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Marketing

Marketing has come a long way since its inception in the American Management system in the early 20thCentury. In India, we can trace back the real concept of Marketing to our beloved Mahatma Gandhi’s philosophy which underlines that, “The customer is the King.” Marketing as a discipline followed a distinct pattern of evolution. The early Industrialisation era lasted from the time of invent of first steam engine to the World War. Then, the main focus was on the production and due to the uniqueness of the products, the customers did not have much choice to make. The organizations largely focused on the volumes of units produced/manufactured. With the passing of time, the economies grew and hence there was a surge of different types of products in the same and the industry and the customers got the opportunity to choose from different products. At one point of time, we could not have imagined that we would feel puzzled that a simple writing instrument like pen would be available in so many forms and shapes that each time we go to buy a pen, we would choose a different one. Hence, there was a need to study the consumer behavior and their psychology in detail. Today, almost all the organizations were forced to shift their focus from simply manufacturing the best and large volumes to manufacturing that which the customer demands. There came the existence of Marketing departments who acted as an interface between the customers and the industry. They had the data and the information about the real needs of the customers. A very recent development in the field of Management which is now adopted by a majority of organizations is the Integrated Marketing concept where Marketing is the center of all activities in an organization. The Human Resources are trained and developed to suit the customer requirement, the Production department works on satisfying the needs of the customers and around the Marketing Department revolves all the essential functions.

Finance

While an accounting degree is meant to cover a diverse range of business functions in nearly any industry, a degree in finance is narrower in focus. Financial accounting is separate from general accounting, as it serves the decision makers outside of the organization, such as banks, government agencies, stockholders and suppliers. A successful career in finance calls for a unique set of skills; it’s ideally suited for you if you are outgoing and inquisitive by nature. You’ll make use of your mathematical aptitude and ability to take your organization’s or client’s goals, resources and options into consideration while making your suggestions for their continued financial growth. This is one area where employment opportunities can be influenced by your GPA and previous professional success. Financial management entails planning for the future of 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 risks. The primary concern of financial management is the assessment rather than the techniques of financial quantification. A financial manager looks at the available data to judge the performance of enterprises. Managerial finance is an interdisciplinary approach that borrows from both managerial accounting and corporate finance. Some experts refer to financial management as the science of money management. The primary usage of this term is in the world of financing business activities. However, financial management is important at all levels of human existence because every entity needs to look after its finances. Broadly speaking, the process of financial management takes place at two levels. At the individual level, financial management involves tailoring expenses according to the financial resources of an individual. Individuals with surplus cash or access to funding invest their money to make up for the impact of taxation and inflation. Else, they spend it on discretionary items. They need to be able to take the financial decisions that are intended to benefit them in the long run and help them achieve their financial goals. From an organizational point of view, the process of financial managementis associated with financial planning and financial control. Financial planning seeks to quantify various financial resources available and plan the size and timing of expenditures. Financial control refers to monitoring cash flow. Inflow is the amount of money coming into a particular company, while outflow is a record of the expenditure being made by the company. Managing this movement of funds in relation to the budget is essential for a business

Human Resourse

HR Audit means the systematic verification of job analysis and design, recruitment and selection, orientation and placement, training and development, performance appraisal and job evaluation, employee and executive remuneration, motivation and morale, participative management, communication, welfare and social security, safety and health, industrial relations, trade unionism, and disputes and their resolution. HR audit is very much useful to achieve the organizational goal and also is a vital tool which helps to assess the effectiveness of HR functions of an organization. Scope of Audit: Generally, no one can measure the attitude of human being and also their problems are not confined to the HR department alone. So it is very much broad in nature. It covers the following HR areas:

Audit of all the HR function.
Audit of managerial compliance of personnel policies, procedures and legal provisions.
Audit of corporate strategy regarding HR planning, staffing, IRs, remuneration and other HR activities.
Audit of the HR climate on employee motivation, morale and job satisfaction. Benefits of HR Audit: It provides the various benefits to the organization. These are:
It helps to find out the proper contribution of the HR department towards the organization.
Development of the professional image of the HR department of the organization.
Reduce the HR cost.
Motivation of the HR personnel.
Find out the problems and solve them smoothly.
Provides timely legal requirement.
Sound Performance Appraisal Systems.
Systematic job analysis.
Smooth adoption of the changing mindset.

Approaches to HR Audit:

There are five approaches for the purpose of evaluation of HR in any organization:

Comparative approach.
Outside authority.
Statistical.
Compliance approach and Management by Objectives (MBO)

International Business

International Business is an intensive English taught program that trains people with an academic degree or equivalent qualification for analyzing and solving global management issues. The program provides a unique learning experience where formal knowledge transfer of technical concepts is deeply rooted in business practice. International Business program provides managers with the necessary tools for analyzing the global business. It helps to formulate alternative strategies for meeting these challenges and tries to reflect on the implications of different strategic options. International Business in India looks really lucrative and every passing day, it is coming up with only more possibilities. The growth in the international business sector in India is more than 7% annually. There is scope for more improvement if only the relations with the neighboring countries are stabilized. The mind-blowing performance of the stock market in India has gathered all the more attention (in comparison to the other international bourses). India definitely stands as an opportune place to explore business possibilities, with its high-skilled manpower and budding middle class segment. With the diverse cultural setup, it is advisable not to formulate a uniform business strategy in India. Different parts of the country are well-known for its different traits. The eastern part of India is known as the ‘Land of the intellectuals’, whereas the southern part is known for its ‘technology acumen’. On the other hand, the western part is known as the ‘commercial-capital of the country’, with the northern part being the ?hub of political power’. With such diversities in all the four segments of the country, international business opportunity in India is surely huge. Information Technology is the key enabler to improving customer satisfaction, operational efficiencies and by extension, profitability. Technology has been the great enabler of business and especially retail enterprise. We are now wireless and seamless and cashless and everything less and can get any information we want and need.

Information Technology

Information technology is the capability to electronically input process, store, and output, transmit, and receive data and information. It plays a very important role in today’s business world. New technologies evolved in retailing are Radio Frequency Identification (RFID), Smart Operating Solution Smart Ops, and Point of Sale (POS) etc. The result indicates that, retail complexities may reduce with the help of Information Technology solutions. The right solution can result in improved productivity and major cost saving through key advantages such as more accurate supply chain, forecasting and better inventory management. Information Technology also help retailers to solve major problems related to customer services like customer loyalty and customer satisfaction. “Retailing includes all the activities involved in selling goods or services directly to final consumer for their personal, non business use”. Retail is all about selling, selling big and selling huge. It’s all about ensuring that the customer first of all comes to the store and then buys. This also means that one should connect to the customer and should be able to hold him in one place and give him all that he desires from one location. One of the key factors in achieving an organized and efficient retail operation is the use of technology as an enabler . Information Technology is the key enabler to improving customer satisfaction, operational efficiencies and by extension, profitability. Technology has been the great enabler of business and especially retail enterprise. We are now wireless and seamless and cashless and everything less and can get any information we want and need. A typical pan national retail operation would have multiple regional warehouses, offices and retail outlets. In such an operation, how does the headquarters know the daily turnover at each of its outlets, how does it know which products are selling the most in which region at which outlet, how does one store know if a stock’s out item in its own inventory is available at another store location for whom it is slow moving item? Most of these issues can be solved by the appropriate use of technology.