1. EMERGING OPPORTUNITIES IN INDIAN BUSINESS
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2. MANUFACTURING SECTOR:
Myer:
Production is the creation of utility with the help of furniture- fixtures, equipments and employee competency.
Star:
With the help of machinery, the raw material pass through the processes and form a product or service is procured which is called production.
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3. MANUFACTURING SECTOR:
Production means to conduct some mechanical processes through which one form of material converted to another form of material.
Services are also included in production in modern times as its importance started increasing. Like, hotel services, hospital services etc.
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4. GENERAL CHARACTERISTICS:
Use of production equipments
Goods-services
Creation of utility
Production-a process
Use of technology and equipments
Increasing in value
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5. MODERN CHARACTERISTICS:
Scientific Techniques
Modernisation
Specialisation
Various stages in production process
Different forms at each stage
Different timing at each stage
Co-ordination between production and storage
Research and development
Industrial engineering
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6. SERVICE SECTOR: American Marketing Association:
Services means activities, which are offered for benefit or satisfaction or which is connected with the product which is being provided.
Philip Kotler:
services means such an activity or benefit, which is offered by one party to another and which does not convert into any kind of ownership . The process of providing service may or may not be connected with the material product.
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7. SERVICE SECTOR:
Services can be separate from product- Insurance services, banking services etc.
It can be connected with the product- Transportation services, after sales services etc.
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8. CHARACTERISTICS: INTANGIBILITY
Services do not have any shape, body, color or size. It can neither be touched or seen and its samples cannot be provided.
2. INSEPARABILITY
A service can be person oriented or machine oriented, so it can not be separated from the person or machine. It cannot be stored or sold.
Person-oriented services- educational, health related etc.
Machine-oriented- transportation, telephone, photography etc.
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9. CHARACTERISTICS: 3. VARIABILITY
Like goods, the nature of service provided to the customers is never similar. Specially variability found in person oriented services.
For example, honest doctor better services, while careless doctor will not give proper service.
Variability also found in machine oriented services also,
For example, there is variability in used/old machine and the new machine.
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10. CHARACTERISTICS: 4. PERISHABILITY:
While comparing services with the products, it is seen that they are intangible as well as perishable also.
If the advantage of service is not taken while it is available than benefit of service perishes.
For example, empty seats in theatre, empty beds in hospitals, empty student seats in schools etc.
Services will be wasted if not used in particular time, because it cannot be stored.
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11. SOCIAL RESPONSIBILITY:
To contribute human progress without the intention of profit, contribute to human wellness, social development is called social responsibility.
Milton Friedman:
Social responsibility means the behaviour without the maximisation of profit for the benefit of people other than shareholders.
H. R. Boven
Social responsibility means the managers have to adopt such policies, take such decisions, and do such activities which are desirable in relation to our societies values and objectives.
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12. CLASSIFICATION OF SOCIAL RESPONSIBILITY:
Contribution towards customers
Contribution towards human resources
Contribution towards shareholders
Contribution towards government
Contribution towards citizen
Contribution towards society
Contribution towards founders
Contribution towards debtors and traders
Contribution towards environment
Contribution towards the nation
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13. OUTSOURCING Peter Drucker:
Big units, as a part of business of different production services, expert knowledge by sub-contract for saving administrative cost and time and bring down the production cost, which can be called outsourcing.
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14. SERVICES UNDER OUTSOURCING
Financial services
Advertising
Courier service
After sales services
Protection and securities
Cleanliness and canteen services
Manufacturing process services
Health related services
Public interest social services
Research and division of labour
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15. E-COMMERCE: E-commerce means electronic commerce.
When commerce, exchange, trade and distribution services carried on with the help of electronic tools and equipment, it is called e-commerce.
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16. COMPONENTS OF E-COMMERCE:
Personal Computer
Internet
Credit-debit card
E-marketing
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