Meaning of Cartel A cartel is a pool of businessmen carrying on a similar business, who unite to gain a monopoly in the market. Cartels are mostly formed when, due to intense competition, the small-scale units, have to suffer losses. These small units unite to form a Cartel and earn profits by establishing their monopoly. […]
Meaning of Social Responsibility of Business The actual meaning of social responsibility of business is the responsibility of business towards the different sections of society and in the same way, the responsibility of different sections of society, towards the business. The object of a business is not to maximize the profit, yet profit has a
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Meaning of Control Control refers to such supervision which ensures that all the activities of a business organization are performed according to the predetermined objectives, planning, policies, programs, given directions, and rules of the management. It aims to bring forth the deficiencies and errors of work and to detect the reasons and the persons responsible
Meaning of Pool of Companies A pool comprises several companies that determine based on a written agreement and central control a uniform market price for their products. In other words, the members of a pool combine voluntarily and maintain their identity, agreeing to market their product, at the mutually agreed rate. All member companies must
Scientific Management The word scientific management is made from two words. The first is scientific, the other is management. Scientific means specialized knowledge on a particular subject, whereas management means establishing coordination between the various factors of production so that maximum production can be done at minimum cost. It is the name of that management
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