What is meant by international Trade

According to J.L. Hanson – An exchange of various specialized commodities and services rendered among the corresponding countries is known as international trade.

According to V.M. Memani – International trade is a trade among different countries or trade across political frontiers.

According to M.C. Vaish – Foreign trade may be defined as the exchange of goods and service among the citizen of independent or sovereign states or countries.

Image courtesy by http://amteclinks.com

Feature

• Different of market system
• Different in national boundaries
• Foreign currency and rate of exchange
• Immobility of factors
• Import-export
• Balance of payment
• Various cost
• Dependency
• Trade and control

Causes

• Mobility of factors of production
• Different of climate
• Human capability
• Natural resources
• Market system
• Trend of economic development
• Expansion of market
• Knowledge of technology and technical
• Availability of capital and capital elements
• Difference in quality and price

Merits

• Export opportunities of product and services
• Expansion of industry
• Optimum utilization of resources
• Consumption of unproduced goods
• Specialization of labor
• Creating employment opportunities
• Increase efficiency of local entrepreneurs
• Increase international co-operation
• Increasing investment
• Progress in technological know-how
• Development of standard of living

Importance

• Facility to consume deficit or unproduced goods
• Opportunity to export surplus products
• Expansion o market and economic development
• Advantage of consuming goods at a low price
• Creating employment opportunities
• Ensuring optimum use of resources
• Developing the quality of product
• Development of standard of living

Demerits

• Import harmful and unnecessary goods
• Adverse conditions of trade
• Increase dependency
• Unequal competition and dumping
• Problems on excess production
• Excess uses of natural resources
• Barriers to balanced and local expansion of industries
• Expansion of imperialism
• Create international conflict

Documents used

1. Shipping document

• Bill of exchange
• Bill of lading
• Insurance policy
• Invoice
• Certified invoice
• Certified of origin

2. Non-shipping document

• Indent later
• Letter of credit
• Shipping report
• Charter party
• Pro-forma invoice
• Trust receipt
• Respondent bond
• Latter of indemnity
• Mates receipt
• Dock receipt
• Dock warrant
• Bill of exchange
• Shipping advice
• Bill o sight
• Sales contract
• Bottamary bond

What do you meant by organizational behavior?

According  to Keith Davis – Organizational is the study and application of knowledge about human behavior in organizations as it relates to other system element, such as structure, technology and the external social system.
According to Fred Luthans - Organizational behavior is directly concerned with the understanding, perdition and control human behavior In organizations.


According to Martin J. Gannon – The field of organizational behavior focuses on the micro aspects of organizations such as motivation, Jo satisfaction and Leadership.

According to – Organizational behavior may be defined as the systematic study of the nature of organizations – how they begin, grow, and develop, and the affect on individual members, constituent groups, other organizations, and larger institutions.

Image courtesy by http://qualitybc.com

Nature of organizational behavior

• Oriented toward organizational objectives
• Field of study
• Performance oriented
• Normative and value centered
• Nature of thinking
• Branch of inter discipline
• Humanitive and optimistic
• Total system approach

Element of organizational behavior

• Human resource
• Environment
• Organization structure
• Technology

Objective goals of organizational behavior

• Proper management
• To increase morale
• To increase behavior
• To predict the future outcomes
• To remove conflict
• To control
• To create good labor management relations

Importance of organization behavior

• Organizational development
• Acquiring knowledge
• To create and establish relationship
• To grow and develop in status and impact
• Obtaining co-operation
• Development of life-style
• Control o values
• Attainment of objectives
• Development of social systems
• Facing external environment

Fundamental philosophical concepts of organization behavior

1. The nature of peoples

• Individual differences
• A whole person concept
• Value of person
• Desire for involvement
• Motivated behavior

2. The nature of organization

• Social systems
• Mutual interest
• Rationality
• Goal of organization
• Ethics

Approaches to organizational behavior

• Human resource approaches
• An interdisciplinary approach
• A contingency approaches
• A system approach
• Result oriented approach

Organizational behavior with other subjects relation

• Organizational behaviors & personnel management
• Organizational behavior & social psychology
• Organizational behavior & psychology
• Organizational behavior & sociology
• Organizational behavior & Anthropology
• Organizational behavior & political science

Definition of Performance appraisal

According to S.P Robbins, “Performance appraisal process is a formal process in an organization whereby each employee is evaluated to determine how he or she is performing.”

According to Bartol and Martin, “Performance appraisal is the process of defining expectations for employee performance, measuring, evaluating and recording employee performance relative to those expectations and providing feedback to the employee.”

Image courtesy by http://blog.dew-point.com.hk

According to Prof. R.W.Griffin, “Performance appraisal is a formal assessment of how well employees are performing their job.”

Importance of performance appraisal

• Identifying areas of development 
• Basis of selection devices 
• Development of self-awareness 
• Role in motivating the employees 
• Knowing the deficiency and corrective action can be taken 
• Verifying performance 
• Formation of promotion policy 
• Improve morale 
• Providing needed information and 
• Basis for reward allocation  

Process of performance appraisal

• Establish performance standards
• Communicate performance expectation to employees 
• Measure actual performance 
• Comparison of actual performance with standards 
• Discuss the appraisals with the employees 
• Initiation of corrective action where necessary

Steps of effective performance appraisal process

• Prepare for and schedule the appraisal in advance 
• Create a supportive environment to put employees at ease 
• Explain the purpose of the appraisal to employees 
• Involve the employee in the appraisal discussion including a self-evaluation 
• Focus discussion on work behavior, not on the employees 
• Support evaluation with specific examples 
• Give both positive and negative feed-back 
• Ensure employee’s understand what was discussed in the appraisal 
• General a development plan

Techniques of performance appraisal

• Descriptive essay appraisal 
• Critical incident appraisal 
• The check list appraisal 
• Forced choice appraisal 
• Graphic rating scale appraisal 
• Behaviorally anchored rating scales 
• Forced distribution appraisal 
• Alternation ranking appraisal 
• Group order ranking 
• Individual ranking 
• Paired comparison appraisal 
• Point system 
• Confidential report 
• Management by objective

Suggestions for improving performance appraisal

• Clarifying standards 
• Rewards to accurate appraisers 
• Use peer evaluations 
• Use right appraisal tool 
• Diary keeping 
• Train appraisers 
• Behavior based measures 
• Use more than one appraiser 
• Provide on going feedback 
• Equity and justice 
• Post – appraisal interview

Factors considering of performance appraisal

• Acceptability 
• Reliability 
• Suitability 
• Understand ability 
• Determining standard 
• Knowledge and skill 
• Organizational elements 
• Feedback

What is management development

Management development is the management improve, efficiency and skills function. Management development requires to achieve an organizational success. The effective management to the advantage of both individuals and organizations performance. So therefore, management development can have a direct economic advantage for the firms.

Definition

According to Robbins, “Management development is more future- oriented, and more concerned with education, than is employee training or assisting a person to became a better performer.”

Image courtesy by http://pro-tential.co.uk

According to R. W. Griffin, “Management development refers to teaching managers and professionals the skills needed for both present and future jobs.”

According to Skinner, “Management development refers to the process of educating and developing selected personnel, so that they have the knowledge, skills, attitudes, and understanding needed to manage in future positions.”

According to Weihrich , “Manager development refers to long term, future –oriented programs and the progress a person makes in learning how to manage.”

Importance of management development

• To achieve objective
  

• Adaption with changes
  

• Introduce new method
  

• Develop efficiency
  

• Versatility
  

• Attain job satisfaction
  

• Proper utilization of resources
  

• Research and development
  

• Develop talented executive
  

• Establish cordial labor management relationship
  

• Obsolescence management
  

Process of management development program

• Analysis of organization frame-work and objectives
  

• Develop program planning
  

• Analysis of current management resources inventory
  

• Determination of individual development needs
  

• Making the main development program
  

• Appraisal of individual progress
  

• Comparative analysis of program
  

• Final evaluation of program
  

Method of management development 

On the job developing method

• Under study method
  

• Action learning project
  

• Job rotation
  

• Coaching method
  

• Committee assignments
  

• Appointment as an assistant
  

• Selected readings    
  

Off the job development methods

• Transactional analysis
  

• Special course
  

• Special project
  

• Special meeting
  

• Lecture
  

• University courses
  

• Business tour
  

• Seminar, workshop and conference
  

Skill requires for manager development

• Human relation skill
  

• Technical skill
  

• Organizational skill
  

• Diagnostic or decision skill
  

• Communication skill
  

• Information communication technology skill
  

• Analytical skill
  

• General knowledge
  

What do you meant by Training ?

Training is the process of working experience in that it seeks a relatively permanent changing human behavior, attitudes, knowledge, and motivation. Present employees to improve ability to perform at a high level. Training is continuous process it changing in an individual that will improve by which a person can be contributed to the achieving organizational goals. So that, Training is the most effective employee changing the behavior, attitudes, knowledge, and motivate the achievement organization goals.

Image courtesy by http://akeynotespeaker.com

Definition

According to Gary Dessler, “Training refers to the methods used to give new or present employees the skills they need to perform their jobs.”

According to Robert Kreitner, “Training is the process of changing employee’s behavior and attitudes through some type of guided experience.”

According to Prof. R. W. Griffin, “Training usually refers to teaching operational or technical employees how to do job for which they were hired.”

Objective

The training program will be changing employees is expected outcome activities where clarity objective achieves the organization. The training is very extensive a variety of objectives. Its significant objectives are points below:

• Acquaintance with the organization
• Increasing of efficiency
• To activate the employee
• Make quittance  with  work
• Effectively directing
• Preventing wastage and loss
• Reducing dissatisfaction and labor turnover
• Development of new thinking
• Adjustment with the working environment
• Establishing cordial labor management relationship
• Optimum utilization of resources

Various types

There are employees, improving different types of training. The following forms of training process are found:

On the job training

• Apprenticeship training
• Job rotation
• Job instruction training
• Internship
• Coaching
• Observation method

Off the job training

• Lecture method training
• Discussion method
• Seminar, workshop and conference method
• Management game
• Incident method
• Sensitivity training
• Role playing method

Internal and external training for manager development

There are types of internal and external training achieving the organization. Management development is attitude, knowledge, and motivation increasing of internal and external training. The following are management development of training:

Internal method 

• Understudy method
• Indicating sequence of promotion
• Appointment as an assistant
• Delegating temporary responsibility 
• Nomination as committee member   

External method

• Incident method
• Seminar
• Role playing method
• Conference
• Sensitivity training
• Online- education and e- training
• Professional diploma course
• University management program

Management development process and training

Management development process of teaching, mentoring, job rotation and professional effectiveness are recognized needed for both present and future jobs. Effective management development training requires some conditions. Management development training has the following process:

1. Considering need

• Necessary number of managers
• Determining the training demand of the person
• Necessary qualities of manager

2. Determining the nature of activities

• Present job
• Next job
• Future job

3. Preparing training program

4. Evaluation of training program

5. Developing a proper training program

Importance of human resource training

• Introduction with the rules and activities 
• Increase production and productivity 
• Improve morale 
• Maximum utilization of resources 
• Introduce new method and changes 
• Aid to complex work 
• Develop industrial relations 
• Change of attitude 
• Job satisfaction 
• Versatility 
• Reduce labor turnover 
• Reduce accidents 
• Reduce wastage 
• Easy co-ordination and 
• Develop standard of living  

Techniques of determining needs to training

• Observation 
• Performance analysis 
• Job analysis 
• Employee analysis 
• Productivity analysis 
• Organization behavior analysis 
• Consideration of current and projected changes 
• Survey and report analysis 
• Check list method 
• Recommendations of the managers 
• Group discussion

Methods of Training

• On the job training 
• Job instruction training 
• Induction training 
• Apprenticeship training 
• Under study method 
• Job rotation 
• Coaching method 
• Internship training 
• Incident method 
• Multiple management 
• Role play technique 
• Demonstration method 
• Management game 
• Lecture method 
• Seminar, workshop and conference method

What is meant by Test

Providing the employees test has become increasingly any employees screen better and ability responsible for a workplace problem. These employees testing for the organization performance require a typing test of complex jobs. The strength test requires for workplace efficiently those employee skills.

Image courtesy by http://peoplemaps.com

Definition

According to Robbins, “employment test-the better known written tests that attempt to asses intelligence, abilities and personality traits.”

According to H.E.Butt, “testing is a device for measuring quantitatively a typical sample of mental or motor performance in order to predict what an individual will do under certain circumstances.”

According to Bartol and Martin, “Employment test is a means of assessing a job applicants characteristics through paper and pencil responses or simulated exercise.”

According to Keith Davis, “Employment tests are devices that assess the match between applicants and job requirements.”

Essential

• Reliability 
• Practicality 
• Economy 
• Validity –

 Validity another element factor of test for-

• Content validity 
• Construct validity 
• Criterion related validity

Advantage of employees test

• Selecting of appropriate candidate 
• Maintaining specific quality 
• Bring job satisfaction 
• Evaluation of skill 
• Reduce labor turnover 
• Develop morale 
• Employment and placement 
• Adjustment with the working environment and 
• Assess the training needs 

Psychological test

Objectives of psychological test

• Mentality test 
• To know the attitude 
• Appropriate selection 
• Comparative evaluation 
• Predict training necessity 
• Reduce labor turnover 
• Reduce training expenses

Classification of Psychological test

• Intelligence test 
• Personality test 
• Interest test 
• Aptitude test 
• Technical knowledge of test 
• Achievement test 
• Honesty test 
• Protective test 
• Trade test

What is Interview

An interview process the face to face conversation with people when the question asked by the information is exchanged. The interview is the formal discussion process of hiring and applicant is called an interview. This typically a meeting between two or more people for the purpose of getting each other. When considered as the method of conducting the right research is the techniques used to the experience and others.

Image courtesy by http://mycity-web.com

Definition

According to Bartol and Martin,  “The selection interview is a relatively formal, in- depth conversation conducted for the purpose of assessing a candidate’s knowledge, skills and abilities, as well as providing information to the candidate about the organization and potential jobs.”

According to Gary Dessler, “An interview is a procedure designed to obtain information from a person through oral response to oral inquires.”

According to Werther and Keith Davis, “The selection interview is a formal, in-depth conversation conducted to evaluate and applicant’s acceptability.”

According to Thill and Bovee, “An interview is any planed conversation with a specific purpose involving two or more people.”

How to conduct an interview

• Structure the interview 
• Prepare for the interview 
• Establish connected 
• Information exchange and ask questions 
• End of the interview 
• Review and evaluation

Method of interview

• Individual and group interview 
• Situational interview 
• Behavioral interview 
• Directive interview 
• Non directive  interview 
• Job related interview 
• Board interview and 
• Stress interview

Structure of the interview

• Job analysis 
• Determination of the job’s duties 
• Setting interview questions 
• Making benchmark answers and 
• Appoint the interview panel and 
• Conduct interviews

Becoming a more effective interview

• Planning the interview 
• Getting information        
• Giving information 
• Information processing 
• Responding to the applicant and 
• Personal impact

What is meant by Recruitment

The managerial function of an organization recruitment of human resource activities. Human recruiting is the internal and external searching attracting qualified person to apply for jobs in the organization. Qualified personal appropriate for application, selecting, selection, experience, test and other activities function of human resources recruitment.Right people selected to the achievement of an organization's goal. Human recruitment function also the qualifying person required by the internal and external sources.

Image courtesy by http://amazing-job.com

Definition

According to S. P. Robbins, “Recruiting is the discovering of potential candidates for actual or anticipated organizational vacancies. It is linking activity- bringing together those with jobs to fill and those sacking jobs.”

According to Prof. R.W. Griffin, “Recruiting is the process of attracting qualified persons to apply for the jobs that are open.” 

According to Edwin. B. Flippo, “Recruitment is the process of searching for prospective employees and stimulating them to apply for jobs in the organization.”

According to Plumbley, “Recruitment is a matching process and the capacities and inclination of the candidates have to be matched against the demands and rewards inherent in a given job or career pattern.”

Element of recruitment of human resource

• Policy and job assessment 
• Determining sources of workforce 
• Requisition and invitation of application- 

a) Formal advertisement

b) Informal advertisement

c) Various commercial sources

d) Official agencies

• Receiving recruiting evaluation of application 
• Tests and specification for selection 

Factor s affecting recruitment of human resources

• Recruitment either temporary or permanent 
• Goodwill and stability of the organization 
• Expansion of the organization 
• Salary, working environment and other benefits 
• Size of the organization 
• Location of the organization and 
• Public policy and government control

Sources of human resources recruitment

Internal sources of human resources recruitment

• Part time and temporary workforce 
• Friends and relatives of present employee 
• Transfer 
• Promotion of present employee 
• Recommendation of trade union and 
• Recommendation of higher authority

External sources of human resources recruitment

• Internet 
• Former employees 
• Advertising 
• Employment searcher 
• Talent hunting 
• Head hunting 
• Casual application and 
• Direct recruitment

       And also recruitment of institutional sources

• Private employment agencies 
• Professional and vocational institution and 
• Recruitment from college and university

Human resource management

Human resource management is the process of an organizing function of employee recruitment, selection, direction and development of an employee strategic planning. Human resources management, including to jobs analysis, personal needs, employees training, jobs, evaluating performances, determine of managing wages and salaries, developing employee relationships, maintain employees safety, motivation, maintain proper relations between labor and trade union as know as the human resources management. Human resource management also performed by the activities organization function and people. 

Image courtesy by http://pvrcrm.de

Definition

According to S. P. Robbins, “Human resource management is concerned with the people dimension in management. It is a process consisting of the acquisition, development, motivation and maintenance of human resources.”

According to Bartol and Marting, “Human resource management is the management is the management of various activities designed to enhance the effectiveness  of an organization’s workforce in achieving organizational goals.”

According to Gary Dessler,”Humna resource management is the process of acquiring, training, appraising, and compensating employees, and attending to their labour relations, health and safety, and fairness concerns.”

According to R.W Griffing, “Human resource management is the set of organizational activities directed at attracting developing and maintaining an effective workforce.”

Importance of human resource management

• Nerve center of the organization 
• Increase productivity 
• Achieving organization goals 
• To attain job satisfaction 
• Proper maintenance and utilization of resources 
• Creation of cordial labor management relationship 
• To maintain continuous production 
• Performing the functions related to worker 
• Use of modern technology 
• Controlling of labor and production cost 
• To face modern challenges 
• Development of human behavior and human relationship 
• Influence of free trade economy and globalization and 
• Human resource planning and implementation  

Function of human resource management 

Human resource acquisition 

• Human resource planning 
• Job analysis 
• Employees recruiting 
• Selecting of employee 
• Employee socialization

Development functions of human resource management

• Management development 
• Employee training        
• Career development  

Motivation functions of human resource management 

 

• Job design 
• Performance evaluation  
• Job evaluation 
• Rewards 
• Discipline 
• Compensation and benefits

Maintenance functions of human resource management

• Cordial labor relationship 
• Safety and health 
• Labor welfare activities  and 
• Research and future

Objective of human resource management

• To make efficient workforce 
• Selection of right personnel 
• Increase efficiency of worker 
• To create job satisfaction 
• To maintain co-ordination 
• To maintain high morale 
• To maintain co-operation among management and worker 
• To maintain cordial relationship among the workers 
• Determination of compensation 
• Welfare activities and 
• Effective use of human resources

Measurement of effectiveness of human resource management

• Labor management relationship 
• Productivity 
• Employee motivation and job satisfaction 
• Employee training 
• Rate of labor turnover 
• Rate of absenteeism employees 
• Industrial dispute 
• Employee selection 
• Amount of production cost and wastage 
• Use of up to-date technology and 
• Welfare activities 

Internal influence on human resource management

Internal influence on human resource management

• Human resource policy 
• Organization structure 
• Organization goals 
• Tasks 
• Technology 
• Kinds of people employed 
• Demand and supply of human resources with in the enterprise 
• Reward system

External influence on human resource management

• Educational environment 
• Economic environment 
• Technological environment 
• Legal environment 
• Political environment and 
• Sociology- cultural environment

Introduction to financial management

Financial management is concerned with the acquisition, financing and management in the business. Financial management is related to like accounting, economics, financing, mathematics, tax operation etc.

It is the specialized activity planning, organizing, directing and controlling with the top level financial management. It includes about money decision the capital structure, capital budgeting with short term and long term allocation.

Image courtesy by http://atfconsult.com

Definition

“Financial management, also referred to as corporate finance as managerial, is broadly concerned with the acquisition and use of funds by a business firm.”--- Prof. Prasanna Chandra

“Managerial management is concerned with the duties of the financial manager in the business firm.”--- Lawrence.J.Gitman

“Financial management is the operational activity of a business that is responsible for obtaining an effectively utilizing the funds necessary for efficient operations.”---Joseph Massie

Significance of financial management

The importance of financial management is wide are large. Every business affected financial activities with the money decision. Therefore, the significance of financial management is given below:

• Financial planning
• Successful business
• Smooth running of enterprise
• Facing unexpected risk
• Coordination of functional  functions
• Global competitiveness
• Business credit rating
• Paying regular dividends
• Protection of investment
• Improve profitability
• Help of decision making
• Promotion to save financial solvency
• Determination of business success
• Increase the value of the firm
• Measure the value of the firm

Function of financial management

Functions of finance are not goals the firm, but these achieve the ultimate goal of the firms. The following are the functional of financial management is below:

• Co-operation
• Organizing financial staff
• Relationship with stakeholders
• Protecting with shareholder’s interest
• Opportunity identification
• Management of cash
• Risk management
• Analysis of capital management
• Transact routing functions
• Ensure optimums liquidity
• Investment decision
• Need assessment of funds
• Capital structure decision
• Earnings retention and distribution
• Financial control

Features of financial management

Financial management is common in all types of business concerned with where to invest, how to invest, and how the investment should be managed. Especially with stock companies in need of financial management considerably both in the corporate sector. In the following section to focus on these unique features of financial management with the common features:

• Financial planning
• Forecasting flow of funds
• Investment decision making
• Protection of investment identification of sources of funds
• Procedural analysis of investment decision
• Retention and distribution of profit
• Debt-equity ratio analysis
• Risk-return trade- off
• Agency problem
• Controlled by professional managers
• Establishing financial relation and its protection

Principle of financial management

Financial management is the maximization of the wealth of the shareholder. This goal activity of financial management is to be operated under a set of principle. These can be called as the principle of finance the important role in decisions making made by financial management. So here we about the principle of financial management as follow:

• Optimum capital structure
• Annual budget plans
• The risk returns trade off
• Time value of money
• Liquidity and profitability
• Incremental cash flows
• Performance measurement
• Efficient capital market
• Competitive market
• The agency problem
• Principle of opportunity cost
• Principle of net present value
• Principle of coordination
• Taxes bias business decision
• Appropriate dividend policy

Goal of financial management of a firm

• Value of the firm and value per share
• Raising capital
• Investment of capital
• Protection of capital
• Maximization of wealth
• Maximization of profits
• Maintain steady earnings growth
• Avoid financial distress and bankruptcy

Social responsibility of financial management

The newest financial management strategies have run its operation the society while doing business. Every company has different social responsibility objectives through the main motive is the equivalent. The increased awareness of people social responsibility of the companies increased a lot. The corporate financial management is very existence depends on its being society's responsibility. The following are the social responsibilities of the financial management are as follows:

• Protecting investor interest
• Protecting consumers right
• Protecting creditors right
• Safe working conditions
• Ensuring pollutions free environment
• Maintaining fair hiring practices
• Ensuring a corruption free work environment
• Supporting education
• Proper use of resources

Introduction to marketing management

Marketing management is the process of planning, organizing, control and implementation marketing activities attain organization goals and objectives. The marketing management of the firms the planning and implementation of programs to design, create, Build, and maintain marketing strategies. And other hand, Marketing management is the process of determine environment, market opportunity, design, marketing, and market threat effectively implementation achievement organization goals.

Image courtesy by http://collegescholarships.org

Definition

According to Philip Kotler, “Marketing management is the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.”

According to Steven J. Skinner, “Marketing management is the process of planning, organizing, implementing and controlling marketing strategies.”

Toward marketplace

There is a marketing management company orientation toward marketplace is the following: 

•  The production of concept
• The product of concept
• The selling concept
• The marketing concept
• The societal marketing concept
• The customer concept
• The holistic marketing concept-

a. Relationship marketing

b. Integrated marketing

c. Performance marketing

d.  Internal marketing

Function of marketing management

The functions of marketing management of depend on size, nature and function of the business organization. Marketing management performs his customer needs, customer satisfies and customer value implementation activities. The overall function of the business organization activities of marketing management is the following:

• Developing marketing strategies and plans
• Building strong brands
• Connecting with customers
• Communicating value
• Delivering value
• Shaping the marketing offerings
• Capturing marketing insights
• Creating long-term growth
• Implement and control the market

Objective of marketing management

The fundamental objective of marketing management is to assist management, formulating customer needs, wants, and demand activities marketing operation. The main objectives of marketing management some points as follows:

• Formulation of product planning and discovering in the distribution process
• Collection and analysis of data relating to marketing
• Pricing of product and its promotion and development
• Increase of profit through cost reduction
• Evaluation of performance

Basic responsibilities of marketing management

The newest of marketing management of companies work to understand the customer, customer satisfaction, customer value and long torn customer relationships while doing business. Therefore, the following of responsibilities of marketing management:

• Retaining the product quality
• Maintaining equality of supply and demand
• Reducing the product price
• To produce environment friendly product
• Participation in the social work
• Decreasing unwholesome demand
• Decreasing waste of marketing
• Retaining image of a country

Marketing management and demand management

Marketing management of research the market product and service their wants and resources people demand product with benefits and the most value and satisfaction. Therefore, the following marketing management and demand management is below:

• Negative demand
• No demand
• Latent demand
• Declining demand
• Overfull demand
• Unwholesome demand
• Irregular demand  and
• Full demand

What is meant by Control

Control is the process which ensures management activities so that some targeted element of performance remains within acceptable limits. Management control is one of an evaluating the performance conforms to expected organizational standards and goals. Managerial activities like necessary, applying corrective measure so that the performance.

Image courtesy by http://referenceforbusiness.com

Definition

According to Henri Fayol, “Control consists in verifying whether everything occurs in conformity with the plans adopted, the instructions issued and principles established.”

G.R. Terry and Franklin, “Controlling is determining what is being accomplished, that is, evaluating the performance and, if necessary, applying corrective measures so that the performance takes place according to plans.”

According to S. P. Robbins, “Control can be defined as the process of monitoring activities to ensure that they’re being accomplished as planned and of correcting any significant deviations.”

Why control is necessary

Importance of control has been necessary of business organization. In order to be successful in an organization, manager needs to make a decision. The importance of control is below:

• Implementation of plan
• Maintenance of discipline
• Distribution of duty and responsibility
• Initiating corrective action
• Determination of deviation
• Co-ordination
• Removing deception and over- expectation
• Helping in executing the responsibility of the executive
• Reduction of wastage
• Development of new plan
• Proper utilization of the executive’s power and time
• Easy decentralization of power
• Improving morale of the employees

Steps in control process

• Determine areas of control
• Measuring performance
• Comparison of actual performance with standard
• Comparison of performance with standard and evaluation
• Detection and evaluation of deviations
• Taking necessary corrective actions

Various steps of developing controlling process

• Preparing an effective plan or setting standards
• Determining periodical target
• Use of proper controlling method
• Development of interim and internal controlling system
• Development of modern costing and accounting method
• Determining complex and important control area
• Quick determination of variance
• Development of future thinking of corrective measures
• Taking proper corrective method
• Application of controlling measures by proper authority

Important technique of controlling

1. Budgetary control techniques

2. Non-budgetary control techniques

• Quantitative data analysis
• Special report analysis
• Break-even point analysis
• Personal observation
• Internal audit
• Analysis of financial statement
• Use of up- to- date information technology
• Economic order quantity
• Return on investment analysis

3. Planning and controlling techniques

• Gantt chart
• Performing evaluating and review technique

Pr-requisites for successful operation of budgetary control

• Specifying the objective of budget
• Determining the proper budget period
• Voluntary support of top executives
• Assessing priority in preparing budgets
• Balancing in planning premises
• Budget prepares in consideration of motivation
• Protection of extra- budget event
• Co-ordination
• Feedback system
• Acquiring flexibility in budgeting

How management information system helps controlling

• Help in measuring performance
• Help in comparing with a plan
• Help in evaluating different
• Help in taking corrective action

Introduction to Motivation

Employees motivation may be defined at the state and individual changes to their psychological conditions which represents the strength as a result of their previous and current experience. Motivation is the reasons for applying for the class of such term as purpose, goal, drives, desires, attitudes; recognition, needs, wishes, and incentive are commonly used. A motivate prompts people to act and science in a certain way. In a business to exert high of effort reaches organizational goals in the setting of organizations.

Image courtesy by http://effectivepresentations.com

Definition

According to Prof. R. W. Griffin. “Motivation is the set of forces that cause people to behave in certain ways.”

According to S. P. Robbins, “Motivation is the willingness to exert high levels of effort to reach organizational goals, conditioned by the effort’s ability to satisfy some individual need.”

According to Prof. Weihrich and Koontz, “Motivation is a general term applying to the entire class of drives, desires, needs, wishes, and similar forces.” 

Characteristics

Motivation is the set of forces that cause individual changing to behave in certain ways. Therefore, motivation represents as an important to case business organization. However, motivation becomes effective when it fulfills the following characteristics:

• Man is the key point
• Continuous process
• Drive force of human behavior
• Continuous process
• Human want is the basis of motivation
• Main support of moral development
• Essential part of management function
• Necessary element of modern management
• Influence of different mentality
• Motivation may be positive or negative
• Motivation for frustrated person

Importance

Motivation occurs without using any business organization. It relies on various motivations likes an individual, needs, desires, and concepts that cause him or her to act in a particular manner. Some important points expressing the importance of motivation are below:

• Optimum utilization of human resources
• Development of high morale
• Maximum use of manpower
• Increase in efficiency
• Maximum use of other factors
• Creation of eagerness to work
• Increasing production
• Reducing labor- turnover
• Cordial labor- management relationship
• Aid to job satisfaction
• Aid to attaining co-ordination and control
• Establishment fair labor- management relation 
• Attaining and flexibility and
• Initiative a development

Motivation cycle

The motivation process refers to the cycle through which motivation takes an individual need, desire, attitudes, concepts, etc. In details, the motivation process consists of following the cycle:

• Inquiring the needs of employees
• Recognizing needs
• Indemnification of motivation
• Considering organization ability
• Taking an inspirational program
• Application of motivators
• Acquiring job satisfaction

Various motivation techniques

It is very difficult to identify the exact of motivation technique. In actual instigate, there many various motivation techniques depending on the objectives of conducting motivational. However, the commonly found motivation in organization re below:

Financial means of motivation

• Proper salary
• Profit sharing
• Financial security
• Bonus
• Advance and loan
• House allowance
• Transport facilities
• Ration facilities
• Commission on sale
• Medicare allowance
• Canteen facilities
• Education facilities
• Insurance and provident fund facilities

Non- financial means of motivation

• Personal power and rights
• Proper working environment
• Opportunity for participation in management
• Recognition of works
• Good behavior to sub-ordinates
• Responsibility and authority
• Recognition of trade union
• Efficient supervision
• Opportunity for expressing opinion
• Encouraging creativity
• Recreation facilities
• Training facilities

limitation

Though employee motivation provides many advantages to the organization. It is not free limited. Its main limitations are below

• Individual need variations
• Variations in efficiency and experience
• Variation in employee mentality
• Hierarchical differences
• Difference of superiors and subordinates
• Influence of trade union
• Injustice and nepotism
• Inflexible attitude

Ways of Removing limitation of employee motivation

The effective functioning of an organization significantly depends on the proper and effective use of employee motivation. To take employee motivation solving, attention must be given to the following aspect:

• Eagerness of executives to motivation
• Creating opportunity of employee development
• Introducing effective motivation procedure
• Creating interest to future prosperity
• Focusing importance on democratic leadership technique
• Developing industrial relationships
• Establishing organization image