...Chapter One Notes: The core goal of business is to generate long-term profits by delivering value to customers. In a business, profit is equal to sales minus expenses. (Profit = sales – expenses) Business will incur a loss when expenses are higher than revenues. Value is the relationship between the price of a product or service and the benefit that it offers its customers. To be successful, entrepreneurs must be comfortable risking their money and time to start and manage a business. The five distinct eras of American business are: * The Industrial Revolution * The Entrepreneurial Era * The Production Era * The Marketing Era * The Relationship Era Entrepreneurs create benefits for others while seeking profit for themselves. Successful U.S. firms embrace change. Huge factories replaced skilled artisan workshops during the Industrial Revolution. Factory production boomed as mass production took hold during the Industrial Revolution. During the production era, jobs became even more specialized and the cost of goods became lower. The marketing era introduced the marketing concept. The relationship era introduced the idea that cultivating current customers is more profitable than constantly seeking new ones. The hard sell aggressive persuasion designed to separate consumers from their cash emerged during the production era. During the marketing era consumers found more choices for goods and services. Nonprofit organizations are not in the business...
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...Operations Management Course contact information • Instructor Dr. Chetan Soman Office & Phone: 4-J, 4839 e-mail: chetan@iimahd.ernet.in Objective of course: To gain an appreciation of the strategic importance of operations and how operations relate to other business functions To develop a working knowledge of the concepts and methods related to designing and managing operations Organizational Functions Finance Secures financial resources at favorable prices and provides funds for operations. Marketing Assesses customers’ wants, and promote organizations goods or services. Operations Creates products & services 4 What is Operations? • Operations – processes that produce goods and services • Processes – fundamental activities of organizations that use resources to transform inputs into goods and services Operations as a Transformation Process INPUT Material Machines Labor Management Capital OUTPUT Goods Services TRANSFORMATION PROCESS Feedback Transformation Processes Physical Locational Exchange Physiological Psychological Informational (manufacturing) (transportation/ warehouse) (retail) (health care) (entertainment) (communications) Food Processing Industry Inputs Raw Vegetables Metal Sheets Water Energy Labor Building Equipment Processing Cleaning Making cans Cutting Cooking Packing Labeling Output Canned vegetables Hospitals Inputs Doctors, nurses Hospital Medical Supplies Equipment...
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...Globalization and its Aftermath By Douglas Kellner Globalization has been one of the most hotly contested phenomena of the past two decades. It has been a primary attractor of books, articles, and heated debate, just as postmodernism was the most fashionable and debated topic of the 1980s. A wide and diverse range of social theorists have argued that today's world is organized by accelerating globalization, which is strengthening the dominance of a world capitalist economic system, supplanting the primacy of the nation-state by transnational corporations and organizations, and eroding local cultures and traditions through a global culture. Contemporary theorists from a wide range of political and theoretical positions are converging on the position that globalization is a distinguishing trend of the present moment, but there are hot debates concerning its nature, effects, and future. Moreover, advocates of a post-modern break in history argue that developments in transnational capitalism are producing a new global historical configuration of post- Fordism, or postmodernism as an emergent cultural logic of capitalism (Harvey 1989; Soja 1989; Jameson 1991; and Gottdiener 1995). Others define the emergent global economy and culture as a "network society" grounded in new communications and information technology (Castells 1996, 1997, and 1998). For its defenders, globalization marks the triumph of capitalism and its market economy (see apologists such as Fukuyama...
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...After the world-shattering success of the Egyptian revolution, Egypt is now a new fertile land. However, although political freedom was achieved, the revolution has left us with a shaking economy. Various key economists around the world have pointed out that the health of a state’s economy lies in its entrepreneurs. Therefore, we chose to study closely a relatively new yet booming company owned by young and zealous entrepreneurs. The Bakery Shop (TBS) is owned by three young men, Tarek El Nazer, Basel Mashhour and Sameh El-Sadat but only managed by the first two. It originated as a small booth in the North Coast in 2008 catering for the high class society living within and around the Diplomats 3 Resort. Their competitive edge in sahel was to provide freshly baked bread in a place where it is rare to find fresh bread at all. Their edge was successful and experienced a positive push in sales via word of mouth. After two consecutive flourishing summers, TBS opened its first capital outlets in Zamalek followed by Heliopolis. However, they greatly expanded their range of pastries to include freshly baked muffins, don nuts and a wide variety of bread ex. white and brown baguette and different types of Italian bread such as focaccia and ciabatta, soft white bread which includes burger buns and rolls; toast; mint bread, a range of whole wheat German breads, and the hard to come by corn bread is also available. TBS also provides a sandwich station where consumers choose their type...
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...MGMT 405 Operations and Production Management Answer set 1 (Reference chapters 1 – William J. Stevenson-2007, ninth edition) Discussion Questions 1. What do you understand by the term ‘Operations Management’? ANS: ✓ Operations Management is the management of that part of an organization that is responsible for producing goods and/or services. The management of systems or processes that create goods and/or provide services. i.e. Every book you read, every e-mail you send or every medical treatment you receive involves the operation function of one or more organizations 2. Identify the three major functional areas of business organizations and briefly describe how they interrelate. ANS: ✓ Finance- is responsible for securing financial resources at favourable prices as well as analysing investment proposal and providing funds for marketing and operations. ✓ Marketing is responsible for assessing consumer needs or wants and selling and promoting the organization’s goods and services. ✓ Operations is responsible for producing the goods or providing the services offered by the organization. 3. Describe the nature of operations function. ✓ ANS: The operations function consists of all activities that directly related to producing goods or providing services. It is the core of most business organizations because it is responsible for the creation of organization’s goods or services. Its essence is to add value during the...
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...MACRO ECONOMICS - Prof. POOJA MISHRA AGRICULTURAL SECTOR IN INDIA GROUP DETAILS Aashish Kumar Arya 13DM003 Akanksha Khar 13DM017 Abhay Goyal 13DM006 Akash Jain 13DM019 Abhishek Surendra Rane 13DM008 Ankit Saraff 13DM029 INDIAN AGRICULTURAL SECTOR EXECUTIVE SUMMARY India accounts for only about 2.4 % of the world’s geographical area and 4 % of its water resources, but manages about 17 % of the world’s human population and 15 % of the livestock. Agriculture is a critical sector of the Indian economy. Though its contribution to the overall Gross Domestic Product (GDP) of the country has fallen from about 30 % in 1990-91 to less than 15 % in 2011-12, a trend that is expected in the development process of any economy, agriculture yet forms the backbone of development. An average Indian still spends almost half of his/her total expenditure on food, while roughly half of India’s work force is still engaged in agriculture for its livelihood. Being both a source of livelihood and food security for a vast majority of low income, poor and vulnerable sections of society, its performance assumes greater significance in view of the proposed National Food Security Bill and the ongoing Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme. Accelerating the growth of agriculture production is therefore necessary not only to achieve an overall GDP target of 8 % during the 12th Plan and meet the rising demand for food, but also to increase incomes of those dependent...
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...the market The main and the most important process on the market Competition is a combat between individuals, groups, nations, animals, etc. for territory or allocation of resources. It arises whenever two or more parties strive for a goal which cannot be shared. Competition occures among naturally living organisms which co-exist in the same environment. Business is associated with competition as most companies are in competition with at least one other firm over the same group of customers. The Latin root for the verb „to compete” is „competere”, which means „to seek together” or „to strive together” Competition is a process in which companies try to realise their aims, and try to offer better product or service using price, quality and other tools, which influence customers decisions whether to buy something or not. The success of one group is dependent on the failure of the other competing groups. The object of competition can be a product (or service) or resource. In the first case the companies compete beetwen one another about customer, whereas in the second case about resource and conditions of buying it. At the same time companies compete for customers and resources because in order to buy resources they should sell products and to generate the product they should buy resources. Very impotortant is who competes (subject). That is why competition can occur among: - Blocks of nations (unions) like UE and the US; - National economies; - Companies; - Internal...
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...The first Green Revolution has yet to reach large parts of the country - especially dryland areas, where poverty incidence and farming risk tend to be highest The Second Green Revolution is a change in agricultural production widely thought necessary to feed and sustain the growing population on Earth. These calls have precipitated in part, as a response to rising food commodity prices, and fears of peak oil among other factors India’s 2010-11 harvest was its largest ever, more than 240 million tons. The next harvest is expected to be even bigger. The government recently announced its target for year 2020: 400 million tons. Is this realistic? What changes would it require, in technology, policies and approach? And could these ideas be applied in other developing countries? To answer these questions, we first look at the Green Revolution of the 1960s and ‘70s, which transformed a chronically food-deficient country into the world’s second largest agricultural producer. Between the mid ‘60s and the mid ‘90s, food production more than doubled, while the intensity of hunger and poverty was cut by half. The Green Revolution was driven by greater use of inputs – irrigation, fertilizer, and high-yielding photoperiod-insensitive ‘dwarf’ varieties of wheat and rice. But what set it apart from similar but less successful efforts in other countries was the integrated approach, combining research, education, policy, institutions and services, backed by strong political will. THE...
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...Growth of non-profit marketing. Marketing it is a process of developing plan for the needs of a customer. Non-profit marketing it is activities and strategies that are used by a non-profit organization. Non-profit marketing plan is a part of an organization strategic plan. It requires organization target, competitors and programmers. Non-profit organization helps to give the message of the organization. It is also donation and call for volunteers. It exposes the organization to an outside audience by creation of logos, slogans, copy and development of media campaign. Non-profit marketing is using to build the organization’s image and reputation in society. Non-profit marketing is use of marketing tactics to the goals and objectives of non-profit organization. It is important because it provides services that would not be provided by the business society. Many services cannot get the profit but it helps to provide good services to the society. Non-profit marketing is growing all over the world. Organizations increase competition for potentially scare donation resources. Early in the history non-profits meets the worlds inhabits such as humans and animals, to provide help and support as a part of religious reasons, social tasks or political reasons. Today it spreads in areas covering needs, which government or any private sectors cannot meet. In today’s world nonprofits acts as a major role by providing various changes to the organizational sectors as well as social behaviors...
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...consumers but also the retailers are adjusting in order to thrive in this new ever-changing future. It is written in the case that nowadays, consumers are getting harder to please, they would like to avoid the hassle to virtually visit the store in person because sometimes the stores are crowded with people tending to either appreciate the products or fighting for discount stuffs. On the other hand, they also fear for buying those products that look good on the Internet but not so much in real life. To meet the needs of the customers in an Internet thriving future, retailers are facing difficulties maintaining a balance between their virtual stores and on-line Internet channels. It is a challenge for traditional retailers to adjust their marketing strategies since their old strategies are mostly to focus on traditional ways in selling the products....
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...significant history. Today, India ranks second worldwide in farm output. Agriculture and allied sectors like forestry and fisheries accounted for 16.6% of the GDP in 2009, about 50% of the total workforce. The economic contribution of agriculture to India's GDP is steadily declining with the country's broad-based economic growth. Still, agriculture is demographically the broadest economic sector and plays a significant role in the overall socio-economic fabric of India. History The invention of agriculture is one of the great revolutions of human history. It includes the food production and domestication which led to significant changes in human society, population increase and biological changes. However, this revolution is best demonstrated at Mehargarh (Period-I Neolithic period) in which the sense of the revolution ultimately set the platform for the rise of urbanization in the Indian Subcontinent.[16] In the period of the Neolithic revolution (roughly 8000-5000 BCE.), agriculture was far from the dominant mode of support for human societies. But those who adopted it, have survived and increased, and passed their techniques of production to the next generation. This transformation of knowledge was the base of further development in agriculture. Vedic literature provides some of the earliest written record of agriculture in India. Rigveda hymns, for example, describe ploughing, fallowing, irrigation, fruit and vegetable cultivation. Other historical evidence suggests...
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...1226113152 SUMMARY India’s food processing sector is small and its share in exports of processed food in world trade has remained at about 1.5 percent or $3.2 billion. Food processing industry in India is increasingly seen as a potential source for driving the rural economy as it brings about synergy between the consumer, industry and agriculture. productivity with slow adoption of technology. On the Infrastructure front, we have supply chain and wastage related problems and low levels of value addition etc. The other issues of concern, holding this sector back are impaired access to credit,inconsistency in state and central polices,which requires , low standards and lack of adequate manpower . White Revolution has benefited the rural areas of our country considerably, the revolution may not be sustained beyond a point because of the lack of purchasing power of the poor Indians The Government of India has allowed 100 per cent FDI under the automatic route in the food processing sector and taken various other measures to improve and expand the industry. INTRODUCTION The Indian food processing industry stands at $135 billion and is estimated to grow with a CAGR of 10 per cent to reach $200 billion by 2015. The food processing industry contributed 7% to India‘s GDP. The industry employs around 13 million workers directly and about 35 million indirectly. India is the world’s second largest producer of food next to China and has the potential of being the biggest in the world....
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...is one of the most imaginative accomplishments of design and engineering ever seen. Conceived and designed by David Marks and Julia Barfield, the London Eye is a unique and exciting vantage point for Londoners and visitors. Compared to Eiffel Tower of France, British Airways London Eye is not only an amazing new landmark for Great Britain but also a new standard for architectural and engineering innovation. The British Airways London Eye is a privately funded partnership between British Airways, the Tussauds Group and Marks Barfield Architects. Financing for the project was provided by Westdeutsche Landesbank and Sumitomo Bank. Design and Technology The remarkable British Airways London Eye became the ideal symbol for London in the Millennium. By designing a wheel, it represents the turning of the century as well as a symbol for time and regeneration. With the same concept of the Statue of Liberty and the Eiffel Tower, the British Airways London Eye provides everyone the experience of the structure along with the perspectives of the whole city below. With the height of 135 meters and 120 meters in diameter, the British Airways London Eye is the tallest Ferris wheel in Europe, and also the most popular tourist attraction in the United Kingdom. The London Eye is a completely unique design in the key ways below. At first, the passenger capsules are fully enclosed and air conditioned. A visitor, who rides the London Eye, will have the chance to be in one of the...
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...SOCIAL SCIENCES SECOND SEMESTER EXAMINATION 2013/2014 SESSION Course Title: Production Management Course Code: BUS 325 Time: 21/2 hour Instruction: Choose the one alternative that best completes the statement or answers the question. 1) Production/Operations Management is A) responsible for producing goods B) responsible for providing services C) system that create goods or services D) often referred to as the core of scientific management 2) Operations Management does not affect A) The collective success or failure of companies’ POM B) companies’ financial resources C) Nation’s ability to compete internationally D) Companies’ ability to compete 3) Which of the following part indicates the three Basic Functions? A) Finance, marketing and management B) Finance, human resources and management C) Marketing, operations and finance D) Operations, finance and scientific management 4) The steps of the conversion of inputs into outputs are: A) Input, process, transformation B) Labor, control, goods C) capital, land, service D) Input, conversion process, output 5) The operations function involves __________ A) The transformation process of inputs into outputs B) Feedback control C) Value added process D) Only goods process 6) Which of the following is not one of the input concepts? A) Labor B) Information C) Services D) Legal constraints 7) In profit organization, value-added of output __________ A) is measured...
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...The wealth of a nation is the total value of wealth possessed by the citizens which is generated by the economic activity. The wealth of a nation can be estimated by three major components namely Natural Capital (Resources), Produced Assets (stock) and Human Resources (labour forces). In the olden times the amount of natural resources was considered to be the wealth of a nation but with the advent of the Industrial Revolution it marked a major turning point in history as it began in Great Britain, and spread to Western Europe and North America within a few decades. This start and end of the Industrial Revolution accelerated the pace of economic and social changes. GDP per capita was broadly stable before the Industrial Revolution but with...
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