Business English - Formatting of Business Letter

Qn. Elaborate the points that are needed for effective formatting of business letter?

Communication is the lifeblood of business operations. And business letters are the indispensable part of business communication. The most precious gift we can feel proud of is our language. So we should always improve it, polish it, perfect it and command it in writing and in speak. English is used as a universal language for business communication. Communication is an exchange and exact replication of thoughts, feelings, facts, beliefs and ideas between and among the individuals through a common system of symbols to cause some actions or change in behavior.

The business communication depends upon several factors. The most important among that is, type of the business. Every business firm should communicate its idea to others in the form of letters. In this modern age Internet and e-mail business letters plays and important role. Good writing is the result of good planning and clear thinking. For writing an effective business letter, we should know the principles of good writing.

The main steps in effective writing are
1. Pre writing- preparation, planning, back ground research
2. Writing- Organizing and outlining material, writing the first draft.
3. Revising – Reworking and editing the draft, final typing and printing proof reading.
In the pre writing stage we should analyse the questions such as
· What is the purpose of this message?
· Why am I writing it?
· Who is the audience?
· Whom do I want to influence?
· What do I want to say?
· What is the scope of my subject?
· What result or actions do I want?

By finding the answers of above questions we came to the haven of perfect writing.
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The second step “writing” means the writing of first draft. It should be written quickly with out too much thought to elegant expressions or final order and paragraphing. As we write the first draft, keep our audience in mind. Doing so will help us stay focused on the purpose of our work. Keep writing until we have completed the first draft.
We should revise the material, by reading, from the viewpoint of a reader. If possible, we can ask others, for their comments and suggestions. Or we ourselves can check it after a break. So we can spot inconsistencies and errors more easily.

At the time of writing a business letter we should kept in mind the things like
1. Keep the letter short and clear
2. Use our own words
3. Use the proper form of address etc.
While writing business letter we shall keep some more points in out mind. That is
· Consider the audience for the proper angle
· Anticipate special problem in readers reaction
· Out line the message functionally
· Develop the first draft
· Edit content grammar clarity, conciseness and style


Business letters have the following basic parts

· Heading or Letter head:
Usually the heading of the letter is a printed one called the letter head. It may contains the name of the company, address, phone No., e-mail, website, name of the office or correspondent. If it is not there it should be typed at the upper right corner of the paper about one and one half inches from the top and flush with............. pls satisfy our T&C to get the elaborated new version of answer

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Managerial Economics - Favouring Capitalist economy

Qn. What are the supportive arguments you will raise favouring capitalist economy?

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The present age of LPG- Liberalization, Privatization and Globalization- the existence of the capitalism is very significant. In my opinion capitalism will accelerate the development of an economy. We, ourselves are the example of enjoying the fruits of privatization of our country via new economic policy-LPG. From 1991-92 after the economic reforms our economy lifted by the merits of capitalization / privatization of public owned or state owned undertaking. The GDP, rage of inflation wholesale and consumer price index, foreign capital investment, foreign trade etc. will shows the effect of capitalism.

Capitalism is the very simple form of economic organization where the Government does not play any significant role. The responsibility of maintaining and running the organization lies mainly with the private entrepreneurs. The basic central economics problems – what, how, and for whom (Prof.Samuel)- are handled by the private entrepreneurs.

The entrepreneurs are guided by their own self interest. The Govt. does not interfere with their activity. The Got can not direct them to produce or not produce anything. They are not required to get any licenses, permits etc. They can produce anything; they can sell this commodity at a time and a place of their own choice etc. As the economy is based on free private enterprise and Govt. does not interfere, this type of system is also known as ‘market economy’ or market system or ‘laissez faire system’.

In short a capitalist economy or free enterprise economy is one which the means of production viz., land, labour and capital are owned and managed privately. In capitalism the above phrase “what, how and for whom ” is lead by the private sector. That is the Govt. has no power to interfere at every stage of the following three questions.

1. What goods and what varieties should be produced, and in what quantities should they be produced.
2. How should they produce?
3. For whom are these goods and services produced or who will consume them?
India is a mixed economy, where consists the features of capitalism and socialism. As a mixed economy, India gives importance to the merits of capitalism.




The following merits of capitalism are very important to the development of a country.
1. Large scale production and newer and finer varieties of goods.
2. Increased productivity.
3. High standard of living
4. Automatic working – without no interference or direction from the top.
5. Maximum satisfaction to consumers.
6. Proper utilization of resources.

7. Protection of fundamental rights like right to property, transaction of property etc.
8. Reward according to the ability of entrepreneurs and workers.
9. Helps to change- flexibility to accept any favorable change in economy.
10. Encourage economic development.

To know deeply about the merits of capital of economy, we should know the characters of it. The following are the main nature of a capitalist economy.

1.The Right to Private Property
It means that the society provided the owner with the right to acquire, to keep, to use exclusively and to dispose valuable things at one likes. In this system one can purchase the asset as his private property. And he can keep it, use it exclusively and dispose it of as and when he likes. Subject to the general restriction and regulation imposed by the state, the owners of the property are free to utilize them in any way they deem fit. Here the private property is a legal right, this is protected by the law of land. The chief merits of private property are the pride and pleasure of ownership and consequently personal interest in the property, initiative to put it to the best use etc. It is correctly said “The magic of property turns even, sand into gold”.........
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case study as marketing manager of Titan Bangalore

Qn. Suppose you are the marketing manager of Titan Watches, Bangalore. What are the steps you will take to guard against the phenomenon of marketing myopia?

Acknowledgement

How can Titan Watches ensure its continued growth in the new millennium? “Marketing Myopia” answered that question in a new and challenging way by urging Titan to define its industries broadly to take advantage of growth opportunities. Here a study has been made by me as a Marketing Manager to find out the various myopic symptoms, which may affect to the Titan Watches Bangalore, and its cause and remedies. More over as a Marketing Manager how can I lift up the company to program without marketing myopia.
I express my sincere gratitude to....... and more....

Objectives of Study


This Case study has been intended to

· Try to find out the meaning for the term Marketing Myopia, commonly used in business.
· Brief study on Levitt’s “Marketing Myopia”
· Study to guard against the phenomena as the marketing Manager of Titan Watches.
· Brief study about the current position ...... and more.....
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....... Introduction

In Medical Science, shortsightedness is also known as myopia. A person affected by myopia can see only the things very close to him. Professor Theodore Levitt of Harward Business School is coined this term “marketing myopia”, to explain the shortsighted policies and practices of some business firm. This type of firms define themselves narrowly and are obsessed with the physical attributes of their own products, resulting in their failure to ascertain and act on customers’ needs and desires.They in continuing the process of market with out considering the market needs or wants.

Business are said to have transformed themselves from product orientation to customer orientation. Customer orientation envisages a more important role for marketing in deciding the priorities of firms and allocating their resource.
Titan and marketing
The world’s demand for watches are around 600 million Indian producers currently made about 12 million watches. Indian can make watches of a quantity comparable to that of Swiss and the Japanese. Lifting restrictions on the import of complete watches will enable Indian manufacturers to globally sources watches and, thereby, reduce lead times for the introduction of new products.

India is one of any four countries in the world with the capability of making all the components of watch analogue movements. The watch, clock and time piece manufacturers and makers of ancillary products such as the cases , dials, bracelets and components have over the last four decades, created an industrial base that employs an estimate 50,000 people and supports nearly 2 lakh others. That is not country over 10,000 horological watch and clock dealers across the country. Today the over all investment watch manufacturing plants, machinery and infrastructure in the country is estimated at over Rs. 1,000 crore.


A Brief Study on Levitt’s “Marketing Myopia”

In the words of Theodore Levitt, every major industry was once a growth industry. But some that are now riding a wave of growth enthusiasm are very much in the shadow of decline. Others which are thought of as seasoned growth industries have actually stopped growing. In every case the reason growth is threatened, slowed, or stopped is not because the market is saturated. It is because there has been a failure of management. ....... and more...

........So the business communication of Titan should be at right time, right way, at right manner, to the right audience. We can use logos, mottos, theme music, and quotations etc, which are simple but strong to communicate Titan’s idea.

As a marketing manager of Titan Bangalore, I have to ensure the following things.

· Quick response
· Quick and quality repairs
· Repair guarantee
· Signet points on service billing at watch care centers.
· Titan gift voucher acceptance at watch care centers.
· Credit card acceptance
· Provision for stand by watch
· Wide range of watch accessories
· Conversion of old watches to new on selected design/models
· Home delivery of watches at nominal cost at selected outlets
· Repair of all Titan watches
· Fully automated billing at most service centers
· Dedicated and company trained customer care hostess and service technicians.
The Titan signet is a selected club that recognizes the loyalty of Titan customers at world of Titan showrooms. It is designed to give these select signet members, exciting rewards as well as tangible benefits in recognition of their loyalty to Titan and the world of Titan showroom. These rewards and benefits increase in value as the members increase their purchases from any world of Titan showroom or Titan watch care center participating in the Signet programme. The Titan Signet also provides a platform for direct feed back from these valued customers. The signet membership is valid for a period of 3 years from the date of enrollment. ‘You win some…..and then you win some more.’ That’s the idea behind the Signet Reward Scheme a host of exclusive services and benefits are available to signet members, such as
· Exclusive offers on watches and clocks at the world of Titan, Titan watch care centers as well as on other premium brands.
· Being the first to know about new products and invites to preview.
· Free gift delivery services through the world of Titan
· Priority service at the Titan watch Care centers. .... and more....
company to sure success.

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ORGANIZATIONAL BEHAVIOUR

Qn.

Imagine yourself as a manager of TISCO, Jamshedpur, how will you motivate the employees to achieve more in production?


Manager is a person getting things done through others. He is also responsible for designing organization’s structure. Every organization contains people, and it is management’s job to direct and coordinate these people. This is the leading function and one of the important factor of leading function is motivate his subordinates.

As a manager of well recognized company like TISCO, it is important to maintain graph of the business. To be a competitive in global market the higher production is one of the major part of the same. Which not only depend on the proper planning but also requires the well inputs from the employees mainly by low line workers.

Motivation in the workplace is essential for a good working environment. Different things motivate different people. Most people do work for money, many others work because they love their jobs. Others work because they want to help others or to feel accomplished in a certain field. There are lots of reasons why people are motivated to work.

The main reason for motivation regarding work is money. Money is also the reason why people are motivated to get degrees or higher training for their jobs. They want to better themselves in their workplace to make a higher salary. When people receive good pay for the work they do, they are more motivated to work harder and do better at their job, who under estimated the power of money is making mistake. Money can motivated almost any employee to work hard.

Another reason for motivation at work is recognition for their performance. With out proper recognition, employees will not be as motivated as they are when they are properly praised. Employees want raises, promotions and recognition among fellow employees. In fact after money, recognition is one of the main reason why people search for better job. The failure to discipline non-working employees can result in lack of motivation.... AND MORE....

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PRINCIPLE AND PRACTICE OF MANAGEMENT

Qn.

As the manager of a reputed company how will you plan the various activities in your organization?


As the management is MANAGE MEN and Things, it is the essential part of every organization. The success of an organization depends upon it. Getting things done through others is management. The manager does it. So the manager is the person who lead the business to success, not only during the good time, but also during the tough time.

I know, today’s world urges from me the maximum output from minimum input. So I have to induce different management techniques to get maximum output. As a manager I have to face different management tasks viz. planning, implementing and controlling. It depicts the formation of policy and its translation into plans, execution and implementation of plans and exercising administrative control over the plans are my duties. I have to lead the men and machine to the objectives of the organization. There is need for constant motivation to get the things done from the subordinates. Managing people is not an easy job. This is because, as a manager I have to deal with a variety of people having different aspirations, feelings and emotions. Manager should make constant efforts to understand the nature aspirations and feelings of the people working under them, so as to manage them effectively. Now I remember the statement of a head of an American company with this regard is, “ We do not build automobiles, refrigerators shoe strings, radios; We build men. The men build products”.

The manager essentially deals with the people and resources. His job is to co-ordinate the activities of people and optimizes the use of resources so as to reach the defined goals. As he occupies the pivotal role in between the Board of Directors and the sub ordinate managers. Since the manager is a member of the group next above and at the same time the leader of the group reporting to him, he is best placed to bring to his group interpretation of the goals decisions, attitudes and action of the higher group. The manager thus, becomes the interlocking tie between ..... AND MORE......pls satisfy our t&c

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FINANCE MANAGEMENT

Qn.

Being the Finance Manager of a company how will you make a financial forecasting?


Finance is one of the basic foundations of all kinds of economic activities and it is the lifeblood of a Business Enterprise. Financial forecasting is very important in the running of a Business Enterprise. It is the duty of Finance Manager to make a financial forecasting.
Financial forecasting is the estimating of cash repeats and payments for a future period before any adjustments have been made. If implies the technique of determining in advance the requirement and utilization of funds for a future period. It is a systematic presentation of data in the form of financial statements, ratios, involving technique.

Financial forecasting helps in the following ways.

v It reveals any expected surplus of cash or shortage of cash
v Its generates the information useful for financial decision making
v Provides required information for successful financial planning
v It reveals the seasonal requirements of cash such as payments of income tax.
v Its supports good investments and financial policies.

Forecasting is the first stage in the planning process. The forecasting techniques should, there fore, not only be simple but also give precise results. Induction of computers results the total revolution in the forecasting techniques. As a finance manager I have to follow the following forecasting techniques.

Percentage of sales method
It is one of the simplest methods it relates to the sales and comparers between the sales and other items in terms of percentage. Since sales have a significant effort on the financial needs of a business, hence different items of assets and liabilities, revenue, and expenses can be expressed as a percentage of sales. ...... and more....pls satisfy our terms and conditions.

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MARKETING MANAGEMENT

Qn.
Imagine that you are the Marketing Manager of Zideo International, Agra, manufacturing leather goods, which are the steps you will take to promote sales?


Today the marketing is not merely the selling or promoting the goods and services. It is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. So I have to consider every aspect of the above factors in marketing the leather goods of Zideo International.... and more....

....... can increase the sales or marketing of the product. Marketing mix decisions are made for influencing both trade channels and final channels. For this I have to prepare an offering mix and a promotion mix for the Zideo International. The offering mix comprises of product, services and price. The promotion mix comprises of sales promotion, advertising, sales force, public relations, Direct mail, tele marketing and Internet. To increase the sales, more importance is to be given to sales promotion.
Sales Promotion:

The Zideo international can improve the sales of leather goods by stimulating the consumers and dealers effectively. It may be done with a view to increase the product’s rate of use among existing customers and to attract new consumers of Zideo.... and more... for the full version of answer pls satisfy our terms and conditions

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HR MANAGEMENT

Qn.
Being a Human Resources Manager how will you formulate an effective HRP process?

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The most important and valuable asset of an organization is manpower or human resource. Development of human resource is needed by any organization if it wants to succeed in the fast growing and fast changing business environment. An organizations performs and resulting productively and directly proportional to the quality and quantity of the human resource.
The process of human resource planning is one of the most crucial, complex and containing managerial functions. Organizations can proper and progress only through the creative efforts and competencies of their human resources.
So I have to plan a multi step process including various issues, such as.... and more.......

.....and more ...to formulate the effective HR Planning, It is important to have mixture and perfective use of the human resource functions. Manpower planning involves identifying staffing needs, analyzing the available personnel and determining what additions and / or replacements are required to maintain a staff of the desired size and quality. It can be defined as “a strategy for the acquisition, utilization, improvement and preservation of an organization’s human resources”. HRP is a process of identifying human resource requirements in terms of quality and quantity.
Today the organizations are more dependent upon people. They are increasingly involved in more complex technologies and are functioning in more complex economic, social and political environments. As a result, the organizations face shortage of the right kind of human resources. HRP enables to get the right type of personnel in the organization..... and more...


....and more...Motivation of Personnel:
HRP is concerned not only with the identification of the personnel in terms of quality and quantity but it is also concerned with the improvement and motivation of the human resources. The organization would make every possible effort to have dedicated and committed personnel at all levels in the organization.....and more...

..... and more ....needs to monitor the requirements of personnel. This is because there is constant need for additional personnel, as some of the existing personnel do leave the organization due to registration, retirement and so on.

After the review of organizational strategies and objectives in the above manner based on the problems and need I'll easily formulate effective HRP process. ....pls satisfy our terms and conditions to get to full version of reviewed answer

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NIBM EXECUTIVE MBA

What is Memorandum of Association? How will you make alteration in Memorandum?
One of the most important steps in the formation of a company is to prepare the documents called the memorandum of Association. It is a life-giving document, because no company can be registered without the memorandum.

The memorandum sets out the constitution of the company, which contains the fundamental conditions upon which alone the company is registered. It is described as the charter of the company, which defines the company’s objectives and powers. Its purpose is to enable shareholders, creditors and those who deal with the company to know the scope of the Company’s operations. The importance of the memorandum lies in the fact that it defines the scope of company’s activities as well as its relation with the outside world. It is a public document to the concerned persons.

According to Section 2(28) of the Companies Act, 1956, “memorandum means the memorandum of Association of a company as originally framed or as altered from time to time in pursuance of any previous company laws or of this Act.”

The Memorandum of Association must be a
a) Printed
b) Divided into paragraphs, numbered consecutively and
c) Signed by each subscriber in the presence of at least one witness, who shall attest his signature. [Sec.15]

The purpose of a Memorandum
The prospective share holders know the field in which or the purpose for which their money is going to be used by the company and what risk they are undertaking in making the investment.
Outsiders who deal with the company can know the objects of company and whether the objects and powers of the company are favor to them.



Procedure for Alteration of Memorandum

Since it is a document of fundamental importance, the Memorandum of Association of a Company can not be altered easily. The Companies Act lays down that the matters contained in the Memorandum shall not be altered except in case in the mode and to the extent for which express provision is made in the act-Se.. 16.
The provisions are as follows

1. Alteration of Name clause

A company may after its name by passing a special resolution and with the approval of the Central Govt. in writing. But no approval of the Central Government is needed where the only change in the name is the addition there to or deletion there from, the world ‘private’ consequent on the conversion of a public company into a private company or vice versa – Sec.21. However if through inadvertence a company is registered under a name similar to or identical with that of an existing company, the alteration can be effected by passing an ordinary resolution and with previous consent of the Central Govt. Similarly, if the Central Govt. directs the company to change its name within 12 months of its registration with a new name the company must do so within three months of that direction by passing an ordinary resolution. ....and more....

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