tag:blogger.com,1999:blog-90923475549480250642024-03-29T19:03:06.341+05:30e Notes MBAThe Best References for MBAManish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comBlogger107125tag:blogger.com,1999:blog-9092347554948025064.post-86562173486070688942024-03-24T04:49:00.002+05:302024-03-24T04:49:45.922+05:30Business Economics Notes<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="separator" style="clear: both; font-weight: bold; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLJROlh9B5ff84r3t-Q8_ZkUvc5cVfj1T1y_4vDrSwA9eVTdfM7QCzyihMWI8LLFxDWRN7rOuF-3R32qkBaPYno8GFG7qOgyzhEu3yQlZZ6WFw3Hk3U4HYajLZyQuUMKWAxNehW8SpjKo/s279/Introduction-to-Business-Economics.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Business Economics, also called Managerial Economics, is the application of economic theory and methodology to business. Business involves decision-making; and business economics serves as a bridge between economic theory and decision-making in the context of business. Economic theories, economic principles, economic laws, economic equations, and economic concepts are used for decision making." border="0" data-original-height="267" data-original-width="279" height="191" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLJROlh9B5ff84r3t-Q8_ZkUvc5cVfj1T1y_4vDrSwA9eVTdfM7QCzyihMWI8LLFxDWRN7rOuF-3R32qkBaPYno8GFG7qOgyzhEu3yQlZZ6WFw3Hk3U4HYajLZyQuUMKWAxNehW8SpjKo/w200-h191/Introduction-to-Business-Economics.jpg" title="Business Economics" width="200" /></a></div><br /><div style="text-align: left;"><b>Business Economics</b>, also called Managerial Economics, is the application of economic theory and methodology to business. Business involves decision-making, and business economics serves as a bridge between economic theory and decision-making in the context of business. Economic theories, economic principles, economic laws, economic equations, and economic concepts are used for decision-making. On this ground, students of commerce should know the importance of basic theories in actual business applications. Hence the introduction of Business Economics becomes important to the students.</div></div>
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<b>Sr. No.</b></div>
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<b>Units</b></div>
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<b>Topics</b></div>
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1.</div>
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Introduction to Business Economics</div>
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<li><a href="https://www.enotesmba.com/2019/12/introduction-to-business-economics.html">Introduction to Business Economics</a></li>
<li><a href="https://www.enotesmba.com/2019/12/definition-of-business-economics.html">Definition & Meaning of Business Economics</a></li>
<li>Features of Business Economics</li>
<li><a href="https://www.enotesmba.com/2020/03/nature-and-scope-of-business-economics.html">Nature & Scope of Business Economics</a></li>
<li>Difference Between Economics & Business Economics</li>
<li>Business Economics and Decision Making</li>
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2.</div>
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Demand Function</div>
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<li>Introduction to Demand Function</li>
<li>Objectives of Demand Function</li>
<li>Meaning of Demand Function</li>
<li>Law of Demand</li>
<li>Exceptions of Demand Functions</li>
<li>Types of Goods</li>
<li>Elasticity of Demand</li>
<li>Measurement of Elasticity of Demand</li>
<li>Income Elasticity of Demand</li>
<li>Cross Elasticity of demand</li>
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3.</div>
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Demand Forecasting</div>
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<li>Introduction to Demand Forecasting</li>
<li>Objectives of Demand Forecasting</li>
<li>Meaning of Demand Forecasting</li>
<li>Definitions of Demand Forecasting</li>
<li>Kinds of Demand Forecasting</li>
<li>Features of Scientific Demand Forecast</li>
<li>Methods of Demand Forecasting</li>
<li>Importance of Demand Forecasting</li>
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4.</div>
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Production Function Concepts & Theories</div>
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<li>Introduction to Production Function</li>
<li>Objectives of Production Function</li>
<li>Meaning of Production Function</li>
<li>Concepts of Production Function</li>
<li>Theories of Production Function</li>
<li>Law of Variable Production</li>
<li>Law of Returns to Scale</li>
<li>Economies & Dis-economies to Scale</li>
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5.</div>
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Theory of Costs</div>
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<li>Meaning of Cost</li>
<li>Short Run Cost Curves </li>
<li>Long-Run Cost Curves</li>
<li>Traditional & Modern Approaches</li>
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6.</div>
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Market Structures</div>
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<li>Market Structures & Business Decisions</li>
<li>Perfect Competition</li>
<li>Monopoly</li>
<li>Monopolistic Competition</li>
<li>Oligopoly</li>
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7.</div>
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Factor Pricing</div>
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<li>Demand for Factors</li>
<li>Nature of Supply of Factor Inputs</li>
<li>Marginal Productivity Theory</li>
<li>Determination of Wage Rates</li>
<li>Concept and Theories of Rent</li>
<li>Concept and Theories of Interest</li>
<li>Concept and Theories of Profit</li>
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Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comSan Francisco, CA, USA37.7749295 -122.41941559.4646956638211535 -157.5756655 66.085163336178852 -87.2631655tag:blogger.com,1999:blog-9092347554948025064.post-9384306664257847232024-03-24T04:49:00.001+05:302024-03-24T04:49:31.411+05:30Marketing Management Notes<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZlPSLmvL8pYyNtXie_3jtEoSq22ni5-sSXQOLJkf3sGzGKbclqGuwnJxJqZDnF3o2_lZJGmNFDZi4bYnP412bv3AmeXaPL-pq02ciMERpt44U5WZAXOOzMqvVwdYikDrGIR40lRX1Ofc/s1600/Marketing+Management+Notes.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="105" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZlPSLmvL8pYyNtXie_3jtEoSq22ni5-sSXQOLJkf3sGzGKbclqGuwnJxJqZDnF3o2_lZJGmNFDZi4bYnP412bv3AmeXaPL-pq02ciMERpt44U5WZAXOOzMqvVwdYikDrGIR40lRX1Ofc/s200/Marketing+Management+Notes.jpg" width="200" /></a><div style="text-align: left;">The purpose of the MBA <b>Marketing Management</b> Subject is to develop an understanding of the underlying concepts, strategies, and issues involved in the marketing of products and services. </div></div>
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<div style="text-align: left;">
Marketing Management contains five modules: Marketing Concepts and Challenges; Marketing Planning and Control; Marketing Mix, Understanding Customer, and Marketing Information System; and Marketing Strategies. It explores the following topics in detail; Social Marketing, Marketing Mix, Customer Value, Competitor Analysis, Consumer Behaviour, Demand Forecasting, Market Segmentation, Targeting, and Positioning.</div><div style="text-align: left;"><br /></div>
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<h3 style="text-align: left;">
Module I: Marketing Concepts & Challenges</h3>
<a href="https://www.enotesmba.com/2012/09/mba-notes-nature-and-scope-of-marketing.html">Nature and Scope of Marketing Management</a>,<br />
<a href="https://www.enotesmba.com/2012/09/definition-and-meaning-of-marketing.html">Definition and Meaning of Marketing,</a><br />
<a href="https://www.enotesmba.com/2012/11/mba-notes-nature-and-scope-of-marketing.html">Nature and Scope of Marketing,</a><br />
<a href="https://www.enotesmba.com/2012/11/mba-notes-marketing-process.html">Marketing Process,</a><br />
<a href="https://www.enotesmba.com/2012/12/mba-notes-marketing-environment.html">Marketing Environment,</a><br />
<a href="http://www.enotesmba.com/2013/01/mba-notes-marketing-organisations.html">Marketing Organisations, </a><br />
<a href="https://www.enotesmba.com/2013/01/marketing-challenges.html">Marketing Challenges,</a> <br />
<a href="https://www.enotesmba.com/2013/02/green-marketing-concept.html">Concept of Green Marketing,</a> <br />
<a href="https://www.enotesmba.com/2013/02/social-marketing-concept.html">Concept of Social Marketing,</a><br />
<a href="https://www.enotesmba.com/2013/03/marketing-notes-alliance-marketing.html">Concept of Alliance Marketing,</a> <a href="https://www.enotesmba.com/2013/03/marketing-notes-marketing-mix.html">Marketing Mix</a>. <br />
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<h3 style="text-align: left;">
Module II: Marketing Planning & Control</h3>
<a href="http://www.enotesmba.com/2013/03/marketing-notes-marketing-planning.html">Marketing Planning,</a><br />
<a href="http://www.enotesmba.com/2013/03/mba-notes-marketing-competitiveness.html">Marketing Competitiveness,</a><br />
<a href="http://www.enotesmba.com/2013/03/marketing-notes-customer-value-concept.html">Customer Value,</a> <br />
<a href="http://www.enotesmba.com/2013/03/mba-notes-marketing-planning-process.html">Marketing Planning Process,</a> <br />
<a href="http://www.enotesmba.com/2013/04/marketing-notes-identifying-and-analysing-competitors.html">Identifying and analyzing the Competitors, </a><br />
<a href="http://www.enotesmba.com/2013/05/marketing-notes-defining-competitive-strategy_4.html">Defining the Competitive Strategy</a>, and <br />
<a href="http://www.enotesmba.com/2013/05/mba-notes-marketing-control-process.html">Marketing Control, and </a><a href="http://www.enotesmba.com/2013/05/mba-notes-marketing-control-process.html">Control process</a>.<h3 style="text-align: left;">
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Module III: Marketing Mix, 4P's of Marketing</h3>
<a href="http://www.enotesmba.com/2013/05/marketing-notes-product-development-process.html">Product Development,</a><br />
<a href="http://www.enotesmba.com/2013/06/marketing-notes-product-life-cycle.html">Product Life Cycle,</a> <br />
<a href="http://www.enotesmba.com/2013/07/product-mix-decision.html">Product Mix Decisions,</a> <br />
<a href="http://www.enotesmba.com/2013/08/marketing-notes-branding-packaging-labelling.html">Branding, Packaging, and Labelling,</a><br />
<a href="http://www.enotesmba.com/2013/10/mba-notes-right-pricing-and-managing-price-changes.html">Right Pricing, Managing Price Changes,</a> <br />
<a href="http://www.enotesmba.com/2013/10/role-of-advertising-in-marketing-and-process-of-advertising.html">Role of Advertising in Marketing Communications, and Process of Advertising</a>, and<br />
<a href="http://www.enotesmba.com/2013/10/marketing-notes-customer-value-analysis.html">Value Analysis.</a> <br />
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<h3 style="text-align: left;">
Module IV: Understanding Customer and Marketing Information System</h3>
<a href="http://www.enotesmba.com/2014/03/marketing-notes-different-type-of-consumers-or-buyers.html">Types of Consumers</a>, <br />
<a href="http://www.enotesmba.com/2014/03/mba-notes-factors-influencing-consumer-behaviour.html">Factors influencing consumer behavior</a>, <br />
<a href="http://www.enotesmba.com/2014/06/marketing-notes-consumer-decision-making-process.html">Consumer Decision-making Process</a>, <br />
<a href="https://www.enotesmba.com/2018/03/mis-management-information-system.html">MIS</a>-<a href="https://www.enotesmba.com/2019/08/subsystems-of-mis.html">subsystems</a>, <br />
<a href="https://www.enotesmba.com/2019/08/marketing-research.html">Conducting Marketing Research</a>, and <br />
Demand forecasting. <br /><br />
<h3 style="text-align: left;">
Module V: Marketing Strategies</h3>
Market Segmentation, <br />
Targeting and Positioning, <br />
Brand Equity, and <br />
Crafting Brand Positioning.<br />
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Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comUnited States37.09024 -95.71289124.229162751700343 -113.291016 49.951317248299659 -78.134766tag:blogger.com,1999:blog-9092347554948025064.post-10384823723967420962024-03-24T04:49:00.000+05:302024-03-24T04:49:16.783+05:30Advertising Management Notes<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHCwHhdms2iWK4DY396_CkbTg9QH_eCJ58j6wb8eflUU6mOU0tI2b-gA0D0k2bNY4FmlowmyQJneo6Bh2IYe00zoFpLxhwJpciVKhdfvMsH4WIRdUhji9tFgfhCK9G5NH84Ln1KpX3jEw/s1600/Notes-Advertising-Management.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="The aim of MBA Advertising Management Subject is to acquaint the students with concepts, and techniques; and to give experience in the application of concepts for developing an effective advertising program." border="0" data-original-height="329" data-original-width="609" height="107" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHCwHhdms2iWK4DY396_CkbTg9QH_eCJ58j6wb8eflUU6mOU0tI2b-gA0D0k2bNY4FmlowmyQJneo6Bh2IYe00zoFpLxhwJpciVKhdfvMsH4WIRdUhji9tFgfhCK9G5NH84Ln1KpX3jEw/s200/Notes-Advertising-Management.jpg" title="Advertising Management Notes" width="200" /></a></div><div style="text-align: left;">The MBA Advertising Management Subject aims to acquaint the students with concepts and techniques and give experience in applying concepts for developing an effective advertising program. </div></div>
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MBA Advertising management is a four-module subject. The first module deals with the general introduction of advertising and its importance. It will also discuss the functions in the organization and the main duties of the advertising manager. The second module is about Advertising strategies, it will explore the communication mix, creation of any advertising program. The third module is about advertising media, it deals with the different classifications of different media, its planning, scheduling, selection, and evaluation. The last module is the management of advertisement, it deals with advertising budget, control, and administration, it also covers the social responsibility in advertising.</div><div style="text-align: justify;"><br /></div>
<h3 style="text-align: left;">
Module I: Introduction to Advertising</h3>
<a href="http://www.enotesmba.com/2012/06/mba-notes-introduction-to-advertising.html">Introduction to Advertisement</a><br />
<a href="http://www.enotesmba.com/2012/06/mba-notes-definition-and-objectives-of.html">Definition and Objectives of Advertising</a><br />
<a href="http://www.enotesmba.com/2012/06/mba-notes-functions-and-classifications.html">Functions and Classifications of Advertising</a><br />
<a href="http://www.enotesmba.com/2012/06/mba-notes-advertising-agency-and-its.html">Advertising Agency and its Functions</a><br />
<a href="http://www.enotesmba.com/2012/06/mba-notes-types-and-structure-of-modern.html">Types and Structure of Modern Ad-agency</a><br />
<a href="http://www.enotesmba.com/2012/06/mba-notes-selection-of-advertising.html">Study about Agency Relationship and the Selection of Advertising Agency</a> <br />
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<h3 style="text-align: left;">
Module-II: Advertising Strategy</h3>
<a href="http://www.enotesmba.com/2012/06/mba-notes-advertising-as-mass.html">Advertising as Mass Communication: The Communication Mix</a><br />
<a href="http://www.enotesmba.com/2012/07/mba-notes-building-advertising-program.html">Building of Advertising Program: Creative Strategy - Copy, Message</a><br />
<a href="http://www.enotesmba.com/2012/07/mba-notes-advertising-appeals.html">Advertising Appeals</a><br />
<a href="http://www.enotesmba.com/2012/07/mba-notes-aida-concept.html">AIDA Concept</a> <br />
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<h3 style="text-align: left;">
Module III: Advertising Media</h3>
<a href="http://www.enotesmba.com/2012/07/mba-notes-media-characteristics.html">Advertising Media, the General and Special Characteristics of Different Media</a><br />
<a href="http://www.enotesmba.com/2012/07/mba-notes-media-planning-process.html">Media Planning, Scheduling, Selection, and Evaluation</a><br />
<a href="http://www.enotesmba.com/2012/07/mba-notes-dagmar-model_27.html">Measuring Advertising Effectiveness (DAGMAR)</a><br />
<a href="http://www.enotesmba.com/2012/07/mba-notes-advertisement-evaluation.html">The Rationale of Testing: Pretesting, Concurrent Testing and Post Testing</a><br />
<a href="http://www.enotesmba.com/2012/07/recognition-recall-and-persuasion.html">Recall, Recognition, and Persuasion</a> <br />
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Module – IV: Advertising Management</h3>
<a href="http://www.enotesmba.com/2012/07/mba-notes-advertising-budget-decisions.html">Advertising Budget: Approach and Procedures for Determining the Size of the Budget</a><br />
<a href="http://www.enotesmba.com/2012/08/mba-notes-advertising-budget-and-control.html">Administration and Control of Budget</a><br />
<a href="http://www.enotesmba.com/2012/08/mba-notes-regulation-of-advertising.html">Regulation of Advertising: Self Regulation by Advertising Media</a><br />
<a href="http://www.enotesmba.com/2012/09/mba-notes-ethics-and-social.html">Ethics and Social Responsibility in Advertising</a></div>
Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comBoston, MA, USA42.3600825 -71.0588801-8.5401552752972236 -141.3713801 90 -0.7463800999999961tag:blogger.com,1999:blog-9092347554948025064.post-54206252629865471722024-03-24T04:48:00.001+05:302024-03-24T04:48:57.197+05:30Human Resource Management Notes<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8JbzYWYeY9KL6x-4DcAC9yoo1T6uiUwqJmskYsmMGWelwbfhbhp1Ri1eNOZUtmAKbRf1WgCvEupxCZuqin6t5TvODt10aGQaEKutPSF8LpIKzxINi7Qjkhco26oDrdmM44w-3Gvf-kV0/s1600/Notes-Human-Resource-Management.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="The objective of MBA Human Resource Management Subject is to provide fundamental understanding of Human Resource Management value chain. The subject aims at helping students understand, appreciate and analyse workforce at managerial and non- managerial levels." border="0" data-original-height="313" data-original-width="600" height="103" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8JbzYWYeY9KL6x-4DcAC9yoo1T6uiUwqJmskYsmMGWelwbfhbhp1Ri1eNOZUtmAKbRf1WgCvEupxCZuqin6t5TvODt10aGQaEKutPSF8LpIKzxINi7Qjkhco26oDrdmM44w-3Gvf-kV0/s200/Notes-Human-Resource-Management.jpg" title="Human Resource Management" width="200" /></a><div style="text-align: left;">The objective of Human Resource Management Subject is to provide a fundamental understanding of Human Resource Management value chain. The subject aims at helping students understand, appreciate and analyze the workforce at managerial and non-managerial levels. The Subject also intends to ensure that they develop a sound knowledge and critical awareness of issues of theoretical and practical relevance.</div>
<br /><div style="text-align: left;">This course requires an ability to analyze and understand the concepts and a keen eye for observing how Human Resource Management policies and practices affect organizational working.</div></div>
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Human Resource Management contains five Modules - Linking strategy and HRM in an organizational context, Human Resources in the context of organization’s intrinsic systems, Organisational Performance and HRM, Enhancing HR effectiveness through Training and Development, and Relating Industrial relations With HR.</div><div style="text-align: justify;"><br /></div>
<h3 style="text-align: left;">Module 1: Linking strategy and HRM in an organizational context</h3>
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This Module deals with Changing business environment & strategic role of HRM, HR Strategic Challenges, Changing profile of HRM, global HRM practices, and strategic implications of a dynamic HR Environment.</div>
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<h3 style="text-align: left;">
Module 2: Human Resources in the context of organization’s intrinsic systems</h3>
<div style="text-align: justify;"><div style="text-align: left;">This Module covers Human resource planning and job analysis, Recruitment: Employee Testing and Selection, Placement, Induction, Internal mobility & separation, and Establishing HR information system (HRMIS/HRIS)</div>
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<h3 style="text-align: left;">
Module 3: Organisational Performance and HRM</h3>
<div style="text-align: justify;"><div style="text-align: left;">Establishing Performance Management & Performance Appraisal System, managing Careers, Compensation & Reward management, and Human Resource Accounting and Audits.</div>
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Module 4: Enhancing HR effectiveness through Training and Development</h3>
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This Module deals with Training & Development-concepts and Needs, Socialising, Orienting, and Developing Employees, Methods of Effective Training, Participative management employee empowerment, Work-life balance, and building emotional bondage.<br /></div></div><div style="text-align: justify;"><br /></div><div align="center">
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<div><h3 style="text-align: left;">Module 5: Relating Industrial relations With Human Resource</h3>
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This Module covers - Understanding Industrial and Employees relation, Industrial Relation and its changing paradigms, Stakeholders of employee relation, industrial Relation their changing roles, understanding collective Bargaining, Conflict/Dispute resolution, negotiations, settlement & Award, Positive employee relations, Future issues and trends in industrial and employee relation.</div>
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Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comCalifornia, USA36.778261 -119.41793248.4680271638211551 -154.57418239999998 65.088494836178853 -84.2616824tag:blogger.com,1999:blog-9092347554948025064.post-3788786501192660302024-03-24T04:48:00.000+05:302024-03-24T04:48:38.206+05:30International Marketing Management Notes<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLw7_xq5m98IYXL2-WE49vHJ26iBPAAmg16otiPR_9e_0W8kDFfQSZlfM9CTk0jwV3dxXDu1t2ZWSUInQZqQUWr6JTXOEecuA7rsCRm0zCKLd0iJOaqBOTzRz4PsbuqknhwlMNx-tCA5s/s1600-rw/International+Marketing+Management.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="The purpose of MBA International Marketing Management Subject is to develop an understanding of the underlying concepts, strategies and issues involve in the marketing of products and services in more than a nation or globally." border="0" height="105" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLw7_xq5m98IYXL2-WE49vHJ26iBPAAmg16otiPR_9e_0W8kDFfQSZlfM9CTk0jwV3dxXDu1t2ZWSUInQZqQUWr6JTXOEecuA7rsCRm0zCKLd0iJOaqBOTzRz4PsbuqknhwlMNx-tCA5s/s200/International+Marketing+Management.jpg" title="International Marketing Management Notes" width="200" /></a></div><div style="text-align: left;">The purpose of <b>MBA</b> <b>International Marketing Management Subject</b> is to develop an understanding of the underlying concepts, strategies and issues involved in the marketing of products and services in more than one nation or globally.</div></div>
<div style="text-align: justify;"><div style="text-align: left;"><br /></div>
<div style="text-align: left;">International Marketing Management contains eight modules namely - International Marketing Environment; Understanding Customer Buying Behaviour; International Marketing Research; International Product Management; International Marketing Communication; Distribution and Logistics; Strategies of Pricing; and Evaluation and Control.</div></div>
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<h2 style="text-align: left;">
<u>
International Marketing Management Subject Modules</u>:</h2>
<h3 style="text-align: left;">
Module 1: Introduction to International Marketing Environment</h3>
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<ul style="text-align: left;">
<li><a href="http://www.enotesmba.com/2015/08/mba-notes-definition-and-meaning-of.html">Meaning and Definition of International Marketing</a></li>
<li><a href="http://www.enotesmba.com/2015/11/mba-notes-international-marketing-environment.html">International Marketing Environment</a></li>
<li><a href="http://www.enotesmba.com/2016/04/importance-of-international-marketing.html">Importance of International Marketing</a></li>
<li><a href="http://www.enotesmba.com/2015/01/mba-notes-nature-and-scope-of-international-marketing.html">Nature and Scope of International Marketing</a></li>
<li><a href="http://www.enotesmba.com/2015/02/differences-between-international-marketing-and-domestic-marketing.html">Difference Between International Marketing and Domestic Marketing</a></li>
<li><a href="http://www.enotesmba.com/2015/03/steps-in-process-of-international-marketing.html">Process of International Marketing</a></li>
<li><a href="http://www.enotesmba.com/2016/10/mba-notes-identifying-and-analysing-international-opportunities.html">Identifying and Analysing International Opportunities</a></li>
<li><a href="http://www.enotesmba.com/2017/03/changes-in-international-marketing-environment.html">Changes in International Marketing Environment</a></li>
<li>IMF, <a href="https://www.enotesmba.com/2017/02/mba-notes-wto-world-trade-organisation.html">WTO</a>, World Bank</li>
</ul>
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Module 2: Understanding Customer Buying Behaviour</h3>
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<li><a href="http://www.enotesmba.com/2017/08/marketing-notes-consumer-buying-behaviour.html">Meaning of Consumer Buying Behaviour</a></li>
<li><a href="http://www.enotesmba.com/2017/08/marketing-notes-consumer-buying-behaviour.html">Factors Influencing Consumer Buying Behaviour</a></li>
</ul>
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Module 3: International Marketing Research</h3>
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<li><a href="http://www.enotesmba.com/2017/10/international-marketing-research.html">Meaning and Characteristics of Marketing Research</a></li>
<li><a href="https://www.enotesmba.com/2017/10/international-marketing-research.html">International Marketing Research Process</a></li>
<li><a href="https://www.enotesmba.com/2021/05/factors-to-choose-market-research-agency.html">Selection of Marketing Research Agency</a></li>
<li>International Market Strategy</li>
<li>International Marketing Planning</li>
</ul>
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Module 4: International Product Management</h3>
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<li>International Product Strategies</li>
<li>Product Portfolios</li>
<li>Standardisation and Adaptation</li>
</ul>
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Module 5: International Marketing Communication</h3>
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<ul style="text-align: left;">
<li>Meaning and Characteristics of Marketing Communication</li>
<li>Importance of Marketing Communication</li>
</ul>
</div><br />
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Module 6: Strategies of Pricing</h3>
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<li>Meaning of Pricing Strategies</li>
<li>Types of Pricing Strategies</li>
<li>Currency Considerations</li>
</ul>
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<h3 style="text-align: left;">
Module 7: Distribution and Logistics</h3>
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<li>Characteristics and Importance</li>
<li>Channel Management</li>
<li>Foreign Market Channel Management</li>
</ul>
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Module 8: Evaluation and Control</h3>
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<ul style="text-align: left;">
<li>International Marketing Evaluation and Control</li>
<li>Difficulties in Evaluation and Control</li>
</ul>
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Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-24384993665865490082024-03-12T16:49:00.000+05:302024-03-12T16:49:01.976+05:30Functions of Human Resource Management<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #6fa8dc; font-size: large;">Question</span><span style="font-size: small;"> </span><span style="font-size: x-small;"><span style="font-size: large;">- What do you mean by Human Resource Management? Explain various functions of Human Resource Management.</span></span></h2>
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<span style="color: #6fa8dc; font-size: large;"><b>Answer</b></span></div>
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<span style="background-color: white;"><span style="color: #3d85c6;"><u>Meaning of Human Resource Management</u></span></span></h3>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgedGLwHPwsZoBG3Cc_zkpFQciq9J3US2H-5Si85H3PdQBaqaIwI-dnlWj39r7MQj7BXdeNQHSuuOgYLPI-s8zBIPtrBhYR1LWJi2rD3dR7GxFk8rtQISrAGo114ywqGxUyomsjqDiIdzw/s1600-rw/eNotesMBA-Functions-of-Human-Resource-Management.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Functions of Human Resource Management - Managerial Functions, Operative Functions, and Advisory Functions." border="0" data-original-height="225" data-original-width="225" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgedGLwHPwsZoBG3Cc_zkpFQciq9J3US2H-5Si85H3PdQBaqaIwI-dnlWj39r7MQj7BXdeNQHSuuOgYLPI-s8zBIPtrBhYR1LWJi2rD3dR7GxFk8rtQISrAGo114ywqGxUyomsjqDiIdzw/s1600-rw/eNotesMBA-Functions-of-Human-Resource-Management.jpg" title="Functions of Human Resource Management" width="200" /></a><span><div style="text-align: left;"><span><b>Human Resource Management</b></span> is a management function concerned with hiring, motivating, and maintaining the workforce in an organization. Human resource management deals with issues related to employees such as hiring, training, development, compensation, motivation, communication, and administration. Human resource management ensures the satisfaction of employees and the maximum contribution of employees to the achievement of organizational objectives.</div></span></div>
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According to <b>Armstrong (1997)</b>, Human Resource Management can be defined as <i>“a strategic approach to acquiring, developing, managing, motivating and gaining the commitment of the organization’s key resource – the people who work in and for it.”</i></div></div>
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<span style="color: #3d85c6;"><u>Functions of Human Resource Management</u></span></h3>
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Human Resource Management functions can be classified into the following three categories.</div>
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<li style="text-align: left;">Managerial Functions,</li>
<li style="text-align: left;">Operative Functions, and</li>
<li style="text-align: left;">Advisory Functions.</li>
</ul>
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<br /><h3 style="text-align: left;">The <i><span style="background-color: white;"><span style="color: #6fa8dc;"><b>Managerial Functions</b></span></span></i> of Human Resource Management are as follows:</h3></div>
<div><div style="text-align: left;"><b>1. Human Resource Planning</b> - In this function of HRM, the number and type of employees needed to accomplish organizational goals are determined. Research is an important part of this function, information is collected and analyzed to identify current and future human resource needs and to forecast changing values, attitudes, and behavior of employees and their impact on the organization.</div>
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<div><div style="text-align: left;"><b>2. Organizing</b> - In an organization tasks are allocated among its members, relationships are identified, and activities are integrated towards a common objective. Relationships are established among the employees so that they can collectively contribute to the attainment of the organization's goal.</div>
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<div><div style="text-align: left;"><b>3. Directing</b> - Activating employees at different levels and making them contribute maximum to the organization is possible through proper direction and motivation. Taping the maximum potential of the employees is possible through motivation and command.</div>
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<b>4. Controlling</b> - After planning, organizing, and directing, employees' actual performance is checked, verified, and compared with the plans. If the actual performance is found to deviate from the plan, control measures are required to be taken. </div>
<div><br /></div><div><h3 style="text-align: left;">The <b><i><span style="color: #6fa8dc;">Operative Functions</span></i> </b>of Human Resource Management are as follows:</h3></div>
<div><div style="text-align: left;">1. <b>Recruitment and Selection</b> - Recruitment of candidates is the function preceding the selection, which brings the pool of prospective candidates for the organization so that the management can select the right candidate from this pool.</div>
<div style="text-align: left;"><br /></div></div>
<div><div style="text-align: left;">2. <b>Job Analysis and Design</b> - Job analysis is the process of describing the nature of a job and specifying the human requirements like qualifications, skills, and work experience to perform that job. Job design aims at outlining and organizing tasks, duties, and responsibilities into a single unit of work for the achievement of certain objectives.</div>
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<div><div style="text-align: left;">3. <b>Performance Appraisal</b> - Human resource professionals are required to perform this function to ensure that the performance of employees is at an acceptable level.</div>
<div style="text-align: left;"><br /></div></div>
<div><div style="text-align: left;">4. <b>Training and Development</b> - This function of human resource management helps employees acquire skills and knowledge to perform their jobs effectively. Training and development programs are organized for both new and existing employees. Employees are prepared for higher-level responsibilities through training and development.</div>
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<div><div style="text-align: left;">5. <b>Wage and Salary Administration</b> - Human resource management determines what is to be paid for different types of jobs. Human resource management decides employee compensation which includes - wage administration, salary administration, incentives, bonuses, fringe benefits, etc,.</div>
<div style="text-align: left;"><br /></div></div>
<div><div style="text-align: left;">6. <b>Employee Welfare </b>- This function refers to various services, benefits, and facilities that are provided to employees for their well-being.</div>
<div style="text-align: left;"><br /></div></div>
<div><div style="text-align: left;">7. <b>Maintenance</b> - Human resources is considered an asset for the organization. Employee turnover is not considered good for the organization. Human resource management always tries to keep their best-performing employees with the organization.</div>
<div style="text-align: left;"><br /></div></div>
<div><div style="text-align: left;">8. <b>Labour Relations</b> - This function refers to human resource management interaction with employees represented by a trade union. Employees come together and form a union to obtain more voice in decisions affecting wages, benefits, working conditions, etc,.</div>
<div style="text-align: left;"><br /></div></div>
<div><div style="text-align: left;">9. <b>Personnel Research</b> - Personnel research is done by human resource management to gather employees' opinions on wages and salaries, promotions, working conditions, welfare activities, leadership, etc,. Such researches help in understanding employee satisfaction, employee turnover, employee termination, etc,.</div>
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10. <b>Personnel Record</b> - This function involves recording, maintaining, and retrieving employee-related information like - application forms, employment history, working hours, earnings, employee absents and presents, employee turnover, and other data related to employees.</div>
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<div style="text-align: left;"><br /></div><h3 style="text-align: left;">The <i><b><span style="color: #6fa8dc;">Advisory Functions</span></b></i> of Human Resource Management are as follows:</h3><div style="text-align: left;">Human Resource Management is expert in managing human resources and so can give advice on matters related to human resources of the organization. Human Resource Management can offer advice to:</div>
<br /><div style="text-align: left;">1. <b>Advised to Top Management</b></div><div style="text-align: left;">The personnel manager advises the top management in the formulation and evaluation of personnel programs, policies, and procedures.</div>
<div style="text-align: left;"><br /></div><div style="text-align: left;">2. <b>Advised to Departmental Heads</b></div><div style="text-align: left;">The personnel manager advises the heads of various departments on matters such as manpower planning, job analysis, job design, recruitment, selection, placement, training, performance appraisal, etc.. </div>
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Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-37930342272601744632023-05-21T09:39:00.000+05:302023-05-31T13:23:14.687+05:30Differences between Personnel Management and Human Resource Management<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #6fa8dc;">Question</span>: Define the terms Personnel Management and Human Resource Management. How Personnel Management is different from Human Resource Management?</h2>
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<span style="color: #6fa8dc; font-size: large;"><b>Answer</b></span></div>
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<h3 style="text-align: justify;">
<span style="font-weight: normal;"><u>Introduction</u></span></h3>
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The success of an organization depends not only on the effectiveness of utilizing financial and physical resources but also on human resources. The effectiveness of developing human resource is among the most vital issues in an organization. In any organization management of employees is a principal.</div>
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In an organization, a group of people work together with a common motive i.e. to achieve their organizational goal, which is only possible when efforts of all the people in the organization are efficiently managed. There are two basic approaches that employers adopt to manage people or employee in their organization. They are - Personnel Management and Human Resource Management.</div>
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The objective of this post is to make you understand the terms - Personnel Management and Human Resource Management. Also, to make you understand the differences between Personnel Management and Human Resource Management.</div>
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<b><u>Definition of Personnel Management</u></b></h3>
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According to Flippo, “Personnel management is the planning, organizing, compensation, integration and maintenance of people for the purpose of contributing to organizational, individual and societal goals.”</div>
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According to Brech, “Personnel Management is that part which is primarily concerned with human resource of organization.”</div>
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<b><u>Definition of Human Resource Management</u></b></h3>
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Edwin Flippo defines- Human Resource Management as “planning, organizing, directing, controlling of procurement, development, compensation, integration , maintenance and separation of human resources to the end that individual, organizational and social objectives are achieved.”</div>
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According to Decenzo and Robbins, “Human Resource Management is concerned with the people dimension” in management. Since every organization is made up of people, acquiring their services, developing their skills, motivating them to higher levels of performance and ensuring that they continue to maintain their commitment to the organization is essential to achieve organizational objectives. This is true, regardless of the type of organization – government, business, education, health or social action”.</div>
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Byars and Rue – “Human resource management encompasses those activities designed to provide for and coordinate the human resources of an organization. Human resource functions refer to those tasks and duties performed in organizations to provide for and coordinate human resources”.</div>
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Ivancevich and Glueck – “Human resource management is the function performed in organizations that facilitate the most effective use of people (employees) to achieve organizational and individual goals”.</div>
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<u>Differences Between Personnel Management and Human Resource Management</u></h3>
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<b><span face=""arial" , "sans-serif"" style="font-size: 16pt;">Differences Between
Personnel Management and Human Resource Management<o:p></o:p></span></b></div>
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<b><span face=""arial" , "sans-serif"">Basis
of Difference<o:p></o:p></span></b></div>
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<td style="background: rgb(178, 161, 199); border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-background-themecolor: accent4; mso-background-themetint: 153; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span face=""arial" , "sans-serif"">Personnel Management<o:p></o:p></span></b></div>
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<td style="background: rgb(250, 191, 143); border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-background-themecolor: accent6; mso-background-themetint: 153; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span face=""arial" , "sans-serif"">Human
Resource Management<o:p></o:p></span></b></div>
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<span face=""arial" , "sans-serif"">Meaning<o:p></o:p></span></div>
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<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">PM is a traditional
approach to managing people in the workplace. Concerned with employees at work
and with their relationships within an organization.<o:p></o:p></span></div>
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<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">HRM is a modern
approach to managing people in the workplace and is a concern of managers working in an organization from top to
bottom level.<o:p></o:p></span></div>
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<span face=""arial" , "sans-serif"">Definition<o:p></o:p></span></div>
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<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">“Personnel management
is the planning, organizing, compensation, integration, and maintenance of
people for the purpose of contributing to organizational individual and
societal goals.”<o:p></o:p></span></div>
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<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">“Human resource
management is the function performed in organizations that facilitate the
most effective use of people to achieve organizational and individual goals”.<o:p></o:p></span></div>
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<td style="border-top: none; border: 1pt solid black; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 95.4pt;" valign="top" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">Nature <o:p></o:p></span></div>
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<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">It is more routine in
nature.<o:p></o:p></span></div>
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<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">It is more strategic
in nature.<o:p></o:p></span></div>
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<span face=""arial" , "sans-serif"">Focus<o:p></o:p></span></div>
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<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">It focuses on personnel
administration, employee welfare, and labour relation.<o:p></o:p></span></div>
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<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">It focuses on human
values, individual needs and development.<o:p></o:p></span></div>
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<span face=""arial" , "sans-serif"">Function<o:p></o:p></span></div>
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<span face=""arial" , "sans-serif"">Personnel
administration, labor relation and employee welfare are major functions of
personnel management.<o:p></o:p></span></div>
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<span face=""arial" , "sans-serif"">Acquisition,
development, utilization and maintenance of human resource are major
functions of human resource management.<o:p></o:p></span></div>
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<span face=""arial" , "sans-serif"">Objective<o:p></o:p></span></div>
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<span face=""arial" , "sans-serif"">It manages people in
accordance with organization’s goal.<o:p></o:p></span></div>
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<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">It determines human
resource needs and formulate policies by matching individual’s needs with
organization’s needs.<o:p></o:p></span></div>
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<span face=""arial" , "sans-serif"">Interest<o:p></o:p></span></div>
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<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">Priority is given to
organizational interest.<o:p></o:p></span></div>
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<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">Priority is given to
mutual interest.<o:p></o:p></span></div>
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<span face=""arial" , "sans-serif"">Job Design<o:p></o:p></span></div>
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<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">Job design is division
of labour oriented<o:p></o:p></span></div>
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<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">Job design is teamwork
oriented.<o:p></o:p></span></div>
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</tr>
<tr>
<td style="border-top: none; border: 1pt solid black; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 95.4pt;" valign="top" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">Communication<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">Indirect, limited, and
restricted communication<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">Direct and open communication<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid black; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 95.4pt;" valign="top" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">Orientation<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">It is discipline,
direction and control oriented.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">It is development
oriented. It provides space for employee involvement, performance and growth.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid black; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 95.4pt;" valign="top" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">Emphasis<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">It emphasizes on
adherence of rules and regulations and their implementation.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">It emphasizes on
combination of human energies and competencies.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid black; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 95.4pt;" valign="top" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">Benefits<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">Disciplined employees,
Increased production<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt; width: 171pt;" valign="top" width="228"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"">Committed human resource,
Increased production & profit, Quality of work life, Readiness to change.<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<br /></div>
Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-28845887852711405842023-05-09T15:40:00.000+05:302023-05-09T15:40:52.389+05:30Product Mix<div dir="ltr" style="text-align: left;" trbidi="on">
<h2 style="text-align: left;">
<span style="color: #3d85c6; font-size: large;">Question</span><span style="font-size: x-small;"><span style="font-size: large;"> - What is Product Mix? Explain product mix decisions.</span><a name='more'></a></span></h2>
<div style="text-align: left;">
<span style="color: #3d85c6; font-size: large;"><b>Answer</b></span></div>
<div style="text-align: justify;">
<div style="text-align: left;">
<h3 style="text-align: left;">
<b><u><span style="color: #3d85c6;">Meaning of Product Mix</span></u></b></h3>
</div>
<div style="text-align: left;"><b>Product mix</b> or product assortment refers to the number of product lines that an organization offers to its customers. A <b>product line</b> is a group of related products manufactured or marketed by a single company. Such products function in a similar manner, are sold to the same customer group, sold through the same type of outlets, and fall within the same price range.</div></div><div style="text-align: left;"><br /></div><div style="text-align: left;">Product mix consists of various product lines that an organization offers, an organization may have just one product line in its product mix and it may also have multiple product lines. These product lines may be fairly similar or totally different, for <b>example</b> - <i>Dishwashing detergent liquid </i>and <i>Powder</i> are two similar product lines, both are used for cleaning and are based on the same technology; whereas <i>Deodorants</i> and <i>Laundry</i> are totally different product lines.</div><div style="text-align: left;"><br /></div><div style="text-align: justify;">
<div style="text-align: left;">An organization's product mix has the following four dimensions:-</div></div>
<div style="text-align: justify;">
</div>
<ol>
<li style="text-align: left;">Width,</li>
<li style="text-align: left;">Length,</li>
<li style="text-align: left;">Depth, and</li>
<li style="text-align: left;">Consistency.</li>
</ol>
<div style="text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrSgRswSt5edfQdmHsYh9R2__WrjFY8mB4gCN0aiMlrhnk1Q9z1cJVquoM2h4HndbeCsmZ2PdZ-eOuf5YGStmbBmXIghRwxpw7wcUzdpnSnYsa2GF12deFtahPVHocZQQVO4HyTdw61AM/s1600/HUL_Product_Mix.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="Diagram to Explain Hindustan Unilever Limited Product Mix" border="0" height="216" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrSgRswSt5edfQdmHsYh9R2__WrjFY8mB4gCN0aiMlrhnk1Q9z1cJVquoM2h4HndbeCsmZ2PdZ-eOuf5YGStmbBmXIghRwxpw7wcUzdpnSnYsa2GF12deFtahPVHocZQQVO4HyTdw61AM/s400/HUL_Product_Mix.jpg" title="HUL Product Mix" width="400" /></a></div>
<b><div style="text-align: left;"><b><span style="color: #274e13;">Width</span></b></div></b></div>
<div style="text-align: left;">
The width of an organization's product mix pertains to the number of product lines that the organization is offering. For <b><i>example</i></b>, Hindustan Uni Lever offers wide width of home care, personal care, and beverage products. The width of the HUL product mix includes Personal wash, Laundry, Skincare, Haircare, Oral care, Deodorants, Tea, and Coffee.</div>
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<br /></div>
<div style="text-align: left;">
<b><span style="color: #274e13;">Length</span></b></div>
<div style="text-align: left;">The length of an organization's product mix pertains to the total number of products or items in the product mix. As in the given diagram of Hindustan Uni Lever product mix, there are 23 products, hence, the length of the product mix is 23. </div>
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<div style="text-align: left;">
<b><span style="color: #274e13;">Depth</span></b></div>
<div style="text-align: justify;"><div style="text-align: left;">The depth of an organization's product mix pertains to the total number of variants of each product offered in the line. Variants include size, color, flavors, and other distinguishing characteristics. For <b><i>example</i></b>, the Close-up, brand of HUL is available in three formations and in three sizes. Hence, the depth of the Close-up brand is 3*3 = 9.</div>
<div style="text-align: left;"><br /></div>
<div style="text-align: left;"><span style="color: #274e13;"><b>Consistency</b></span></div><div style="text-align: left;">The consistency of an organization's product mix refers to how closely related the various product lines are in use, production, distribution, or in any other manner.</div><div style="text-align: left;"><br /></div></div><div style="text-align: justify;">
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<h3 style="text-align: left;">
<b><u><span style="color: #3d85c6;">Product Mix Decision</span></u></b></h3>
</div>
<div style="text-align: left;">Product mix decision refers to the decisions regarding adding a new or eliminating any existing product from the product mix, adding a new product line, lengthening an existing line, or bringing new variants of a brand to expand the business and increase profitability.</div>
<ul>
<li style="text-align: left;"><b>Product Line Decision</b> - Product line managers take product line decisions considering the sales and profit of each item in the line and comparing their product line with the competitors' product lines in the same markets. Marketing managers have to decide the optimal length of the product line by adding new items or dropping existing items from the line.</li></ul><ul>
<li style="text-align: left;"><b>Line Stretching Decision</b> - Line stretching means lengthening a product line beyond its current range. An organization can stretch its product line downward, upward, or both ways.</li>
</ul>
<ol style="text-align: left;"><span style="text-align: left;">
<li><i><b>Downward Stretching</b></i> means adding low-end items to the product line, for <b><i>example</i> </b>in the Indian car market, watching the success of Maruti-Suzuki in the small car segment, Toyota and Honda also entered the segment.</li>
<li><i><b>Upward Stretching</b></i> means adding high-end items to the product line, for <b><i>example,</i></b> Maruti-Suzuki initially entered the small car segment but later entered the higher-end segment.</li>
<li><i><b>Two-way Stretching</b></i> means stretching the line in both directions if an organization is in the middle range of the market.</li></span></ol>
<ul>
<li style="text-align: left;"><b>Line Filling Decision</b> - It means adding more items within the present range of the product line. Line filling can be done to reach incremental profits or to utilize excess capacity.</li>
</ul>
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Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-41495854583242461252022-09-02T21:31:00.001+05:302022-09-06T06:37:26.529+05:30Free MBA Notes<div dir="ltr" trbidi="on">
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Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-61073054981428884682022-06-24T11:01:00.001+05:302022-06-24T11:01:16.310+05:30Uses of Job Analysis<br /><br /> Question: What do you mean by job analysis? Also, explain the uses of job analysis.<br /><br />Answer<div>Job analysis provides information relating to a job in terms of its title, the operations, and tasks involved in the job, including their timing, significance, complexity, and sequence.<br /><br />Uses of Job Analysis<br /><ol style="text-align: left;"><li>Job Analysis is useful in classifying the jobs.</li><li>It provides useful information for forecasting manpower requirements.</li><li>Helps in determining the quality of human resources required in an organization and facilitates the division of work.</li><li>It helps in advertising the posts on the basis of description and specification.</li><li>A clear understanding of job requirements helps in matching the requirements with the abilities, interests, and attitudes of people.</li><li>Job analysis provides valuable information required to identify training needs, design training programmes, and evaluate trading effectiveness.</li><li>Employee development programmes such as job rotary, and job enlargement.</li><li>It facilitates determining performance standards. </li><li>Improvement in work design and work methods.</li><li>Job analysis determines the relative worth of different jobs so as to develop appropriate wage and salary structures.</li><li>It can also contribute to resolving trade disputes and employee grievances.</li><li>Job analysis reveals unhealthy and hazardous environmental conditions in various jobs.</li></ol></div>Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-75528213553964707642022-05-20T22:53:00.000+05:302022-05-20T22:53:30.035+05:30Steps in Process of Human Resource Planning<h1 style="text-align: left;"><span style="color: #3d85c6;">Question</span>: What is Human Resource Planning? Describe the steps in Human Resource Planning?</h1><span style="color: #3d85c6; font-size: large;"><b>Answer</b></span><br /><b>Human Resource Planning</b> (HRP) is the process of analysing and strategising the organisation's current and future human resource needs based on goals and vision of the organisation. It is essentially concerned with the process of estimating and projecting the supply and demand for different categories of personnel in the organisation for the years to come.<br /><br />According to <b>E.W Vetter</b>, Human Resources Planning is defined as - <i>"a process by which an organisation should move from its current manpower position to its desired manpower position. Through planning management strives to have the right number and right kind of people at the right places at the right time, doing things which result in both the organisation and the individual receiving maximum long-run benefit".</i><br /><br />According to <b>Leon C Megginson</b>, Human Resources Planning is <i>"an integrated approach to performing the planning aspects of the personnel function in order to have a sufficient supply of adequately developed and motivated people to perform the duties and tasks required to meet organisational objectives and satisfy the individual needs and goals of organisational members".</i><h3 style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><br /></div><u><span style="color: #274e13;"></span></u></h3><h2 style="text-align: left;"><u><span style="color: #274e13;">Steps in the Process of Human Resource Planning</span></u></h2><h3 style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6kN7bW79UdpHz1JIjuRzdoETSZqQWypQdq5YjDYVnX4FIxtu3FvTkybieuM4WKzDWZyUOdkW6SjvM5NqX_YobsRFD1H5De2VGA-5Ilt5B-Hh45zIeaFkNazmd6_Ae6fDEf-LKQt6h97Y/s615/Process+of+HRPlanning.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Steps in the Process of Human Resource Planning" border="0" data-original-height="437" data-original-width="615" height="227" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6kN7bW79UdpHz1JIjuRzdoETSZqQWypQdq5YjDYVnX4FIxtu3FvTkybieuM4WKzDWZyUOdkW6SjvM5NqX_YobsRFD1H5De2VGA-5Ilt5B-Hh45zIeaFkNazmd6_Ae6fDEf-LKQt6h97Y/w320-h227/Process+of+HRPlanning.jpg" title="Process of Human Resource Planning" width="320" /></a></div><b><span style="color: #0b5394;">1. Analysing Organisational Plan</span></b></h3><div>In the process of HRP the first step is to study the organisational objectives and plans. The objectives to be achieved in future in various fields like - production, finance, expansion, marketing and sales gives the idea about the volume of future work activity.</div><div><br /></div><div>The future organistional structure and job design should be made clearly and changes in the organisational structure should be examined properly so as to anticipate its future manpower requirement.</div><div><br /></div><h3 style="text-align: left;"><span style="color: #0b5394;"><b>2. Forecasting Demand for Human Resources</b></span></h3><div>In the process of human resource planning it is important to forecast the human resource requirement in future at different positions according to their job profile.</div><div><br /></div><div>Human resource demand forecasting is often subdivided into long-range and short-range forecasts because there are certain requirements of human resources for the long term and at times the human resource requirement is to meet the short-term objectives, goals, or targets.</div><div><br /></div><div>a) <b>Long Range Forecasting</b></div><div><ul style="text-align: left;"><li><i><b>The firm's long range Business Plans</b></i> - <b><i>For example</i></b>: an automobile manufacturing organisation may go for automation in future and replace some of its man power with robots. Obviously, it will reduce demand for man power in future and it should be considered in working out the future manpower requirement.</li><li><b><i>Demographic Changes</i></b> - <b><i>For example</i></b> : an aging workforce in an aging world. People are not only living longer, but they are working longer. The demographic shift towards an aging workforce brings both unprecedented opportunities and challenges for organisations that want to attract and retain talent.</li><li><b><i>The Economic Conditions</i></b>- During prosperity as the businesses boom more workforce is required and on the other hand during recession the under utilised employees or workers are temporarily or permanently fired. Though economic predictions are tough to make with accuracy, some considerations must be given to economic activities in planning for human resource requirements. </li><li><b><i>Technological Trends</i></b> - Advances in technology have definite effects on the nature and mixture of jobs available. <b><i>For example</i></b>, advances in computer technology resulted in a decrease in the number of book-keepers, and an increase in the number of computer programmers.</li><li><b><i>Social-cultural Trends</i></b> - The socio-cultural trends prevailing in an economy are another important parameter effecting the human resource planning as it directly influences the number and the nature of people seeking jobs, especially in case of women and people from minority groups. The social factors also play an important role in affecting the movement of labour from rural to urban areas which again has its impact on the human resource planning.</li></ul></div><div>b) <b>Short Range Forecasting</b></div><div><ul style="text-align: left;"><li><b><i>Production Schedules and Budgets</i></b> - Some plans must be made concerning the amount of work that each segment of the firm is expected to accomplish during some coming period and manpower requirements need to be worked out accordingly.</li><li><b><i>Human Resource Objectives</i></b> - The basic goals or objectives to be followed by the human resource department also play an important role in working out the human resource requirements. For example if the goal is to hire some minimum percentage of minorities or females in the workforce this definitely will be taken into consideration while working out the human resource plan.</li><li><b><i>Relocations, Mergers, Acquisitions, or Plant Closures</i></b> - The HR people should always be informed about such changes as soon as possible so that they should be able to make arrangements to adjust the manpower wherever required and ensure the termination of employees in a nice and congenial atmosphere.</li></ul></div><div><br /></div><h3 style="text-align: left;"><span style="color: #0b5394;"><b>3. Forecasting Supply of Human Resources</b></span></h3>Though the available supply of human talent would appear to be easier to determine than projected needs, there are a number of complexities in this decision as well. In projecting future availability, the following factors are usually considered:<div><ul style="text-align: left;"><li><b><i>Current Inventory</i></b> - Maintaining proper personnel records are essential to indicate the availability of talent in various jobs, units and divisions within the firm. For example, an ‘inventory card’ should be maintained by the organisations, so that whenever there is a requirement for human resource the first thing an organisation should do is to check the availability from within. If possible the requirements should be filled in from within and if not possible then the entire hiring process should start.</li><li><b><i>Productivity Levels</i></b> - It is important for the organisation to consider the productivity levels to forecast the future workforce requirements.</li><li><b><i>Turnover Rate</i></b> - The rate of turnover for the organisation is an important parameter affecting the human resource planning for future. The turnover takes into consideration separations, quits, discharges, retirement, death, replacements, etc. An organisation having a high rate of turnover will have to go for frequent hiring exercises and vice versa.</li><li><b><i>Absenteeism Rate</i></b> - Absenteeism obviously reduces the number of personnel actually available for work. If the monthly absenteeism rate is around 4 per cent, this means that on the average only 96 per cent of people are present each day and are ready to work.</li><li><b><i>Movement Among Jobs</i></b> - Some jobs are sources of personnel for other jobs; for example, secretaries may be obtained by the promotion of typist, and branch managers are obtained from a pool of section managers through internal transfers. So it is important for the human resource executives to take such internal movements into account before finalising the requirements for hiring from outside for meeting their future human resource requirements.</li></ul><div><br /></div><div><h3 style="text-align: left;"><span style="color: #0b5394;"><b>4. Identifying Human Resource Gap</b></span></h3>Manpower gaps can be identified by comparing demand forecasts and supply forecasts, such types of comparison will either help in deficit or surplus of human resources in future.</div><div><br /></div><div>Deficit means the number of people recruited from outside whereas surplus implies people to be redeployed or terminated. Employees estimated to be deficient can be trained whereas employees with higher skills may be given more enriched jobs.<br /><br /></div><h3 style="text-align: left;"><span style="color: #0b5394;"><b>5. Future Course of Action</b></span></h3>When the manpower gaps are identified plans are prepared to bridge these gaps. Plans to meet the surplus manpower may be redeployment in other departments and retrenchment in consultation with trade unions. People may be persuaded to quit voluntarily through their own wish. Deficit can be met through recruitment, selection, promotion, transfer or training methods.<br /><br /><h3 style="text-align: left;"><span style="color: #0b5394;"><b>6. Controlling</b></span></h3>It implies checking, verifying and regulating to ensure that everything occurs in conformity with the plans adopted and the instructions issued. Such monitoring helps to minimise the gap between desired results and actual performance. Controlling the management of human resources involves auditing training programmes, directing morale surveys etc.</div>Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-30653292052003695502022-03-28T12:35:00.007+05:302022-03-28T12:35:51.582+05:30Golden Rules of Accounting - Double Entry System in Accounting<h2 style="text-align: left;"><u><span style="color: #3d85c6;">Double Entry System in Accounting</span></u></h2>The <b>double-entry system</b> of book-keeping is an accounting system that recognizes the fact that every transaction has two aspects – the <b><i>receiving aspect</i></b> and the <b><i>giving aspect</i></b>, and both these aspects are recorded in the books of accounts. Or we can say, in order to receive some value, an equal value needs to be given.<br /><br />Let us understand this with an <b>example</b>:<br />Suppose, you are a shop owner and you are buying furniture for your shop by paying Rs 20,000 in cash. <br /><br />There are two aspects involved in this transaction: You are receiving furniture which can be termed as receiving aspect. The second one, you are paying cash which can be termed as giving aspect. <br /><br />According to the double-entry book-keeping system, every transaction will have at least two accounts that are impacted. A debit entry is done in one account and a credit entry is done in another account. In the above example, furniture is one account that is debited by Rs 20000 and cash is the other account that is credited by Rs 20000. <br /><br />According to <b>J.R. Batliboi</b> <i>“Every business transaction has two fold effect and it affects two accounts. In order to keep a complete record of transactions, one account is bound to be debited and the other account is bound to be credited. Recording this two fold account of each transaction is called Double Entry System”. </i><br /><br />In short, we can say:<br /><ul style="text-align: left;"><li>The double-entry system records two aspects of every transaction.</li><li>One aspect is debited and the other aspect is credited.</li><li>The total of debits is equal to the total of credits. </li></ul><br />The double entry system can be well explained by the <b>Accounting equation</b>. <br /><br /><h2 style="text-align: left;"><u><span style="color: #3d85c6;">What is Accounting Equation?</span></u></h2>An <b>accounting equation</b> is a statement of equality. Here, the <b><i>resources are equal to the sources</i></b>. The owner or proprietor and outsiders provide the sources for acquiring resources. The resources are known as ‘Assets’. As owners and outsiders have provided the funds to the business and business is independent of these persons, due to the business entity concept, these persons have a claim against the assets of the business. These claims are known as ‘Equities’. Equities are of two types. They are owner’s equity and outsider’s equity. Owner’s equity (or capital) is the claim of owners against the assets of the business. Outsider’s equity (or liabilities) is the claim of the outsiders such as creditors, loan providers, and debenture-holders against the assets of the company. <br /><br /><b>Resources (Assets) = Sources of Finance (Capital + Liabilities) </b><br /><br />Someone, either owner or outsider, has a claim against the assets of the business. So, the total value of the assets is equal to the total value of capital and liabilities. The owner’s share is what is left out of the assets, after paying off all the liabilities of the outsiders. <br /><br />We can say <br /><br />Assets = Equity (Total claims)<div><br />Assets = Owner’s claim + Outsiders’ claim <br /><br />Assets = Capital + Liabilities <br /><br />This is known as the accounting equation or balance sheet equation. <br /><br />The term ‘<b>Assets</b>’ denotes the resources owned by the business, while the term ‘<b>Equities</b>’ denotes the various claims of the parties against those Assets. <br /><br />The assets are equal to the sum of the owner’s claim and outsiders’ claims. <br /><br />Therefore, Capital = Total Assets – Outside Liabilities <br /><br /><br /><b>Let us understand double entry and accounting equation with some examples:</b></div><div><b><br />Example 1</b> - Suppose, Meera & Co starts a business with Rs. 1,00,000 as capital. The accounting equation will be as follows: <br /><br />Assets = Capital + Liabilities<br />Cash (1,00,000) = Capital (1,00,000) + Liabilities (0)<br />1,00,000 = 1,00,000 <br /><br /><b>Example 2</b> - The business purchases furniture for Rs. 10,000. In place of cash, furniture has come into the business. The accounting equation will be as follows: <br /><br />Cash (90,000) + Furniture (10,000) = Capital (1,00,000) + Liabilities (0) <br />1,00,000 = 1,00,000 <br /><br /><b>Example 3</b> - At this stage, the firm makes a cash purchase of stock Rs. 20,000 for carrying on the business. The equation will be as follows: <br /><br />Cash (70,000)+ Furniture (10,000) + Goods (20,000) = Capital (1,00,000) + Liabilities (0) <br />1,00,000 = 1,00,000 <br /><br /><b>Example 4 - </b>To add stock to the business, a credit purchase of goods is made for Rs. 30,000 from Ria & Co, who would be a creditor as he has supplied goods on credit. The equation, now, would be: <br /><br />Cash (70,000) + Furniture (10,000) + Goods (50,000) = Capital (1,00,000) + Creditors (30,000) <br />1,30,000 = 1,30,000 <br /><br /><b>Example 5</b> - Goods are sold on credit for Rs. 5,000. The cost of the goods is Rs. 4,000. So, the stock of goods decreases by Rs. 4,000 and debtors increase by Rs. 5,000. Here, the transaction has resulted in a profit of Rs. 1,000. This profit increases capital as the profit belongs to the proprietor as he has assumed the risk of commencing the business. So, the capital increases by Rs. 1,000. In other words, profit or loss is transferred to the capital account. Profit increases capital account while loss or drawings reduce the balance in the capital account. <br /><br />Cash (70,000) + Furniture (10,000) + Goods (46,000) + Debtors (5,000) = Capital (1,01,000) + Creditors (30,000) <br />1,31,000 = 1,31,000 <br /><br /><b>Example 6</b> - The business pays Rs. 200 for rent and Rs. 600 for salaries. The cash balance would be reduced by Rs. 800. So, these expenses reduce the profit and inconsequence, balance in the capital account. Now the equation will be as follows: <br /><br />Cash (69,200) + Furniture (10,000) + Goods (46,000) + Debtors (5,000) = Capital (1,00,200) + Creditors (30,000) <br />1,30,200 = 1,30,200 <br /><br />From the above examples, two things are clear: <br /><br />1) At any stage, the total of assets will be equal to the total of liabilities and capital. <br /><br />2) An increase in an asset can result in a corresponding decrease in another asset or a corresponding increase of liability. Similarly, a decrease in an asset can result in an increase of another asset or a decrease in liability.<br /><br />I believe, the double-entry system and the accounting equation are clear now. Let’s move to Rules of Debit and Credit, i.e. Golden Rules of Accounting<br /><br />Golden Rules of Accounting (Rules of Debit and Credit)</div><div>Under the double-entry system of accounting, each account has two sides - the debit side and the credit side. The left hand of an account is called the debit side and the right-hand side is called the credit side. If an amount is to be debited, it is to be entered on the left-hand side of the account, while the credit amount is to be entered on the right side of the account.</div><div><br />Before understanding the Rules of Debit and Credit, we need to first understand the classification of accounts or the types of accounts. <br /><br /><h2 style="text-align: left;"><u><span style="color: #3d85c6;">Classification of Accounts</span></u></h2><h3 style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLIeb6cdpRjywZFiPcxxeH_g8Ky5m4IjUb5OjQ4kKXjH2V-iaIZkOm7cf5o2kYYRSTq3HcnzKbMWx7esgFUPCKpZRdRf61ry6ITsM1FJEr5Y3qkoKS_wvuftwSfA9uG6990xAc6TdFKNm72u50_J4YIQa1qFp3GFtkx5EIzgZ-3iMchPUhJFsHcxoE/s1280/Double-Entry-Principles-.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="720" data-original-width="1280" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLIeb6cdpRjywZFiPcxxeH_g8Ky5m4IjUb5OjQ4kKXjH2V-iaIZkOm7cf5o2kYYRSTq3HcnzKbMWx7esgFUPCKpZRdRf61ry6ITsM1FJEr5Y3qkoKS_wvuftwSfA9uG6990xAc6TdFKNm72u50_J4YIQa1qFp3GFtkx5EIzgZ-3iMchPUhJFsHcxoE/s320/Double-Entry-Principles-.jpg" width="320" /></a></div><b><span style="color: #38761d;">Personal Accounts </span></b></h3>They are the accounts of persons with whom the business deals, it can be related to <b><i>Individuals</i></b> like – Adam A/c, Ram A/c, Kumar A/c, Alina A/c, etc.; and related to <b><i>firms</i></b>, or <b><i>Organizations</i></b> like – your school or college say CCS A/c, DPS A/c, IPS A/c, IIM A/c; it can be related to a bank say SBI Ltd A/c, ICICI Bank Ltd A/c, or accounts that <b><i>represent a certain person or a group of persons</i></b> like Prepaid Rent A/c (representing landlord), or Outstanding Salary A/c (representing a group of employees) <br /><br />Personal Accounts are of three types: <br /><b>Natural Personal Accounts</b>: Natural Persons are human beings. Therefore, we include the accounts belonging to them under this head. For instance, Debtors, Creditors, Capital A/c, Drawings A/c, etc. <br /><br /><b>Artificial Personal Accounts</b>: Artificial persons are not human beings but can act and work like humans. They have a separate identity in the eyes of law and are capable to enter into agreements. These include H.U.F, partnership firms, insurance companies, co-operative societies, companies, municipal corporations, hospitals, banks, government bodies, etc. For example, Bank of Baroda, Oriental Insurance Co,. <br /><br /><b>Representative Personal Accounts</b>: These accounts represent the accounts of natural or artificial persons. When the expenses become outstanding or pre-paid and incomes become accrued or unearned, they fall under this category. For example, Outstanding Salary A/c, Pre-paid Rent A/c, Accrued Interest A/c, Unearned Brokerage A/c, etc <br /><br /><h3 style="text-align: left;"><b><span style="color: #38761d;">Real Accounts </span></b></h3>These are the accounts of all the assets of the organization. We do not close these accounts at the end of the accounting year and appear in the Balance Sheet. Thus, we carry forward the balances of these accounts to the next accounting year. Therefore, we can also say that these are permanent accounts. We can further classify these into: <br /><br /><b>Tangible Real Account</b>: It consists of assets, properties or possessions that can be touched, seen, and measured. For example, Plant A/c, Furniture, and Fixtures A/c, Cash A/c, etc <br /><br />It is important to note that bank account is a personal account, not a real account. Many think cash and bank represent property and the purpose of holding is the same so they think bank account is also a real account. Balance lying in SBI is to be distinguished from the balance in ICICI. Bank balance is related to the institution where it is kept. Cash is a real account, while a bank account is a personal account. <br /><br /><b>Intangible Real Account</b>: It consists of assets or possessions that cannot be touched, seen, and measured but possess a monetary value and thus can be purchased and sold also. For example, Goodwill, Patents, Copyrights, etc. <br /><br /><h3 style="text-align: left;"><b><span style="color: #38761d;">Nominal Accounts</span></b></h3>Nominal Accounts are the accounts relating to the expenses, losses, incomes, and gains, like- rent, rates, lighting, insurance, salaries, dividends, etc. These are temporary accounts and thus we need to transfer their balances to Trading and Profit and Loss A/c at the end of the accounting year. Therefore, these accounts have no balance to be carried forward next year as they are closed. <br /><br />A question is asked many times in examinations. <b><i>How a nominal account becomes a personal account? </i></b><br /><br />When prefix or suffix is added to a nominal account, it becomes a personal account. For example – Rent A/c is a nominal A/c, but Outstanding Rent A/c or Rent Prepaid A/c is Personal Account. <br /><br />Similar is the case with salary a/c, interest a/c, or insurance a/c. they all are nominal accounts, but outstanding salaries a/c, outstanding interest a/c, or outstanding insurance a/c are personal accounts. <br /><br /><h2 style="text-align: left;"><u><span style="color: #3d85c6;">Golden Rules of Accounting</span></u></h2>Golden Rules of Accounting are also known as the “Traditional Rules of Accounting” or “Rules of Debit and Credit”. Three golden rules of accounting are used to prepare an accurate journal entry which forms the very basis of accounting and acts as a cornerstone for all bookkeeping. The rules of accounting are set differently for the different types of accounts discussed above. <br /><br />Rule 1: <b><span style="color: #38761d;">Debit the Receiver,<span> </span>Credit the Giver</span></b><br />This rule is applicable to personal accounts. Transactions related to persons – natural, artificial, or representative person are recorded following Rule 1 - Debit the receiver, and Credit the giver. Debit the person’s account when a person received something from the business and Credit the person’s account when a person gives something to the business. <br /><br /><b>Example 1</b> – Cash Paid to Kumar Rs 50000<br />Here, Kumar is the receiver of Rs 50000, and according to the rule the receiver is debited, so Kumar A/c should be debited by Rs 50000, and cash is going out of the business, so Cash A/c should be credited by rs 50000.<br /><br /><b>Example 2 </b>– Cash received from Alina Rs 25000<br />Here, Alina is the giver of Rs 25000, and according to the rule the giver is credited, so Alina A/c should be credited by Rs 25000, and Cash is coming into the business so Cash A/c should be debited by Rs. 25000. <br /><br />Rule 2: <b><span style="color: #38761d;">Debit what comes in, Credit what goes out</span></b><br />This rule is applicable to real accounts. Transactions related to the assets – tangible, or intangible assets are recorded following Rule 2 – Debit what comes in, and Credit what goes out. Debit the asset’s account when an asset comes into the business and credit the asset’s account when an asset goes out from the business. <br /><br /><b>Example 3</b> – Sold machinery of Rs 100000<br />Here, Machinery sold is going out from the business, and according to the rule any asset that goes out is credited, so Machinery A/c should be credited by Rs 100000, and in return for it the business is getting cash or cash is coming into the business, so Cash A/c should be debited by Rs 100000. <br /><br />Rule 3: <b><span style="color: #38761d;">Debit all Expenses and Losses, Credit all Incomes and Gains </span></b><br />This rule is applicable to nominal accounts. Transactions related to expenses/losses and incomes/gains are recorded following Rule 3 – Debit all expenses and losses, and credit all incomes and gains. Debit the Expense’s/losses account when a business incurred some expense or loss and Credit the Income’s/gain’s account when a business earned income or get gains. <br /><br /><b>Example 4</b> – Rent paid of Rs 20000<br />Here, Rent is an expense for the business, and according to the rule any expense or loss is debited, so Rent A/c should be debited by Rs 20000. Cash is going out from the business, so Cash A/c should be credited by Rs 20000. <br /><br /><b>Example 5</b> – Interest received of Rs 2000 <div>Here, interest received is an income for the business, and according to the rule any income or profit is credited, so Interest A/c should be credited by Rs 2000. Cash is coming into the business, so Cash A/c should be debited by Rs 2000.</div></div><br />Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-30234784350301333342022-03-27T21:41:00.000+05:302022-03-27T21:41:23.833+05:30Principles of Accounting - Accounting Concepts and Conventions<h2 style="text-align: left;"><span style="color: #3d85c6;">Question: What do you mean by Basic Accounting Principles? Also, explain the accounting concepts and conventions.</span></h2><p><span style="font-size: medium;"><b>Answer</b></span><br /><br /></p><h3 style="text-align: left;"><b><u><span style="color: #3d85c6;">Introduction</span></u></b></h3>Let us assume, you have the financial statements of two companies – <b>ABC Ltd.,</b> and <b>XYZ Ltd.</b> You would like to access their financial performance, compare, analyze, and decide to invest your money in a financially strong company. But, these companies follow their own accounting procedures and methods. If there are no commonalities, no uniformity in the preparation of their financial statements, you’ll not be able to compare them. Will you be able to judge which company is performing better? Obviously, not. <br /><br /><p></p><p>So, now you got, why accounting principles are formulated?<br /><br />To bring these<b> commonalities and uniformity</b>, Accounting Principles are formulated. The accounting principles are <b>formulated and recognized by regulatory bodies</b> throughout the world. These principles are important to be <b>followed by every organization</b> to bring uniformity and consistency in the preparation of financial statements.<br /><br /></p><h3 style="text-align: left;"><b><u><span style="color: #3d85c6;">Meaning of accounting Principles</span></u></b></h3><b>Basic Accounting Principles</b> are also known as (GAAP)<b> Generally Accepted Accounting Principles</b>.<br /><br />Accounting principles may be defined as those <b><i>rules of action or conduct</i></b>, which are adopted by the accountants, <b><i>universally</i></b>, while recording the transactions.<br /><br />The <b>American Institute of Certified Public Accountants</b> has defined the accounting principle as, <b><i>“a general law or rule adopted or professed as a guide to action; a settled ground or basis of conduct or practice”.</i></b><br /><p></p>Categories of Accounting Principles<br />Accounting Principles are divided into two categories<br /><ul style="text-align: left;"><li>Accounting Concepts</li><li>Accounting Conventions</li></ul>The term ‘<b>Accounting Concepts</b>’ refers to <b><i>assumptions and conditions</i></b> on which the accounting is based. Basic assumptions of accounting can never be ignored. They are must be followed by accountants while recording business transactions.<br /><br />The term ‘<b>Accounting Conventions</b>’ are the <b><i>customs and traditions</i></b>, which guide us in preparing accounting statements. We mostly use these conventions in preparing the final accounts, as they are useful for better understanding.<br /><br /><h3 style="text-align: left;"><b><span style="color: #3d85c6;"><u>Accounting Concepts</u></span></b></h3><b>1) Money Measurement Concept</b><br />According to this accounting concept, accounting records only those transactions which are expressed in terms of money, other transactions which are not expressed in terms of money, however important they are, they are not recorded in books of accounts.<br /><br />Let us understand this concept with some examples.<br />For <b>example,</b> You are a manager in an organization, your managerial skills, your knowledge, your hard work is very useful to the business, but will it be recorded in the books of accounts, not, why? Because these traits are qualitative in nature, not in monetary terms. And according to the Money Measurement concept, only monetary events and transactions are recorded in accounting.<br /><br />Let’s take another <b>example,</b> If the assets are expressed like – 1000 sq/m of building, 2000 kg of raw-material, 10 machines, and 20 chairs and so on. Will these assets be recorded in the books of accounts? Again not. Why? Because these assets are expressed in quantitative terms, but not in monetary terms.<br /><br />Let us take one more <b>example,</b> If the assets are expressed like – Building of Rs 100000, Raw-material of Rs 20000, Machinery of Rs 10000, Chairs of Rs 2000, and so on. Now, Will these are recorded in the books of accounts? Obviously Yes, because now these assets are expressed in terms of money.<br /><br />So, I believe now you got the Money Measurement Concept. <br />Moving to the next Concept, i.e. Business Entity Concept. <br /><br /><b>2) Business Entity Concept</b><br />This accounting concept is also called <b><i>Separate Entity Concept</i></b>. According to this concept, a business is considered as a separate entity, distinct from the person who owns it. The owner is different and the business is different. The amount invested by the owner at the time of commencement of the business is called Capital, and capital is treated in accounting as a liability that is considered due to being returned to the owner in the future.<br /><br />Let us understand this concept with an <b>example</b>.<br />The owner of the business Purchase a Car for his personal use, will it be considered as the property or asset of the business and recorded in the books of accounts? Not, because according to this concept owner is different from the business, and his personal belongings or personal properties will never be considered as the properties of the business and will not be recorded in the books of accounts.<br /><br /><b>3) Dual Aspect Concept</b><br />This is the basic concept of accounting. According to this accounting concept, no transaction is complete without a double aspect; means to say that for every debit there is a corresponding credit.<br /><br /><b>For example</b> – Mr. Kumar started the business with a capital of Rs. 100000. Now, this transaction will have one effect on the Cash A/c and a dual effect on Capital A/c. Or we can say, now the business owns Assets (Cash) worth Rs. 100000, and at the same time the business has obligation to repay to Mr. Kumar Rs. 100000 and recorded as ‘Capital’.<br /><br />This can be represented in the form of equation as:<br /><br />Capital (owners’ equity) = Assets (Cash)<br /><br />Rs. 100000 = Rs 100000<br /><br /><b>For Example</b> – Rs 50000 was borrowed from Ram to further invest in the business. This transaction will increase assets (Cash) as well as Liabilities (Creditors). Thus represented in form of equation as:<br /><br />Capital (Owners Equity) + Creditors = Assets (Cash)<br /><br />Rs 100000 = Rs 50000 = Rs 150000<br /><br /><b>4) Going Concern Concept</b><br />According to this concept, it is assumed that business organizations will continue to operate in the foreseeable future and will not be liquidated or forced to discontinue operations for any reason. A going concern is expected to have the following things working in their favor:-<br /><br /><ul style="text-align: left;"><li>The business is <b><i>capable of running its daily operations</i></b> and has sufficient capital and raw material to do so.</li><li>The business has the <b><i>ability to pay off its debts</i></b> during the accounting period.</li><li>The <b><i>service or product</i></b> offered by the company <b><i>is in demand</i></b> in the market.</li><li>There should be <b><i>no changes in the law</i></b> governing the business.</li></ul><br />To understand this concept let’s take an <b>example </b>- The accountant while valuing the assets of the enterprise does not take into account their current resale values as there is no immediate expectation of selling it. The original cost of the assets is considered and depreciation is charged on the assets over the years for the life of the asset. This distribution of expenditure i.e. depreciation is possible only because of the going concern concept, which is, the business shall be carried on for at least the life of the asset or beyond.<br /><br />I think the going concern concept is clear now, moving to the next concept which is the Cost Concept.<br /><br /><b>5) Cost Concept</b><br />Cost Concepts is of special significance only for fixed assets. Which is recorded in the books of account at cost i.e., at the price actually paid for acquiring the assets. The depreciation is deducted from the original value which is the initial purchase price of the asset will highlight the book value of the asset at the end of the accounting period. The marketing value of the asset should not be taken into consideration.<br /><br />Now, the question is, why the assets are not recorded at market value? <br /><br />The main reason is that the market value of the asset is subject to fluctuations due to demand and supply forces. The entry of market value of the asset will require the frequent update of information to the tune of changes in the market. <br /><br />Will it be possible to record the changes taken place in the market then and there? Obviously not. That’s why Assets are not recorded at the market value.<br /><br /><b>6) Accounting Period Concept</b><div>As we already know, considering the ‘Going Concern Concept’, every business would exist for a longer duration. That longer duration is divided into appropriate segments or periods for studying the results shown by the business for each period. <br /><br />The specific period is normally one year. This time interval is called the ‘accounting period’. This period can further be divided into four Quarters - Q1, Q2, Q3, and Q4, of three months each.<br /><br />At the end of each accounting year, the Profit and Loss Account and Balance Sheet are prepared. Profit and Loss Accounts show the financial results, while the Balance Sheet shows the financial position.<br /><br /><b>7) Matching Concept</b><br />One of the objectives of every business firm is to know its results for a given period of time. In order to know the profit and loss of the business, the costs incurred during a given period are matched against the revenue earned during that period. This helps to know the profit or loss of the business during a period of time. If the revenue exceeds the cost it represents the profits. On the other hand, if the cost exceeds the revenue, it represents the loss.<br /><br /><b>8) Realization Concept</b><br />This concept deals with the point of time at which the revenue is taken as earned. According to this concept, revenue is realized when goods and services produced by a business are transferred to the customer irrespective of whether cash from the transaction has been received or not.<br /><br />Let’s understand this concept with an example:<br /><br />For <b>example</b>, ABC Ltd. received an order in January, delivered the goods in February, and received the payment in March.<br /><br />Now, according to the realization concept, when did the revenue is earned?<br /><br />Revenue is earned in February i.e., when the transfer of goods took place, notwithstanding the fact that the order was received in January and cash was received in March.<br /><br /><h3 style="text-align: left;"><b><u><span style="color: #3d85c6;">Accounting Conventions</span></u></b></h3><b>Accounting Conventions</b> are the customs and traditions, followed by accountants as guidelines in preparing accounting statements.<br /><br /><b>1) Convention of Conservatism</b><br />‘Playing safe’ is the main idea underlying this convention. In the initial stages of accounting, not actual profits, but, even anticipated profits have been recorded. But, the anticipated profits have not materialized. This has shaken the confidence in accounting. In consequence, Accounting has started to follow the rule “<b><i>anticipate no profit and provide for all possible losses</i></b>”. <br /><br />For <b>example</b>, the closing stock is valued at cost price or market price, whichever is lower. The effect of the above is that in case, the market price comes down, then the ‘anticipated loss’ is to be provided for. But, if the market price goes up, then the ‘anticipated profits’ are to be ignored. When the lower of the two is taken into account for the valuation of closing stock, no anticipated profit is booked, but all possible loss is taken care of.<br /><br />Basically, the concept says that whenever there are two equally acceptable methods, the one, which is more conservative, will be accepted. When a judgment is based on general estimates, if there is a dilemma as to which is correct, the most conservative estimate will be accepted. When there is a probability of getting profit or loss, profit will be ignored, but the loss will be taken into account.<br /><br /><b>2) Convention of Materiality</b><br />The materiality convention of accounting states that the business should include only the important or relevant facts in the financial statements.<br /><br />Material facts refer to any information if excluded or misreported in the financial statements that could influence the decision of the users of such financial statements.<br /><br />Thus, if excluding or misreporting certain information impacts the decision of the users of the financial statements, such information is material in nature.<br /><br />Likewise, if excluding or misreporting certain information does not influence the decisions of the users of such statements, such information is not material or immaterial in nature.<br /><br />For <b>Example</b> - If information related to capital, stock, or sales is excluded or misreported could influence the decision of users of such information, and this information is material in nature.<br /><br />On the other hand, information related to clubbing of pens, pencils, stick notes, etc. under different heads (stationary) is not of material nature.<br /><br />Therefore, items of material nature are recorded in detail separately under their respective heads. However, items that are immaterial in nature are clubbed together under different accounting heads.<br /><br /><b>3) Convention of Disclosure</b><br />The Convention of disclosure requires that all material and relevant facts concerning financial statements should be fully disclosed. Full disclosure means that there should be full, fair, and adequate disclosure of accounting information. Adequate means a sufficient set of information to be disclosed. Fair indicates an equitable treatment of users. Full refers to the complete and detailed presentation of information. Thus, the convention of disclosure suggests that every financial statement should fully disclose all relevant information.<br /><br /><b>4) Convention of Consistency</b><br />Convention of consistency implies that the basis followed in different accounting periods should be the same. It also signifies that the accounting practices and methods should remain consistent from one accounting year to another. For <b>example</b> - If a particular method of depreciation is adopted for a particular fixed asset, the same method should be followed for that assets year after year.</div>Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-9440738157557513672022-03-09T04:09:00.013+05:302022-11-03T14:58:41.785+05:30Basic Terms of AccountingIn the previous chapter, we let you know, what the term <b>Accounting</b> means. You got to know the meaning, definition, evolution, characteristics, scope, and systems of accounting. Before studying the next topic of accounting, we need to first understand the basic <b>terminologies of accounting</b>. So, the objective of this chapter is to make you familiarize you with some of the common terms of accounting. So, let's begin with the first term.<br /><br /><div><h2 style="text-align: left;"><b><u><span style="color: #3d85c6;">Basic Accounting Terms</span></u></b></h2>1. <b>Capital</b> - Capital is the amount, initially, invested while commencing the business. It can be in the form of cash, goods, or any type of asset. <br /><br />Even after commencement, additional capital can be introduced. The additional introduction of capital can be done in case of expansion of business. <br /><br />Profit earned in the business is added to the capital. The loss made in the business is reduced from the capital. So, if the business is profitable, capital would be on increase, year after year. In case of continuous losses, capital would be on a decrease, year after year.<br /><br />The term 'Capital' is defined as the excess of Assets over Liabilities. Capital = Assets - Liabilities, For Example - If a firm has, Assets of Rs. 100000, and Liabilities of Rs 20000, how much is the capital of the firm? (100000-20000) = 80000<br /><br />Now, suppose the firm has made a profit of Rs 40000, now how much is the capital of the firm? (100000 - 20000 + 40000) = 120000<br /><br /><b>Video - Basic Terms of Accounting</b><br />
<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/RYQ56NeClQs" title="YouTube video player" width="560"></iframe> </div><div><br /></div><div>2.<b> Drawings</b> - Drawings are the amount withdrawn from the business by the proprietor, or by the partners in a partnership firm. It can be in form of cash or goods.<br /><br />Drawings are reduced from the Capital amount. For example- The proprietor has withdrawn Rs 5000 and Goods of Rs 5000 for personal use. Now, how much is the amount in the Capital Account.? (100000 - 20000 + 40000 - 10000) = Rs110000<br /><br />3. <b>Turnover</b> -The total amount of sales during a particular period is called 'Turnover'. It can be in form of cash, credit, or both.<br /><br />4. <b>Discount</b> - The allowance or concession is granted to a retailer by the dealer or wholesaler is called 'Discount'. <br /><br />It can be of two types - Trade Discount, and Cash Discount.<br /><br /></div><div><b><i>Trade Discount</i></b> - Trade discount is allowed by a dealer to the retailer or buyer to induce him to buy more from him. It can be offered on both - cash sales and credit sales.<br /><br />The invoice shows the list price or retail price. Where trade discount is allowed, the same is also shown in the invoice. Trade discount is allowed as a fixed % on the list price. Net price is calculated as (Net Price = List Price - Trade discount)<br /><br />It is important to note that the net price is entered as sale value by the seller in the accounts. Equally, the net price is entered as the purchase amount by the buyer in the accounts. Or we can say, no entry is made for trade discount, separately, in books of accounts of the seller and buyer. But, it has to be mentioned in the narration about the trade discount given on the list price.<br /><br /><b><i>Cash Discount</i></b> - Cash discount is allowed by the seller to encourage the customer to make early payments before the credit period expires. Cash discount comes into the picture as and when credit sales are made. There is no cash discount given on cash sales. For the seller, it is recorded as 'Discount Allower', and for the buyer, it is recorded as 'Discount Received'.<br /><br />5. <b>Debtor or Book Debt</b> - The person to whom goods or services are sold on credit is called ‘Debtor’. The amount due from the debtor is called Book Debt. Another name is ‘Accounts Receivable’.<br /><br />6. <b>Creditor</b> - The person from whom goods or services are purchased on credit, is called 'Creditor' till the payment due to him is made.<br /><br />7. <b>Bad Debts</b> - Amount that cannot be recovered from a debtor is called ‘Bad Debt’. Bad debts result in the reduction of profits of the firm. Bad debts are charged to the Profit and Loss account. In other words, bad debts are treated as an expenditure, as the amount due to be received would no longer be received.<br /><br />8. <b>Transaction</b> - Transaction refers to an exchange of goods and services. The exchange of the dealing has to be expressed in terms of money. The transaction can be either for cash or on credit. If the payment is made immediately to the transaction, it is called a cash transaction. If the payment is postponed or deferred for a future date, then it is called a credit transaction.<br /><br />9. <b>Voucher</b> - A voucher is a written document or paper containing the details of the transaction. The person who prepares the voucher, normally an accountant, signs it. A person who verifies or checks the transaction also signs it, in token of its verification. Vouchers are important instruments for future reference. A voucher can be a debit voucher or a credit voucher. A voucher is, normally, accompanied by the supporting documents as proof. For example, a voucher may be supported by the bill. Here, the bill is the evidence of payment.<br /><br />10. <b>Assets</b> - Assets are the properties (tangible or intangible) owned by an entity or enterprise. They are the economic resources of the business. Anything which will enable the firm to get economic benefit in the future is an asset. For example- Land, building, machinery, furniture, stock are tangible assets, and trademark, copyright, goodwill, are intangible assets.<br /><br />According to Finney and Miller, "assets are future economic benefits, the rights, which are owned or controlled by an organization or individual."<br /><br />According to R. Brockington , "assets are property or legal rights owned by an individual or a company to which money value can be attached."<br /><br />According to Prof. R.N. Anthony, "assets are valuable resources owned by a business which are acquired at a measurable money cost."<br /><br />on the basis of the above definitions, we can say:-<br /><br />1. Assets should be owned by the business,<br /><br />2. Assets may be in tangible form or intangible form,<br /><br />3. Assets should have some value attached to them,<br /><br />4. Assets should be capable of being measured in terms of money.<br /><br />Assets can be divided into two categories - Fixed Assets and Current Assets<br /><br /><b><i>Fixed assets</i></b> are the assets owned by the organization for the purpose of conducting business, using the fixed assets. Like- Land, Building, Machinery, etc.<br /><br /><b><i>Current Assets</i></b> are those assets, which are held by the organization for the purpose of carrying on the business. Current assets, normally, change their form. Like- cash, bank, finished goods, debtors, etc.<br /><br />11. <b>Liabilities</b> - Liabilities are the amounts that are payable. Advances or loans received have to be repaid. To the date of repayment, they are liabilities. Goods or services, when bought on credit, are shown as creditors, which are also liabilities.<br /><br />Capital invested by proprietor or partner is also a liability as the business firm is independent of them, so far as accounting is concerned. This is the reason why capital is shown on the liability side of the balance sheet. Capital, loan, outstanding expenses, and bills payable are some of the examples of liabilities.<br /><br />12. <b>Debit</b> - The entry made on the debit side of the account is called ‘Debit’. The abridged form is ‘Dr’.<br /><br />13. <b>Credit</b> - The entry made on the credit side of the account is called ‘Credit’. The abridged form is ‘Cr’.<br /><br />14. <b>Entry</b> - The record made in the books of accounts in respect of a transaction or an event is called an entry.<br /><br />15. <b>Books of Account</b> - The registers or books maintained by any business firm or institution for recording the business transactions are called “Books of Account”.</div>Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-27955965805716962752022-03-02T03:00:00.003+05:302022-03-13T19:52:43.996+05:30Meaning and Basic Concepts of Accounting<h2 style="text-align: left;"><b><u><span style="color: #3d85c6;">Meaning of Accounting</span></u></b></h2><b>Accounting</b> is a service function that provides financial information to the interested parties inside and outside the organization for their effective decision-making. Hence, the primary role of accounting information is to provide useful and reliable information for decision-making purposes. <br /><br />Accounting is a systematic process of identifying, measuring, recording, classifying, summarizing, interpreting, communicating financial information to the users. It shows the profit earned or loss incurred during the accounting period, value and nature of assets, liabilities, and owners’ equity, i.e., the capital. <br /><br />Usually, accounting is understood as the Language of Business. However, a business may have a lot of aspects that may not be of financial nature. As such, a better way to understand accounting could be to call it The Language of Financial Decisions. The better the understanding of the language, the better is the management of financial aspects of the business. <br /><br />Accounting is the art and science of providing meaningful information about the financial activities of the company as a tool for management. This is used by a business for maintaining financial records on a cash basis or accrual basis. <br /><br /><h2 style="text-align: left;"><b><u><span style="color: #3d85c6;">Definition of Accounting</span></u></b></h2>According to <b>American Accounting Association</b> - <i>“the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information”. </i><br /><br />According to the <b>American Institute of Certified Public Accountants</b> - <i>“accounting is the art of recording, classifying and summarizing, in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character and interpreting the results thereof”. </i><br /><br /><h2 style="text-align: left;"><b><u><span style="color: #3d85c6;">Characteristics of Accounting</span></u></b></h2>The definition of accounting brings to light the following characteristics of accounting. <br /><br /><b>Identification of Financial Transactions and Events</b><br />Accounting records only those transactions and events which can be measured in terms of money. This involves identifying transactions and events that are part of economic activity, for example- purchase of raw material or sale of finished goods by a firm. Such transactions are identified with the help of bills and receipts as evidence of the transactions. <br /><br /><b>Measuring the Identified Transactions</b><br />Accounting measures the transactions and events in terms of a common measurement unit (that is the currency of a country). In other words, we can say financial transactions and events are measured in terms of money. <br /><br />If a transaction has no financial character then it will not be measured in terms of money and will not be recorded. <br /><br /><b><i>For Example</i></b>, you are a star performer in an organization, your health, your energy is of great use to the business. But, can you quantify your health value? Obviously not. Similarly, quarrels between you and your superior, bad working conditions for workers, etc. are facts that affect the earnings of the business, but they are not to be recorded in books because they do not have financial character, or cannot be measured in terms of money. Thus only those transactions and events, which are of financial character, will be recorded. <br /><br /><b>Recording</b><br />Accounting is an art of recording business transactions in the books of account. The recording is the process of recording business transactions of financial character in the book of original entry, i.e., Journal. This book is further sub-divided into Subsidiary Books such as Cash Journal or Cash Book (for recording cash transactions), Purchases Journal or Purchases book (for recording credit purchases of goods), Sales Journal or Sales Book (for recording credit sales), etc. <br /><br /><b>Classifying</b><br />Classifying is the process of grouping transactions or entries of one nature at one place. The transactions recorded in the “Journal” or the subsidiary books are classified or posted to the main book of account known as the “Ledger”. This book contains individual account heads under which all financial transactions of similar nature are collected. For example – in Patel & Sons a/c in the Ledger, all business transactions related to Patel & Sons are posted so that what is ultimately due to Patel & Son or due from Patel & Son can be ascertained. <br /><br /><b>Summarising</b><br />This involves presenting the classified data in a manner that is understandable and useful for internal as well as external users of the accounting statements. This process leads to the preparation of the following statement:<br /><ul style="text-align: left;"><li>Trial Balance,</li><li>Trading and Profit and Loss A/c or Statement of Profit and Loss (in case of companies), and</li><li>Balance Sheet </li></ul><br />The above Statements are collectively known as Final Accounts or Financial Statements. <br /><br /><b>Analysis and Interpretation</b><br />This is an important function of accounting. A distinction is necessary to be made between the two terms - Analysis and Interpretation. Analysis refers to the methodical classification of data. If unconnected data are grouped together, understanding is not possible. All assets belonging to current assets are to be grouped together, similarly all current liabilities. If current assets and current liabilities are mixed together, data would be confusing. <br /><br />Interpretation means drawing conclusions from the data and explaining the conclusions in a simple language, easy to understand, and planning further course of action. Analysis and interpretation are complementary to each other. Interpretation is not possible without analysis. The analysis is of no use unless followed by interpretation. <br /><br /><b>Communicating</b><br />Finally, the accounting function involves communicating the financial data, i.e., financial statements, to its users. The accounting information must be provided in time and presented to the users so that appropriate decisions may be taken at the right time. <br /><br /><h2 style="text-align: left;"><b><u><span style="color: #3d85c6;">Objectives of Accounting</span></u></b></h2>1. <b>Maintaining Accounting Records</b> – The objective of accounting is to record financial transactions and events of the organizations in the books of account in a systematic manner following the principles of accountancy. <br /><br />2. <b>Determining Profit or Loss</b>- Another objective of accounting is to determine the net results of transactions for a period. In other words, to determine whether, during the accounting period, the firm has earned a profit or incurred a loss. For this purpose, a statement called an income statement or the trading and profit and loss account is prepared. Revenues resulting from the transactions of the period are recorded in the credit and expenses in the debit. The difference between the two sides is either profit or loss. <br /><br />3. <b>Determining Financial Position</b> - another objective of accounting is to determine the financial position of the business over a period of time. It is known from the Income statement ie profit and loss account and balance sheet. <br /><br />4. <b>Facilitating Management</b> – the management often requires financial information for decision-making, effective control, budgeting, and forecasting. Accounting provides financial information to assist the management in discharging this function. <br /><br />5 <b>Providing Accounting Information to Users</b> – Another objective of accounting is to provide accounting information to users, both internal and external. <br /><br />6. <b>Protecting Business Assets</b> – Another objective of accounting is to have records of the assets owned by the business, which enables the management to protect and control them. <br /><br /><h2 style="text-align: left;"><b><u><span style="color: #3d85c6;">Scope / Branches of Accounting</span></u></b></h2>With the changing times, the following specialized branches of accounting have emerged to meet the changed requirements. <br /><br /><b>Financial Accounting</b><br />Financial accounting is the original form of accounting. It is mainly limited to the preparation of financial statements i.e. Profit and Loss Account and Balance Sheet. Here, the preparation is made on a historical basis i.e. after the happening of the event. All the persons who deal with the joint-stock company want to know information about the financial health of the company. The profit and Loss account provides information on how the business has been conducted and the final position about the profit or loss of the firm for a specified period. The balance sheet shows the financial position of the firm on a particular date. <br /><br /><b>Cost Accounting</b><div>Cost Accounting has developed on account of the limitations of Financial Accounting. <br /><br />Cost Accounting is, basically, concerned with the estimation of costs, in advance, and their subsequent detailed analysis for the purpose of control. <br /><br />Management is interested to know the costs of the different products they make for the purpose of determining the price. Secondly, management has to take a suitable decision, when they receive a special order at a lower price than the current market price, for acceptance or rejection. When resources are scarce, everyone is interested to use the resources and manufacture that product, in priority, which gives them more profits than other products. <br /><br />Cost accounting helps the management in achieving the profits they plan to achieve. <br /><br /><b>Management Accounting</b><br />Management accounting is the most recently developed branch of accounting. <br /><br />Management Accounting is accounting for the Management. Management wants information to discharge its functions in forecasting, budgeting, cost control, and strategy formation. <br /><br />Management accounting is a branch of accounting, which furnishes useful data to the management in carrying out various functions such as planning, decision-making, and controlling the activities of the business enterprise. Accounting information is presented in an easy and ready-to-understand manner to the management. Here, the emphasis is on the application of accounting techniques in planning and controlling the activities of the business enterprise and assisting the management in decision-making. <br /><br /><h2 style="text-align: left;"><b><u><span style="color: #3d85c6;">Systems of Accounting</span></u></b></h2>According to the first type of classification, there are two systems of accounting for recording transactions - Single Entry System and Double Entry System. <br /><br /><b>Single Entry System</b>: Single entry system sounds economical, but it is, really, costly. In fact, it is rather a lack of system. This system is adopted where the business is run on cash basis only. It is not a scientific system and final accounts cannot be easily prepared on the basis of this system. Small businesses and organizations that do not require ascertainment of profit, follows this system. <br /><br /><b>Double Entry System</b>: The only real system is the double entry system. Double Entry System recognises the fundamental factor that every transaction is double-sided affair. <br /><br />According to this system, for every debit, there is a corresponding credit. For example- at the time of cash purchases, goods are received and in return, cash is paid. In the transaction, two aspects are involved, i.e., receiving goods and paying cash and under the double-entry system, both these aspects are recorded. One part, i.e., the receipt of goods is debited and the second part, i.e., payment of cash is credited. <br /><br />This system is universally followed in accounting. On the basis of this system, the accuracy of accounting can be maintained and arithmetical correctness can easily be established. Financial statements i.e. Profit and Loss Account and Balance Sheet are easily prepared, following the double-entry system of accounting. <br /><br />According to another type of classification, again there can be two systems of accounting- cash system and mercantile system.<br /><br /><div><b>Cash System</b>: It is used where only cash transactions take place and the object of the concern is not to make a profit. <br /><br />In this system of accounting, entries are made only when cash is received. No entry is made when receipt or payment is due. <br /><br />In the case of clubs, libraries, educational institutes, religious trusts, etc., the objective of the concern is not to make profits. Only Cash Book is kept under this system. <br /><br />Some professionals like doctors, lawyers, and chartered accountants follow this system of accounting. <br /><br /><b>Mercantile System of Accounting</b>: In this system of accounting, accounting entries are made when payment or receipt is merely due. It is not necessary that the actual receipt of payment has to take place. For instance, when service is received and actual payment is not made, and books of accounts are to be closed for the year-end, payment due is recognized and recorded for the services received. To illustrate, repairs have been made for machinery. Bill is received, but not paid. Books of accounts are to be closed as the year has come to an end. Payment due for the services received is recorded before the books are closed. In other words, repairs though not paid, are recognized as expenses, and liability is created. Even if the bill is not received, repairs are estimated and the relative amount is provided as an expense. Similarly, when a sale is made and sale proceeds are not received, the amount due on sale is recorded as an asset, and income is recognized. The idea is to record all the transactions as if they are completed in all aspects. The objective of this system is to ascertain the correct profit position of the firm.</div></div>Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-25682972643438311912022-02-25T13:02:00.002+05:302022-02-25T14:08:05.756+05:30Introduction to Accounting<h2 style="text-align: left;"><span style="color: #3d85c6;"><u>Introduction to Accounting</u></span></h2><b>Accounting</b> is a system meant for measuring business activities, processing information into reports, and making the findings available to decision-makers. The documents, which communicate these findings of the performance of an organization in monetary terms, are called financial statements.
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Accounting is aptly called the language of business. This designation is applied to accounting because it is the method of communicating business information. The basic function of any language is to serve as a means of communication. Accounting duly serves this function. The task of learning accounting is essentially the same as the task of learning a new language. But the acceleration of change in business organizations has contributed to increasing the complexities in this language. Like other languages, it is undergoing a continuous change in an attempt to discover better means of communication. To enable the accounting language to convey the same meaning to all stakeholders, it should be made standard. To make it a standard language certain accounting principles, concepts and standards have been developed over a period of time. This video dwells upon the different dimensions of accounting, accounting concepts, accounting principles, and accounting standards.<br /><br />More formally, accounting is described as the information system that measures business activities, processes the information into reports, and communicates the results to decision-makers. You can also think of it as the scorecard of business.<br /><br /><h2 style="text-align: left;"><span style="color: #3d85c6;"><u>Evolution of Accounting</u></span></h2>Accounting is a system of recording and summarizing business and financial transactions. For as long as civilizations have been engaging in trade or organized systems of government, methods of record-keeping, accounting, and accounting tools have been in use.<br /><br /><b><i>The earliest known accounting records</i></b><br />Accounting is as old as money itself. It has evolved, like medicine, law, and most other fields of human activity in response to the social and economic needs of society. People in all civilizations have maintained various types of records of business activities. Some of the earliest known writings discovered by archaeologists are accounts of ancient tax records on clay tablets from Egypt and Mesopotamia dating back as early as 3300 to 2000 BC. The oldest known is clay tablet records of the payment of wages in Babylonia around 600 b.c. Historians hypothesize that the primary reason for the development of writing systems came out of a need to record trade and business transactions.<br /><br /><b><i>Accounting Revolution </i></b><br />When medieval Europe moved toward a monetary economy in the 13th century, merchants depended on bookkeeping to oversee multiple simultaneous transactions financed by bank loans. <br /><br />For the most part, early accounting dealt only with limited aspects of the financial operations of private or governmental enterprises. Complete accounting system for an enterprise which came to be called as “double-entry system” was developed in Italy in the 15th century. The first known description of the system was published there in 1494 by a Franciscan monk by the name <b>Luca Pacioli</b>. <br /><div><br />The expanded business operations initiated by the industrial revolution required increasingly large amounts of money which in turn resulted in the development of the corporation form of organizations. As corporations became larger, an increasing number of individuals and institutions looked to accountants to provide economic information about these enterprises. For e.g. Prospective investors and creditors sought information about a corporation’s financial status. Government agencies required financial information for purposes of taxation and regulation. Thus accounting began to expand its function of meeting the needs of relatively few owners to a public role of meeting the needs of a variety of interested parties.<br /><br />Accounting was practiced in India twenty-four centuries ago as is clear from Kautilya's book ‘Arthshastra’ which clearly indicates the existence and need for proper accounting and audit.<br /><br /><b><i>Professional Organizations for Chartered Accountants </i></b><br />The first professional organizations for accountants were established in Scotland in 1854, starting with the Edinburgh Society of Accountants and the Glasgow Institute of Accountants and Actuaries. The organizations were each granted a royal charter. Members of such organizations could call themselves "chartered accountants." <br /><br /> As companies proliferated, the demand for reliable accountancy shot up, and the profession rapidly became an integral part of the business and financial system. Organizations for chartered accountants now have been formed all over the world. In the U.S., the American Institute of Certified Public Accountants was established in 1887.<br /><br />In India, (ICAI) the Institute of Chartered Accountants of India was established in 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament for regulating the profession of Chartered Accountancy in India. The Institute of Chartered Accountants of India (ICAI) is the World's second-largest professional accounting body and largest professional accounting body of India under the ownership of the Ministry of Corporate Affairs, Government of India.<br /><br /><h2 style="text-align: left;"><span style="color: #3d85c6;"><u>Meaning of Book-keeping and Accounting</u></span></h2>Some people take both the terms ‘Book-keeping’ and ‘Accountancy’ as synonymous terms. Both the terms are different from each other. However, there is no universally accepted line of demarcation or division between the two.<br /><br /><i>"<b>Book-keeping</b> is the art of recording business transactions in a set of books of accounts".</i><br /><br />Transaction means any dealing, expressed in terms of money. The books in which the transactions are recorded are called ‘Books of Accounts’. Book-keeping is concerned with the preparation of vouchers, recording transactions in a journal, and posting in the ledger. Book-keeper arrives at the final balances of different accounts, after totaling the accounts. The job of a bookkeeper is to the extent of preparing trial balance, duly tallied. Book-keeping is mainly of clerical nature.<br /><br />Anyone who has basic knowledge of the principles of book-keeping can maintain the books of accounts. On the other hand, accountancy requires deep knowledge of the principles and their application. Though book-keeping and accountancy are different in several aspects, they are supplementary to each other.<br /><br />Book-keeping and accounting are not synonymous (inter-changeable) terms. The job of an accountant commences where the work of a book-keeper ends.<br /><br />Accountant guides a book-keeper and reviews the job, done by him. Normally, a book-keeper works under the supervision of an accountant.<br /><br />An accountant is required to have the much higher skill and knowledge, compared to a Book-keeper. The larger the firm, the higher is the responsibility of an accountant.<br /><br /><h2 style="text-align: left;"><span style="color: #3d85c6;"><u>Definition and explanation of Accounting</u></span></h2>The <b>American Institute of Certified Public Accountants</b>, which has played a noble part in the development of Accounting, defines the concept “Accounting” as follows:<br /><br /><i>“Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions, and events which are, in part, at least, of a financial character, and interpreting the results thereof".</i><br /><br />This definition is the most acceptable one because it encompasses all the functions that the modern accounting system performs.<br /><br />If we break this definition for better understanding, we find the term ‘Accounting’ contains different components: like<br /><br /><b><i>Recording</i></b>: Recording is the basic function of Accounting. Events and transactions, which are of financial character, either fully or partly, are recorded in an orderly manner in books of accounts. The transactions are recorded in a journal, as and when they happen or occur. Journal is further sub-divided into cash journal or cash-book (for recording cash transactions), Purchases Journal (for recording credit purchases), and Sales Journal (for recording credit sales). All these books are called subsidiary books. If subsidiary books are maintained, the transactions are not recorded in the journal and are recorded in these books, directly. Only those transactions that do not find a place in subsidiary books are recorded in the journal.<br /><br /><b><i>Classifying</i></b>: All similar transactions are grouped and posted in one book, which is called a ‘Ledger’. The objective of classification is to find a summary of the entries of the same nature in one place.<br /><br />This book ‘Ledger’ contains different nature of accounts. For example, there may be separate heads of accounts such as Salaries, Traveling Expenses, Repairs, Printing and Stationery, etc. We are interested to know the total amount under each head of the account for our understanding and control.<br /><br /><b><i>Summarizing</i></b>: When posting is complete in the ledger, totals are made for debit and credit side in each head of the account and the final balance (heavier balance), be it debit or credit, is arrived. The individual accounts find a place in a summarized manner, which is called ‘Trial Balance’. Income statement (Trading and Profit and Loss account) and Balance Sheet are prepared from the Trial Balance.<br /><br /><b><i>Deals with Financial Transactions</i></b>: Accounting transactions, which are of financial character only, are recorded in books of accounts. In other words, if a transaction cannot be expressed in terms of money, they are not recorded in accounting books.<br /><br /><b><i>Analysis and Interprets</i></b>: This is the final and important function of accounting. A distinction is necessary to be made between the two terms — Analysis and Interpretation. Analysis refers to the methodical classification of data. If unconnected data are grouped together, understanding is not possible. All assets belonging to current assets are to be grouped together, similarly all current liabilities. If current assets and current liabilities are mixed together, data would be confusing. <br /><br />Interpretation means drawing conclusions from the data and explaining the conclusions in a simple language, easy to understand, and planning further course of action. Analysis and interpretation are complementary to each other. Interpretation is not possible without analysis. The analysis is of no use unless followed by interpretation.<br /><br /><b><i>Communicates</i></b>: Communication is the final product of accounting. Financial statements i.e. Profit and Loss account and Balance Sheet are the means of communication.<br /><br /><div>Financial Statements are vital as they are public documents, available for everyone to read if the firm is a joint-stock company.<br /></div></div>Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-47263484541382237032021-12-27T11:03:00.001+05:302021-12-27T11:07:00.777+05:30MBA Notes<div dir="ltr" style="text-align: left;" trbidi="on">
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<br /><h3 style="text-align: left;"><a href="https://www.enotesmba.com/2012/07/advertising-management-notes.html"><span style="color: #3d85c6;">Advertising Management Notes</span></a></h3><span style="color: black;"> <a href="https://www.enotesmba.com/search/label/Introduction%20to%20Advertising">Introduction To Advertising</a> <br /><a href="https://www.enotesmba.com/search/label/Advertising%20Strategy">Advertising Strategy </a> <br /><a href="https://www.enotesmba.com/search/label/Advertising%20Media">Advertising Media</a> <br /><a href="https://www.enotesmba.com/search/label/Advertising%20Management">Advertising Management</a></span></div><div><div style="text-align: left;">
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<h3 style="text-align: left;"><a href="https://www.blogger.com/#"><span style="color: #3d85c6;">Human Resource Management Notes</span></a></h3></div><div><span style="color: black;"><a href="https://www.enotesmba.com/search/label/Human%20Resource%20Management%20Notes">HRM in an Organizational Context</a><br /><a href="https://www.enotesmba.com/search/label/Human%20Resource%20Management%20Notes"> HR in Context of Organization's Intrinsic System </a><br /><a href="https://www.enotesmba.com/search/label/Human%20Resource%20Management%20Notes"> Organizational Performance & HRM </a><br /><a href="https://www.enotesmba.com/search/label/Human%20Resource%20Management%20Notes"> HR Training & Development </a><br /><a href="https://www.enotesmba.com/search/label/Human%20Resource%20Management%20Notes"> HR & Industrial Relations</a></span><div style="text-align: left;">
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Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-33608805202102921282021-09-18T18:21:00.000+05:302021-09-18T18:21:10.993+05:30Production and Operations Management<div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhh9c17RWcLtdyrkRbyTKbooVMncLGsziGTg_p-knap755hC-EdiC46QsMMTbPiq2xflN2R8vHXS9ZJzUHw182g1kxYqDoBlrQu3kDNdRjSP0Td9PMNJiYxP2TbTInvMbmKy-L5OrHmtOg/s220/Production+and+Operations+Management.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Production and Operations Management" border="0" data-original-height="220" data-original-width="220" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhh9c17RWcLtdyrkRbyTKbooVMncLGsziGTg_p-knap755hC-EdiC46QsMMTbPiq2xflN2R8vHXS9ZJzUHw182g1kxYqDoBlrQu3kDNdRjSP0Td9PMNJiYxP2TbTInvMbmKy-L5OrHmtOg/w200-h200-rw/Production+and+Operations+Management.jpg" title="Production and Operations Management" width="200" /></a></div><br /><div style="text-align: left;">The aim of the <b>Production and Operations Management</b> subject is to acquaint students with the concepts and principles of production and operations management; to explain historical milestones in production and operations management, and to elucidate the responsibilities of production and operations management.</div></div><div style="text-align: left;"><br /></div><div style="text-align: left;">The objective of the Production and Operations Management subject is to acquaint the students with decision making in planning, scheduling, and control of production and operations management functions in both manufacturing and services; the impact of information technology and technological advancement for the up-gradation of facilities; and productivity improvement in operations.</div><div><br /></div><div><br /></div><h3 style="text-align: left;"><b>Unit 1:<span> </span>Introduction to Operations Management</b></h3><div><ul style="text-align: left;"><li><a href="https://www.enotesmba.com/2020/12/introduction-to-production-and.html">Historical milestones in operations management</a></li><li><a href="https://www.enotesmba.com/2020/12/introduction-to-production-and.html">Definition of Operations Management</a></li><li>Difference between Production and Operations Management</li><li><a href="https://www.enotesmba.com/2021/01/meaning-objectives-and-scope-of.html">Scope of Operations Management</a></li><li>Responsibilities of Operations Management</li><li>Key Decisions of Operations Managers</li><li>Recent Trends in Operations Management</li></ul><div><br /></div><h3 style="text-align: left;"><b>Unit 2:<span> Production Processes, Manufacturing and Service Operations</span></b></h3></div><div><ul style="text-align: left;"><li><span>Production Processes</span></li><li><span>Manufacturing Operations and Service Operations</span></li><li><span>Characteristics of Manufacturing</span></li><li><span>Characteristics of Services</span></li><li><span>Challenges faced by Operations Managers</span></li></ul><div><br /></div></div><h3 style="text-align: left;"><b>Unit 3:<span> Long Range Capacity Planning and Facility Location</span></b></h3><div><ul style="text-align: left;"><li><span>Long-Range Capacity Planning</span></li><li><span>Estimating the Capacities of Existing Facilities</span></li><li><span>Forecasting Long-term Future Capacity Demand</span></li><li><span>Identifying and Analysing Sources of Capacity to Meet Future Capacity Needs</span></li><li><span>Capacity Management</span></li><li><span>Facility Location Selection</span></li><li><span>Errors in Selection</span></li><li><span>Importance of Location Factor</span></li><li><span>Location Models</span></li></ul><div><br /></div></div><h3 style="text-align: left;"><b>Unit 4:<span> </span>Facility Layout</b></h3><div><ul style="text-align: left;"><li>Inputs of Layout</li><li>Types of Layout</li><li>Layout Design Procedure</li><li>Layout Problems</li><li>Importance of Facility Layout</li></ul><div><br /></div><h3 style="text-align: left;"><b>Unit 5:<span> Project Management and Scheduling</span></b></h3></div><div><ul style="text-align: left;"><li><span>Project Design</span></li><li><span>Setting Project Objectives</span></li><li><span>Scope of the Project</span></li><li><span>Work Structure</span></li><li><span>Project Structure</span></li><li><span>Project Planning and Scheduling</span></li><li><span>Program Progress Charts</span></li><li><span>Limitations of Bar Charts</span></li><li><span>Overview of Capital Budgeting</span></li><li><span>Overview of Strategic Planning</span></li></ul><div><br /></div></div><h3 style="text-align: left;"><b>Unit 6:<span> Inventory Management</span></b></h3><div><ul style="text-align: left;"><li><span>Defining Inventory</span></li><li><span>Nature of Inventory</span></li><li><span>Types of Inventory</span></li><li><span>Principles of Inventory Management</span></li><li><span>Inventory Planning</span></li><li><span>Reasons for Maintaining Raw Material Inventory</span></li><li><span>Resource Inventory Management</span></li><li><span>Planning in Inventory Control</span></li><li><span>Hierarchy of Planning</span></li><li><span>Effective Material Organisational Structure</span></li><li><span>Methods of Valuation of Inventory</span></li><li><span>Ratio Analysis in Business</span></li><li><span>Inventory on the Income Statement</span></li><li><span>Inventory on the Balance Sheet</span></li></ul><div><br /></div></div><h3 style="text-align: left;"><b>Unit 7:<span> Quality Management</span></b></h3><div><ul style="text-align: left;"><li><span>Definition of Total Quality Management</span></li><li><span>Cost of Quality</span></li><li><span>Continuous Improvement - Kaizen</span></li><li><span>Employee Empowerment</span></li><li><span>Tools of Quality Control</span></li><li><span>Process Management</span></li><li><span>Quality Standards</span></li><li><span>Reasons for TQM Failure</span></li></ul><div><br /></div></div><h3 style="text-align: left;"><b>Unit 8:<span> Just-in-Time and Lean Production</span></b></h3><div><ul style="text-align: left;"><li><span>History and Philosophy of JIT</span></li><li><span>Just-in-Time Concept</span></li><li><span>Benefits and Problems</span></li><li><span>Implementation of JIT</span></li><li><span>Lean Manufacturing</span></li><li><span>Basic Elements of Lean Manufacturing</span></li><li><span>Characteristics of Lean Manufacturing</span></li><li><span>Benefits of Lean Production</span></li><li><span>Transition to Lean Enterprise</span></li><li><span>Six-Sigma</span></li><li><span>Benefits of Six-Sigma</span></li><li><span>Difference between Six-Sigma and TQM</span></li></ul></div><div></div><div><br /></div>Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comLos Angeles, CA, USA34.0522342 -118.24368495.7420003638211554 -153.3999349 62.362468036178846 -83.0874349tag:blogger.com,1999:blog-9092347554948025064.post-37646337137607463072021-06-20T07:55:00.001+05:302021-06-21T23:07:46.773+05:30MBA Notes - Importance of International Marketing<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: large;"><span style="color: #3d85c6;">Question</span><span style="color: #6fa8dc;"> </span>- Define International Marketing. Also, explain why international marketing is important?</span></h2>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjX-hRf1QOaVwyhdwX4aEF5eXu5nAhEqujD5-z_wqxTRE5w5YzFMc80idKlgW9EKOxTHDk5PqSBTVppBkfwS5OpQdg3apDLSn-3Qs8pjtihpyIbzc6bCWi4d8wjwIVWQLBYddmveGfvbDI/s1600/Importance+of+International+Marketing.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="Define International Marketing. Also explain why international marketing is important?" border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjX-hRf1QOaVwyhdwX4aEF5eXu5nAhEqujD5-z_wqxTRE5w5YzFMc80idKlgW9EKOxTHDk5PqSBTVppBkfwS5OpQdg3apDLSn-3Qs8pjtihpyIbzc6bCWi4d8wjwIVWQLBYddmveGfvbDI/s200/Importance+of+International+Marketing.jpg" title="Importance of International Marketing" width="200" /></a></div>
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Today, the world is shrinking through technology and making it easier for marketers to reach the global market. Marketing organizations now have to target not just domestic, but international markets.</div><div style="text-align: left;"><br /></div>
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<u><span style="color: #3d85c6;">Definition of International Marketing</span></u></h3>
<div style="text-align: left;">According to <b>Cateora</b> and <b>Graham</b>, <i>“international marketing is the performance of business activities designed to plan, price, promote and direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit.”</i></div>
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According to <b>Terpstra</b> and <b>Sorathy</b>, <i>“international marketing consists of finding and satisfying global customer needs better than the competition, both domestic and international, and of coordinating marketing activities within the constraints of the global environment.”</i></div>
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<u><span style="color: #3d85c6;">Importance of International Marketing</span></u></h3>
<div style="text-align: left;"><b><span style="color: #274e13;">Important to expand target market</span></b> – The target market of a marketing organization will be limited if it just concentrates on the domestic market. When an organization thinks globally, it looks for overseas opportunities to increase its market share and customer base.</div>
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<div style="text-align: left;"><b><span style="color: #274e13;">Important to boost brand reputation</span></b> – International marketing may give a boost to a brand’s reputation. The brand that sold internationally is perceived to be better than the brand that sold locally. People like to purchase products that are widely available. Hence, international marketing is important to boost brand reputation.</div><div style="text-align: left;"><br /></div>
<div style="text-align: left;"><b><span style="color: #274e13;">Important to connect business with the world</span></b> – Expanding business into an international market gives a business an advantage to connect with new customers and new business partners. Apple - the tech giant designs its iPhone in California; outsources its manufacturing jobs to different countries like - Mongolia, China, Korea, and Taiwan; and markets them across the world. Apple has not restricted its business to a nation, rather expanded it to throughout the world. The opportunities for networking internationally are limitless. The more "places" a business is, the more connections it can make with the world.</div>
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<div style="text-align: justify;"><div style="text-align: left;"><b><span style="color: #274e13;">Important to open doors for future opportunities</span></b> – International marketing can also open doors for future business opportunities. International marketing not only increases market share and customer base, but also helps the business to connect to new vendors, a larger workforce, and new technologies and ways of doing business. For example – American organizations investing in Japan have found programs like – Six Sigma and Theory Z which are helpful in shaping their business strategies.</div></div>
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Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-26043405220258509472021-06-15T21:27:00.000+05:302021-06-15T21:27:31.561+05:30PPT - Business Etiquettes<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>Etiquettes</b><span style="background-color: white;"> are the rules and conventions governing correct or polite behavior used in society, in a particular social or professional group setting. </span><b>Business Etiquette</b><span style="background-color: white;"> is all about building relationships with people within and outside a business organization. In the business world, it is people that influence your success or failure. Etiquette, and in particular business etiquette, is simply a means of maximizing your business potential.</span></div>
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<span style="background-color: white;">If you feel comfortable around someone and vice versa, better communication, and mutual trust will develop. This comfort zone is realized through presenting yourself effectively. Business etiquette helps you achieve this. </span></div>
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<span style="background-color: white;">Business etiquette revolves around two things. Firstly, thoughtful consideration of the interests and feelings of others and secondly, minimizing misunderstandings. Both are dependent upon self conduct. Business etiquette polishes this conduct.</span><br />
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PPT - Business Etiquette II </h3>
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<iframe allowfullscreen="true" frameborder="0" height="489" mozallowfullscreen="true" src="https://docs.google.com/presentation/d/e/2PACX-1vTmwh3C_WTgGqVWqw6CyqP0lB0ZLeYy8Gs0prWkklvoHTV9Lg3ovhsKPB0ZDd30AA/embed?start=true&loop=false&delayms=5000" webkitallowfullscreen="true" width="580"></iframe>
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Business Etiquette II - Presentation Transcript</h3>
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<span style="background-color: white;">1. Business Etiquette by eNotesMBA</span></div>
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<span style="background-color: white;">2. </span><b style="background-color: white;">Key Aspects of Business Etiquette</b></div>
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<li style="text-align: justify;"><span style="background-color: white;">What is Business Etiquette</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Importance of Introduction</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Telephone Etiquette</span></li>
<li style="text-align: justify;"><span style="background-color: white;">office Etiquette</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Dress etiquette</span></li>
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3. <b>What is Business Etiquette</b> - Etiquette is the rules and conventions governing correct or polite behavior used in society, in a particular social or professional group setting. </div>
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<b style="background-color: white;">In Business Terms</b><span style="background-color: white;"> :</span></div>
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<li style="text-align: justify;"><span style="background-color: white;">Understanding overall business Decorum </span></li>
<li style="text-align: justify;"><span style="background-color: white;">Treating others with respect and being courteous </span></li>
<li style="text-align: justify;"><span style="background-color: white;">Being comfortable around people </span></li>
<li style="text-align: justify;"><span style="background-color: white;">Presenting yourself in an acceptable manner</span></li>
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<span style="background-color: white;">4. </span><b style="background-color: white;">The Importance of Introduction</b></div>
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<li style="text-align: justify;"><span style="background-color: white;">In today’s business situations people must be able to properly introduce themselves and others without feeling apprehensive.</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Failing to introduce people in a business situation makes you look downright unprofessional.</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Always rise as a mark of respect.</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Look into the eyes and smile</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Give a firm handshake</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Say, “ how do u do?”</span></li>
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<span style="background-color: white;">5. </span><b style="background-color: white;">Rules of Introduction</b></div>
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<li style="text-align: justify;"><span style="background-color: white;">Younger people to older people;</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Junior ranking professionals to senior ranking professionals;</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Business contacts and staff to clients;</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Say important persons name first and add a few words about that person;</span></li>
<li style="text-align: justify;"><span style="background-color: white;">If you forget someone’s name during an introduction, don’t panic. Look the person directly in the eye and with a sincere smile, say “I’m sorry, but your name just slipped my mind. Could you remind me?”</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Stay around till both the parties start speaking.</span></li>
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<span style="background-color: white;">6. </span><b style="background-color: white;">Handshake</b></div>
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<span style="background-color: white;">7. </span><b style="background-color: white;">Handshake</b></div>
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<li style="text-align: justify;"><span style="background-color: white;">Handshake is a gesture of acceptance and welcome;</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Extend your right hand;</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Web to web, finger to finger;</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Give slight pressure;</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Grasp the other person’s hand firmly and completely;</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Look into the eyes and smile;</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Release the hand in three seconds;</span></li>
<li style="text-align: justify;"><span style="background-color: white;">But no matter what, never, ever refuse to accept someone’s hand.</span></li>
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<span style="background-color: white;">8. </span><b style="background-color: white;">Telephone Etiquette</b></div>
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<li style="text-align: justify;"><span style="background-color: white;">When you initiate a call identify yourself;</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Tell the basic nature of your call;</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Have someone answer your calls;</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Always return calls; and</span></li>
<li style="text-align: justify;"><span style="background-color: white;">No phone calls during meetings.</span></li>
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<span style="background-color: white;">9. </span><b style="background-color: white;">Office Etiquette</b></div>
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<li style="text-align: justify;"><span style="background-color: white;">Greetings</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Punctuality</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Space</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Time</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Play the Host</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Posture</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Hovering</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Communication</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Credit and Compliments</span></li>
<li style="text-align: justify;"><span style="background-color: white;">Speak well of your co-workers</span></li>
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<span style="background-color: white;">10. </span><b style="background-color: white;">Cubical Etiquette</b></div>
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<span style="background-color: white;">11. </span><b style="background-color: white;">Cubical Etiquette</b></div>
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<li style="text-align: justify;"><span style="background-color: white;">Never enter someone's cubicle without permission. </span></li>
<li style="text-align: justify;"><span style="background-color: white;">Announce yourself at their doorway or lightly knock on the wall. </span></li>
<li style="text-align: justify;"><span style="background-color: white;">Post a sign or flag at your cube entrance to signal when you can be interrupted. </span></li>
<li style="text-align: justify;"><span style="background-color: white;">Don't peek in as you walk past each one.</span></li>
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<span style="background-color: white;">12. </span><b style="background-color: white;">Cubical Etiquette</b></div>
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<li style="text-align: justify;"><span style="background-color: white;">Don't loiter outside someone's cube while you wait for him or her to finish a phone call. </span></li>
<li style="text-align: justify;"><span style="background-color: white;">Never read someone's computer screen or comment on conversations you overhear. </span></li>
<li style="text-align: justify;"><span style="background-color: white;">Keep your hands off other's desks. Just because there's no door doesn't mean you can help yourself to their paper </span></li>
<li style="text-align: justify;"><span style="background-color: white;">Avoid eating meals inside the cube.</span></li>
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<span style="background-color: white;">13. </span><b style="background-color: white;">Dress Etiquette</b></div>
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<li style="text-align: justify;"><span style="background-color: white;">The Professional look </span></li>
<li style="text-align: justify;"><span style="background-color: white;">Dress for the part </span></li>
<li style="text-align: justify;"><span style="background-color: white;">Simple but Classy </span></li>
<li style="text-align: justify;"><span style="background-color: white;">Grooming</span></li>
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Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-8648071786282038512021-06-15T21:23:00.001+05:302021-07-04T20:28:35.215+05:30Subsystems of MIS<div dir="ltr" style="text-align: left;" trbidi="on">
<h2 style="text-align: left;"><span style="font-size: large;"><span style="color: #6fa8dc;">Question</span>: What is MIS? Describe the Subsystems of MIS.</span></h2>
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<b>MIS - Management Information System </b></div>
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Management information system (MIS) refers to the processing of information through computers and other intelligent devices to manage and support managerial decisions within an organization.</div>
<div style="text-align: left;"><u><b><br /></b></u></div><h3 style="text-align: left;"><u><b>Definition of MIS</b></u></h3>
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MIS - <b>Management Information System</b> can be defined as <i>"a system providing management with accurate and timely information necessary to facilitate the decision-making process and enable the organization's planning, control, and operational functions to be carried out effectively".</i></div>
<div style="text-align: left;"><u><b><br /></b></u></div><h3 style="text-align: left;"><u><b>Subsystems of MIS</b></u></h3>
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Systems may consist of numerous sub-systems, each of which has elements, interactions, and objectives. Subsystems perform specialized tasks related to the overall objectives of the total system.</div>
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A system exists on more than one level and can be composed of subsystems or element parts.</div>
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Following are the subsystems of the Management Information System:</div>
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<li>Transaction Processing System </li>
<li>Management Reporting System</li>
<li>Decision Support System</li>
<li>Office Information System</li>
<li>Business Expert System</li>
</ol>
<div style="text-align: left;"><b>Transaction Processing System</b> - A transaction is defined as an exchange between two or more business entities. Overall transaction processing, also known as data processing, reflects the principal business activities of a firm like - sales, production, inventory, shipping, receiving, billing, accounts payable, accounts receivables, payroll, general ledger, etc. Transactions are important events for an organization, and collecting data about them is called transaction processing. Transaction Processing System's primary purpose is to record, process, validate, and store transactions that take place in the various functional areas of a business for future retrieval and use. Transaction processing systems are cross-functional information systems that process data resulting from the occurrence of business transactions.</div>
<ul style="text-align: left;">
<li>A TPS records internal and external transactions for a company.</li>
<li>A TPS performs routine and repetitive tasks. It is mostly used by lower-level managers to make operational decisions.</li>
<li>Transactions can be recorded in batch mode or online. In batch mode files are updated periodically; and in online mode, each transaction is recorded as it occurs.</li>
<li>TPS is a six-step process - Data entry, Data capture, Data validation, Processing and re-validation, Storage, Output generation, and Query support.</li>
</ul>
<div style="text-align: left;"><b>Management Reporting System</b> - Management Reporting Systems are the most elaborate of management-oriented MIS components. Its main objective is to provide lower and middle management with printed reports and inquiry capabilities to help maintain operational and management control of the enterprise.</div>
<br />
<ul style="text-align: left;">
<li>MRSs are usually developed by information system professionals, rather than by end-users.</li>
<li>MRSs are oriented towards reporting on the past and the present, rather than projecting the future.</li>
<li>MRSs largely report on internal company operations.</li>
<li>MRSs generally have limited analytical capabilities. </li>
<li>MRSs do not directly support the decision-making process</li>
<li>MRSs provide Scheduled or Periodic Reports, Exception Reports, and Demand or Ad-hoc Report.</li>
</ul>
<div style="text-align: left;"><b>Decision Support System</b> - Decision Support Systems are a class of computerized information systems that support decision-making activities. DSS are interactive computer-based systems and subsystems intended to help decision-makers. A DSS may present information graphically and may include an expert system or artificial intelligence. DSS tends to be designed primarily to serve management control level and strategic planning level managers.</div>
<br />
<ul style="text-align: left;">
<li>DSSs support for decision-makers in semi-structured and unstructured problems.</li>
<li>DSSs are more focused on specific decisions rather than routine flows of information.</li>
<li>DSS present information graphically and may include an expert system or artificial intelligence.</li>
<li>DSSs are adaptive over time.</li>
</ul>
<div style="text-align: left;"><b>Office Information System</b> - Office Information System is an information system that uses hardware, software, and networks to enhance workflow and better communication between employees. Office automation refers to the application of computer and communication technology to office functions. Office automation systems are meant to improve the productivity of managers at various levels of management by providing secretarial assistance and better communication facilities. Office automation systems are the combination of hardware, software, and people in information systems, that process office transactions and support office activities at all levels of the organization. These systems include a wide range of support facilities, which include word processing, electronic filing, electronic mail, message switching, data storage, data and voice communication, etc.</div>
<div style="text-align: left;"><b><br /></b></div><div style="text-align: left;"><b>Business Expert System</b> - The business expert system is a knowledge-based information system that uses its knowledge about a specific, complex application area to act as an expert. This system is one of the knowledge-based information systems. The expert system provides decision support to managers in the form of advice from an expert in a specific problem area. Expert systems find application in diverse areas, ranging from medical, engineering, and business.</div>
</div>
Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-42979990498804101662021-06-15T21:15:00.000+05:302021-06-15T21:15:26.702+05:30MBA Notes - Nature and Scope of International Marketing<div dir="ltr" style="text-align: left;" trbidi="on">
<h2 style="text-align: left;"><span style="color: #3d85c6; font-size: large;">Question</span><span style="font-size: small;"> – </span><span style="font-size: x-small;"><span style="font-size: large; font-weight: normal;">Define International Marketing. Explain the nature and scope of International Marketing.</span></span></h2>
<div style="text-align: left;">
<span style="color: #3d85c6; font-size: large;"><b>Answer</b></span></div>
<b></b><br />
<h3 style="text-align: left;"><b><b><span style="color: #3d85c6;"><u>Introduction</u></span></b></b></h3>
<div style="text-align: justify;">
<div class="separator" style="clear: both; text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQpYmfRJOnb48aiWaDVcx4JFjR3T_Zy0NhmhYtk95k9bslu-tem4wKOBWygFeNPknDAA2kTyuWU99N_tKvVz5wcnPq1WDZSBd5OD6rDRt4DrMgGHLvmGJXs7tvYkXOK7hZ7-57WNlqRlY/s706/International+Marketing.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="International Marketing - The objective of this post is to make you understand the term ‘International Marketing’ and nature and scope of international marketing." border="0" data-original-height="706" data-original-width="655" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQpYmfRJOnb48aiWaDVcx4JFjR3T_Zy0NhmhYtk95k9bslu-tem4wKOBWygFeNPknDAA2kTyuWU99N_tKvVz5wcnPq1WDZSBd5OD6rDRt4DrMgGHLvmGJXs7tvYkXOK7hZ7-57WNlqRlY/w186-h200/International+Marketing.jpg" title="Nature and Scope of International Marketing" width="186" /></a></div>Today, marketing organizations are not restricted to their national borders. The entire world is open for them. New markets are springing forth in emerging economies like – China, Indonesia, India, Korea, Mexico, Chile, Brazil, Argentina, and many other economies all over the world. In today’s global market opportunities are on a par with the expansion of economies, with the increasing purchasing power, and with the changing consumer taste and preferences. </div></div>
<br />
<div>
<div style="text-align: left;">
The economic, social, and political changes affect the practice of business worldwide, the business organisations have to remain flexible enough to react rapidly to changing global trends to be competitive.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
The objective of this post is to make you understand the term ‘International Marketing’ and the nature and scope of international marketing.</div><div style="text-align: left;"><br /></div>
<div style="text-align: justify;">
<h3 style="text-align: left;"><u><span style="color: #3d85c6;">Definitions of International Marketing</span></u></h3>
</div>
<div style="text-align: left;">
According to <b>Kotler</b>, <i>"Global marketing is concerned with integrating and standardizing marketing actions across a number of geographic markets."</i></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
According to <b>Cateora</b>, <i>"International marketing is the performance of business activities that direct the flow of goods and services to consumers and users in more than one nation."</i></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
According to <b>Cateora and Graham</b>, <i>"International marketing is the performance of business activities designed to plan, price, promote, and direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit."</i></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
According to <b>Terpstra and Sorathy</b>, <i>“international marketing consists of finding and satisfying global customer needs better than the competition, both domestic and international, and of coordinating marketing activities within the constraints of the global environment.”</i> </div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
International marketing is different from domestic marketing not only in scope but also in nature. Following are the nature and scope of international marketing.</div>
<b></b><br />
<div style="text-align: justify;">
<h3 style="text-align: left;"><u><span style="color: #3d85c6;">Nature of International Marketing</span></u></h3></div>
<div style="text-align: justify;"><div style="text-align: left;"><b>1. Broader market is available</b> – Unlike domestic marketing, the market is not restricted to the national population. The population of other countries can also be targeted in international marketing.</div>
<div style="text-align: left;"><br /></div></div>
<div style="text-align: justify;"><div style="text-align: left;"><b>2. Involves at least two sets of uncontrollable variables </b>– In domestic marketing the marketers have to interact with only one set of uncontrollable variables. In international marketing at least two sets of uncontrollable variables are involved or more if the marketing organization deals in more countries.</div>
<div style="text-align: left;"><br /></div></div>
</div>
<div>
<div style="text-align: justify;"><div style="text-align: left;"><b>3. Requires broader competence</b> – Special management skills and broader competence are required in international marketing/business.</div>
<div style="text-align: left;"><br /></div></div>
<div style="text-align: justify;"><div style="text-align: left;"><b>4. Competition is intense</b><b> </b>– An international marketing organization has to compete with both domestic competitors and international competitors. Hence, the competition is intense in international marketing.</div>
<div style="text-align: left;"><br /></div></div>
<div style="text-align: left;">
<b style="font-weight: bold;">5. Involve high risk and challenges</b><b> </b>– International marketing is proving to various kinds of risk and challenge like – political risk, cultural differences, changes in fashion and style of foreign customers, sudden war, changes in government rules and regulations, communication challenges due to language and cultural barriers, etc,.</div>
<b></b><div style="text-align: center;"><br /></div>
<div style="text-align: justify;">
<h3 style="text-align: left;"><u><span style="color: #3d85c6;">Scope of International Marketing</span></u></h3>
<div style="text-align: justify;"><div style="text-align: left;"><b>1. Export</b> – It is a function of international business whereby goods produced in one country are shipped to another country for further sale or trade.</div>
<div style="text-align: left;"><br /></div></div>
<div style="text-align: justify;"><div style="text-align: left;"><b>2. Import</b> – Goods or services brought into one country from another for use or sale.</div>
<div style="text-align: left;"><br /></div></div>
<div style="text-align: left;">
<b>3. Re-export</b> – Import of semi-finished goods, further processing, and export of finished goods.<br /></div>
<div style="text-align: left;"><br /></div>
<div style="text-align: left;">
<b><b>4. Management of international operations</b></b></div>
<div style="text-align: justify;">
<ul>
<li style="text-align: left;">Operating marketing and sales facilities abroad,</li>
<li style="text-align: left;">Establishing production or assembly facilities in foreign countries, and</li>
<li style="text-align: left;">Monitoring the operations and practices of other MNCs and agencies.</li>
</ul>
</div>
</div>
<div style="text-align: justify;">
...</div>
</div>
</div>
Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-679284895839589582021-06-15T21:13:00.000+05:302021-06-15T21:13:08.470+05:30MBA Notes - Nature and Scope of Marketing<div dir="ltr" trbidi="on">
<div style="text-align: justify;">
<h2></h2><h2 style="text-align: left;"><span><span style="font-size: large;"><span style="color: #3d85c6;">Question</span></span><span style="font-size: small;"> - </span></span><span><span style="font-size: large;">Define marketing and explain the nature and scope of marketing.</span></span></h2>
<span><a name='more'></a></span>
<span style="font-size: large;"><b><span style="color: #3d85c6;">Answer</span></b></span><br />
<h3 style="text-align: left;"><u><span style="color: #3d85c6;">Introduction</span></u></h3></div>
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYvgLwgyco9vdaFSfhiqtJ93cJm61cETl1CaoDiJuyHxVcD7R-Xjb0WOGEeuOS2IpeDOiJTe2U0KOMu2odHZuko2UZMRVdHG_PxHLr72Ygs7DO3ImgC12LGeqOpVLuceuvQjA5mtkIDs8/s225/Nature-and-Scope-of-Marketing.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Define marketing and explain nature and scope of marketing" border="0" data-original-height="225" data-original-width="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYvgLwgyco9vdaFSfhiqtJ93cJm61cETl1CaoDiJuyHxVcD7R-Xjb0WOGEeuOS2IpeDOiJTe2U0KOMu2odHZuko2UZMRVdHG_PxHLr72Ygs7DO3ImgC12LGeqOpVLuceuvQjA5mtkIDs8/s16000/Nature-and-Scope-of-Marketing.jpg" title="Nature and Scope of Marketing" /></a></div><br />In today's world of marketing, everywhere you go you are being marketed to in one form or another. Marketing is with you each second of your walking life. From morning to night you are exposed to thousands of marketing messages every day. Marketing is something that affects you even though you may not necessarily be conscious of it. <br />
<div style="text-align: justify;"><div><br /></div><div>After
reading this post you'll understand - What exactly the marketing is, to whom
it is beneficial for, and what are the nature and scope of marketing.</div><br /><h3 style="text-align: left;"><b><u><span style="color: #3d85c6;">Definition of Marketing</span></u></b></h3><div style="text-align: left;">According to <b>American Marketing Association (2004)</b> - <i>"Marketing is an organizational function and set of processes for creating, communicating and delivering value to customers and for managing relationships in a way that benefits both the organization and the stakeholder."</i></div></div>
<div style="text-align: justify;"><div style="text-align: left;"><b>AMA (1960)</b> - <i>"Marketing is the performance of business activities that direct the flow of goods and services from producer to consumer or user."</i></div>
<i><div style="text-align: left;"><br /></div></i></div>
<div style="text-align: justify;">
</div>
<div style="text-align: left;">
According to <b>Eldridge (1970)</b> - <i>"Marketing is the combination of activities designed to produce profit through ascertaining, creating, stimulating, and satisfying the needs and/or wants of a selected segment of the market."</i></div>
<div style="text-align: justify;"><div style="text-align: left;"><br /></div>
<div style="text-align: left;">According to <b>Kotler (2000)</b> - <i>"A societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others."</i></div></div>
<br />
<h3 style="text-align: left;"><b><u><span style="color: #3d85c6;">Nature of Marketing</span></u></b></h3>
<div style="text-align: left;">
<b>1. Marketing is an Economic Function</b></div>
<div style="text-align: left;">
Marketing embraces all the business activities involved in getting goods and services, from the hands of producers into the hands of final consumers. The business steps through which goods progress on their way to final consumers is the concern of marketing.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<b>2. Marketing is a Legal Process by which Ownership Transfers</b> </div>
<div style="text-align: justify;"><div style="text-align: left;">In the process of marketing the ownership of goods transfers from the seller to the purchaser or from producer to the end-user.</div>
<div style="text-align: left;"><br /></div></div>
<div style="text-align: left;">
<b>3. Marketing is a System of Interacting Business Activities</b> </div>
<div style="text-align: justify;"><div style="text-align: left;">Marketing is that process through which a business enterprise, institution, or organization interacts with the customers and stakeholders with the objective to earn a profit, satisfy customers, and manage relationships. It is the performance of business activities that direct the flow of goods and services from producer to consumer or user.</div>
<div style="text-align: left;"><br /></div>
<b><div style="text-align: left;"><b>4. Marketing is a Managerial Function</b> </div></b></div>
<div style="text-align: left;">
According to the managerial or systems approach - <i>"Marketing is the combination of activities designed to produce profit through ascertaining, creating, stimulating, and satisfying the needs and/or wants of a selected segment of the market."</i> </div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
According to this approach, the emphasis is on how the individual organization processes marketing and develops the strategic dimensions of marketing activities.<b> </b></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<b>5. Marketing is a Social Process</b> </div>
<div style="text-align: left;">
Marketing is the delivery of a standard of living to society. According to <b>Cunningham and Cunningham (1981)</b> societal marketing performs three essential functions:-</div>
<ol style="text-align: justify;">
<li style="text-align: left;">Knowing and understanding the consumer's changing needs and wants;</li>
<li style="text-align: left;">Efficiently and effectively managing the supply and demand of products and services; and</li>
<li style="text-align: left;">Efficient provision of distribution and payment processing systems.</li>
</ol>
<div style="text-align: justify;"><div style="text-align: left;"><b>6. Marketing is a philosophy based on consumer orientation and satisfaction</b></div>
<div style="text-align: left;"><span style="font-weight: 700;"><br /></span></div><span style="font-weight: bold;"><div style="text-align: left;">7. Marketing had dual objectives - profit-making and consumer satisfaction</div></span></div>
<div style="text-align: justify;"><div style="text-align: left;"><br /></div>
<h3 style="text-align: left;">
<b><u><span style="color: #3d85c6;">Scope of Marketing</span></u></b></h3></div>
<div style="text-align: left;">
<b>1. Study of Consumer Wants and Needs</b></div>
<div style="text-align: left;">
Goods are produced to satisfy consumer wants. Therefore the study is done to identify consumer needs and wants. These needs and wants motivate the consumer to purchase.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<b>2. Study of Consumer Behaviour</b></div>
<div style="text-align: left;">
Marketers perform a study of consumer behavior. Analysis of buyer behavior helps marketers in market segmentation and targeting.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<b>3. Production Planning and Development</b></div>
<div style="text-align: left;">
Product planning and development starts with the generation of product ideas and ends with product development and commercialization. Product planning includes everything from branding and packaging to product line expansion and contraction.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<b>4. Pricing Policies</b></div>
<div style="text-align: left;">The marketer has to determine pricing policies for their products. Pricing policies differ from product to product. It depends on the level of competition, product life cycle, marketing goals, and objectives, etc.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<b>5. Distribution</b></div>
<div style="text-align: left;">The study of distribution channels is important in marketing. For maximum sales and profit, goods are required to be distributed to the maximum consumers at minimum cost. </div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<b>6. Promotion</b></div>
<div style="text-align: left;">
Promotion includes personal selling, sales promotion, and advertising. The right promotion mix is crucial in the accomplishment of marketing goals.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<b>7. Consumer Satisfaction</b></div>
<div style="text-align: left;">
The product or service offered must satisfy the consumer. Consumer satisfaction is the major objective of marketing.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<b>8. Marketing Control</b></div>
<div style="text-align: justify;"><div style="text-align: left;">The marketing audit is done to control the marketing activities.</div>
<div style="text-align: left;"><br /></div>
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Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-12151838782223755142021-06-15T21:07:00.000+05:302021-06-15T21:07:47.982+05:30MBA Notes - Nature and Scope of Marketing Management<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
<h2 style="text-align: left;">
<span style="color: #6fa8dc; font-size: large;">Question</span> <span style="font-size: small;">- </span><span style="font-size: large;">What do you mean by marketing management? Explain the nature and scope of marketing management.</span></h2>
</div>
<div style="color: #6fa8dc; text-align: justify;">
<span style="font-size: large;"><b>Answer</b></span></div>
<div style="text-align: justify;"><br /></div><div style="text-align: justify;"><h3 style="clear: both;"><b style="color: #3d85c6; text-align: left;"><u>Definition of Marketing</u></b></h3>
</div>
<div style="text-align: left;">
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjP47afdMDxUTNzkj2rWrhdJMqoNhyj_gZ7aDo09yqEAX9ZI-KKEPB2oYpktYYY-mHodJAXpAer90cbI3u1pfLB0Rjtz9tGKGu554NWXAOXe6TZ8C2LJqTZdglFA3XbCXQIZSupLrNtgOY/s225/Nature-and-Scope-of-Marketing-Management.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Definition of Marketing, Definition of Management, Nature and Scope of Marketing Management" border="0" data-original-height="225" data-original-width="225" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjP47afdMDxUTNzkj2rWrhdJMqoNhyj_gZ7aDo09yqEAX9ZI-KKEPB2oYpktYYY-mHodJAXpAer90cbI3u1pfLB0Rjtz9tGKGu554NWXAOXe6TZ8C2LJqTZdglFA3XbCXQIZSupLrNtgOY/w200-h200/Nature-and-Scope-of-Marketing-Management.jpg" title="Nature and Scope of Marketing Management" width="200" /></a></div>According to <span style="color: black;"><b>American Marketing Association</b></span>, <i>"<b><span style="color: #990000;">Marketing</span></b> is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders."</i></div>
<div style="text-align: justify;">
<br />
<h3 style="color: #3d85c6; text-align: left;">
<b><u>Definition of Management</u></b></h3><div style="text-align: left;">According to <b>Harold Koontz</b>, <i>"</i><i><b><span style="color: #990000;">Management</span></b></i><i> is the art of getting things done through and with people in formally organized groups."</i></div>
<div style="text-align: left;"><br /></div><div style="text-align: left;">Management consists of the interlocking functions of creating corporate policy and organizing, planning, controlling, directing an organization's resources in order to achieve the objectives of the policy.</div></div><div style="text-align: justify;"><br />
<h3 style="color: #3d85c6; text-align: left;">
<b><u>Definition of Marketing Management</u></b></h3><div style="text-align: left;">According to <span style="color: black;"><b>Philip Kotler</b></span>, <i>"<b><span style="color: #990000;">Marketing
Management</span></b> is the analysis, planning, implementation, and control of
programmes designed to bring about desired exchanges with target
audiences for the purpose of personal and of mutual gain. It relies
heavily on the adoption and coordination of product, price, promotion
and place for achieving responses."</i>.</div></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
Marketing management is a business process, to manage marketing activities in profit-seeking and non-profit organizations at different levels of management. Marketing management decisions are based on strong knowledge of marketing functions and a clear understanding and application of supervisory and managerial techniques. </div><div style="text-align: justify;">
<br />
<h3 style="color: #3d85c6; text-align: left;">
<b><u>Nature of Marketing Management</u></b></h3>
<h4 style="color: #38761d; text-align: left;"><b><span style="font-family: inherit;">It Combines the Fields of Marketing and Management</span></b></h4><div style="text-align: left;">As
the name implies marketing management combines the fields of marketing
and management. Marketing consists of discovering consumer needs and
wants, creating the goods and services that meet those needs and wants;
and pricing, promoting and delivering those goods and services. Doing
so requires attention to six major areas - markets, products, prices,
places, promotion, and people.</div>
<div style="text-align: left;"><br /></div>
<div style="text-align: justify;">
</div>
<div style="text-align: left;">
Management
is getting things done through other people. Managers engage in five key activities - planning, organizing, staffing, directing, and controlling. Marketing management implies the integration of these concepts. </div>
<div style="text-align: left;"><br /></div>
<h4 style="color: #38761d; text-align: left;"><b><span style="font-family: inherit;">Marketing Management is a Business Process</span></b></h4>
</div>
<div style="text-align: justify;">
</div>
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Marketing management is a business process, to manage marketing activities in profit-seeking and non-profit organizations at different levels of management, i.e. supervisory, middle-management, and executive levels. Marketing management decisions are based on strong knowledge of marketing functions and a clear understanding and application of supervisory and managerial techniques. Marketing managers and product managers are there to execute the processes of marketing management. We, as customers, see the results of such a process in the form of products, prices, advertisements, promotions, etc.</div><div style="text-align: justify;"><div style="text-align: left;"><br /></div>
<h4 style="color: #38761d; text-align: left;"><b><span style="font-family: inherit;">Marketing Management is Both Science and Art</span></b></h4><div style="text-align: left;">“Marketing management is art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.” (Kotler, 2006). Marketing management is a science because it follows general principles that guide marketing managers in decision-making. The Art of Marketing management consists of tackling every situation in a creative and effective manner. Marketing Management is thus a science as well as an art.</div></div><div style="text-align: justify;"><br /></div><div style="text-align: left;"><a href="https://www.enotesmba.com/2013/01/marketing-management-notes.html"><b><span style="color: black;">CLICK</span></b></a> for more <a href="https://www.enotesmba.com/2013/01/marketing-management-notes.html">Marketing Management Notes</a></div>
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Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.comtag:blogger.com,1999:blog-9092347554948025064.post-42356509017110676342021-06-14T22:28:00.000+05:302021-06-14T22:28:59.342+05:30International Marketing Research<div dir="ltr" style="text-align: left;" trbidi="on">
<h2 style="text-align: left;"><b><u><span style="color: #3d85c6;">Introduction</span></u></b></h2>
<div style="text-align: justify;"><div style="text-align: left;">Today the environment in the modern business arena is highly uncertain and rapidly changing. Advances in communications and information systems technology are further accelerating the pace of change. Expansion of business operations from home country toward other countries is making the uncertainty more prominent and stronger. This may be due to cultural, political, and legal differences. This makes it increasingly critical for management to keep abreast of changes and to collect timely and pertinent information to adapt strategy and market tactics in expanding local markets. As a consequence, international marketing research becomes essential for effective decision-making when organizations start to internationalize toward foreign markets.</div>
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In this post, we're going to explain - what exactly international marketing research is. Process of international marketing research.</div>
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<h2 style="text-align: left;"><b><u><span style="color: #3d85c6;">Definition of Marketing Research</span></u></b></h2>
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According to <b>American Marketing Association</b> - <i>"Marketing Research is the systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services".</i></div>
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According to <b>Philip Kotler</b> -<i> “Marketing research is a systematic problem analysis, model building and fact finding for the purpose of improved decision-making and control in the marketing of goods and services".</i></div>
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According to <b>Paul Green</b> and <b>Donald Tull</b> - <i>"Marketing research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem in the field of marketing".</i></div>
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According to <b>David Luck</b>, <b>Donald Taylor</b>, and <b>Hugh Wales</b> - <i>"Marketing Research is the application of scientific methods in the solution of marketing problems".</i></div>
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<h2 style="text-align: left;"><b><u><span style="color: #3d85c6;">Definition of International Marketing Research</span></u></b></h2>
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International marketing research is the systematic design, collection, recording, analysis, interpretation, and reporting of information pertinent to a particular marketing decision facing a company operating internationally.</div>
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International Market Research is a particular discipline of Market Research, focusing on certain geographical areas.</div>
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<div><div style="text-align: left;">International Market Research is concerned with consumer goods, but also with any resource or service within a value chain which will be commercially utilized or further processed – which is the area of industrial goods and B2B-Marketing.</div>
<br /><h2 style="text-align: left;"><b><u><span style="color: #3d85c6;">International Marketing Research Process</span></u></b></h2>
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Conduct preliminary research - Do some preliminary research on your topic of interest. For this, you can go online and search existing survey reports related to your topic of interest. The searched reports may not be too specific to your requirement, but they might give you some ideas on how to go about your primary research.</div><div style="text-align: justify;"><br /></div>
<b><h3 style="text-align: left;"><b><span style="color: #274e13;">Develop a Research Brief</span></b></h3></b>
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Research Brief is a statement setting out the objectives and background to the case in sufficient detail to enable the researcher to plan an appropriate study. A good research brief must include - a background to the problem, a description of the product or service to be researched, a description of the market to be researched, a statement of the objectives, timing, and budget constraints.</div>
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<b><h3 style="text-align: left;"><b><span style="color: #274e13;">Identify the Right Marketing Research Agency</span></b></h3></b>
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Using a professional market research agency can ensure that you get the information you need so that you can make strategic decisions based on reliable evidence. </div>
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First, find some marketing research agencies with the help of trade associations, business contacts, market research society, business intelligence groups, independent consultant groups, local or online directories, etc. </div>
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Draw up a market research agency shortlist - As long as you understand your own research needs, a quick check of what each agency offers will allow you to eliminate unsuitable ones. Smaller businesses tend to find that smaller agencies know how to get useful insights from a tight budget. </div>
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Unless you know what type of research you need, you may prefer to work with a company that offers a wide range of market research services, rather than a specialist who only offers one particular type of research.</div>
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Choosing a market research agency - Ask each market research agency to provide a brief proposal, setting out what kind of research they would suggest, their timelines and costs, and enclosing examples of past projects. Choose an agency that understands what you need to know, and has shown that they know how to get the right information within your budget.</div>
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<b><h3 style="text-align: left;"><b><span style="color: #274e13;">Determine Data Collection Mode</span></b></h3></b>
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The data collection mode you use will impact both the type of data you collect and how it is collected. Data is generally grouped into two categories, qualitative and quantitative. </div>
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Qualitative data is unstructured and is often exploratory by nature. When analyzed, responses may be grouped into similar categories but they cannot be ranked in the same way quantitative data can.</div>
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Quantitative research is the mathematical approach to collecting data, which can more clearly be measured and structured. Quantitative data includes survey data where respondents have a clear choice of answers, and quantitative questions often appear with radio buttons, checkboxes, and Likert scales which are easy to measure and compare.</div>
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Focus groups, unstructured interviews, and open-ended questions are typically collecting qualitative data, while surveys with answer choices collect quantitative data. Understanding the different modes and what type of data they can collect is important: Text message surveys can collect some qualitative data, but perform better with quantitative questions that are easily answered from a list of choices.</div>
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You also need to consider how robust and agile the different modes of data collection are. Can your selected mode work across multiple countries and languages? How much data are you looking to collect and in what time frame? The level of scalability of the mode is important, especially if your project will entail a multi-country survey. In addition, some modes will collect data more slowly than others.</div>
<div style="text-align: left;"><br /></div><div style="text-align: left;">Some examples of different modes of data collection include:</div><div style="text-align: left;">• Face-to-face</div><div style="text-align: left;">• Text message (SMS) survey</div><div style="text-align: left;">• Online survey</div><div style="text-align: left;">• Mobile web survey</div><div style="text-align: left;">• Mobile application survey or passive data collection</div><div style="text-align: left;">• CATI (Computer Assisted Telephone Interviews)</div><div style="text-align: left;">• CAPI (Computer Assisted Personal Interview)</div><div style="text-align: left;">• Focus groups</div>
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<b><h3 style="text-align: left;"><b><span style="color: #274e13;">Conduct Data Analysis</span></b></h3></b>
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The most important aspect of market research is being able to analyze the data once it has been collected. A thorough analysis should guide you on how to act on the insights you have gathered. It is therefore crucial that the research agency, through its insights report, address the questions you had set out at the start of your survey.</div>
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<b><h3 style="text-align: left;"><b><span style="color: #274e13;">Complete a Post Project Review</span></b></h3></b>
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Having a session with the research team after completion of your project to share feedback and discuss the project execution is sometimes overlooked. Such an undertaking involves various departments but is important to understand why a project did or did not go as smoothly as planned. A post-project review session helps both parties knowing what areas worked and which ones the agency or the client will need to improve for their next project.</div>
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Manish Patidarhttp://www.blogger.com/profile/17722488126829801212noreply@blogger.com