Business Studies-Acronym-Mnemonics-Short Cut for Remembering

Recommended Texts for XIIth Commerce (CBSE)

1.Accounts :- NCERT / D.K Goel / T.S Grewal/Vinesh Ultimate Book of Accountancy (XI & XII)

2.Business Studies :- NCERT/ Sandeep Garg/ Subhash Dey/ R.K Singla / Poonam Gandhi/Ruby Singh (Goyal Brothers)

Case Studies:- Alka Dhawan / Bulls Eye (ABD)- Dr Prashanth Vasudev, Neeru Sethi and Dr S Kannan

3. Economics:- NCERT / Sandeep Garg/ C.B Sachdeva / T.R Jain , V.K Ohri 

Statistics : - T.R Jain

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 Mnemonics Based on Chapter 1 - 

Nature and Characteristics of Management

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I Management Functions

POSt the CD  /  PODS CO

 1.Planning

2. Organising

3. Staffing

4. Directing 

5. Controlling

II  Objectives of an Organisation

POS

 1.Personal Objectives

 2.Organisational Objectives

3. Social Objectives

III Organisational Objectives

 GPS

 1.Growth

 2.Profit

 3. Survival  

III Nature / Characteristics of Management

CID PMs GROUP GOAL

 1. Continuous Function

 2. Intangible Force

 3.Dynamic Function

 4.Pervasive

5. Multi Dimensional {Management of People, Management of Work, Management of Operations}

6. Group Goals

7. Goal Oriented Process 

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 Mnemonics Based on Chapter 2 - Principles of Management

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    I. F.W Taylor's Scientific Management Principles ( 4)

    Harmony & Co-operation leads to Development of Science

    1.Harmony, not Discord 

    2.Co-operation not individualism

    3.Development of each and every individual to his / her greatest efficiency and Prosperity

    4.Science not rule of Thumb

    II. F.W Taylor's Scientific Management Techniques (4)

    Simple & Standard foreman works differently

    1.Simplicity and Standardisation

    2.Functional Foremanship

    3.Work study Techniques

    4.Differential Piece rate system

                                                        OR

My Simple Mother & Father Taught Different functions of Taylor

   1.Method Study

   2.Simplification and Standardisation

   3. Motion Study

   4. Functional Foremanship

   5. Time Study

   6. Fatigue Study

   7. Differential Piece Wage System

  III. Henry Fayol's 14 Principles of General Management

{Father of General Managment- General and Industrial Management-first book where he mentioned about Management and its functions}

SERIOUS DUD CASE

   1.Stability of tenure of Personnel

   2.Equity

   3. Remuneration

   4. Initiative

   5. Order

   6. Unity of Command

   7. Scalar Chain

   8. Division of Work

   9. Unity of Direction

  10. Discipline

  11. Centralisation & De-centralisation

  12. Authority and Responsibility

  13. Scalor Chain

  14. Esprit De Corps

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MNEMONICS BASED BASED ON CHAPTER -3 -BUSINESS ENVIRONMENT

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I Dimensions of Business Environment {General Forces that are affecting Business}

SLEPT 

1.SOCIAL ENVIRONMENT

2.LEGAL ENVIRONMENT

3.ECONOMIC ENVIRONMENT

4.POLITICAL ENVIRONMENT

5.TECHNICAL ENVIRONMENT

II. New Economic Policy - 1991

L.P.G

1. Liberalisation

2. Privatisation

3. Globalisation

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 Mnemonics Based on Chapter 4 - PLANNING

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Steps in Planning

Set up DIES IF

 1.Setting up of Objectives

 2.Development of Premises

 3.Identifying Alternative Course of Action

 4. Evaluating the alternatives

 5. Selecting the best alternatives

 6. Implementing the best course of action

 7. Follow up Action

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 Mnemonics Based on Chapter 7 - Directing

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   I. Types of Barriers of Communication

  Psycho Person's Semantic Organisation* {POPS}

1.Psychological Barrier

2.Personal Barrier

3.Semantic Barrier {Meaning of Semantic is Unclear / Vague etc}

4.*Organisational Barrier {REWARD to INDIVIDUAL IS RISK TASK & CONCERN} 

REWARD , INDIVIDUAL AUTONOMY, RISK TASKING, CONCERN FOR EMPLOYEES -These are the organisational barriers that affect communication.

 II. Types of Non Financial Incentives

SO JOBE Joined for Electrical & Electronics Engineering for Career

1. STATUS

2. ORGANISATIONAL CLIMATE

3. JOB ENRICHMENT

4. JOB SECURITY

5. EMPLOYEE RECOGNITION PROGRAMME 

6.EMPLOYEE EMPOWERMENT 

7.EMPLOYEE PARTICIPATION

8.CAREER ADVANCEMENT OPPORTUNITIES

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 Mnemonics Based on Chapter 6 -Staffing

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I. Steps in Staffing

Electronic Reservation System for Training Performance

1. Estimating Man power requirements

2. Recruitment

3. Selection

4. Training and Development

5. Performance Appraisal

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 Mnemonics Based on Chapter 11 -Marketing Management

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Marketing Mix / Marketing Tools-According to Philip Kotler, “Marketing mix are the set of marketing tools that firm uses to pursue Its marketing objectives in the target market.”

Father of Modern Marketing Management- Philip Kotler

4Ps

1. Price

2. Product

3. Promotion

4. Place

Marketing Concept / Marketing Philosophy

PPSMS {Principal Party's SMS came}

1. Product Concept

2. Production Concept

3. Sales Concept

4. Marketing Concept

5. Societal Concept