Production Management- Definition

Production management deals with the decision making related to production process of that the resulting goods and service is produced according to specificationsin the amounts and at the scheduled demanded and at minimum cost Elwood Butta.

Difference between production management and operation management?

Production mgmt 1. It is concerned with manufacturing 2. Out put is tangible 3. In this, job useless labour and more equipment 4. There is no customer participation Operation mgmt 1. It is concerned with services 2. Output is intangible 3. In this, job use more labour and less equipment 4. Frequent customer participation

What are the functions of production mgmt?

1. Production planning 2. Production control 3. Factory building 4. Provision of plant services 5. Plant layout 6. Physical Environment 7. Method study 8. Inventory control 9. Quality control 10. Product department

Different classification/types of production:

1. Intermittent production 1.1. Job or unit production 1.2. Batch or quantity production 2. Continuous or mass production 3. Flexible manufacturing system (FMS) 4. Computer Integrated manufacturing (CIM)

Financial Management- Definition

Financial Management entails planning for the future for a person or a business enterprise to ensure a positive cash flow. It includes the administration and maintenance of financial assets. Besides, financial management covers the process of identifying and managing risk.
The goal of financial management is to maximize the current value per share of existing stock.

Financial Management- Definition

Scope of Financial Management

Money and capital markets - which deals with securities markets and financial institutions; Investments - which focuses on the decisions made by both individual and institutional investors as they choose securities for their investment portfolios;

Financial management - or business finance, which involves decisions within firms.

Financial Management Decisions

Capital budgeting: The process of planning and managing a firms long term investment. Capital structure: The mixture of debt and equity maintained by the firm. Working capital management: A firms short terms asset and liabilities.

Human Resource Management- Definition

The design of formal systems in an organization to ensure effective and efficient use of human talent to accomplish organizational goals. Human Resource Management is the organizational function that deals with issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training. Human Resource Management is also a strategic and comprehensive approach to managing people and the workplace culture and environment. Effective HRM enables employees to contribute effectively and productively to the overall company direction and the accomplishment of the organization's goals and objectives.

Human Resources Management

HR Management Activities

Key Functions of HRM

Human Resource Planning Recruitment & Selection

Compensation & Benefits

Performance Appraisals Training & Development

Strategic Human Resource Management

HR planning Recruitment Selection Organizational and work design Training and development Performance review Compensation Labour relations

FOM 9.14

Human Resource Planning

Assessing Current Human Resources

Assessing Future Human Resource Needs

Developing a Program to Meet Needs

FOM 9.15

Internal Searches

School Placement

Employee Referrals

Employee Leasing

Recruitment Sources

Temp Services

Employment Agencies

Advertisements

FOM 9.16

Employee Training
What deficiencies, if any, does job holder have in terms of skills, knowledge, abilities, and behaviours? Is there a need for training? What are the strategic goals of the organization?

What behaviours are necessary?

What tasks must be completed to achieve goals?

FOM 9.17

Performance Review Methods

Written Essay

Critical Incidents

Graphic Rating Scales

BARS

Multiperson

MBO

360-Degree Review

FOM 9.18

Factors That Influence Compensation

Employees tenure and performance
Size of company

Company profitability
Kind of job performed
Level of Compensation and Benefits

Geographical location

Kind of business

Management philosophy

Labour- or capital-intensive

Unionization

FOM 9.29

Marketing Management- Definition

The pro-cess of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services (products) to create mutually beneficial exchanges. The analysis, planning, organisation, implementation and control of the marketing activities of the firm.

Marketing Management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities.
The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Marketing Management Process:

The Marketing Management Process consists of analyzing market opportunities, researching and selecting target markets, developing marketing strategies, planning marketing tactics, and implementing and controlling the marketing effort. Implementing and Controlling the Marketing Effort

Marketing environment:
task environment: immediate actors involved in producing, distributing, and promoting the offering. broad environment: demographic, economic, physical, technological, political-legal, social-cultural

Marketing planning:
Analyzing opportunities; selecting target markets; designing strategies; developing programs; and managing effort.

Marketing Management Tasks

developing marketing strategies & plans capturing marketing insights connecting with customers building strong brands shaping the market offerings delivering value communicating value creating long-term growth

Marketing Mix
Marketing mix, simply stated, is the process of designing and integrating various elements of marketing in such a way as to ensure the achievement of enterprise objectives. The elements of marketing mix have been classified under four heads - product, price, place and promotion. That is why marketing mix is said to be a combination of 4 Ps.

Extended Marketing Mix (4 P's)

More recently, three more Ps have been added to the marketing mix namely People, Process and Physical Evidence. This marketing mix is known as Extended Marketing Mix. People: All people involved with consumption of a service are important. For example workers, management, consumers etc. It also defines the market segmentation, mainly demographic segmentation. It addresses particular class of people for whom the product or service is made available. Process: Procedure, mechanism and flow of activities by which services are used. Also the 'Procedure' how the product will reach the end user. Physical Evidence: The marketing strategy should include effectively communicating their satisfaction to potential customers.

7 Ps of Marketing (Marketing Mix)

What is Export Marketing?

Export marketing is about marketing across national borders. All the basic principles of marketing can be applied to both domestic and export marketing, the latter is far more challenging because when entering a new country/market, the marketer will have to deal with a different kind of customer in a foreign environment with laws and regulations that may differ radically from those of the domestic market. Even in a world that is moving towards increasing similarities in consumer tastes, marketing methods, production processes and business practices, there are still a significant number of differences between international markets to make selling to them challenging - see figure 2.

figure 2 International marketing

The MSME and GOI provides assistance to small scale industries in the areas of export marketing such as Training in Export Marketing, Export Packaging, Seminars and Awareness Programmes. It provides guidance to Entrepreneurs on potentials, prospects of products, procedures and publication of Bulletin etc. Many of the Programmes are conducted in Association with Industry Export Promotion Council and other related Institutions like Indian Institution of Packaging, Director General of Foreign Trade and Director General, Anti- Dumping. assisting the Units by way of participation in International Trade Fairs is one of the major important service of the Export Promotion Division

Rationale Behind Export Promotion

The capability of Indian MSME products to compete in international markets is reflected in its share of about 34% in national exports. In case of items like readymade garments, leather goods, processed foods, engineering items, the performance has been commendable both in terms of value and their share within the MSME sector while in some cases like sports goods they account for 100% share to the total exports of the sector. In view of this, export promotion from the small scale sector has been accorded high priority in Indias export promotion strategy which includes simplification of procedures, incentives for higher production of exports, preferential treatments to MSMEs in the market development fund, simplification of duty drawback rules, etc. Products of MSME exporters are displayed in international exhibitions free of cost under SIDO Umbrella abroad.

International Exposure to MSME Products

With a view to rendering assistance to Small Scale Units in the field of exploring market potential, export promotion and exhibitional publicity, the following schemes are being implemented:Export Promotion Programmes / Measures MARKETING assistance AND EXPORT PROMOTION SCHEME (A) Plan Scheme Training and Manpower Development' consists of the following Components : Participation in the International Exhibitions/ Fairs. Training Programmes on Packaging for Exports Marketing Development assistance Scheme for MSME exporters (MSME-MDA) National Award for Quality Products. (B) Export Promotion from the small-scale sector has been accorded a high priority in the India's export promotion strategy. Apart from the number of incentives and facilities to small-scale exporters, the following plan schemes are in operation for achieving growth in exports.

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