Chapter 1 | Two Gentlemen of Verona (Part 2) | Class X | By Manisha Ane...

English Fiction Class 10 Chapter 1 Two Gentlemen of Verona Part 2

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Chapter 1 | Two Gentlemen of Verona (Part 1) | Class X | By Manisha Ane...

English Fiction Class 10 Chapter 1 Two Gentlemen of Verona Part 1

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Tarun Aneja Classes - Introduction

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#3 Business Environment Video | For Class XII CBSE and above

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Business Environment Lecture #3

Business Environment #3 Tarun Aneja Classes

Since independence, India followed the mixed economy framework by combining the advantages of the market economic system with those of the planned economic system. On July 24, 1991, India instituted a series of ongoing economic reforms, which is now known as the New Economic Reforms of 1991.

Main Objectives of New Economic Policy – 1991, July 24  by the union Finance Minister Dr. Manmohan Singh

1.       Higher economic growth and standard of living

2.       Remove imbalances in BoP statement

3.       Remove the unnecessary restrictions of the government.(Liberlisation)

4.       Creates consumerism

5.       To permit the international flow of goods,services,capital human resources and technology into our country.(Globalisation)

6.       To increase the participation of private players in all sectors of the economy.(Privatisation)

Branches of New Economic Policy

Liberlisation:- Removing the unnecessary restrictions and government controls.

It includes:-

·         Increase in the investment limit for the small scale industries(SSI):-Investment in the small scale industries has been raised upto Rs.1Crore. So these companies can upgrade their machinery and improve their efficiency.

·         Freedom from licensing system.

·         Simplification of tax systems for better compliance of tax payments.

·         Reduction in tax rates.

·         Freedom to fixing up the prices of goods and services

·         Freedom to import capital goods

Privatisation:- It means to permitting the private sector to set up industries which was previously reserved for the public sector only. It can be adopted by two ways: A.) Selling the part of PSU stakes to the private sector (Disinvestment) & B.) Closing down the operation of sick undertakings which were came under public sector.

Globalisation:- Integration of our economy with the line of world of economy. It involves the free movement of goods and services, capital, technological know-how and many more such things.

Impact of Government policy changes on business and industries:-

1.        Increased Consumerism:- With the introduction of economic reforms since 1991 a large variety of goods and services are now available to the Indian consumers which increases competitive environment.

2.        Creates Global market:- Growing global markets in services. People can now execute trade services globally -- from  medical advice to  software  writing  to  data  processing  ,  that  could  never  really  be  traded  before.

3.        Efficient technology innovation:- It provide us the world class technological advancement so that our country’s business will grow faster.

4.        More demanding consumers:- Now-a-days customers are more demanding because they are well informed about the market info.

5.        Increased competition:- Due to increase in the number of industries in private sector, competition amongst them is also increases.

6.        Only the bestest will survive:- Thanks to the LPG policy, that the support for financing the public sector expenditure has declined. 

#2 Business Environment~Dimensions of Business Environment

Dimensions or Components of Business Environment

1.       Economical Environment

2.       Social Environment

3.       Political Environment

4.       Legal Environment

5.       Technological Environment

Economic Environment

It includes factors such as

a.)    GDP and its related aggregates:- GDP or gross domestic product means the value of goods and services produced within an accounting year. Rise in GDP means rise in the level of disposable income and which is a good sign for business enterprises.

b.)    Per Capita Income:- Per capita income is a ratio of the amount of all region's income divided by its population. Higher per capita income of a particular region means the region’s population is prosperous and lower per capita income means that standard of living of that region is low. Thus it brings about the idea that which region will target first by the business.

c.)     Inflation:- Higher inflation means more constraints on the business enterprises because it increases the value of raw materials, labour and other important factors which is not a good sign for any business.

d.)   
Stock market conditions:- Stock market conditions may be categorised into two parts Bull market and bearish market. Bull market means that market is at its boom and growing day by day and bearish market is like a dull and stagnant situation of a market. Mostly bull market is a good sign for any business.

e.)    Stage of Economic Phase:- It includes like phases like early expansions peak slowing into recession recovery etc.

Social Environment

·         Customs and traditions of the society:- various kind of festivals like Holi, Diwali, Eid, Christmas etc. All are the part of our country’s tradition and customs. This will brings a great opportunity for greeting card companies, sweets or confectionaries manufactures and many other related businesses.

·         Standard of living:- A very high standard people can easily spend their money on various things as compared to those who are just earning their bread and butter.

·         Taste and preference:- Social trends has been changed tremendously. Now people are aware about the benefits of gym, health and fitness kinds of stuff. So it increases the demand of gyms, health related high nutrient supplement food, mineral water etc. and also decreases the demand of tobacco products and liquor.

·         Expectations of the society:- Changing in the social trend of business will create various opportunities for businesses and also creates threats for the businesses at the same time.

Political Environment

v  Government attitude towards business:- 

v  Stability or instability of government

v  Peace

Government attitude towards business:- Government creates rules and policies under which various business groups will sustain and grow. Thus, the positive side of government towards the business groups will likely to be the favourable impacts on businesses.

Stability of Government:- Business operates according to the forecast of near future and leaders of business houses hates instability of these factors, such as frequent strikes, social unrest and  chaos as their operations would be hit adversely due to these factors. It can be seen most of the time that these factors usually come up with the frequent change in the government.

 Peace:- Businesses will grow much faster in the peaceful environment where there is less chances of strikes, lockouts etc.

Legal Environment: The Law of land is the supreme power. Every business house must fulfil the conditions of law for the successful working of organisation. It includes various laws passed by the legislative assembly, orders made by the concerned authorities, various case judgements, etc.

Few examples of legal environment:

1.       Statutory warning on cigarettes pack- ‘Cigarette smoking is injurious to health’ is due to the  anti-smoking law.

2.       Same warning is also given on the packing of alcohol.

Technological Environment:-Every businessman must constantly watch the new upcoming technology related to his business. It helps him to facing the competition and creates innovation into the business.

1.       Smart TVs in place of LED and LCD

2.       Remote control Fans in place of ordinary fans

3.       Smart watches in place of ordinary watches

4.       Use of digital mode of payments in place of traditional mode of cash or cheque such as wallets and BHIM app.

5.       Work through the websites such as www.tarunaneja.com

#1 Business Environment,Meaning,Feature& its Importance

Business Environment Lecture #1

Meaning, Features and its Importance

Meaning:- Business Environment as such is the total of all external forces which affects the organisation and its various operations.

Features:- 1. Totality of External Factors:-Business Environment includes all external factors such as political, economical, legal and technical factors. So, it is aggregative in nature. 2. Specific and General Forces:- It also includes both specific as well as general forces of environment. Specific forces such as customer base, suppliers, investors which affects business directly & general forces such as political change or economic changes impacts business generally to all. 3. Inter Relatedness:- All those above stated forces are inter-related. These forces can’t be explained in isolation. 4. Dynamic In nature:-Business environment is dynamic in nature. It keeps on changing eg. Technological or political change. 5. Uncertainty:- Business Environment are uncertain in nature. It is difficult to predict the changes accurately. 6. Complexity:- Business environment is difficult to understand due to its complex nature.
Importance:- 1. Environment provides Opportunity:- After the thorough understanding of environment , it provides the various opportunity for businesses. 2. Threats and Warnings:- It provides the early warning signals about various future threats. 3. Helps in successful Implementation of planning :- Proper Implementation of planning can be easily done after analysing the environment factors. 4. Creates Dynamic Environment:- It helps to create the dynamic environment in an organisation which further helps the organisation to cope up with the rapid changes into the organisation. 5. Provides useful Insights about the organisation :- It helps to provide the useful information about the internal matters of the organisation. 6. Tapping useful resources:- Those resources which can’t be tap by someone, can easily be found after the proper analysis of environment. 7. Improves work Performance:- It helps to improve the work performance into the organisation after the scanning of various aspects of businesses on regular basis. Please take a moment to Like, Subscribe, and Comment on this video! View Our Channel To See More Helpful Videos - www.youtube.com/tarunanejaclasses

Scientific Management (Principles and Techniques) given by FW Taylor !

After watching this video you will be able to understand the following contents :-
Scientific Management Principles :

1.Science, not rule of thumb
2.Harmony not discord
3.Cooperation, not individualism
4.Development of each and every person to his/her greatest efficiency and prosperity.

Scientific Management Techniques :

1. Functional Foremanship
2. Standardisation and Simplification of work
3. Work study( which includes-Fatigue, Time, Motion & Method study)
4. Differential piece wage system.



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