Documente Academic
Documente Profesional
Documente Cultură
Vidhya Srinivas
Sectors of Economy
Primary Sector
Secondary Sector Tertiary Sector
Interdependency
Growth of Different sectors
Primary Sector
Agriculture
Subsistence Commercial
Mining
Forestry Packaging and Processing Raw Materials
Secondary Sector
Also Known as Manufacturing Sector Automobiles Textiles Chemical and Engineering Construction and Shipping
Tertiary Sector
Retail Transportation and Logistics Entertainment Restaurants Professional Service Media Tourism Banking and Insurance Healthcare Law Medical Services
Ingredients
Water
Sugar Artificial flavour
Quaternary Sector
Intellectual activities like: Government Culture Libraries Scientific research Education IT
Other Sectors
Organised and Unorganised Public and Private NGOs
What is Business
1.
2.
3.
4. 5.
Differentiate the three meanings of business as commerce, occupation and organization and identify the four main kinds of productive resources. Understand the forces of supply and demand determine fair or market price. Appreciate how a companys business model is the source of its competitive advantage and the difference between profit and profitability Recognize the way specialization and the division of labor through the invisible had of the market lead to increasing profit and wealth. List the reasons why business organizations are created to structure business exchanges and facilitate business commerce.
Factors of Production
There are four crucial ingredients or productive factors or resources needed to profit from business - Land - Labor - Capital - Enterprise
IT/System
Finance
Technological
Natural
Threats
Dynamic Environment
What is an Organization
Organizations
Formal Informal
What is Management
Management refers to the task and activities involved
PODSCORB
Definition of Management
Management in business and human organization activity is simply the act of getting people together to accomplish desired goals According to the management guru Peter Drucker, Organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of clearly defined objectives
WHAT IS MANAGEMENT?
An art more than a science Deductive Method: General to Particular Inductive Method: Particular to General Inherently social in nature Getting things done through others
level of the management group who identifies the major aims and policies.
Administration is a part of management
Managerial Competencies
Communication Competency Formal Communication Informal Communication Negotiation Teamwork competency Designing teams Creating supporting environment Managing team dynamics
Contd
Planning and Administration competency Planning and organizing projects Information gathering, analysis and problem solving Time management Budgeting and financial management Strategic action competency Understanding the industry Understanding the organization Taking strategic actions
Contd
Global Awareness Competency Cultural knowledge and understanding Cultural openness and sensitivity Self Management Competency Integrity and ethical conduct Personal drive Balance work and life Self awareness and development
What is a Manager
A person who plans, organizes, leads, and controls, the
allocation of human, material, financial, and informational resources in pursuit of the organizational goals.
Managerial skills
Technical skills
Human skills Conceptual skills
used to achieve a goal Measure of the appropriateness of the goals managers have selected for the organization to pursue A) Efficiency B) Effectiveness
Contingency view
Quality management
Henry Fayol
Division of labor, authority and responsibility, unity of command, line of authority, centralization, unity of direction, equity, order, initiative, discipline, remuneration of personnel, stability of tenure of personnel, subordination of individual interest to the common interest, esprit de corps
Standardization of work practices and methods reduce waste and increase productivity Time and task study of workers efforts to maximize productivity and output. Systematic selection and training of workers to increase efficiency and productivity. Differential pay incentives based on established work standards.
Taylors Followers
Frank and Lillian Gilbreth Refined time and motion study methods for use in work simplification. Henry L. Gant Refined production control and cost control techniques. Developed the Gantt chart for work-scheduling of projects. Early advocate of the importance of the human factor and the importance of customer service over profits.
Behavioral viewpoint
Chester Barnad
Hawthrone contribution
Systems approach
Closed systems
Open systems
Quality management
Performance
Features Conformance
Reliability
Durability Serviceability Responsiveness Aesthetics Reputation