Q. 1 What is capitalism?
How it encourages people to do become entrepreneurs? Explain the benefits of
capitalism over socialism. (20)
Capitalism is an economic system in which private individuals and businesses own the means of
production, and are able to operate for profit. It encourages people to become entrepreneurs by providing them with the opportunity to invest in and own businesses, and to reap the rewards of their success.One benefit of capitalism over socialism is that it allows for
economic growth and increased productivity. Under capitalism, businesses are
able to invest in new technologies and techniques to improve their operations,
which leads to increased efficiency and output. This in turn leads to higher
standards of living for all members of society.
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Another benefit of capitalism is that it allows for innovation and
competition. Under capitalism, businesses are constantly competing with each
other to offer the best products and services at the lowest prices. This
competition encourages businesses to be innovative and to find new and better
ways of doing things, which can lead to greater choice and better quality goods
and services for consumers.
Capitalism also encourages individuals to work hard and be
productive, as they are able to keep the fruits of their labor. This in turn,
leads to a higher standard of living for all members of society.
Capitalism also provides a wider opportunity of job and business
opportunities, which leads to higher rates of employment and economic growth.
However, capitalism also has its drawbacks, such as income
inequality and lack of government intervention in certain sectors. It is
important to note that no economic system is perfect and each one has its own
set of benefits and drawbacks.
Q.2 What are the
memorandum of association and articles of association? Explain their Contents
in detail. (20)
The Memorandum of Association (MOA) and the Articles of Association
(AOA) are the two primary documents that govern the formation and operation of
a company.
The Memorandum of Association is a legal document that sets out the
company's name, registered office, and the objects for which the company has
been formed. It also includes the details of the company's authorized share
capital and the names of the subscribers who are the initial members of the
company. The MOA is a public document and is filed with the relevant government
authority at the time of incorporation of the company.
The Articles of Association, on the other hand, is a document that
sets out the rules and regulations for the internal management of the company.
It lays down the rights and powers of the shareholders, directors, and other
officers of the company, as well as the procedures for holding meetings and
making decisions. The AOA also includes the company's bylaws and details the
company's business operations. The contents of MOA usually include:
· The name of the company
· The registered office of the company
· The main objects of the company
· The authorized share capital of the company
· The names, addresses, and occupation of the subscribers who are the
initial members of the company
The contents of AOA usually include:
· The rights and powers of the shareholders, directors, and other
officers of the company
· The procedures for holding meetings and making decisions
· The bylaws and regulations for the internal management of the
company
· The rules and regulations for the transfer of shares
· The procedure for appointing and removing directors
· The powers and duties of the directors
· The financial year of the company
It is important to note that the MOA and AOA are different in
nature, but they are both fundamental documents that govern the functioning of
a company and they are usually adopted together.
Q.3 Keeping in view the
existing financial system of Pakistan, what are the various Sources from where
the businesses can obtain funds for their expansion plans? (20)
In Pakistan, businesses can obtain funds for their expansion plans
through a variety of sources including:
Banks and Financial Institutions:
Businesses can obtain loans from commercial banks, development finance
institutions, and microfinance banks. These loans can be secured or unsecured
and may be offered at various rates of interest.
Capital Markets: Businesses can
raise funds by issuing shares or bonds on the Pakistan Stock Exchange (PSX).
This allows them to tap into the savings of the general public and raise large
sums of money quickly.
Government and Development Agencies: Businesses can also obtain funds from various government and development
agencies such as the Small and Medium Enterprise Development Authority (SMEDA),
the Pakistan Industrial and Technical Assistance Centre (PITAC), and the
National Bank of Pakistan (NBP). These agencies provide financial assistance to
businesses in the form of loans, grants, and subsidies.
Investment from Angel Investors and Venture Capitalists: Businesses can also raise funds from individual investors who
provide capital in exchange for an ownership stake in the company. These
investors are often wealthy individuals or groups who are looking for
high-growth potential investments.
Lease Financing: Businesses can
also obtain funds for their expansion plans by leasing equipment, vehicles or
other assets.
Foreign Investment: Foreign Direct
Investment (FDI) is another source of funding for businesses in Pakistan, where
foreign companies invest in local businesses and provide them with the capital
and expertise they need to expand.
It's worth mentioning that there are also other sources of funding
such as crowdfunding, peer-to-peer lending, and government grants, but they are
less common in Pakistan as compared to other sources. Business owners should
thoroughly research and evaluate all available options before deciding on the
best source of funding for their expansion plans.
Q.4 Every business
requires strong management. What is business management?
Explain the function of planning and organizing in detail. (20)
Business management is the process of achieving organizational
goals by planning, organizing, directing, and controlling the efforts of an
organization's members. It involves making decisions about how to allocate
resources, setting objectives, and developing strategies for achieving those
objectives.
Planning is the process of setting objectives and developing
strategies for achieving those objectives. It involves analyzing the current
situation, identifying opportunities and threats, and determining the best
course of action to achieve the organization's goals. Planning is a crucial
function of management as it enables the organization to anticipate and respond
to changes in the business environment.
Organizing is the process of arranging and coordinating the various
resources of an organization to achieve its objectives. It involves the design
and development of an organizational structure, the allocation of tasks and
responsibilities, and the provision of necessary resources. Organizing also
includes the selection, training, and development of personnel. Organizing is
important as it allows the organization to efficiently and effectively use its
resources to achieve its goals.
More specifically, Planning includes:
· Setting objectives
· Identifying opportunities and threats
· Analysing the current situation
· Determining the best course of action
· Developing strategies to achieve the objectives
· Establishing budgets and plans for the allocation of resources.
Organizing includes:
· Designing and developing an organizational structure
· Allocating tasks and responsibilities
· Providing necessary resources
· Selecting, training, and developing personnel
· Delegating authority and responsibilities
· Establishing relationships and communication channels.
Both Planning and Organizing are interrelated and are essential to
the success of any business. Planning provides the direction and focus for the
organization, while organizing ensures that the necessary resources are in
place to achieve the objectives set through planning. Together, they provide a
framework for decision-making, allowing the organization to effectively and efficiently
use its resources to achieve its goals.
Q.5 Without marketing, a
business will not be able to make sufficient profits. What is The marketing
mix? Explain its elements. (20)
The marketing mix is a set of tools that businesses use to promote and
sell their products or services. It is also referred to as the "4 Ps"
of marketing and includes Product, Price, Place, and Promotion.
Product: The product is the tangible or
intangible item that is being offered to the customer. It includes product
design, features, packaging, branding, and services that come along with the
product.
Price: The price is the amount that a
customer must pay to purchase the product or service. It includes the costs of
production, distribution, and marketing, as well as any additional markups or
discounts.
Place: The place refers to the location or
distribution channels through which the product or service is made available to
the customer. It includes decisions about where and how the product will be
sold, such as online or in physical stores, and the logistics of getting the
product to the customer.
Promotion: Promotion
refers to the various methods that a business uses to communicate with and
persuade potential customers to buy its products or services. This includes
advertising, public relations, sales promotions, personal selling, and direct
marketing.
Some models of marketing mix include additional Ps, such as People,
Process, and Physical evidence, which emphasizes the importance of customer
service, the design and operation of business processes and the tangible
elements of the company that impact on customers such as the atmosphere of the
store, layout and cleanliness.
Marketing mix is a powerful tool for businesses to gain a
competitive advantage and reach their target market. Each element of the
marketing mix is interrelated, and businesses must carefully consider how they
will balance and use each element to achieve their marketing objectives.
Dear Student,
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