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Emerging Opportunities
1 in Indian Business
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which is going to last longer. Aneweconomy
NowI.T. Age has set in importance to the i
there will be more
is emerging in which of the company.
materialistic assets
intellectual assets than
the
-Dhaval Mehta |
in the progress
become significant that
times, it has added to its goods
or
In the modern new is continuously
something employees,
of a company, ( n e s s
to be brought in, if all the h o u e vVery
 ent
ant| Emerging Opportunities in Indian Business
77
re is n [8] SUMMARY
111 Introduction

The government started bringing

changes in the
elps t pElnment heglobal requirement
of India, to attract
in order to
give momentum to the
economy as

ucts o
s from
deve
foreign direct investment and for
aradication of unemployment and poverty.
I debt 121 Manufacturing sector- Meaning and Explanation
alps to goods and services created for satisfying, the human
The
rnuirement is called the production'. With one's wisdom and with
'

abou the help of natural resources whatever useful creation take

place is
ucer called production.
mation (1) Meaning-concept of production: "Production' means to
with create anything by changing its natural form." Definition of Myer and
Star- Chart.

added (2) Characteristics of Production (A) Common

t real characteristics (1) Use of production tools (2) Product- service
ction. (3) Creation of utility (4) Production and process (5) Use of sources
and technology (6) Rise in price.
erces
ough (B) Modern characteristics of production (1) Scientific
method (2) Mechanization (3) Specialization (4) Different stages of
production process (5) Different forms at every stage. (6) Different
ough time for every stage. (7) Co-ordination between storing of
nies
production goods and manufacture (8) Research and Development
ase
(9) Industrial Engineering (10) Electronic data processing tools
(3) Types of production process : (A) On the basis of the
nent function of production process:(1) Analytical process (2) Co-ordinated
any process (3) Repetitive and non-repetitive process (B) On the basis
nits of production consistency (1) constant production process
(2) random production process (C) On the basis of production
the Planning and control (1) Job production (2) Batch Production
Jery Service Sector: Meaning and Explanation
be

The system which produce non-material and intangible

Jcis
products /service like banking, insurance transportation, food,
entertainment etc. is called service sector.
78 Business Organization and Management.1
(1) American Marketing Association, Philip Kotler's definitions
(2) Characteristics of services (1) Intangible natura
(2) Inseparability with the service producer (3) Movabilty of servica
(4) Perishability (3) Classification of services. (1) Ownership or form
of proprietorship (2) Public sector. Non-profit organization- proft
objective organizations (2) Private sector: Alliance with service
provider (1) Person-oriented service (2) Machine-oriented service
(2) Presence of customer (1) Services in which presence of
customer is inevitable (2) Services in which presence of customer is
not inevitable. (4) Objective for providing service (1) Service with
objective of profit (2) Non-profit objective service (3) Objectives of
customers' purchase: (3) (1) Personal service (2) Business service
(4) Special problems related to the marketing of services: Problems
(1) to (4)
(5) Organizations providing services (1) Profit- oriented
organizations: (1) Private organization with profit (2) Profit- oriented
public organizations
2. Non- profit organization : (1) Non-profit public organizations
(2) Non-profit private organizations (1) Social organizations
(2) Religious organizations (3) Intellectual organizations (4) Cultura
organizations (5) Political organizations (6) Defense organizations
(7) Welfare organizations (8) Social and objective-oriented
organizations
41 Brief concept of Business development opportunities
In the economic growth production sector, agriculture sector
and service sector. The manner in which the rapid economic
development in India is worth appreciating. Due to the 1991 eco
nomic reforms, private sector's involvement, development-oriented
changes in Indian economy have become essential. For this reason,
following changes were incorporated in the new production policy
Points (1) to (6). Steps taken to achieve the objectives. In
Movements and tasks launched with the co-operation o (1
government.
(23
(1) Technological innovation: Modern time is for tne
ma
technical revolution. Technology is very much used, be it productio
sector or service sector chart showing 6 stages of development
Mo
to
 79
unities in Indian Business
merging
Eme

technological
aalogical technology which can play
revolution. Need of such
12
solution to the problems of India. Chart showing
nle for
keyrole for the
which can make India strong.
t e c h n o l o g i c s ,

Development: As per the report of Labour Beauran,

12) Skill
rules. By the year
2014, only 2% 2% labour have the skills as per the
n14. only
skilled, common skilled and semi-skill people
20 50 crores very
2020, 50 crores

Government of India has started the skill India

will b e r e q u i r e
be required.
Indian as well as global requirementof
ement for fulfilling the
movement for
of
Characteristics of skill India. (1) to(7) (2) Scope
labour. (1)
skilled labour.
skilled different
and training points 1 to 25 (3) Role of
skill development Corporate
or skill development and training (1)
organizations for
organizations
institutions (2) Non-government organizations
aducational Potential challenges
Educational institutions (4)
(3) government (4) Research study
the initiative of skill development (1)
against Infrastructural facilities and
(2) Teachers providing training (3)
Evaluation and
partnership(4) Establishing skill SEZ (5)
private skill
in formal education (7) On-line
(6) Inclusion
formal education
training.
in India" movement: "Make in India" movement
(3)"Make initiative for strong nation.
was launched in September 2014 as an
Main
the global manufacturing hub. (1)
Its aim is to convert India into information
in India (1) Create trust (2) technical
objectives of Make
the steps of economic reforms
structure (3) Make aware about
to (10) (3) Steps taken for
(2) Proposals of Make in India (1)
to (6) (4) Industries
implementation of Make in India Programme (1)
(2) Auto
having potential for development (1) AutomobilesChemicals
service (4) Bio Technology (5)
components (3) Insurance Electrical Machine
6) Construction (7) Defence production (8)
1.T. & B.V.M.
(9)Electronic system (10) Food Processing(11)
Entertainment (14) Mining
(12) Leather Industry (13) Media and
Pharmaceutical (17) Ports
industry (15) Oil and gas (16)
(18) Railway (19) Roads and Highways (20) Recycled
energy
Textile and readymade garments
(22)
1) Space science
Wellness
23) Thermal Power Houses (24) Tours and Travels (25)
of Make in India
make in India.com. (5) Importance and Benefits
Movement (1) to (7) Points (6) Disadvantages of Mak in India (1)
to (8) Points.
 80 Business Organization and Management.,

(4) Social Responsibility and Values: Any business unit

the component of the society and the society works jointly with it t
for
making profit. It creates the responsibility among parties which
called social responsibility.
(1) Meaning and concept of Social Responsibility Beside
des
earning profit, contribute in the human progress, as well as huma
an
wellness, independence and material, mental and religiou
development. Create healthy efficient and qualitative society, which
means the social responsibility. Definitions and explanations by Miton
Friedman, H.R. Bowen, George A. Steener. Social responsibilitv
definition as per company's Law. Explanation points (1) to (5).
(2) Classification ofsocial responsibility: (1) Responsibilitv
towards customers (2) Responsibility towards human resource
(3) Responsibility towards shareholders and basic proprietors of the
company (4) Responsibility towards government (5) Responsibility
towards citizens (6) Responsibility towards society (7)
Responsibility
towards founders (8) Responsibility towards creditors and
traders
(9) Responsibility towards environment (10) Responsibility towards
nation
(4) Importance of social responsibility: Points (1) to (7)
(5) Implementation of the concept of social
Suggestions for the allocation of funds availableresponsibility
(1) Air-water
pollution (2) Wind energy network (3) Insurance
(4) Education and
hospital facilities. (6) Benefits and ilustrations of social
in corporate sector. responsibilty
I5 Franchisee or
concept of franchising is the concept o
market development
Any given successful business
unit whose brand
popular in any country, would like
to get the benefit of
name
spreading it in many countries or in the market oy
gets there main matter different regions. Franchis
(2) Value for the from the franchisee
1) Brand royal
(1)
the sales. There training and advisory service
ro from
share
are three (3) Profit share T
(2) common (3) Exclusive. types of ecia
Their examples.franchising (1) sp
 in Indian Business 81
Emerging Opportunities
Emerging

61 Outsourcing:

World famous management expert for the first time, presented

Concept of outsourcing. Meaning of out sourcing (1) How
the
olutsourcing can be done, lets us understand with illustrations
outsc

Co Services available by outsourcing: (1) Financial (2) Advertising

3) Courier (4) After sales service (5) Protection and guards
A) Cleanliness and canteen (7) Production Process (8) Health-
(6
Public interest social services (10) Research and division
related (9)
of labour.

(71 E-Commerce:
information
21st Century is the century of Management
and internet. New economy is based
on
E-commerce
system, and
information and knowledge. Today E- Commerce
management
are providing new strength of the manufacturers and
internet
E- Commerce means
consumers. (1) Meaning of E- Commerce
out with the
commerce. The trade and business carried
Electronic
electronic media is called
e-commerce: (1) Personal
help of Credit- Debit card
Internet (3) E- mail
(2) (4)
Computer transactions points (1)
(3) Scope for E-commerce
(5) E- marketing E-commerce difference points
Conventional business and
to (7). (4) Commerce (1) Between
etween
Types or Methods of E-
(1) to (8) (5) Between professional
units and consumer

professional units (2) unit and

Between professional
consumers(4)
(3) between the and the professional
unit
Between the government
government (5) Commerce (1) Global
market
importance of E-
(6) Benefits delivery of goods
international trade (3) Easy
(2) Development of and with ease (6) Saving
labour
of money
(4) Speed in payment stock (10) Easy
investment (9) Less
Reduction in
(7) Errorless (8) research (12) Market entry
for new
Tor new manufacturers (11) Easy
in new areas. custoemr pont of
E-commerce
from the
Advantages of Unexperienced
E-commerce:(1)
View: (1) to (7). (7)
Limitations of Lack of personal
relation

before
customer (3) return
Product not Problem of pruchase
) and the
trader (4)
(7) Doubt
Problem of selection
customer
Detween
and service (6) class of people
Defect in quality Limited to the
rich
a0out the money safety (8)

B.0.&M-1:6
 82 Business Organization and Managsme.

(9) Problem of service and spare parts (10) Personal invest

(11) Increase in unemployment (12) Lack of human relation we
(8) Safety and protection of E-cornmerce transactions points t
(6). (9) Customer-friendly services of E-commerce (1) By
(2) By news and entertainment organization (3) By chitchat.
EXERCISES
in short
1. Answer the following questions
(1) What is manufacturing ?
(2) State the common characteristics of production in bris
(3) How many are the production processes ?
(4) Explain the meaning of service.
(5) tate the characteristics of service in brief.
(6) Give the names of
organizations providing service.
(7) Describe the movements implemented by
the businc ss government o
opportunities.
(8) What is tne concept of skill
development ?
(9) When was Make in India
movement started ?
(10) Make in india is the movement for
what ?
(11) Explain the concept of social
(12) What is franchisee.
responsibility.
(13) Explain the
outsourcing.
2. Give the detailed
answer of the
(1) What is following
production ? Discuss in detail.
(2) Make clear the
concept
of
production
production processes. and the types
(3) What is service ?
(4) Explain the Explain the characteristics of
classification of different servi
(5) Explain in services.
brief the
opportunities in India. concept of prevalent
prevalent busines=
busine
(6) Explain
"Technological innovation is
requirement." today's vitab inevio