Question

3.Identify and explain the characteristics of an effective control system? (10marks)

4.List the FOUR (4) marketing instruments

5.identity and explain thge principles of efficiency in a organisation

Answer 1

Answer:- characteristics of an effective control system are as below:-

Accuracy:_ Effective control system always provides the accurate data and information which is quite important for making accurate management decisions

Timeliness:- There are a number of decisions which has to be taken on an immediate basis, thus a reliable control system must provide the information and data on time.

Flexibility:- Due to dynamic nature of the business environment and the issues faced by the organization, an effective control system must have the flexibility to accommodate a number of factors and different situations

Acceptability:- The results provided by the control system must be accepted and understood by all the stakeholders

Integration:- The implemented control system should have a close sync with the organizational culture and corporate values

Economic feasibility:- The control system should be such that it does not impose any major economic constraints or requirement on the organization

Corrective action:- The control system not only provide the areas of improvement but it also proposes the course of action

Four marketing instruments are as below:-

Product:- Products can be defined as those tangible items or materials which has the capability of fulfilling the tangible requirements of the customers and thus create a value for the customers.

Price:- Price is the economic scarifies which has o be done by the customers in order to enjoy the offerings of the organization

Place:- This is mainly the distribution of the products. This can be seen as the activities involved in making the products available at the arms stretch of the customers

Promotion:- this is the communication made by the companies with their target customers to convey different messages, product information or promotional plans and policies.

The different principles of efficiency are as below:-

Clearly defined ideals:- Each company must have well-defined objectives which can provide the guidelines for having efficiency operations

Common Sense:- Rather than following strict policies and principles, the management should implement the common sense while performing business operations

Competent Counsel:- The companies must implement competent counseling for the manpower and different organizational processes

Discipline:- this is most important to have efficient operations in terms of adherence to the operations guidelines.

Fair Deal:- The manpower and processes and dealing with external stakeholders should be based on the fair deal.

Reliable:- The operations must be reliable so that production capacity and planning can be ensured precisely.

Dispatching:- This activity must be performed on time with 100% accuracy without any delay

Standards and Schedule:- Different types of standards and schedules must be framed and followed strictly o have efficient operations.

  Standardized conditions:- All the standardized condition must be followed. Any deviation from these situations can result in lower efficiency

  Standardized operations:- No operational processes should have any deviation from the standardized operational guidelines

Written Standards:- the organizations must have all the standards in written format to follow.

Efficiency Rewards:- Those who perform better must be rewarded time to time