Globalization means the integration of one economy with the world economy and entire world is treated as one market. In other words, when economy of a country is linked with the economies of other countries for the purpose of trade and free mobility of capital and labour etc. it is known as Globalisation.

1. Management is a Goal Oriented Process: No goal in the hand-no need of management. In other words, we need management when we have some goals to be achieved. A manager on the basis of his knowledge and experience tries to achieve the goals which are already decided. Hence, nothing is wrong to say that management is a goal oriented process.
2. Management is all Pervasive: Anything minus management is nothing or zero. Here, by anything we mean all types of activities-business and non-business. If we deduct management out of these activities, the result will be failure or zero. It means management is necessary to conduct any type of activities. Hence, it is pervasive or universal.
3. Management is a Group Activity: It means that it is not a single person who con-summates all the activities of an organisation but it is always a group of persons (Managers).Hence, management is a group effort.
4. Management is an Intangible Force: Management is that power which cannot be seen. It can only be felt. If any organisation is heading toward higher levels of achievement, it signifies an existence of good management and vice-versa.
5. Management is based on some principles which are dynamic:Principles of management are changing according to the changing business environment. For the reason that environment is dynamic, many old principles have been replaced by new ones. 

Coordination is a function that is inherent and pervasive. Coordination is not a separate function of management. It is the essence of management. Coordination is needed to perform all the functions of management They are:

1. Coordination in planning: In planning, coordination is needed
   1. As a top-level plan to the whole organization and its synchronization overall plan of the organization with all the departments. 
   2. Between objectives and available physical and human resources, e.g, coordination between the production department and sales department targets to complete the overall objective of the organization.
2. Coordination in organizing: In organizing, coordination is required
   1. Between the resources of an organization and activities to be performed according to the plan of top-level management.
   2. Among authority, responsibility, and accountability, e.g. if a supervisor is given responsibility to get the work done, he should also be given the authority to divide the work among his subordinates as per the requirement of the organization.
3. Coordination in staffing: In staffing, coordination is needed
   1. Between the skills of the workers and the jobs assigned to them as it should be given to them according to their skills, e.g. a Chartered Accountant should be given work of financial nature.
   2. Between the efficiency of the workers and the compensation paid them as an efficient worker awarded with incentives and inefficient by the rules of an organistaion.
4. Coordination in directing: In directing, coordination is required
   1. Among orders, instructions, guidelines, and suggestions given by top level to middle level.
   2. Between superiors and subordinates. e.g. a manager instructs the subordinates, motivates, inspire also supervises them for their work.
5. Coordination in controlling: In controlling, coordination is required
   1. To check the deviation between the standard and the actual performance.
   2. Between correction of deviations and achievement of objectives, e.g. If production target for workers is set as 80 units per hour, while they are able to produce only 60 units per hour, then there is a need to coordinate the plans with actual performance.
      Thus, coordination makes planning more purposeful, organization well-knit and control more effective. It is the key to the success of management as a thread work in a garland its work in management.
6. Coordination is the essence of management: Management function revolves around making, arranging things, moving things in an organization in relation to the overall objective of the organisation. It is the most important function of an organization Thus, coordination can be considered as the core function of management as it binds all the function towards the goal of the organization and ensures that all the factors in the business work together smoothly.

Strategy is a comprehensive plan for accomplishing organizational objectives. It includes three dimensions:
A. Determining long-term objectives
B. Adopting a particular course of action, and
C. Allocating resources necessary to achieve the objective.
Whenever a strategy is formulated, the business environment needs to be taken in consideration. The changes in the economic, political, social, legal and technological environment of an organisation will affect an organisation’s strategy.
Major strategic decisions will include decisions like whether the organisation will continue to be in the same line of business, or combine new lines of activity with the existing business or seek to acquire a dominant position in the same market.

• The Act applies to all goods and services unless specially exempted by Union Government
• It covers all sectors – public, private or cooperative
• Provisions of the Act are compensatory in nature
• It enshrines all consumers rights - to choose, to be heard, to be informed, to safety, education and redressal (CHISER)
• It empowers consumers seeking discontinuance of trader’s malpractices, defective goods, service deficiencies or withdrawal of hazardous goods from the market.

Financial Incentives - Financial incentives refer to direct monetary incentives offered to the employees to motivate or reward people for better performance. The following are some of the financial incentives used in the organisations. 

i. Salary and Allowances: In every organisation salary and allowances given to the employees forms the basic form of financial incentive. Regular raise in salaries and grant of allowances acts as a motivation for the employees.
ii. Performance Based Incentives: Often organisation offer monetary rewards for good performance. This induces the workers to improve their efficiency and performance.
iii. Bonus: Bonus refers to the extra reward over and above the basic salary. It can take the form as cash, gifts, paid vacations, etc. For example, some organisations grant bonus during festival times such as Diwali bonus.
iv. Stock Option: Under this incentive scheme, the employee is offered the shares of the company at a price lower than the market price. This instils a feeling of ownership and belongingness in the employee and urges him to contribute towards the goals of the organisation.
v. Sharing of Profit: Herein, the organisation shares a portion of the profit with its employees. This encourages the workers to contribute actively towards the growth of the organisation.
vi. Retirements Benefits: Many organisations offer certain retirement benefits to its employees such as pensions, gratuity, provident fund, etc. This provides a sense of security and stability to the employees.
vii. Fringe Benefits: Besides the basic salary an organisation may offer certain additional advantages also to its employees such as housing allowance, medical allowance, etc.

Non Financial Incentives - Non-financial incentives refer to those incentives that focus on non-monetary needs of the employees such as the social and psychological needs. The following are some of the non- financial incentives used in the organisations.

i. Position: Rise in status in terms of power, authority, responsibility provides a psychological boost to the employees. For example, a promotion may satisfy the esteem and self actualisation needs of an individual.
ii. Organisational Characteristics: Certain characteristics such as employee freedom, recognition of performance, incentives and rewards play an important role in influencing the behaviour of the employees. For example, if the employees get due recognition for their performance, it encourages them to work more efficiently.
iii. Work Enrichment: Often, a challenging work endowed with greater responsibility and requiring higher knowledge and skill enhances the interest of the employee. It provides the employee prospects for personal growth. Thus, it proves to be a good source of motivation for him.
iv. Career Opportunities: If the organisation is endowed with appropriate growth and career opportunities for its employees, it strives then to perform better and thereby, climb the professional ladder.
v. Job Security: An employee should have a certain extent of security regarding his association with the organisation. Constant fear of losing the job hampers their efficiency. However, a complete security can also result in loss of interest in work.
vi. Involvement: If an organisation allows the participation of the employees in the policy and decision making matters, then it instils a feeling of belongingness in them and motivates them to work towards the organisational goals.

1. Efficiency means doing the things right whereas Effectiveness is about doing the right things.
2. Efficiency focuses on the process or ‘means’ whereas Effectiveness focuses on the end.
3. Efficiency is restricted to the present state whereas effectiveness involves thinking long term.
4. Organizations have to be both effective and efficient in order to be successful.