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MANAGING A NEW ENTERPRISE AUTHOR: ALPANA TREHAN CHAPTER-4 © 2011, Dreamtech Press :: Chapter 4 1
In a startup enterprise, the entrepreneur performs the functions of both, an owner and manager. As a manger, he/she performs two types of management functions: Managerial Functions Planning Organizing Staffing Directing Controlling Operative Functions Human Resource Management Marketing Management Financial Management Production And Operation Management MANAGEMENT FUNCTIONS OF AN ENTREPRENEUR © 2011, Dreamtech Press :: Chapter 4 2
Planning Involves determining goals and objectives of the enterprise Organizing Refers to the process of integrating, balancing, unifying, and coordinating activities of employees Staffing Refers to the process of employing right type of individuals for the right job Directing Involves influencing, motivation, encouraging, counseling, mentoring, and guiding the employees to achieve the goals Controlling Involves establishing performance standards, determining the gap between set standards and achieved results, and rectifying the gap MANAGERIAL FUNCTIONS OF AN ENTREPRENEUR © 2011, Dreamtech Press :: Chapter 4 3
Human resource is considered to be the most valuable asset of an enterprise as it utilizes the various resources, such as raw materials and machinery, of the enterprise and converts them into final products. A new enterprise needs HRM due to the following reasons: Building and maintaining cordial relations among employees working at different levels of the enterprise Ensuring effective utilization of available human resources Providing fair working conditions, wages and salaries, and amenities to employees Achieving the development of each individual employee to his/her fullest potential HUMAN RESOURCE MANAGEMENT IN A NEW ENTERPRISE © 2011, Dreamtech Press :: Chapter 4 4
Human Resource Planning (HRP) A systematic process of identifying and evaluating human resource requirements of an enterprise Recruitment A process of identifying and attracting efficient candidates for vacant positions in the enterprise Selection A process of staffing the right type of candidates for various positions in the enterprise Induction and Orientation A process of providing information to the new employees about the enterprise’s background and introducing a new employee to his/her profile in the enterprise Placement A process of assigning a specific job and its associated grade and responsibility to each of the selected candidates Training A process of enhancing the knowledge, skills, aptitude, and abilities of an employee for doing a specific job in an efficient manner Performance appraisal A mechanism that helps the enterprise to understand the abilities and competencies of its each employee ACTIVITIES OF HRM PROCESS © 2011, Dreamtech Press :: Chapter 4 5
Preliminary Interview Application Blank Employment Tests Employment Interviews Reference Checks Physical Examination Appointment Letter Final Selection THE SELECTION PROCESS © 2011, Dreamtech Press :: Chapter 4 6
On- the- job training method Coaching and Mentoring Understudy Job Rotation Apprenticeship Training Special Project Assignments Self-Instructional Mode Off-the- job training method Special Courses Classroom Training Case Study Role Playing Vestibule Training Programmed Instructions Simulation Exercises Sensitivity Training In-Basket Exercise TRAINING METHODS © 2011, Dreamtech Press :: Chapter 4 7
Performance appraisal includes all formal procedures used to evaluate personalities and contributions and potentials of group members in a working organization. It is a continuous process to secure information necessary for making correct and objective decisions on employees. --- Dale Yoder Performance appraisal is the systematic, periodic and an impartial rating of an employee’s excellence in the matters pertaining to his present job and his potential for a better job. --- Flippo Performance appraisal is a method of acquiring and processing the information needed to improve an individual employee’s performance and accomplishments. --- Douglass PERFORMANCE APPRAISAL © 2011, Dreamtech Press :: Chapter 4 8
Establishing performance standards Communicating the standards Determining the person responsible to conduct the appraisal Measuring the actual performance Communicating the results of appraisal to the concerned employee Taking corrective actions THE PERFORMANCE APPRAISAL SYSTEM © 2011, Dreamtech Press :: Chapter 4 9
A monetary value or non-monetary reward that an enterprise offers to its employees in exchange of services rendered by them. The different types of compensation provided by the enterprise are: Skill-based Pay Refers to the compensation that depends not only on the job but also on the potential of the employee Team-based Pay Refers to the remuneration that is given to teams where a group of people work together Variable Pay Refers to the reward that is based on the performance of the employee on his/her job COMPENSATION © 2011, Dreamtech Press :: Chapter 4 10
A monetary form of compensation given to workers in exchange of services rendered by them. The different types of wages are: Minimum Wage Living Wage Fair Wage Need-based Minimum Wages WAGES © 2011, Dreamtech Press :: Chapter 4 11
BasisWagesSalaries HoursAmounts paid per hourPaid on a monthly basis Contract baseWages are not based on contracts Salaries are based on contract Type of workersPaid to blue collar workersPaid to white collar workers Type of workPaid for physical laborPaid for mental Labor DIFFERENCES BETWEEN WAGES AND SALARIES © 2011, Dreamtech Press :: Chapter 4 12
It is described as a process of creating, building, and maintaining beneficial products. A market consists of different types of customers; therefore, an enterprise divides the market as per the customers’ gender, age, tastes, attitudes, and personalities. It includes: Market Segmentation Marketing Mix Marketing Research Branding MARKETING MANAGEMENT IN A NEW ENTERPRISE © 2011, Dreamtech Press :: Chapter 4 13
Market segmentation is a natural result of the vast differences among people. --- Donald Norman, a Doctorate of Philosophy The following figure shows the bases of market segmentation adopted by enterprises: MARKET SEGMENTATION © 2011, Dreamtech Press :: Chapter 4 14
It is defined as a collection of tools that can be used in achieving marketing objectives. It uses four Ps as its tools to decide the marketing strategy for a product: Product Includes the goods, services, events, persons, places, ideas, and information offered to the customers by producers Price Implies the monetary value given by a buyer to a seller to get a product Place Involves a decision about the location of the product from where it can be purchased Promotion Involves the use of communication tools to increase the awareness of the customer about the product MARKETING MIX © 2011, Dreamtech Press :: Chapter 4 15
Advertising Refers to a promotional technique of marketing communication that is used to target a huge number of geographically dispersed audiences. Direct Marketing Refers to the type of marketing in which the enterprises reach customers directly without any intermediary. Personal Selling Refers to face-to-face selling in which a sales representative tries to convince the customer to purchase a product by explaining or demonstrating its features. Public Relations (PR) Refers to the process in which enterprises maintain a relationship with the customers, shareholders, employees, distributors, partners, competitors, and the government. Sales Promotion Refers to a traditional element of marketing communication. PROMOTIONAL TECHNIQUES OF MARKETING © 2011, Dreamtech Press :: Chapter 4 16
Defining a Problem Designing Research Collecting Data Interpreting Research Findings Reporting Research Findings PROCESS OF MARKETING RESEARCH © 2011, Dreamtech Press :: Chapter 4 17
Financial Management is an area of financial decision making, harmonizing individual motives and enterprise goals Weston and Brigham The various elements of Financial Management are: Financial Planning Financial Decision-Making Financial Control FINANCIAL MANAGEMENT IN A NEW ENTERPRISE © 2011, Dreamtech Press :: Chapter 4 18
It is a process of supervising and monitoring the financial operations of an enterprise. The various tools of financial control are: Financial Statements Contains detail regarding the financial activities, such as total income, expenditures, and cash inflows and outflows, of the enterprise Financial Audits The formal investigations to ensure that financial management practices follow accepted accounting procedures, policies, laws, and ethical guidelines Financial Ratio Analysis The systematic use of ratios to assess the performance and status of the enterprise FINANCIAL CONTROL © 2011, Dreamtech Press :: Chapter 4 19
It is the field of management that deals with supervising, designing, and redesigning business operations in the production of goods and services. Operations management is the field concerned with managing and directing the physical and/or technical functions of a firm or organization, particularly those relating to development, production, and manufacturing. --- The U.S. Department of Education PRODUCTION AND OPERATIONS MANAGEMENT IN A NEW ENTERPRISE © 2011, Dreamtech Press :: Chapter 4 20
CharacteristicsProduction ManagementOperations Management Nature of Output Involves the production of tangible products Involves production of intangible goods, such as services and utilities Consumption of Output There is a time gap between production and consumption The output is consumed immediately after it is produced Nature of Work Need land, labor, machinery, and capital on large scale Need comparatively less land, labor, machinery, and capital Degree of Customer Contact There is no direct contact with customers In almost every case, there is direct customer contact Customer Participation in ConversionThere is no participation of customer in conversion process. For example, during the production of steel, customer has no role in converting iron ore into steel. There is frequent customer contact in conversion process. For example, when a sick child goes to hospital for treatment, the child goes through conversion process, he/she is being cured. DIFFERENCE BETWEEN PRODUCTION AND OPERATIONS MANAGEMENT © 2011, Dreamtech Press :: Chapter 4 21
METHODS FOR MEASURING PRODUCTIVITY © 2011, Dreamtech Press :: Chapter 4 22
The long-term survival of an enterprise requires an efficient management of its business. Managing an enterprise involves several interrelated functions, such as searching the market for profitable business opportunities and formulating marketing, financial, and human resource strategies. The efficiency and productivity of employees is directly linked with the type of work environment. RECAP © 2011, Dreamtech Press :: Chapter 4 23
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