Fundamentals of management

11/12/2017

TOWS MATRIX EXPLAINED

HEY GUYS !! TOWS Matrix was developed by Heinz Weihrich with the Aim of constructing Different Strategies by Creating Relationships between the Internal Stre...

26/11/2015

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15/10/2015

Decision-making process
Decision making is the process of making choices by setting goals, gathering information, and assessing alternative occupations.

As you can see, there are seven steps in effective decision making.
Step 1: Identify the decision to be made. You realize that a decision must be made. You then go through an internal process of trying to define clearly the nature of the decision you must make. This first step is a very important one.

Step 2: Gather relevant information. Most decisions require collecting pertinent information. The real trick in this step is to know what information is needed, the best sources of this information, and how to go about getting it. Some information must be sought from within yourself through a process of self-assessment; other information must be sought from outside yourself-from books, people, and a variety of other sources. This step, therefore, involves both internal and external “work”.

Step 3: Identify alternatives. Through the process of collecting information you will probably identify several possible paths of action, or alternatives. You may also use your imagination and information to construct new alternatives. In this step of the decision-making process, you will list all possible and desirable alternatives.

Step 4: Weigh evidence. In this step, you draw on your information and emotions to imagine what it would be like if you carried out each of the alternatives to the end. You must evaluate whether the need identified in Step 1 would be helped or solved through the use of each alternative. In going through this difficult internal process, you begin to favor certain alternatives which appear to have higher potential for reaching your goal. Eventually you are able to place the alternatives in priority order, based upon your own value system.

Step 5: Choose among alternatives. Once you have weighed all the evidence, you are ready to select the alternative which seems to be best suited to you. You may even choose a combination of alternatives. Your choice in Step 5 may very likely be the same or similar to the alternative you placed at the top of your list at the end of Step 4.

Step 6: Take action. You now take some positive action which begins to implement the alternative you chose in Step 5.

Step 7: Review decision and consequences. In the last step you experience the results of your decision and evaluate whether or not it has “solved” the need you identified in Step 1. If it has, you may stay with this decision for some period of time. If the decision has not resolved the identified need, you may repeat certain steps of the process in order to make a new decision. You may, for example, gather more detailed or somewhat different information or discover additional alternatives on which to base your decision.

21/11/2012

http://www.mindtools.com/pages/article/newSTR_89.htm

Learn how to conduct a TOWS Analysis using a TOWS Matrix.

31/10/2012

How to Solve a Case Study
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A case study is a collection of facts and data based on a real or hypothetical business situation. The goal of a case study is to enhance your ability to solve business problems, using a logical framework. The issues in a case are generally not unique to a specific person, firm, or industry, and they often deal with more than one retail strategy element. Sometimes, the material presented in a case may be in conflict. For example, two managers may disagree about a strategy or there may be several interpretations of the same facts.

In all case studies, you must analyze what is presented and state which specific actions best resolve major issues. These actions must reflect the information in the case and the environment facing the firm.

STEPS IN SOLVING A CASE STUDY

Analysis should include these sequential steps:

Presentation of the facts surrounding the case.
Identification of the key issues.
Listing of alternative courses of action that could be taken.
Evaluation of alternative courses of action.
Recommendation of the best course of action.
Presentation of the Facts Surrounding the Case

It is helpful to read a case until you are comfortable with the information in it. Re-readings often are an aid to comprehending facts, possible strategies, or questions that need clarification and were not apparent earlier. In studying a case, assume you are a retail consultant hired by the firm. While facts should be accepted as true, statements, judgments, and decisions made by the individuals in a case should be questioned, especially if not supported by facts—or when one individual disagrees with another.

During your reading of the case, you should underline crucial facts, interpret figures and charts, critically review the comments made by individuals, judge the rationality of past and current decisions, and prepare questions whose answers would be useful in addressing the key issue(s).

Identification of the Key Issue(s)

The facts stated in a case often point to the key issue(s) facing a retailer, such as new opportunities, a changing environment, a decline in competitive position, or excess inventories. Identify the characteristics and ramifications of the issue(s) and examine them, using the material in the case and the text. Sometimes, you must delve deeply because the key issue(s) and their characteristics may not be immediately obvious.

Listing Alternative Courses of Action That Could Be Taken

Next, alternative actions pertaining to the key issue(s) in the case are listed. Consider courses of action based on their suitability to the firm and situation. Thus, the promotion strategy for a small neighborhood stationery store would not be proper for a large gift store located in a regional shopping center. Proposed courses of action should take into account such factors as the business category, goals, the customer market, the overall strategy, the product assortment, competition, legal restrictions, economic trends, marketplace trends, financial capabilities, personnel capabilities, and sources of supply.

Evaluation of Alternative Courses of Action

Evaluate each potential option, according to case data, the key issue(s), the strategic concepts in the text, and the firm's environment. Specific criteria should be used and each option analyzed on the basis of them. The ramifications and risks associated with each alternative should be considered. Important data not included in the case should be mentioned.

Recommendation of the Best Course of Action

Be sure your analysis is not just a case summary. You will be critiqued by your professor on the basis of how well you identify key issues or problems, outline and assess alternative courses of action, and reach realistic conclusions (that take the retailer's size, competition, image, and so on into consideration). You need to show a good understanding of both the principles of strategic retail management and the case. Be precise about which alternative is more desirable for the retailer in its current context. Remember, your goal is to apply a logical reasoning process to retailing. A written report must demonstrate this process.

31/10/2012

http://students.iitk.ac.in/snt/bclub/lectures/2008-09/How%20to%20CaseStudy.pdf
THIS IS ABOUT SOLVING OF A CASE STUDY . GO THROUGH IT
HOPE IT WILL HELP. THANKS

31/10/2012

Bases of Departmentation
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Departmentation is effected by the following methods

1. Functions. Important enterprise functions provide the usual basis for classifying activities into departments. Manufacturing, marketing, finance, personnel, accounting and engineering are the typical functions of an industrial enterprise, and departments ma be established on the basis of such functions. But all these functions are not alike in importance from the business point of view. Marketing and manufacturing are the basic functions of an industrial concern, and others are regarded as service functions because they exist for supporting the main functions of the business. Accordingly, basic and main functions must be given a higher organizational status than the status enjoyed by service functions. Further more, the size, nature and volume of business have an important say in creating departments. A small business may not require so many departments, and it may be put under the manufacturing departments, viz. Marketing, manufacturing and finance. Purchasing, engineering and accounting may be put under the manufacturing department, and accounting under finance. Conversely, large-sized enterprises may be required to create more units than this classification of functions warrants. For example, marketing department may be split into three separate ones like sales, advertising, and market research & product design. This type of departmentation is known by fictionalization.

2. Products. Products manufactured may be adopted for division as well as for sub division purposes. When there are several product lines an each product line consists of a variety of items, functional classification fails to give balanced emphasis on each product. Slow-moving and outdated products may be given greater attention at the cost of growing ones. For the sake of expansion and development of their products, many large enterprises have created more or less autonomous, self-sufficient products divisions based on either one single product or a group of related products. A gigantic structure with separate product lines is usually laid on this pattern of departmentation which is technically called divisionalization. With favourable product and market characteristics, divisionalization become the only choice available to large-sized enterprises. Apart form this use, product or services may be made the basis of major divisions by a departmental store, a banking concern and an insurance company. Again, manufacturing an marketing departments may subdivide their activities on the basis of products.

3. Territories. Like the products basis, geographical regions are adopted for main division as well as for subdivision purposes. Units that are located at physically dispersed areas are made so many self-contained divisions of the organization. Apart form this divisionalization, marketing activities are very often subdivided on the basis of geographical areas.

It has almost the same advantages and disadvantages as are to be found in the case of departmentation by products. There are two special advantages of this pattern of grouping activities. Being nearer to the market and becoming familiar with local conditions, this classification help to cater to the needs of local people more satisfactorily. In addition, the economy in transport cost, the local supply of raw materials or services and the convenience of supervision make a significant contribution towards the lower cost of operation.

4. Customers. This basis of classification is widely followed in subdividing activities of the marketing department. To give individual attention to diverse groups of buyers in the market, sales activities are often split into several parts. When the products are offered to an extensive market through numerous channels and outlets, it has the special merit of supplying goods in accordance with the peculiar needs of customers. Sales being the exclusive field of its application, co-ordination may appear difficult between sales function and other enterprise functions. Specialized sales staff may become idle with the downward movement of sales to any specified group of customers.

5. Processes. The manufacturing activities may be subdivided on the basis of their processes of production. Similar machines are grouped into separate sections that are utilized for a distinct operation of the job. For example, lathe machine, drill machine, grinding machine and milling machine are placed in each distinct unit. In office work also, this basis of grouping activities has become common, e.g., filing department, mail handling department and duplicating department. Cost and economy considerations urge the use of electronic office equipments and other costly machine on the basis of this subdivision. It is, however, not a suitable basis to be utilized in any mass production arrangement.

31/10/2012

SPAN OF MANAGEMENT :-
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span of management refers to the number of subordinates that a manger can efficiently manage. Number of subordinate directly reporting to a manager is known as span. Span of management is important for

· Determining the complexity of an individual manager’s job and

· Determining shape and structure of the organisation

Fewer the number of subordinates reporting to a manger larger the number of managers required. Therefore span for control should be fixed.



Factors determining the span of management:

Capacity of manager: Each manager has different capacity and ability in terms of decision making, leadership, communication, judgment, guidance and control etc. mangers having more abilities in respect to these factors may have more number of subordinates.

Capacity of subordinates: capacity of subordinates also affects the span of a manager. Efficient and trained subordinates may work without much help of their manager. They may just need broad guidelines and they will perform accordingly. They would require lesser time from their superior due to which manager can have large number of subordinates under him.

Nature of work: If subordinates are performing similar and repetitive routine work they can do their work without having much time of the manager. Frequent changes in work would require more detailed instructions from manager whenever there is change in work. Type of technology used also affects the span of control.

Degree of Decentralization: degree of centralization or decentralization affects the span by affecting the involvement in decision making process. If manager clearly delegates his authority and defines it fully this would require less time to devote to manage his subordinates as subordinates will take most of the actions by their own. Hence manager can have wider span.

Degree of Planning: If the planning is effectively done particularly if standing plans procedures rules methods are clear then subordinates can make their decisions on their own. If they have to make their own plans they would require more guidelines by superiors and manager can handle narrow span in the case of improper planning.

Communication System: If communication system is modern i.e. tools like electronic devices will save time of face to face interaction, which require more time, span of manager can be increased

Level of Management: level of management also affects the span. Higher the level of management lesser the number of subordinates as higher level management does not have much time to supervise. They spend their most of time in planning and other functions. Lower level managers can have wider span than the higher level managers.

Physical location: If all the persons to be supervised are located at same place within the direct supervision of manager, he can supervise more number of people. If subordinates are at different locations then manager can supervise less number of spans.

17/10/2012

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16/10/2012

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13/10/2012

http://en.wikipedia.org/wiki/Objective_(goal)

Agoalis adesiredresult ananimalor asystemenvisions, plans and commits to achieve—a personal or organizational desired end-point in some sort of assumed development. Many people endeavor to reach goals within a finite time by settingdeadlines.