What is Law Law is a social science grows and develops with the growth and development of society. New developments in society create new problems and law is required to deal with those problems. According dictionary definition of Law, it means a rule established by authority …
What is Organizing Function of Management The organizing function of management is concerned with combining people, work to be done, and physical resources into a meaningful relationship to achieve organizational goals. No planning can succeed unless a framework of activities (necessary for the accomplishment of objectives) …
What is Price Discrimination It is Price discrimination when a company charges different price to different consumers for similar products and service, for reasons not related with differences in cost. It should be keep in mind that charging different prices for the associated products or services …
What is Planning Function of Management Planning function of management involves selecting missions and objectives and the action to achieve them; it requires decision-making that is, choosing from alternative future courses of action. It bridges the gap from where to where we want to go. Thus …
What is Power Power is a capacity or potential that a person A has to influence the behavior of another person B that B does things he or she would not otherwise do. It is a function of dependence, the greater B’s dependence on A, the …
What is Informal Organization Informal organization is regarded as any joint personal activity without conscious joint purpose even though possibly contributing to joint results. Thus all manner of groups fall within the sphere of informal organization. In the informal organization, people work together because of their …
What is Formal Organization The formal organization is basically goal-oriented entity that exist to accurate the efforts of individuals and it refers to the structure of jobs and positions with clearly defined functions, responsibilities and authorities. Definition of Formal Organization According to Chester Banard “an organization …
