SELECT * FROM question_mgmt as q WHERE id=5019 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=20 AND chapterId=590 and ex_no='3' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th business-studies Nature and Significance of Management a company wants to modify its existing product in

Question:

A company wants to modify its existing product in the market due to decreasing sales. You can imagine any product about which you are familiar. What decisions/steps should each level of management take to give effect to this decision?

Answer:

There are three levels of management top level, middle level and lower level. And all the three levels of management will have to work together for modification of the product with the motive of increasing Sales.

1. Decisions should be taken by top level of management are:

  1. Direction of modification after scanning the environment.
  2. Deciding sales targets and various sales plans and sales incentives.
  3. To determine how to enhance the value of the product in qualitative terms?
  4. Marketing and promotional techniques are required for increasing sales.

2. Steps should be taken by middle level management are:

  1. To interpret the rules and policies framed by top management to the lower level management.
  2. To hire the personnel with required skills and qualifications.
  3. Assigning responsibility as per capability and establishing the Supervisor - Subordinate relationship.
  4. To motivate the people to achieve the desired target/goals.
  5. To cooperate with all departments and their members.
  6. To take the feedback and arrange the follow-up meetings.

3. Decisions should be taken by lower level management are:

  1. To help and direct the workers about how to do the work.
  2. To interpret the desired targets to the work force and labourers.
  3. To reduce the wastage and motivate the workers so that they can give their best.
  4. To communicate the grievance and feedback to the middle management.
  5. Maintaining Safety Standards.


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