Business Management for Professionals.pptx

This presentation helps business owners, entrepreneurs, professionals in management stream, on how to manage the aspects in business.

1. BUSINESS MANAGEMENT FOR PROFESSIONALS Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

2. Business Management is a vital discipline that combines aspects of leadership, strategy, and analytics. It involves planning, organizing, directing, and controlling an organization’s resources to achieve its goals. Managers play a crucial role in steering the direction of businesses, making strategic decisions, and leading teams towards success. Managers must possess a deep understanding of the market, competitive landscape, and internal operations. Additionally, they must be adept at managing finances, human resources, and technology. Effective business management can lead to increased productivity, improved customer satisfaction, and sustainable growth. In today’s dynamic business environment, managers must also be prepared to adapt and innovate in response to changing market conditions and business needs. What is Business Management? Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

3. Business Management is the art of coordinating organizational resources and activities to achieve defined objectives. 1 It involves planning, organizing, leading, and controlling operations to ensure organizational goals are met. 2 In the planning stage, managers define the organization’s goals and determine the best way to achieve them. This involves developing strategies and tactics and may include forecasting future trends. 3 Fundamentals of Business Management

4. Organizing involves arranging resources and tasks to meet the objectives. This could mean assigning tasks to employees, setting deadlines, and ensuring resources are used efficiently. 4 Leadership is about influencing others to work towards the goals. This can involve directing employees, fostering a positive work environment, and dealing with any issues that arise. 5 Control involves monitoring the organization’s performance and making adjustments as necessary. This includes setting performance standards, comparing actual performance against these standards, and taking corrective action when necessary. 6 Fundamentals of Business Management

5. Understanding these fundamentals is crucial for any business manager, as they provide the foundation for making effective decisions and leading a successful organization. They are applicable across all industries and types of organizations, making them universally relevant in the business world. Fundamentals of Business Management

6. Level 1 Level 2 Level 3 Level 4 Level 5 Strategic Planning * Based on this analysis, the organization develops its strategic plan, outlining how it will achieve its objectives. This includes determining the key actions needed, allocating resources, and setting a timeline for achievement. The strategic plan is then implemented, monitored, and adjusted as necessary. * Strategic planning is a systematic process that organizations use to define their strategy and make decisions on allocating resources to pursue this strategy. * It is fundamental for setting priorities, focusing energy and resources, strengthening operations, and ensuring that employees and other stakeholders are working towards common goals. * The process begins with setting a clear organizational mission and objectives. This is followed by an analysis of the organization’s internal and external environment, often referred to as SWOT analysis. * Monitoring involves tracking progress towards objectives, while adjustment involves making changes to the plan based on feedback and changing circumstances. * Strategic planning is crucial for any organization as it provides a sense of direction and outlines measurable goals. Its a tool thatz useful for guiding day-to-day decisions and also for evaluating progress&changing approaches when moving forward.

7. Leadership Management Leadership Style refers to a leader’s characteristic approach to providing direction, implementing plans, and motivating people. It is the result of the philosophy, personality, and experience of the leader. There are several different leadership styles, each with its strengths and weaknesses. Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

8. 2. A business manager must first understand the nature of the change and its potential impacts. 3. The manager must also anticipate resistance to change and devise strategies to manage it. 4. Finally, the manager must monitor the progress of the change, making necessary adjustments along the way, and evaluating the outcomes. 1. It involves overseeing and facilitating the smooth transition of an organization through periods of change, whether it’s a shift in market trends, technological advancements, or internal restructuring. 2. They need to develop a comprehensive plan that outlines the steps for implementing the change, including communication strategies, training programs, and support systems. 3. This could involve engaging with employees, addressing their concerns, and highlighting the benefits of the change. 4. This iterative process ensures that the organization can adapt to changes effectively and efficiently. Change Management In essence, change management by a business manager is about leading the organization through change, minimizing disruption, and ensuring the organization’s continued success in its evolving environment. It requires strategic planning, effective communication, and strong leadership skills. 1. Change management is a critical responsibility of a business manager. Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

9. Project management is a crucial aspect of a business manager’s role. It involves planning, executing, and overseeing projects to ensure they are completed in a timely manner and within budget. A business manager begins by defining the project’s goals and objectives. They then develop a detailed project plan that outlines the tasks, timelines, and resources required. The manager is responsible for assembling a capable team and assigning tasks based on each member’s skills and expertise. They have to establish clear communication channels. Risk management is another key aspect. The manager must identify potential risks & devise strategies to mitigate them. This may involve contingency planning regular project reviews. Throughout the project, the manager monitors progress, resolves issues, and makes necessary adjustments to keep the project on track. They also ensure the project’s outcomes align with the organization’s strategic goals. Project Management Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

10. Financial management is a critical aspect of any business. It involves the strategic planning, organizing, directing, and controlling of financial undertakings in an organization. It applies management principles to financial resources, with the objective of maximizing economic value. Key components include budgeting, forecasting, investing, and risk management. Effective financial management ensures the efficient use of resources, supports decision-making, and provides a safeguard for assets. It aids in achieving the organization’s long-term and short-term goals by ensuring financial stability. It is a continuous process that requires regular monitoring and adjustment as per the market conditions. Hence, financial management is a vital function for any successful organization. 01 02 03 05 Financial management is not only about acquiring funds, but also about how to optimally utilize those funds. This leads to wealth maximization and increases the overall value of the organization. 04 FINANCIAL MANAGEMENT Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

11. Marketing strategies are comprehensive plans formulated to achieve marketing objectives. They revolve around the 4P’s: Product, Price, Place, and Promotion. A successful strategy begins with identifying target customers and understanding their needs and preferences. This is followed by designing a product or service that meets these needs. Pricing is set based on market conditions and cost factors, while place involves choosing the right distribution channels. Promotion encompasses advertising, sales promotion, public relations, and direct marketing. Digital marketing strategies, including SEO, social media marketing, and content marketing, have gained prominence in the internet era. These strategies aim to create a strong brand presence, engage customers, and drive sales. A/B testing, analytics, and performance metrics are used to evaluate and refine these strategies. Thus, marketing strategies are dynamic and customer-centric, aiming to achieve a competitive advantage and business growth. Marketing Strategies Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

12. HRM strategies focus on maximizing employee productivity and protecting the company from any issues that may arise from the workforce. Business Managers need to understand HRM to ensure they have the right team in place. They must be aware of labor laws, employee rights, and ways to foster a positive work environment. In essence, HRM is not just about managing people; it’s about leveraging human capital to drive business success. People 1 People 2 People 3 People 4 The People on Top Human Resource Management (HRM) is a crucial aspect for Business Managers. It involves recruiting, training, and retaining employees who can contribute effectively to the organization’s goals. Effective HRM can lead to increased employee satisfaction, reduced turnover, and a more resilient organization. Human Resource Management Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

13. Planning : Match supply with customer and manufacturing demands.  Predict future needs and act accordingly. Sourcing : Coordinate and manage all activities involved in sourcing, procurement, conversion, and logistics. Production : Control and reduce costs and avoid supply shortages. Distribution : Streamline order fulfillment processes to save on storage, labor, and transportation expenses. Returns : Develop robust contingency plans to mitigate risks and protect against inevitable disruption. Forecasting and Demand Planning : Reduce storage costs and avoid stockouts or overstock with help from accurate demand forecasting. Automation and Technology-Driven Visibility : Utilize technology to make supply chains as efficient and economical as possible. Sustainable & Ethical Sourcing : Pay attention to the capabilities within SCM to help mitigate disruption. Building Strong Partnerships : Form close supplier collaboration and create accurate forecasting. Risk Management and Mitigation : Stay updated with the latest industry practices. Supply Chain Management Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

14. Business Managers can successfully deal with Customer Relationship Management (CRM) by focusing on the following key areas: Develop an Omni Channel Presence : An omnichannel is a cross-channel content strategy that organizations, implement to enhance their user experience and drive excellent connection with their audience across all touchpoints. Automate Customer Support : Automation can help streamline customer support, making it more efficient and effective. Consistent Customer Engagement : Regularly engage with customers to build a strong relationship and improve customer satisfaction. Increase Customer Satisfaction : Prioritize customer satisfaction to build loyalty and advocacy. Using Social Media : Leverage social media platforms to engage with customers and address their needs. Build a Strong Brand Image : A strong brand image can attract and retain customers. Target Customer with Buyer Personas : Understand your customers’ needs and preferences to provide personalized experiences. Define Customer Journey : Map out the customer journey to understand and improve the customer experience. Practice Active Listening : Listen to your customers’ needs and feedback to improve your products or services. Customize Your Communications : Personalize your communications to make your customers feel valued and understood. Implement Loyalty Programs : Reward loyal customers to encourage repeat business. Effective CRM can help build strong customer relationships, improve customer retention, and increase customer loyalty. Customer Relationship Management (CRM) Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

15. Business M anagers can successfully deal with digital transformation in business by focusing on the following key areas: Embracing Change : Be open to new technologies, methodologies, and processes. Education and Training : Ensure that both they and their teams are well-educated and trained on new digital trends and technologies. Strategic Planning : Develop a clear strategy for integrating digital transformation into the business model. Customer Focus : Keep the customer at the center of the transformation to enhance their experience. Data Utilization : Make use of data analytics for informed decision-making. Security Measures : Implement robust security protocols to protect data and privacy. Reimagine the workplace : Success requires both digital-savvy leaders and a workforce with the capabilities to make a digital transformation’s changes happen. Upgrade the organization’s “hard wiring” : Change the ways you communicate. Effective Change Management : Bridge the gap between technology and its users, ensuring that every digital move you make counts. Develop a Digital Transformation Strategy : Outline how your company is going to use digital technology to level up your operations, processes, or customer relationships. Effective digital transformation can help streamline a company’s activities to eliminate waste, maximize customer value, and gain a competitive advantage in the marketplace. Digital Transformation in Business Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

16. Integrity and Honesty : Companies should operate with integrity and honesty, ensuring that they are always truthful with stakeholders, including employees, customers, and investors. Transparency : Businesses should be transparent in their operations and decision-making processes to build trust among all stakeholders. Employee Welfare : The well-being of employees should be a priority. This includes fair wages, good working conditions, and respect for workers’ rights. Environmental Sustainability : Companies have a responsibility to minimize their environmental footprint by adopting sustainable practices that reduce waste, pollution, and natural resource depletion. Community Engagement : Businesses should actively contribute to the welfare of the community in which they operate through philanthropy, volunteering or supporting local enterprises. BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

17. Risk Identification : The first step in risk management is to identify potential risks. This involves understanding the various uncertainties that can affect the decision-making process. Risk Assessment : Once risks are identified, they need to be assessed in terms of their potential impact and the probability of their occurrence. This helps in prioritizing the risks. Risk Mitigation Strategies : Based on the assessment, appropriate strategies should be developed to manage the risks. This could include avoiding, transferring, or accepting the risk. Implementation of Strategies : The risk mitigation strategies need to be implemented effectively. This requires clear communication and coordination among all the stakeholders involved in the decision-making process. Continuous Monitoring and Review : Risk management is an ongoing process. The risks and the effectiveness of the mitigation strategies need to be continuously monitored and reviewed. RISK MANAGEMENT AND DECISION MAKING Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

18. Setting Clear Objectives : Performance management starts with setting clear and measurable objectives that align with the organization’s goals. Defining Key Performance Indicators (KPIs) : KPIs are quantifiable measures used to evaluate the success of an organization or employee in meeting the objectives for performance. Regular Performance Reviews : Regular reviews help in assessing an employee’s performance, providing feedback, and planning for future performance goals. Feedback and Communication : Open and constructive communication is key in performance management. Employees should receive regular feedback on their performance and have the opportunity to discuss and clarify their goals and expectations. Continuous Improvement and Development : Performance management is not just about assessing past performance but also about identifying opportunities for improvement and development. This could involve training, mentoring, or other forms of professional development. PERFORMANCE MANAGEMENT AND KPIS Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

19. Understanding Legal Requirements : Businesses must have a clear understanding of the laws and regulations that apply to their industry. This includes laws related to employment, intellectual property, privacy, and more. Establishing Compliance Programs : Companies should establish compliance programs to ensure they meet all legal requirements. This includes creating policies and procedures, training employees, and monitoring compliance. Legal Counsel : Having access to legal counsel is important for interpreting laws and regulations, handling legal disputes, and ensuring the company is in compliance with all legal requirements. Ethical Conduct : Compliance with the law is not just about avoiding penalties. It’s also about operating ethically and responsibly. Businesses should strive to go beyond the minimum legal requirements and operate in a way that benefits society. Continuous Review and Adaptation : Laws and regulations can change. Businesses need to continuously review and adapt their compliance programs to reflect these changes. BUSINESS LAW AND COMPLIANCE Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

20. Recognize Biased Fairness Perceptions : Everyone has their own perspective and understanding of fairness, which can be biased by egocentrism.   It’s important to try to overcome these self-centered fairness perceptions by understanding the other person’s point of view. Avoid Escalating Tensions : Avoid making threats or provocative moves that can escalate tensions.   Instead, focus on managing the conflict and exploring all other options before resorting to threats. Overcome ‘Us Versus Them’ Mentality : Group connections can build loyalty and strong relationships, but they can also promote suspicion and hostility towards members of out-groups.   It’s important to overcome this mentality to understand each other’s views accurately. Clearly Define Goals : Defining your desired outcome ahead of time can help ensure you stay focused during the negotiation process. Consider the Other Party’s Background : Negotiations can sometimes involve individuals from different cultural backgrounds. Taking these differences into account can lead to more effective conflict resolution. NEGOTIATION AND CONFLICT RESOLUTION Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

21. Identifying Customer Needs and Preferences : Data analytics can help businesses understand their customers’ needs and preferences by analyzing their behaviors and interactions with the brand. Optimizing Operations : Data analytics can optimize operational efficiency by revealing patterns, trends, and opportunities that might otherwise remain hidden. Improving Marketing Strategies : By leveraging data analytics, businesses can improve their marketing strategies and make data-driven decisions. Predicting Trends and Market Changes : Data analytics can help businesses predict trends and market changes, allowing them to anticipate market shifts and customer needs. Making Data-Driven Decisions : Data-driven decision-making is the process of using data to inform your decision-making process and validate a course of action before committing to it. DATA ANALYSIS FOR BUSINESS DECISION MAKING Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES

22. Global Market Expansion : International business allows companies to expand their market reach across different countries, increasing the size of the global market. Foreign Exchange Earnings : International business earns a significant amount of foreign exchange by selling its products among different countries. Risk Diversification : International business helps in spreading business risks across a wider market base. Economies of Scale : International business can lead to economies of scale, where increased production leads to lower costs. Technological Advancements : Globalisation is significantly influenced by technological change, such as the introduction of e-commerce, videoconferencing, and the usage of artificial intelligence. INTERNATIONAL BUSINESS AND GLOBALIZATION Asst. Prof. LAVANYA MANOJ UGC NET – MANAGEMENT STUDIES