Advertisement A firm is a social institution. Its very existence is dependent upon its harmonious relationships with various segments of the society. This harmonious relationship emanates from the firm’s positive responsiveness to the various segments and its closely associated with the tasks a manager is expected to perform....
The manager must always remember that the customer comes first. The starting point for the business firm is an understanding of the needs of the customer, and the firm’s foremost responsibility is towards the customer. A firm’s responsibility towards its customer is in terms of ensuring that the...
Except in the case of a proprietorship firm where the capital is fully contributed by the proprietor, in all other companies, capital is collected from a variety of sources. The sources may be friends and relatives of the owners, financial institutions and, fn case of public limited companies, individual...
Your employees are your most important resource. Their hard work, ingenuity, loyalty and dedication are critical contributions to the success of your firm. In return, you have to ensure that you are giving them a fair deal in terms of wages and salaries, and compliance with the statutory...
Responsibility towards your suppliers emanates from the fact that their survival and growth (partly or wholly) is dependent upon your survival-and growth. Suppliers provide you the raw materials, components and parts necessary for the production of your products. You are dependent upon your suppliers for regular, timely supplies of...
Distributors and retailers are the link between the firm and the actual customers who consume the product. In your capacity as a manager you are responsible for ensuring regular supplies to your distributors. Persistent delays in processing and supplying distributor’s order can lead to a situation where the...
Companies increasingly compete for market share and mindshare in all corners of the world. Having a strong and favourable reputation with consumers plays a critical role in helping a company to differentiate itself from its rivals. So here is a list of one of the most reputed...
PERSON Definition : “Person” includes – 1) An individual 2) A Hindu Undivided Family 3) A company 4) A firm (including a Limited Liability Partnership) 5) An association of persons or a body of individuals, whether incorporated or not. (E.g. Co-op Soc etc) 6) A local authority (Eg. Municipal...
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