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The Abc of Management: Reality Beats Assumption!!

This document defines key management terms that are often confused including association, company, concern, cooperative society, corporation, enterprise, factory, firm, industry, institution, organization, and partnership. It provides the legal and organizational definitions for each term to differentiate what each means in practice. The objective is to clarify the differences between these commonly assumed synonyms so readers understand how to properly apply the terms in a management context.

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Kochappen Ipe Kumar
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16 views

The Abc of Management: Reality Beats Assumption!!

This document defines key management terms that are often confused including association, company, concern, cooperative society, corporation, enterprise, factory, firm, industry, institution, organization, and partnership. It provides the legal and organizational definitions for each term to differentiate what each means in practice. The objective is to clarify the differences between these commonly assumed synonyms so readers understand how to properly apply the terms in a management context.

Uploaded by

Kochappen Ipe Kumar
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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THE ABC OF MANAGEMENT

REALITY BEATS ASSUMPTION!!


OBJECTIVE
 The objective of this presentation is to
define some terms that are assumed to
be the same but in reality they have a
vast difference!!
 We need to learn these terms just to
differentiate what is what in
management studies!
THE VARIOUS TERMS
INVOLVED
 Listed below are the terms that make up
the presentation
 ASSOCIATION.
 COMPANY.
 CONCERN.
 COOPERATIVE SOCIETY.
 CORPORATION.
 ENTERPRISE.
TERMS CONTD…
 FACTORY.
 FIRM.
 INDUSTRY.
 INSTITUTION.
 ORGANIZATION.
 PARTNERSHIP.
ASSOCIATION
 A professional association is a non-
profitable organization seeking to
further a particular profession. The
interests of individuals engaged are
devoted mainly to public.
COMPANY
 According to Lindely L.J. Definition,
 “ A COMPANY is an association of many persons
who contribute money or money’s worth to a
common stock, and employ it in some common trade
or business (that is for a common purpose) and who
share the profit or loss which arises from them”.
 The common stock so contributed is denoted in
money and is the CAPITAL of the company.
 The persons who contribute it or to whom it
belongs are MEMBERS.
 The proportion each member holds is called
SHARE.
CONCERN
 A concern is a German type of Business
Group.
 It results from the merger of several
legally independent companies on
economic entity under unified
management.
 These associated companies are called
“GROUP COMPANIES”.
COOPERATIVE SOCIETY
 A Cooperative Society is an autonomous
association of persons united voluntarily
to meet the common economics, social
and cultural needs and aspirations
through jointly owned and
democratically controlled enterprise.
CORPORATION
 A corporation is a legal entity separate
from the persons that own it.
 It exists as a product of corporate law
and their rules balance the interest of
the shareholders that invest their capital
and employees who contribute their
labour.
ENTERPRISE
 Enterprise is a company organized for
commercial purposes.
 It is also defined as an entire business
group or corporation comprising of all
local, international, main and sub
offices divisions, subsidiaries and
apartments.
FACTORY
 According to the Factory Act 1881,
“ A factory is any premises including the
precincts thereof
Wherein 10 or more workers are working or
were working on any day of the preceding 12
months and in any part of which a
“MANUFACTURING PROCESS” is being carried
on with the aid of power”.
FIRM
 A firm is nothing but a collective name
for all the partners.
 A firm is a visible body of those
partners who are thus bound together.
INDUSTRY
 An industry is a manufacturing centre of
a good/services within a category.
 Industry is a broad term for any kind of
economic production, in economic and
urban planning
INSTITUTION
 An Institution is a structure and mechanism
of social order and cooperation governing the
behavior of a set of individuals.
 It is identified with a social purpose and
permeance transcending individual human life
and intentions and with the making and
enforcing of rules governing cooperative
human behavior.
ORGANIZATION
 An organization is a social arrangement
which pursues collective goals, which
controls its own performance and which
has a boundary separating from its
environment.
PARTNERSHIP
 Partnership is the relation between
persons who have agreed to share the
profits of a business carried on by all or
any of them acting for all.
 Persons who have entered with
partnership with one another are
individually called “PARTNERS” and
collectively called “A FIRM”.
THANKYOU ONE AND ALL!!

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