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Pratham Bhai 7 years, 2 months ago
Posted by Khushi Sancheti 7 years, 2 months ago
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Gaurav Seth 7 years, 2 months ago
| Meaning | Authority refers to the power or right, attached to a particular job or designation, to give orders, enforce rules, make decisions and exact compliance. | Responsibility denotes duty or obligation to undertake or accomplish a task successfully, assigned by the senior or established by one's own commitment or circumstances. |
| What is it? | Legal right to issue orders. | Corollary of authority. |
| Results from | Formal positon in an organization | Superior-subordinate relationship |
| Task of manager | Delegation of authority | Assumption of responsibility |
| Requires | Ability to give orders. | Ability to follow orders. |
| Flow | Downward | Upward |
| Objective | To make decisions and implement it. | To execute duties, assigned by superior. |
| Duration | Continues for long period. | Ends, as soon as the task is accomplished. |
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Yogita Ingle 7 years, 2 months ago
| Delegation | Decentralization |
| Delegation means handing over an authority from one person of high level to the person of low level. | Decentralization is the final outcome achieved, when the delegation of authority is performed systematically and repeatedly to the lowest level. |
| It is technique of management | It is philosophy of management. |
| Superiors are accountable for the acts done by subordinates. | Department heads are accountable for the acts of the concerned department. |
| The ultimate control is the hands of superior. | The overall control vests with top management and delegates authority for day to day control to departmental heads. |
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Syed Khabib 7 years, 2 months ago
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Syed Khabib 7 years, 2 months ago
Posted by Riya Singh 7 years, 2 months ago
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Gaurav Seth 7 years, 2 months ago
| 1. The demand for consumer goods is a 'direct demand'. | The demand for industrial goods is a 'derived demand'. It is derived from the demand for consumer goods, which are made using the industrial goods. |
| 2. The number of buyers is large. | Industrial goods have only limited number of buyers. |
| 3. The demand for consumer goods is elastic. | Industrial goods have relatively inelastic demand. |
| 4. The buyers are found scattered in different parts of the country / world. | The buyers are found to be concentrating in certain regions only. For example, the buyers of raw cotton, who are the cotton textile mill owners, are found in and around Coimbatore in Tami lnadu. |
| 5. Each purchase will generally be of small value. | Each purchase involves a very high amount (in money terms). |
| 6. These goods are not technically complicated. | Industrial goods are technically complicated. Such goods cannot be assessed by an ordinary buyer |
| 7. Buying is much influenced by emotions. | Buying cannot be influenced by emotions. |
| 8. Any individual can undertake buying. | Here, buying is always a group process. Finance experts, engineers, accountants and others will have to work together before taking the purchase decision. |
| 9. After-sale service is important in the case of consumer durables. | After-sale service is of paramount importance in the case of all industrial goods. |
| 10. There are a number of middlemen in the market. | The manufacturers of industrial goods supply directly to their customers. |
| 11. A buyer of consumer goods may not have thorough knowledge of the goods he buys and uses. | A buyer of industrial goods must have complete knowledge of the goods he buys and uses. |
| 12. The reputation of the seller or manufacturer may not always be given importance in buying consumer goods. | The reputation of the manufacturer is always important in buying industrial goods. |
Posted by Nikhil Choubey 7 years, 2 months ago
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Gaurav Seth 7 years, 2 months ago
The secondary market is also known as the stock market or stock exchange or SHARE MARKET. It is a market for the purchase and sale of existing securities. It helps existing investors to disinvest and fresh investors to enter the market. It also provides liquidity and marketability to existing securities.
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