partner’s rights, duties, responsibilities, and share of profits and losse

 

4. Explain the planning function of Management. Also discuss the steps involved in planning function or the planning process.

 

Ans: Planning Function of Management:

Planning is the primary function of management that involves setting objectives, determining the strategies to achieve them, and devising a detailed course of action. It is the foundation upon which all other management functions—such as organizing, leading, and controlling—are built. Planning is essential because it helps businesses to anticipate potential challenges, allocate resources effectively,

 

 

5. Discuss Maslow’s Need Hierarchy Theory in detail.

Ans: Maslow’s Hierarchy of Needs Theory:

Abraham Maslow proposed the Hierarchy of Needs Theory in 1943, which is one of the most well-known theories in the field of human motivation. Maslow believed that humans have a set of innate needs that must be fulfilled in a specific sequence, starting from the most basic physiological needs and

 

 

6. ‘Communication is one of the most important aspects of Directing.’ Justify. What are the key elements in Communication Process?

Ans:

Communication as an Important Aspect of Directing:

Directing is one of the key functions of management, involving guiding, motivating, and overseeing employees to achieve organizational goals. Communication plays a crucial role in this function because it is the means through which managers convey instructions, goals, feedback, and