BUSINESS ORGANISATIONAND

MANAGEMENT

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BUSINESS ORGANISATIONAND

MANAGEMENTA textbook for B.Com. Course of Indian Universities and

Professional Courses like CA, CWA, CS and otherequivalent Examinations

R.N. GUPTASenior Reader in Commerce

Shri Ram College of CommerceUniversity of Delhi

S. CHAND & COMPANY PVT. LTD.(An ISO 9001 : 2000 Company)

RAM NAGAR, NEW DELHI - 110 055

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Dedicated to my wifeNirmal

Who motivated meto undertake this Book Project

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Preface

The discipline of Business Organisation and Management is an integral part ofcommerce studies at the undergraduate level, in most of the Indian Universities. Also,institutes conducting professional examinations, like the Institute of CharteredAccountants, the Institute of Cost and Works Accountants, the Institute of CompanySecretaries and many management institutes have added a paper on Business Organisationand Management in their curriculum. As a matter of fact, commerce studies of any studentare rather incomplete without a knowledge of Business Organisation and Management.

The current industrial and commercial scenario characterised by intensively increasingcompetitive conditions, far reaching technological developments, and tendencies towardsliberalisation, globalisation and privatisation etc. call for most skilled and professionalknowledge of commercial concepts and modern management techniques to cope withthe demands of the situation.

Students of commerce, teachers of this discipline and researches, all alike, are requiredto have knowledge of new concepts and techniques emerging in the field of Business andManagement like E-commerce, M-commerce, Business Process Outsourcing (BPO),franchising, Network Marketing, Learning Organisation, Managements vis-a-vis strategicchange, knowledge and diversity etc. (to mention only a few of the latest development incommerce and management) for a better appreciation and understanding of the moderncommercial and industrial world, and for enabling themselves to reach upto commandingheights of growth and glory in modern societies of today.

The present book is a sincere attempt to expose commercial and managerial conceptsin a simple and logical style with a touch of originality to expression. In designing thecontents of the book, an attempt has been made to include such topics of businessorganisation and management as are maximally included in the syllabuses of BusinessOrganisation and Management paper prescribed for B. Com. students of the IndianUniversities. Besides, the contents of the book should prove to be useful to other studentsstudying this paper for various professional examinations, in the commerce stream.

The entire book is divided into two parts viz, business organisation and businessmanagement containing a framework of six units detailed out in forty-one chapters, in all.

Salient features of the book are :– Each chapter starts with a scheme of discussion wherein all the contents of the

chapter have been specified in a planned manner to help the reader grasp chaptercontents systematically and without confusion and overlapping of discussion.

– Sufficient number of charts, diagrams and comparative tables have been providedthroughout the book for converting complex discussions into interesting learningexercises.

(vii)

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– A special feature of the book is ‘at a glance tables’ throughout the book containingan enumeration of major headings described in an important discussion for a quickrevision of points, for examination purposes.

– Simple but comprehensive definitions of commercial and managerial concepts havebeen provided in an original style to impart maximum comprehension of typicalconcepts.

– Important ideas, sentences and definitions etc. have been printed in bold type, tomake readers’ attention concentrate on vital aspects of discussion, for gaining andretaining useful knowledge.

In a discipline like business organisation and management which is otherwise quitecomplex, one cannot claim perfection in exposing the concepts of this discipline.Imperfections could be noticeable in this piece of work, by esteemed readers. Suggestionsand criticisms for improvement of the text from all quarters are most welcome; and whichwill be gratefully acknowledged and suitably incorporated in subsequent editions of thebook.

The preface to the book will be incomplete without my expressing a great sense ofgratitude to Shri Ravindra Kumar Gupta, Managing Director & Chairman of S. Chand &Co. Ltd. for his very kind accord and permission to publish this book of mine. I am thankfulto Shri R. S. Saxena, Adviser and Shri Navin Joshi, General Manager (S&M) for supportingand recommending my book project. Shri S. K. Bhatnager, Editor, S. Chand & Co. Ltd.deserves appreciation for his sincerity and efforts towards expediting the process of thepublication of the book.

Finally, I would thank the members of my family, my wife Nirmal Gupta, my childrenShalu, Shunali and Sagar and my son-in-law Vipin and my maternal grandson Cheeku,for their moral support while the book project was in the process of implementation; andfor creating a home environment conducive for undertaking this project and bearing withme the pains entailed in completing a project of this nature.

Delhi R.N. GUPTA

(viii)

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Contents

PART-I : BUSINESS ORGANISATION

Unit-I : Introductory (Foundation of Indian Business)1. Business and Spectrum of Business Activities 1-12

A broad classification of human activities. Concept and characteristics of business,profession and employment. A comparative account of business, profession andemployment. Spectrum of business activities. Industry types. Commerce-trade andauxiliaries to trade. Interrelationship among industry, commerce and trade.Manufacturing and service sectors in India.

2. Business System and Environment 13-22Business system—Introductory observations, Concept of System and classificationof systems. Working of an open system. Features of business System. Sub-Systemsof business system. Business system as a part of economic system. Evaluation ofsystem’s approach. Environment-Introductory observations. External environmentalanalysis. Areas of interaction between business and its environment. Importance ofthe study of business environment. Managerial response to changes in businessenvironment.

3. Objectives of Business, Social Responsibility and Ethics 23-32Objectives of business—introductory observations. Objectives of business. Roleof Profits in business. Social responsibilities of business—introductoryobservations. Concept of social responsibilities defined. Case for socialresponsibilities. Specific social responsibilities. Business ethics—concept of ethics.Concept of business ethics. Ethics vs. law.

4. Economic Policy of Liberalisation (Embracing globalisation and privalisation) 33-39General obsenations. Policy of liberalisation major elements. Policy ofglobalisation—introductory observations. Globalisation in India. Review ofglobalisation policy. Policy of privatisation—introductory observations. Conceptof privatisation. Variations of privatisation. Privatisation in India. Concludingobservations.

5. Multinational Corporations and Indian Transnationals 40-45Meaning of multinational companies (MNCs) Features of MNCs. Advantages andlimitations of MNCs. Indian Transnational Corporations.

6. Business Combinations 46-54Introduction and concept of Business combinations. Forms of combinations. —Types of combinations Economics of combinations—advantages and limitations.

Unit-II : Entrepreneurial Opportunities in Contemporary Business Environment7. New Concepts in Marketing–Network Marketing and Franchising 55-59

Network marketing—Concept of network marketing. Advantages and limitations ofnetwork marketing. Franchising—introductory observations. Meaning and featuresof franchise. Merits and limitations of franchise.

(ix)

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