The courses in Business Studies and Accountancy are introduced at + 2 stage of Senior Secondary Education as formal commerce education is provided after first ten years of schooling. Therefore, it becomes necessary that instructions in these subjects are given in such a manner that students have a good understanding of the principles and practices bearing in business (trade and industry) as well as their relationship with the society.
Business is a dynamic process that brings together technology, natural resources and human initiative in a constantly changing global environment. To understand the framework in which a business operates, a detailed study of the organisation and management of business processes and its interaction with the environment is required.
Globalisation has changed the way organizations transact their business.
Information Technology is becoming a part of business operations in more and more organisations. Computerised systems are fast replacing other systems. E-business and other related concepts are picking up fast which need to be emphasized in the curriculum.
The course in Business Studies prepares students to analyse, manage, evaluate and respond to changes which affect business. It provides a way of looking at and interacting with the business environment. It recognizes the fact that business influences and is influenced by social, political, legal and economic forces.
Objectives:
- To inculcate business attitude and develop skills among students to pursue higher education, world of work including self employment.
- To develop students with an understanding of the processes of business and its environment;
- To acquaint students with the dynamic nature and inter-dependent aspects of business;
- To develop an interest in the theory and practice of business, trade and industry;
- To familiarize students with theoretical foundations of the process of organizing and managing the operations of a business firm;
- To help students appreciate the economic and social significance of business activity and the social cost and benefits arising there from;
- To acquaint students with the practice of managing the operations and resources of business;
- To enable students to act more effectively and responsibly as consumers, employers, employees and citizens;
COURSE STRUCTURE :
Unit Title Marks
Part A :Principles and Functions of Management
1. Nature and Significance of Management
2. Principles of Management 16
3. Business Environment
4. Planning 14
5. Organising
6. Staffing
7. Directing 20
8. Controlling
Part B: Business Finance and Marketing
9. Financial Management 15
10. Financial Markets
11. Marketing Management 15
12. Consumer Protection
Part A: Principles and Functions of Management
Unit 1: Nature and Significance of Management
• Management - concept, objectives, and importance
• Management as Science, Art and Profession
• Levels of Management
• Management functions-planning, organizing, staffing, directing and controlling
• Coordination- concept and importance
After going through this unit, the student/ learner would be able to:
• Understand the concept of management.
• Explain the meaning of ‘Effectiveness and Efficiency.
• Discuss the objectives of management.
• Describe the importance of management.
• Examine the nature of management as a science, art and profession.
• Understand the role of top, middle and lower levels of management
• Explain the functions of management
• Discuss the concept and characteristics of coordination.
Unit 2: Principles of Management
• Principles of Management- concept and significance
• Fayol’s principles of management
• Taylor’s Scientific management- principles and techniques
After going through this unit, the student/ learner would be able to:
• Understand the concept of principles of management.
• Explain the significance of management principles.
• Discuss the principles of management developed by Fayol.
• Explain the principles and techniques of ‘Scientific Management’.
• Compare the contributions of Fayol and Taylor
Unit 3: Business Environment
• Business Environment- concept and importance
• Dimensions of Business Environment- Economic, Social, Technological, Political and Legal Demonetization - concept and features
• Impact of Government policy changes on business with special reference to liberalization, privatization and globalization in India
After going through this unit, the student/ learner would be able to:
• Understand the concept of ‘Business Environment’.
• Describe the importance of business environment
• Describe the various dimensions of ‘Business Environment’.
• Understand the concept of demonetization
• Examine the impact of government policy changes on business in India with reference to liberalisation, privatization and globalisation since 1991.
Unit 4: Planning
• Concept, importance and limitation
• Planning process
• Single use and standing plans. Objectives, Strategy, Policy, Procedure, method Rule, budget and Programme
After going through this unit, the student/ learner would be able to:
• Understand the concept of planning.
• Describe the importance of planning.
• Understand the limitations of planning.
• Describe the steps in the process of planning.
• Develop an understanding of single use and standing plans
Unit 5: Organising
• Concept and importance
• Organising Process
• Structure of organisation- functional and divisional concept. Formal and informal organisation- concept
• Delegation: concept, elements and importance
• Decentralization: concept and importance
After going through this unit, the student/ learner would be able to:
• Understand the concept of organizing as a structure and as a process.
• Explain the importance of organising.
• Describe the steps in the process of organizing
• Describe functional and divisional structures of organisation
• Explain the advantages, disadvantages and suitability of functional and divisional structure.
• Understand the concept of formal and informal organisation.
• Discuss the advantages, disadvantages of formal and informal organisation.
• Understand the concept of delegation.
• Describe the elements of delegation.
Unit 6: Staffing
• Concept and importance of staffing
• Staffing as a part of Human Resource Management concept
• Staffing process
• Recruitment process
• Selection – process
• Training and Development - Concept and importance, Methods of training - on the job and off the job - vestibule training, apprenticeship training and internship training
After going through this unit, the student/ learner would be able to:
• Understand the concept of staffing.
• Explain the importance of staffing
• Understand the specialized duties and activities performed by Human Resource Management
• Describe the steps in the process of staffing
• Understand the meaning of recruitment.
• Discuss the sources of recruitment.
• Understand the meaning of selection
• Describe the steps involved in the process of selection.
• Appreciate the importance of training to the organisation and to the employees.
Unit 7: Directing
• Concept and importance
• Elements of Directing
• Motivation - concept, Maslow’s hierarchy of needs, Financial and non-financial incentives
• Leadership - concept, styles - authoritative, democratic and laissez faire
• Communication - concept, formal and informal communication; barriers to effective communication, how to overcome the barriers
After going through this unit, the student/ learner would be able to:
• Describe the concept of directing.
• Discuss the importance of directing
• Describe the various elements of directing
• Understand the concept of motivation.
• Develop an understanding of Maslow’s Hierarchy of needs.
• Discuss the various financial and non-financial incentives.
• Understand the concept of leadership.
• Understand the elements of the communication process.
• Suggest measures to overcome barriers to communication.
Unit 8: Controlling
• Controlling - Concept and importance
• Relationship between planning and controlling
• Steps in process of control
After going through this unit, the student/ learner would be able to:
• Understand the concept of controlling.
• Explain the importance of controlling.
• Describe the relationship between planning and controlling
• Discuss the steps in the process of controlling.
Part B: Business Finance and Marketing
Unit 9: Financial Management
• Concept, role and objectives of Financial Management.
• Financial decisions: investment, financing and dividend- Meaning and factors affecting
• Financial Planning - concept and importance
• Capital Structure – concept and factors affecting capital structure
• Fixed and Working Capital - Concept and factors affecting their requirements
After going through this unit, the student/ learner would be able to:
• Understand the concept of financial management.
• Explain the role of financial management in an organisation.
• Discuss the objectives of financial management
• Discuss the three financial decisions and the factors affecting them.
• Describe the concept of financial planning and its objectives.
• Explain the importance of financial planning.
• Describe the factors determining the choice of an appropriate capital structure of a company.
• Understand the concept of fixed and working capital.
Unit 10: Financial Markets
• Financial Markets: Concept, Functions and types
• Money market and its instruments
• Capital market and its types (primary and secondary), methods of floatation in the primary market
• Stock Exchange - Functions and trading procedure
• Securities and Exchange Board of India (SEBI) - objectives and functions
After going through this unit, the student/ learner would be able to:
• Understand the concept of financial market.
• Explain the functions of financial market.
• Understand capital market and money market as types of financial markets.
• Describe the various money market instruments.
• Discuss the concept of capital market.
• Give the meaning of a stock exchange.
• Discuss the trading procedure in a stock exchange.
• State the objectives of SEBI.
• Explain the functions of SEBI.
Unit 11: Marketing
• Marketing – Concept, functions and philosophies
• Marketing Mix – Concept and elements
• Product - branding, labelling and packaging – Concept
• Price - Concept, Factors determining price
• Physical Distribution – concept, components and channels of distribution
• Promotion – Concept and elements; Advertising, Personal Selling, Sales Promotion and Public Relations
After going through this unit, the student/ learner would be able to:
• Understand the concept of marketing.
• Explain the features of marketing.
• Discuss the functions of marketing.
• Explain the marketing philosophies.
• Understand the concept of marketing mix.
• Understand the concept of product as an element of marketing mix.
• Describe the factors determining price of a product.
• Explain the components of physical distribution.
• Describe the elements of promotion mix.
• Understand the concept of sales promotion.
• Discuss the concept of public relations.
Unit 12: Consumer Protection
• Concept and importance of consumer protection
• Consumer Protection Act 1986: Meaning of consumer Rights and responsibilities of consumers Who can file a complaint? Redressal machinery Remedies available
• Consumer awareness - Role of consumer organizations and Non-Governmental Organizations (NGOs)
After going through this unit, the student/ learner would be able to:
• Understand the concept of consumer protection.
• Describe the importance of consumer protection.
• Understand the concept of a consumer according to the Consumer protection Act 1986.
• Understand who can file a complaint and against whom?
• Examine the remedies available to the consumer under Consumer protection Act 1986.
• Describe the role of consumer organizations and NGOs in protecting consumers’ interests.