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General method of teaching: Major areas of business education.

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General method of teaching: Major areas of business education.

  1. 1. General Management General Management is typically an executive / senior role within a company. General Managers are responsible for profit and loss in a business unit and managing across multiple functions (i.e. finance, marketing). Some companies offer General Management rotational programs to prepare junior professionals for careers as General Managers. General Manager Responsibilities A GM's duties and responsibilities cover a lot of ground, but these are some of the most common. He must typically: 1. Oversee daily operations of the business unit or organization. 2. Ensure the creation and implementation of a strategy designed to grow the business. 3. Coordinate the development of key performance goals for functions and direct reports. 4. Provide direct management of key functional managers and executives in the business unit. 5. Ensure the development of tactical programs to pursue targeted goals and objectives. 6. Ensure overall delivery and quality of the unit's offerings to customers. 7. Engage in key or targeted customer activities. 8. Oversee key hiring and talent development programs. 9. Evaluate and decide upon key investments in equipment, infrastructure and talent. 10.Communicate strategy and results to the unit's employees. 11.Report key results to corporate officers. 12.Engage with corporate officers in broader organizational strategic planning.
  2. 2. Accounting and finance Definition of Accounting Accounting is the complete process of recording, classifying, summarizing, and interpreting business transaction is called accounting. It is an art of systematically recording the transactions, for keeping a proper track of financial statements on the basis of Accounting Standard (AS). With the help of the financial statement of an entity, internal audit, and tax audit is conducted at the end of the financial year. Definition of Finance Finance is the science of the acquisition and allocation (i.e. Spending or investment) of funds effectively. It is a broader term, which studies about money and capital market along with the arrangement and management of funds by business. The major aspect of finance is the “time value of money” i.e. the value of money changes over time. It helps in analyzing any budget for choosing an optimum investment plan, which lowers the risk factor for a firm.
  3. 3. Comparison Chart BASIS FOR COMPARISON ACCOUNTING FINANCE Meaning Accounting is an art of recording and reporting of the monetary transactions of a business. Finance is the science of management of funds of a business Branches Financial Accounting, Management accounting, Cost accounting, Tax Accounting etc. Private Finance, Public Finance, Corporate Finance etc. Career Accounting professionals can become accountants, auditors, tax consultant, etc. Finance professionals can become an investment banker, financial analyst, finance consultant, etc. Division Accounting is a part of finance. Finance is not a part of accounting. Objective To provide information regarding the solvency status of the company to the readers of the financial statement. To study the capital market and funds of business for making future strategies. Tools Income Statement, Balance Sheet, Cash flow Statement etc. Risk Analysis, Capital Budgeting, Ratio Analysis, Leverage, Working Capital Management etc.
  4. 4. OB and HRM Organizational behavior (OB) is "the study of human behavior in organizational settings, the interface between human behavior and the organization, and the organization itself". OR "Organizational behavior is the study of human behavior within an organization," Scope of OB 1. Impact of personality on performance. 2. Employee motivation. 3. Leadership. 4. How to create effective teams and groups. 5. Study of organizational structure. 6. Individual behavior, attitude and learning. 7. Job design. 8. Perception. 9. Design and development of effective organization. 10.Management of change. 11.Organizational development. 12.Organizational culture. 13.Transactional analysis. 14.Group behavior, power and politics. 15.Study of emotion. Importance of OB 1. OB provide a road map to our lives in organization. 2. OB uses scientific research to understand and make organization life. 3. It helps to influence organizational events. 4. It helps individual understand herself/himself in better fashion. 5. It helps manager to manage human resources effectively. 6. It also useful in the field marketing.
  5. 5. Definition of HRM: The process ofhiring and developing employees so that they become more valuable to the organization. Human ResourceManagement includes conducting job analyses, planning personnel needs, recruiting the right people for the job, orienting and training, managing wages and salaries, providing benefits and incentives, evaluating performance, resolving disputes, and communicating with all employees at all levels. Human resource management functions Areas of HRM oversightinclude the following: 1. employee recruitment, on boarding and retention 2. talent management and workforce management 3. job role assignment 4. compensation 5. labor law compliance 6. performance management 7. learning and training 8. successionplanning 9. employee engagement and recognition Nature of Human Resource Management 1. Human ResourceManagement involves management functions like planning, organizing, directing and controlling 2. It involves procurement, development, maintenance of human resource 3. It helps to achieve individual, organizational and social objectives 4. Human ResourceManagement is a multidisciplinary subject. It includes the study of management, psychology, communication, economics and sociology. 5. It involves team spirit and team work. 6. It is a continuous process.
  6. 6. Human Resource Management: Objectives • To help the organization reach its goals. • To ensure effective utilization and maximum development of human resources. • To ensure respect for human beings. To identify and satisfy the needs of individuals. • To ensure reconciliation of individual goals with those of the organization. • To achieve and maintain high morale among employees. • To provide the organization with well-trained and well-motivated employees. • To increase to the fullest the employee’s job satisfaction and self-actualization. • To develop and maintain a quality of work life. • To be ethically and socially responsive to the needs of society. • To develop overall personality of each employee in its multidimensional aspect. • To enhance employee’s capabilities to perform the present job. • To equip the employees with precision and clarity in trans¬action of business. • To inculcate the sense of team spirit, team work and inter-team collaboration.
  7. 7. Operations and supply chains Definition: A supply chain is a system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer. Supply chain activities involve the transformation of natural resources, raw materials, and components into a finished product that is delivered to the end customer. or Supply chain represents the phases through which suppliers provide raw materials to manufacturers, who then manufacture the product which go via the distributors to finally reach the customers. Supply Chain Process The below diagram shows the flow of materials and resources from the supplier to the manufacturer and finally to the customer via the distributor Supply chain process carries the materials from supplier to manufacturer, who then creates the finished goods and that is transported to the distributor and ultimately the customers. The role of each is mentioned below: Supplier: Provides the raw material to the manufacturer through the physical channel. Manufacturer: The manufacturer decides upon the production planning ,scheduling , stock levels to be maintained etc. Distributor: It could be a warehouse, retailer, wholesaler to facilitate the delivery of the product/services to the end consumer.
  8. 8. Advantages of Supply Chain Management SCM has several benefits which help and organization to grow. Some of them are listed below: 1. Supply chain management leads to higher efficiency in a business as all the processes are streamlined 2. SCM helps in managing the inventory better i.e. transportation, storage, warehousing, distribution etc 3. Good supply chain efficiency helps in managing timely deliverables 4. Costs are reduced significantly as SCM helps to eliminate wastage due to better processes 5. Overall profitability increases and business partnerships are strengthened 6. Better delivery, higher customer satisfaction, transparency in processes are other benefits Disadvantages of Supply Chain Management Despite many benefits, there are certain disadvantages as well, which are shared below: 1. Sometimes supply chain management becomes too complex to understand and causes business hindrances because of extra processes 2. Things like buffer stock, additional manpower & planning etc cost more to the company 3. Geographic limitations in terms of warehouses, storage etc Definition: Operations management involves planning, organizing, and supervising processes, and make necessary improvements for higher profitability.
  9. 9. Role of operation management Operation management transfer inputs to outputs. -input are resources such as people, money, and material. -output are goods and services. Marketing strategies Marketing strategies are a process of using a marketing mix to satisfy and attract consumers to make a profit for the organization. There are many types of strategies such as  Market scope strategy  Product strategy  Promotion strategy  Pricing strategy  Distribution strategy Types of marketing strategy There are two types of strategizing  General strategies  Decision area strategies General strategies: This concept describes how marketing will achieve an object. Decision area strategies: Used to achieve general marketing strategies by considering the 4p’s and the 2c’s.
  10. 10. MARKETING Strategies GeneralMarketing Strategies Can be a part of the following categories: 1. Market Expansion 2. Market Share Growth 3. Niche Market 4. Status Quo 5. Market Exit MARKETING PROCESS 1. Marketing Expansion:Used to grow overall sales There are two approaches  Grow Sales with existing product: This is done by getting existing customers to buy more, getting potential customers to buy and selling current products in new markets.  Grow Sales with New Product: Introduce updated versions Of a existing product, introduce products that are extensions Of a current productor just introduce products that were not previously marketed. 2. Marketing Share Growth  Used to increase market share of a company  Best way: Take sales away from competitors
  11. 11. 3. Niche Market  This strategy focuses on getting a segment of the overall market .  This focuses on getting the productintroduced to the larger markets as a different and unique product. 4. Status Quo  This is a strategy used to keep the current position of a marketer in the market.  Ex. Maintaining the same market share. 5. MarketExit  This strategy is getting rid of the productin the market  This can be done by removing the productfrom the company's product mix or by selling it to another organization.
  12. 12. Decision Area Strategies There areas that supportdecision area strategies are: 1. Target Market Strategy 2. Product Strategy 3. Pricing Strategy 4. Distribution Strategy 5. Promotion Strategy 1. Target Market Strategy:  Have segmenting techniques. 2. Product Strategy:  Develop and introduce a new product. 3. Pricing Strategy:  Lowering your prices compared to competitors. 4. Distribution Strategy:  Gaining relationships with important distribution partners that serve the taret market. 5. Promotion Strategy:  Bring awareness of the productto the target market .