Introduction
While working in a Business Organization, the members are organized in some rules and regulations to achiever required goals effectively and efficiently, known as Management. The economy of India starts with Indus Valley Civilization, where trade was significant. After 1500 years, classic civilization appeared which was known as the largest economy period of ancient and medieval India. In a book, The World Economy: A Millennial Perspective, Angus Maddison described that, “India was the richest country in the world and had world’s largest economy until 17th century AD.” During Independent history, India followed extensive public ownership, regulation, red tape and trade barriers.
Objectives
• Understand Management.
• Functions of Management.
• Understand Traditional Indian Management.
• Businesses in India before 1990s.
• Management of family owned businesses or Management in Joint Hindu Family Businesses.
• Changes occurred in Management of Indian businesses after Indian Economy became open.
• LPG (Liberalization, Privatization and Globalization) Policy.
• Current style of Indian Management.
• Top 3 well managed Companies of India.
• Conclusions
What is Management?
Management's essential capacity is to get individuals to cooperate for the accomplishment of an association's objectives and destinations.
• Management methodologies incorporate planning, organizing, directing and controlling.
• An essential part of management's capacity is the distribution of limited assets.
• Assets might be human, budgetary, mechanical or regular.
The process of using organizational resources to achieve the organization’s goals by four main functions of management: Planning, Organizing, Le...
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...nt owned most of business sectors.
Joint Hindu Family Businesses: Management work was done by the family members headed by the KARTA
Karta: Head of the family who took all business decisions.
Changed style of Indian Management: Implementation of LPG policy. Business owners recognized the need of manager due to the international competitive business environment.
LPG Policy: Implemented in 1990s to make Indian businesses free from restrictions by Liberalization, Privatization and Globalization.
Current Management style: Management is now become a mix of organisational capabilities, management practices, and company culture that sets Indian enterprises apart from firms in other countries.
Conclusions: After adopting new methods of management and hiring top class managers Indian businesses are now running at very competitive speed and competing world class companies.
I believe Life is a gift and a responsibility to gain from society and gives it back all the good things we learn from our surroundings and our community we live in. Finance Management in an effective way is required for self and for the society. I believe a successful management of finances is interlinked to oneself and the surrounding society which we live. To improve upon the effective management of my finances I discovered my monthly income than I checked upon my monthly expenses on f...
management in the business world. How to rethink the old rules of business are presented
...pport their East India Company. This point of view of the administrator is accurate because he is a member of the office which presides over the trade.
[6] Kripalani, Majeet & Egnardio, Pete. The Rise Of India. Business Week Online. December 8, 2003. http://www.businessweek.com/magazine/content/03_49/b3861001_mz001.htm
A Review and Assessment of Its Critiques, Journal of Management, SAGE. Viewed on5th April 2011, at http://jom.sagepub.com/content/36/1/349.full.pdf+html
To realise the potential of India, MNCs need to show a strong and visible commitment to the country, empower local management and invest in local talent, while delivering the customization that Indian customers require (Choudhary et al 2012). “…The future of many multinationals depends on their ability to succeed in India” (Choudhary et al 2012. No pagination).
...may have our preferences in the style of management we deem to be the most successful, we have just seen three examples of individuals and companies who took it upon themselves to use the style of managing that is normally unfavorable and have made their organization a successful empire.
Over the past hundred years management has continuously been evolving. There have been a wide range of approaches in how to deal with management or better yet how to improve management functions in our ever changing environment. From as early as 1100 B.C managers have been struggling with the same issues and problems that manager’s face today. Modern managers use many of the practices, principles, and techniques developed from earlier concepts and experiences.
India is a nation that is on the move towards becoming one of the leaders in the global economy. While the country still has a long way to go, it is making significant strides towards competition with nations such as the United States and England. Indian leaders have been moving towards "a five-point agenda that includes improving the investment climate; developing a comprehensive WTO strategy; reforming agriculture, food processing, and small-scale industry; eliminating red tape; and instituting better corporate governance" (Cateora & Graham p. 56, 2007). These steps are geared to begin India's transformation from a third world nation into a global economic leader. The current marketing environment in India is in transition, with both similarities and differences in comparison to the marketing environment in the US.
The Harvard Business School case study Silvio Napoli at Schindler India summarizes the various problems and issues facing Schindler India regarding its entrance into the new foreign market, India. Schindler Holdings Ltd. is a Swiss-based manufacturer of escalators and elevators which is looking for potentially entering into the Indian elevator market. Main executive committee members predicted that the Indian industry showed great promise in terms of future growth potential. The company’s objective was to manufacture standardized elevators at a cost lower than current customized elevator market. Silvio Napoli, who is vice president of Schindler in Asia, was chosen to lead the new entry into India. To successfully enter and penetrate the Indian market, Silvio and company needed to consider a variety of factors like but not limited to: mode of entry and type of strategy to implement, organizational structure, outsourcing and logistics approaches, marketing, and domestic and global hiring procedures.
Performance management is a process that guarantees an organisation and all of its available resources are working collectively and effectively towards achieving the organisation’s mission or goal. Performance management affords an understanding of what drives an individuals, and even organisations, performance at all levels. An understanding of performance management allows for the identification and minimisation of unproductive areas of an organisation, as well as an ability to predict future performance. It is a powerful tool that can be used by managers at all levels of an organisation to help improve a company’s productivity.
Public Administration and business administration can be described as being two different faces of the same discipline. There are several areas where a comparison between the two can be made, the most apparent being efficiency. Attention to profit and the bottom line is more the area of business administration, the less human focused of the two. Business administration is more dependent on other corporations and uses other companies to help deliver its product. Public Administration, on the other hand, is somewhat harder to define, it is interdependent and is motivated by the common good rather than by profit.
Business ethics and social responsibility are two concepts many individuals believe go along together for corporations in the business environment. Business ethics are the moral values a company uses to ensure all employees action in a standard manner when completing business functions. Social responsibility is typically a conceptual theory that governments and the general public hold, believing that businesses should not conduct themselves in a manner counter to cultural or societal norms. The connubial of these concepts happens when companies introduce a written code of ethics to demonstrate that the company only acts in its greatest interest so long as it does not damage the company’s social responsibility.
Strategic management has shown to enhance the company’s profits and market shares. Companies need to utilize strategic management in order to improve that their performance and organizations are set. Some of the benefits of strategic management are it brings new opportunities and development, the manager is more involved in their job role, the quality of the company is enhanced, implementing models that will bring the company growth and profits, it helps the manager to be organized in order for them to be successful, it brings certainty to the company, and provides management with a guide to what the company is needing to accomplish with their goals for the future. According to Nmadu (2007) he stated “strategic management has become more important to managers in recent years and defining the mission of their organization in specific terms have made it easier for managers to give their organization a sense of purpose” (Dauda, Akingbade, and Akinlabi, 2010, p.100). Strategic management can also have its disadvantages. A few disadvantages are time and effort that is put into the company, and discussing what is important for the company’s long-term goals. Another disadvantage is managers stay on the planning stage but forget to implement and take control of the plan. If strategic management is not enforced than this can cause effects on the companies market shares, and profitability. Enforcing a strategic plan will play a major role in the companies
I selected an international business article from The Wall Street Journal titled “McDonald’s, Pizza Hut Cook Up New Plans for India” for my article summary assignment. This article is relevant to our course because it covers American fast food companies expanding in India. In order to be successful in foreign markets, it requires adjusting to the foreign country’s culture and customs in order to be successful in a global market. It also requires innovation and adaption to serve the local people in foreign countries, and they need strategies and a vision to address current trends and local competition.