Manohar and Manav were running a partnership firm. The firm is engaged in the production and marketing of edible oils. Manohar was looking after the production and Manav used to look after the remaining operations of the business. The firm was doing good business and earning profits more than the rate of profit of the industry. They used to be fair in their dealings with the customers and other stakeholders of the business. They used to do their quantitative planning meticulously. The edible oil produced by the firm is as per the fssai standards.
(a) Explain any one type of plan prepared each by Manohar and Manav with quantitative expressions. (b) Identify any two values observed by Manohar and Manav.

Question

Manohar and Manav were running a partnership firm. The firm is engaged in the production and marketing of edible oils. Manohar was looking after the production and Manav used to look after the remaining operations of the business. The firm was doing good business and earning profits more than the rate of profit of the industry. They used to be fair in their dealings with the customers and other stakeholders of the business. They used to do their quantitative planning meticulously. The edible oil produced by the firm is as per the fssai standards.

(a) Explain any one type of plan prepared each by Manohar and Manav with quantitative expressions. (b) Identify any two values observed by Manohar and Manav.

Accepted Answer

(a) Manohar prepared the Production Budget — an estimate of the number of units which must be manufactured to meet the sales goal — as he looked after production. Manav prepared the Marketing Budget — an estimate of the funds needed for promotion, advertising and public relations in order to market the product — as he looked after the remaining operations of the business. (b) Two values observed: (i) Fair dealing with customers and other stakeholders. (ii) Honesty — maintaining the quality of products as per FSSAI standards.