middle level of management

Main means of consumer protection are as under 
1. Self Regulation by Business: Every firm insists to have a strong consumer base which means that more and still more people should buy their products. This is possible only when the consumers are fully satisfied with the products of the firm. Many firms have set up their customer service and grievance cells to redress the problems and grievances of their consumers.
2 Business Associations: Business associations prepare a code of conduct for businessmen It is laid down in the code of conduct as to how businessmen are expected to behave with the consumers. For example, the Federation of Indian Chambers of Commerce and Industries (FICCI) and the Confederation of Indian Industries (CII) have proposed their code of conduct which governs the attitude of their members towards consumers.
3. Consumer Awareness: As an important means of consumer protection, consumer should protect himself. He should be alert in the matter of his rights. Alert consumer alone can demand his rights from the sellers. Thus, the consumer himself must know his rights and raise voice against unfair practices of the sellers.
4 Consumer Organisations: Consumer organizations play an important role in educating consumers about their rights and providing protection to them. These organizations can force business firms to avoid malpractices and exploitation of consumers.
5. Government: Interests of the consumers are protected by the government by enacting various legislations. Consumer Protection Act 1986 is an important legislation by the government to provide protection to the affected consumer. This Act provides for a three tier machinery.

Principles of Management

Principles of management are broad and general guidelines for managerial decision making and behavior (i.e. they guide the practice of management).

Nature of Principles of Management

The nature of principles of management can be described in the following points:

1. Universal applicability i.e. they can be applied in all types of organizations, business as well as non-business, small as well as large enterprises.

2. General Guidelines: They are general guidelines to action and decision making however they do not provide readymade solutions as the business environment is ever changing or dynamic.

3. Formed by practice and experimentation: They are developed after thorough research work on the basis of experiences of managers.

4. Flexible: Which can be adapted and modified by the practicing managers as per the demands of the situations as they are man-made principles.

5. Mainly Behavioural: Since the principles aim at influencing complex human behaviour they are behavioural in nature.

6. Cause and Effect relationship: They intend to establish relationship between cause & effect so that they can be used in similar situations.

7. Contingent: Their applicability depends upon the prevailing situation at a particular point of time. According to Terry, “Management principles are ‘capsules’ of selected management wisdom to be used carefully and discretely”.

The 1991 Indian economic crisis was an economic crisis in India that resulted from poor economic policies and the resulting trade deficits. ... By the end of 1990, in the run-up to the Gulf War, the dire situation meant that the Indian foreign exchange reserves could have barely financed three weeks' worth of imports. The New Industrial Policy established in 1991 sought substantially to deregulate industry so as to promote growth of a more efficient and competitive industrial economy. The central elements of industrial policy reforms were as follows: Industrial licensing was abolished for all projects except in 18 industries.

a. The principles of management provide the managers with useful insights into real life situations. The principles add manager’s knowledge, ability and understanding of managerial situations and circumstances which helps them to solve problems quickly and increase managerial efficiency.
b. Management principles help in thoughtful decision-making. They are based on logic rather than blind faith. Management decisions taken on the basis of principles are free from bias and prejudice. They are based on the objective assessment of the situation.

Rule of thumb

Principle of Taylor is referred in the given case is  'Rule of thumb'

There are three different business-level strategies: (1) cost leadership, (2) differentiation, and (3) integrated cost leadership and differentiation. All three of these business-level strategies involve choices related to differentiation and cost leadership. The three dimensions of changesare: the scope of change, the level of change and the intentionality of change.

Explanation:

• The principles of management are used for creating situations that relate between the cause and effect situations which can be used in different situations and cases. The main focus of the cause and effect relationship is to have situations which would be similar for the the kind of effect expected.
• This is not possible since the managerial situations and environment can be different in some circumstances, so there cannot be the same cause and effect situations in these cases. This is because human behavior are different in situations with people where  they cannot be compared for establishing the cause and effect.
• The management principles are helpful to the management in creating a better understanding of human behavior also for influencing the behavior of the people. These principles are needed for achieving the goals of the organisation

1. The level of the nearness of the actual result with planned result is Effectiveness.
2.Effectiveness is ‘to do perfect things’.
3.The long run is the point of view of Effectiveness.
4. Efficiency is yield-oriented. Unlike Effectiveness, which is result oriented.
5.  Effectiveness of strategies is measured which are made by the organisation.

The capital invested in current or working assets such as stock of materials and finished goods, accounts receivable, bills receivable, short-term securities and cash or bank balance for meeting day-to-day expenses is known as working capital or current capital.
It represents investment for a short period. The term ‘working capital’ is used in two senses, namely gross working capital and net working capital.
(i) Gross working capital It is the total value of current assets… The amount of gross working capital indicates the total funds available for financing the current assets. It is a quantitative concept, which fails to reveal the true financial position of a company.
(ii) Net working capital It represents the excess of current assets over current liabilities. Net working capital is a qualitative concept and it reveals the soundness of current financial position. It shows a firm’s ability to meet its current obligations as they fall due for payment.

Economic growth refers to the growth of the economy in terms of real GDP. Expansion is the phase in the business cycle in which this economic growth is occurring.  

The costs of inflation means that the price level increases. This then reduces the purchasing power of a dollar and thus effectively lowers the incomes of households, since they can no longer purchase the same amount of stuff they once could with the same amount of money. It also causes erosion of personal savings, since the money is not worth as much any more.

An organisation consists of several departments who work together to achieve a common goal. If they do not work together the activities will not be carried out efficiently and effectively and the goal will not be accomplished. 

Hence, the values such as co-operation, co-ordination and work with the help of each other are essential for all departments to work together and achieve the objective.

1. Coordination integrates group efforts by integrating the activities performed by the individual towards a common direction. 

2. Coordination is a continuous function as it is never ending because manager works continuously to achieve coordination and maintain coordination because without it the organization cannot function efficiently. 

3. Coordination is an all pervasive function: Coordination is a universal function because it is required at all the levels of management, in all the departments and to perform all functions due to interdependence of various activities on each other. 

4. Coordination is a deliberate function as every manager tries to coordinate the activities of the organization to avoid confusion and chaos in the organization. 

5. Coordination is the responsibility of all managers and not just the top level management in an organisation. 

1. Coordination integrates group efforts by integrating the activities performed by the individual towards a common direction. 

2. Coordination is a continuous function as it is never ending because manager works continuously to achieve coordination and maintain coordination because without it the organization cannot function efficiently. 

3. Coordination is an all pervasive function: Coordination is a universal function because it is required at all the levels of management, in all the departments and to perform all functions due to interdependence of various activities on each other. 

4. Coordination is a deliberate function as every manager tries to coordinate the activities of the organization to avoid confusion and chaos in the organization. 

5. Coordination is the responsibility of all managers and not just the top level management in an organisation. 

Proper understanding of principles is the base of training, research, and development in the field of management. Management is taught on the basis of these principles which help the management institutes prepare future managers. These Principles help managers to take decisions and actions in the right manner. Originally identified by Henri Fayol as five elements, there are now four commonly accepted functions of management that encompass these necessary skills: planning, organizing, leading, and controlling.