ASSIGNMENT-01

Question.1--Imporatnce of management is important aspect of management.Discuss.

Answer:-

Importance of management is important aspect of management due to following reasons:-

1. It helps in Achieving Group Goals - It arranges the factors of production, assembles

and organizes the resources, integrates the resources in effective manner to achieve goals.
It directs group efforts towards achievement of pre-determined goals. By defining
objective of organization clearly there would be no wastage of time, money and effort.
Management converts disorganized resources of men, machines, money etc. into useful
enterprise. These resources are coordinated, directed and controlled in such a manner that
enterprise work towards attainment of goals.
2. Optimum Utilization of Resources - Management utilizes all the physical & human
resources productively. This leads to efficacy in management. Management provides
maximum utilization of scarce resources by selecting its best possible alternate use in
industry from out of various uses. It makes use of experts, professional and these services
leads to use of their skills, knowledge, and proper utilization and avoids wastage. If
employees and machines are producing its maximum there is no under employment of
any resources.
3. Reduces Costs - It gets maximum results through minimum input by proper planning and
by using minimum input & getting maximum output. Management uses physical, human
and financial resources in such a manner which results in best combination. This helps in
cost reduction.
4. Establishes Sound Organization - No overlapping of efforts (smooth and coordinated
functions). To establish sound organizational structure is one of the objective of
management which is in tune with objective of organization and for fulfillment of this, it
establishes effective authority & responsibility relationship i.e. who is accountable to
whom, who can give instructions to whom, who are superiors & who are subordinates.
Management fills up various positions with right persons, having right skills, training and
qualification. All jobs should be cleared to everyone.
5. Establishes Equilibrium - It enables the organization to survive in changing
environment. It keeps in touch with the changing environment. With the change is
external environment, the initial co-ordination of organization must be changed. So it
adapts organization to changing demand of market / changing needs of societies. It is
responsible for growth and survival of organization.
6. Essentials for Prosperity of Society - Efficient management leads to better economical
production which helps in turn to increase the welfare of people. Good management
makes a difficult task easier by avoiding wastage of scarce resource. It improves standard
of living. It increases the profit which is beneficial to business and society will get
maximum output at minimum cost by creating employment opportunities which generate
income in hands. Organization comes with new products and researches beneficial for
society.
Question.2—Ellaborate the general and technical environment in management and
business strategy?

Answer:-

General Environment and Technical Environment:

The general environment is the larger environment within which the task environment is
embedded. It includes political and legal forces, macroeconomic forces, demographic forces,
sociocultural forces, technological forces, and international forces. Elements in the general
environment impact the organization through the medium of the task environment.The general
environment helps shape the task environment, thus determining the magnitude of the
opportunities and threats confronting the organization. The general environment is remoteand
less easy to shape than the task environment, but it is no less important.

POLITICAL AND LEGAL FORCES:

Political and legal forces are the result of changes in laws and regulations. Political processes
shape a society’s laws, which constrain the activities of organizations and thus create both
opportunities and threats. For example, throughout much of the industrialized world during the
last 20 years there has been a strong trend toward deregulation of industries and the privatization
of organizations once owned by the state.
MACROECONOMIC FORCES:
Macroeconomic forces affect the general health and well-being of a national or the regional
economy, which in turn affect the profitability of firms within that economy. Four important
factors in the macroeconomic environment are the growth rate of the economy, interest rates,
currency exchange rates, and inflation (or deflation) rates. Economic growth, because it leadsto
an expansion in customer expenditures, tends to produce a general easing of competitive
pressures within an industry.
This lets firms expand their operations and earn higher profits. Because economic decline (a
recession) leads to a reduction in customer expenditures, it increases competitive pressures.
Economic decline frequently causes price wars in mature industries whose products are
commodity like and where buyers are powerful. The level of interest rates can determine
demand for afirm’s products.Interest rates are important whenever customers routinely borrow
money to finance their purchase of products. The most obvious example is the housing market,
where mortgage rates directly affect demand. Interest rates also affect the sale of autos,
appliances, and capital equipment, to give just a few examples. For firms in such industries,
rising interest rates are a threat and falling rates an opportunity.
DEMOGRAPHIC FORCES:
Demographic forces are outcomes of changes in the characteristics of a population, such as age,
gender, ethnic origin, race, sexual orientation, and social class. Like the other forces in the
general environment, demographic forces present managers with opportunities and threats and
can have major implications for an organization. Changes in the age distribution of a population
represent an example of an important demographic force.
Currently most industrialized nations are experiencing the aging of their populations as a
consequence of falling birth and death rates and the aging of the baby boom generation. In
Germany the percentage of the population over age 65 is expected to rise from 15.4 percent in
1990 to 20.7 percent in 2010. Comparable figures for Canada are 11.4 and 14.4 percent; for
Japan, 11.7 and 19.5 percent; and for the United States, 12.6 and 13.5 percent.

SOCIOCULTURAL FORCES:
Sociocultural forces refer to the way in which changing social mores and values affect an
industry. Like the other forces discussed here, social change creates opportunities and threats.
One major social movement of recent decades has been a trend toward greater health
consciousness.
Its impact has been immense. Firms that recognized the opportunities early have often reaped
significant gains. PepsiCo was able to gain market share from its rival Coca-Cola by being the
first to introduce diet cola and fruit-based soft drinks. At the same time the health trend has
created a threat for many industries. The tobacco industry, for example, is in decline as a direct
result of greater customer awareness of the health implications of smoking.

TECHNOLOGICAL FORCES:
Over the last century the pace of technological change has accelerated. This has unleashed a
process that has been called a “perennial gale of creative destruction.” 19 Technological change
can make established products obsolete overnight and simultaneously create a host of new
product possibilities. Thus technological change is both creative and destructive—both an
opportunity and a threat.

One of the most important impacts of technological change is that it can affect the height of
barriers to entry and therefore radically reshape industry structure. The pervasive Internet has
changed the competitive structure of many industries. It has lowered entry barriers and reduced
customer switching costs, increasing the intensity of rivalry in many industries and lowering both
prices and profits. 20 For example, the Internet has lowered barriers to entry into the news
industry.

Providers of financial news now have to compete for advertising dollars and customer attention
with new Internet-based media organizations that sprang up during the 1990s such as
TheStreet.com, the Motley Fool, and Yahoo’s financial section.

INTERNATIONAL FORCES:
The last half century has witnessed enormous changes in the world economic system. We review
these changes in detail in the next chapter when we discuss the global environment. For now the
important points to note are that barriers to international trade and investment have tumbled, and
an increasing number of countries areenjoying sustained economic growth.

Economic growth in places like Brazil, China, and India is creating large new markets for goods
and services, giving enterprises an opportunity to profit by entering these nations. Falling
barriers to international trade and investment have also made it much easier to enter foreign
nations.

For example, 20 years ago it was almostimpossible for a Western company to set up operations
in China. Today Western and Japanesecompanies are investing over $50 billion a year in China.
By the same token, however, falling barriers to international trade and investment have made it
easier for foreign enterprises to enter the domestic markets of many firms (by lowering barriers
to entry), thereby increasing the intensity of competition and lowering profitability.
Because of these changes, many formerly isolated domestic markets have now become part of a
much larger, more competitive global marketplace, creating myriad threats and opportunities for
firms.

Question.3--The role of business manager to strive the business toward growth and
development?

Answer:-

“A manager is not a person who can do the work better than his team, he is a person who can get his
team to do the work better than he can.” A good manager can truly define the success of his
employees and the company as a whole. Let us take a look at the roles and responsibilities of
professional managers.

Roles of business manager to strive the business toward growth and development:-
1. Envisioning Goals:
The first and most important task of any manager is providing a direction to the organization. This
entails mapping out their visions and missions.

This is one task the manager must not delegate, but perform himself. Defining the company’s
objectives helps unify the employees and gets them working towards a common goal.

2. Managing Growth:
One of the main roles and responsibilities of the manager is to manage the growth and ensure the
survival of the firm. There are both internal and external factors that are a threat to this growth and
survival of the firm.

Internal factors (such as choosing the right technology, hiring the correct people etc) are mostly in
the firm’s control. External factors (government policy, economic conditions) pose a concern the
manager must deal with.

3. Improving and Maintaining Efficiency:

The manager has many roles and responsibilities regarding the efficiency of the firm. Firstly he
must ensure that the firm is efficient, i.e. resources are not being wasted. And then this efficiency
has to be effectively maintained.
4. Innovation:
It is the task of the manager to be innovative in his job. He must find new and creative solutions to
the problems faced by the firm. Innovation not only means having new ideas but also cultivating
and implementing them. This is one of the on-going jobs of a professional manager.

5. Looking out for the competition:

A manager has to plan and prepare for the competition in the market. He must never be caught
unaware, he must prepare for new and/or increased competition.

6. Leadership:
The quality of the leadership usually dictates the future of a firm. Hence the manager must also be a
good leader. He should be able to inspire and motivate people to work towards the goals of the
company.

A leader leads from the front, and the manager must also possess exceptional qualities and work
ethic that his team members can learn from.

7. Change Management:
In any company or organization, change is a given. The manager has to be the agent of change in
such cases. It is his roles and responsibilities to ensure the process of change is smooth and
uneventful for the company.

8. Choosing correct Information Technology:

This is a problem that all managers of today’s era are facing. There are so many choices available in
the market for various IT processes.

It is a challenge to use the best and most suitable technology for your organization. So this entails
choosing the correct software, communication system, network system etc.
 ASSIGNMENT-02
Question 1: What is therole of SWOT in analysing internal strategic assessment?

Answer:A comprehensive strategic plan does for your existing business what the bus`iness plan
does for start-up businesses:

It establishes the direction and action steps required to grow your business. SWOT stands for
strengths, weaknesses, opportunities and threats. A SWOT analysis is important to strategic
planning in identifying key internal and external influences that are responsible for your
company's current position, and that favor and inhibit the prospects of moving it to where you
want it to be.

Your Battle Plan:

Strategic planning requires an objective assessment of the strengths and weaknesses of your
available internal resources. Your internal resources are variables under your control. This is
analogous to an army general taking inventory of his war materiel and "boots-on-the-ground"
fighting capacity. He will not engage the enemy in combat before compensating for deficiencies
in his war-waging capabilities. Strategic planning also requires an objective assessment of the
external forces — the opportunities and threats — over which you have no direct control.
Similarly, the general will reconnoiter his enemy's fighting capabilities and the lay-of-the-land
where he will engage the enemy. He will use the battlefield terrain to his advantage and not cede
those advantages to the enemy. Moreover, the general will adapt his engagement plan to
minimize the hazard of enemy threats that could endanger his troops.

Internal Resources:

Your SWOT analysis is implicitly an exercise in relativity — relative to your competition. You
must first precisely define and identify the businesses that are your competition and your reasons
why. Your strengths are those internal resources where you enjoy a competitive advantage. Your
company-wide assessment of strengths could include product or service superiority, first-mover
advantage, cutting-edge distribution and logistics, patent exclusivity, product or service
development dominance, and excellence in marketing and sales. The same applies in reverse
when assessing your internal weaknesses.

Where do we fall short?

External Forces

External variables are opportunities and threats over which you have no control. These are
market and industry-driven forces that characterize the customer and competitive environments
of your business. Market and industry-driven changes can present opportunities and threats to
your business. Consequently, view your customers and your competition from the competing
perspectives of advocate and antagonist. A few examples of external forces that could present
opportunities or threats to your business include changes in demand due to opening or closing of
important market segments, aging or emerging distribution models, competitor's first-mover
advantage, technology changes, and changes in customer spending due to lifestyle or economic
factors

Tried and Proven

SWOT analysis has been an integral part of strategic planning since the 1960s. Proposed
improvements to SWOT analysis over the years appear to be refinements to the general SWOT
technique. Regardless of the technique employed, you must assess the internal and external
forces that regulate your company's ability to move to the next level. SWOT analysis has
delivered on this mandate for thousands of businesses simply because it withstands the test of
time.

Question 2:-What is the relationship between an organization’s vision ,mission strategy and
objective.

Answer:

1. Vision:A vision is a Big Picture of “What” the organization wants to achieve in Future. It
should inspire people in the organization. It excites people to be part of “What.” And, also
motivate to put their energy and time to achieve the future. How do you write a good vision
statement? What does a vision stamen include? Let’s take an example of an agriculture business:
“A Vibrant Economy is driven by value-added agriculture” Here the Vibrant Economy has the
ability to inspire the people involved in this agricultural business. A good vision statement
inspires to create a movement. It describes the desired outcome to invoke a mental image of the
organization.

2. Mission:

A Mission is about what the organization does to achieve the vision. A mission is an action
statement to achieve the vision. A mission statement is not required to be inspirational. Instead, it
provides a clear focus on what an organization does and what it doesn’t.What should be included
in a mission statement? What do you think a good mission statement can look like for the above
vision statement?A mission statement is simple, direct and operative. Now the question is –
how do you write a powerful mission statement? What makes an effective mission
statement? Let’s see following characteristics of a good mission statement:

Probably SME, who can provide their services for the development and facilitation of the
agriculture business.And farmers involved for the financial support in the venture.A mission
statement should help to understand:“Who we are”,“What we do”and to “which industry we
belong to”

3. Goals & Objectives:

Goals are statements of milepost to achieve the vision. Goals describe – what you want to
achieve through your efforts.And, an objective is a time-sensitive statement to achieve the goals.
We defined it in measurable terms. Goals for the above-mentioned vision of agriculture business
can be defined as, but not limited to:

Improve profitability,Increase volume ,Provide stability

A goal is a broad definition, saying “improve profitability”. It lacks the specifics and defined in
general and broad terms. Objectives on the other hand, are quite specific and further define the
goal. To continue with ‘profitability’

Attainable: Objectives should be attainable within the provided environment and resources.
Organizations need to analyse

what is required to achieve defined objectives and need to need to make sure it continuously.

Relevant: Objectives should be aligned with goals. These goals are further aligned with mission
and vision of the organization.Time-Bounded: Objectives should be achievable within the
provided time period and in our example, we identified time ‘a year’.So without question, goals
and objectives are similar (not same) and complement each other. With goals, there is no
pressure to be specific, and in fact, goals are open-ended. Setting goals are useful as a broad
outline. Yet, due to its fundamental nature of being broad and open-ended, these are not the ideal
way to achieve something.Whenever you want to achieve something – define a goal and then set
a series of objectives to achieve those goals.To summarize goals are broad direction setting
statements, objectives are more specific. And both are designed to get you to take action.

4. Strategies:

Strategies are long term implementation plans to achieve the goals and objectives. These
statements define how you can succeed in achieving your mission and stay along in the
completion. Strategies are likely to be defined following a SWOT analysis as both external and
internal environment assessment is needed as an input to develop strategies.How do you write an
organizational strategy? Strategic options may include:

The development of market or product orIn some diversified cases, both the market and product
development.

Question 3:- What are the qualities required to be an effective leader and also write down
the challenges faced by thr leader.

Answer:

Share Their Vision:

A leader with vision has a clear idea of where they want to go, how to get there and what success
looks like.Be sure to articulate your vision clearly and passionately, ensuring your team
understands how their individual efforts contribute to higher level goals. Personally working
toward your vision with persistence, tenacity, and enthusiasm will inspire and encourage others
to do the same.

Demonstrate Integrity:

A leader with integrity draws on their values to guide their decisions, behavior, and dealings with
others.They have clear convictions about what is right and wrong and are respected for being
genuine, principled, ethical and consistent. They have a strong sense of character, keep their
promises, and communicate openly, honestly and directly with others. Displaying integrity
through your daily actions will see you rewarded with loyalty, confidence, and respect from your
employees.

Communicate Effectively:

The ability to communicate clearly, concisely and tactfully is a crucial leadership skill.
Communication involves more than just listening attentively to others and responding
appropriately. It also includes sharing valuable information, asking intelligent questions,
soliciting input and new ideas, clarifying misunderstandings, and being clear about what you
want. The best leaders also communicate to inspire and energize their staff.

Make Hard Decisions:

To be an effective leader, the ability to make fast, difficult decisions with limited information is
critical. When facing a tough decision, start by determining what you are trying to achieve.
Consider the likely consequences of your decision and any available alternatives. Make your
final decision with conviction, take responsibility for it and follow it through. Being a resolute
and confident decision-maker will allow you to capitalize on opportunities and earn the respect
of your team.

Recognize Success:

Frequently and consistently recognizing achievement is one of the most powerful habits of
inspiring leaders. For people to stretch themselves and contribute their best efforts, they need to
know their work will be valued and appreciated. Find ways to celebrate the achievements of your
people, even if it’s through a simple ‘well done.’ As well as boosting morale,it will also
strengthen their motivation to continue giving their best.

Empower Others:

Great leaders understand that for people to give their best, they must have a sense of ownership
over their work and believe that what they’re doing is meaningful. Communicate clear goals and
deadlines to your team, and then give them the autonomy and authority to decide how the work
gets done. Challenge them with high expectations and encourage them to be creative and show
innovation.
Motivate and Inspire:The best leaders drive their team forward with passion, enthusiasm,
inspiration and motivation. Invest time in the people

you lead to determine their strengths, needs, and priorities. As well as making them feel
valuable, this will help you to understand the best way to motivate them. Continually reinforce
how their efforts are making a difference, and encourage the development of their potential with
meaningful goals and challenges.

CHALLENGES:

Our study found these leaders consistently face the same 6 challenges — even if they
describe their challenges and specific context in different ways:

1. Developing managerial effectiveness is the challenge of developing the relevant skills — such
as time-management, prioritization, strategic thinking, decision-making, and getting up to speed
with the job — to be more effective at work.

2. Inspiring others is the challenge of inspiring or motivating others to ensure they’re satisfied
with their jobs and working smarter.

3. Developing employees is the challenge of developing others, including mentoring and

coaching.

4. Leading a team is the challenge of team-building, team development, and team management.
Specific challenges include how to instill pride, how to provide support, how to lead a big team,
and what to do when taking over a new team.

5. Guiding change is the challenge of managing, mobilizing, understanding, and leading change.
Guiding change includes knowing how to mitigate consequences, overcome resistance to change,
and deal with employees’ reactions to change.

6. Managing internal stakeholders is the challenge of managing relationships, politics, and

image. This challenge includes gaining managerial support, managing up, and getting buy-in
from other departments, groups, or individuals.