This book is designed with a compact, easy-to-understand language and incorporates new topics to reflect the latest thinking in the field. It harmoniously balances time-tested management principles with their successful application in a dynamic world. The third edition has undergone significant enhancements, making it more compact and accessible. To maintain readability, the revised edition includes examples, charts, tables, and various study aids. Each chapter features case studies and skill-building exercises to provoke creative thinking and problem-solving. Additionally, role-play exercises offer students valuable learning opportunities by allowing them to assume roles or act out given situations, which can be performed individually, in pairs, or groups. This book is designed to meet the needs of students in: B.Com. (Hons.) Core Paper based on Undergraduate Curriculum Framework (UGCF) for the University of Delhi Non-Collegiate Women's Education Board (NCWEB) School of Open Learning (SOL) of the University of Delhi Various universities throughout India