Section 1: Introduction to Management

• Definition: Management is a process of getting things done effectively and efficiently to achieve organizational objectives.

  • Henry Fayol: Management is a process of forecasting, planning, organizing, commanding, and controlling activities.
  • F.W. Taylor: Management is the art of getting work done through others.

• Characteristics:

  • Human activity
  • Related to human organizations
  • Creative activity
  • Universal activity
  • Based on universal principles

• Scope of Management: Management influences various areas:

  • Production Management (adjusting production to demand)
  • Marketing Management (finding consumer needs and wants through research)
  • Human Resource Management (recruitment, training, selection, and development of employees)
  • Financial Management (determining sources of finance, recovery of finance)
  • Purchase Management (determining sources of supply, receiving raw materials)
  • Office Management (managing office functions, public relations, filing)
  • Development Management (developing new production techniques)

• Importance of Management: Achieving goals, increasing efficiency, maintaining harmony, achieving personal objectives, societal development.

Section 2: Levels of Management

• Hierarchical Structure: A triangle depicting top, middle, and lower management.

• Top Management: Managing Directors (MDs), CEOs, CFOs, Presidents. Responsibilities include determining objectives, framing plans and policies, resource allocation, ensuring organizational survival and welfare.

• Middle Management: Managers (marketing, operations, branch, finance). Responsibilities include recruitment, inspiring subordinates, controlling and directing, providing support to other departments, policy interpretation and execution.

• Lower Management: Clerks, inspectors, junior managers, supervisors, basic labor force. Responsibilities include assisting middle management, maintaining quality of goods and services, worker safety, providing good working conditions, and presenting labor grievances to middle management.

• Responsibilities & Authority: Responsibility increases from lower to top levels; authority increases from lower to top levels.

Section 3: Scope of Management (According to Activity)

• Management of Work: Planning, organizing, controlling.
• Management of People: Staffing, directing, recruitment.
• Management of Operations: Production, purchase, sales.

Section 4: Role of Management in Societal Development

• Supplies good quality goods and services.
• Contributes to civic activities, economic growth, employment opportunities.
• Ensures proper utilization of resources.
• Brings changes in lifestyles and improves living standards.

Section 5: Modern Concepts of Marketing

• Definition: Marketing is a process of identifying, creating, communicating, and delivering value to customers. It involves market research, product development, pricing, and promotion.

• Marketing Philosophies/Ideologies:

  • Production: Focuses on affordability and availability; profits through large production volume.
  • Product: Focuses on quality; profits through high-quality products.
  • Sales: Focuses on designing and producing products based on customer needs.
  • Marketing: Focuses on consumer satisfaction.
  • Societal Marketing: Considers environmental and social aspects.
  • Sustainable Marketing: Aims to improve quality of life by promoting environmentally friendly products and services.

• Difference between Marketing and Selling:

  Feature	Marketing	Selling
  Concept	Broad	Narrow
  Focus	Consumer needs	Seller
  Objective	Consumer satisfaction	Maximizing sales to gain profit
  Timing	Begins before production; continues after	Begins with production; ends after sales
  Center	Consumer	Seller

Section 6: Marketing Mix (4 Ps)

• Definition: The combination of product, price, place, and promotion that constitutes the core of a company's marketing system.

• Product: What a seller sells and a buyer buys. Includes branding, packaging, and labeling.

  • Product Mix: Decisions related to the product.
  • Product Types: Convenience (perishable) and shopping (durable) products.
  • Branding: Identification of a product by name, word, logo, or design. Features of a good brand: short, simple, easy to pronounce, unique, suggestive.
  • Packaging: Protects, identifies, and promotes the product. Acts as a silent salesman.
  • Labeling: Provides information about the product (government-mandated information, product name, manufacturer, manufacturing date, expiry date).
  • Product Assortment:
    • Product Width: The number of product lines a company offers.
    • Product Depth: The number of products within a product line.

• Price: The value a buyer gives to a seller in return for goods and services.

  • Price Mix: Decisions related to pricing a commodity.
  • Elements of Price Determination:
    • Objectives (high price for profit maximization; low price for sales maximization)
    • Cost of product (must cover total cost)
    • Extent of competition
    • Customer demand
    • Government policies (lower prices for essential commodities)

• Place: Decisions related to making the product available to the consumer in the right quantity, at the right place, and at the right time.

  • Place Mix: Decisions related to the physical distribution of goods and services.
  • Channels of Distribution: Direct (zero-level), one-level, two-level, three-level channels.
  • Physical Movement of Goods: Order processing, transportation, warehousing, inventory management.

• Promotion: Activities aimed at connecting with customers and distribution channels to increase sales.

  • Promotion Mix: Decisions related to promoting sales. Includes advertising, sales promotion, personal selling, and public relations.
  • Advertising: Communicating with users about products and services. Advantages include wide reach, choice of medium, trust-building, cost-effectiveness.
  • Sales Promotion: Short-term incentives to stimulate sales.
  • Personal Selling: Face-to-face interaction; builds trust and gets better response.
  • Public Relations (PR): Maintaining relationships with consumers and creating goodwill.

Section 7: Product Life Cycle & Services

• Product Life Cycle: Stages a product goes through from its introduction to removal from the market. Stages include introduction, growth, maturity, and decline.

• Services: An act or performance offered by one party to another. Characteristics: intangible, inseparable from provider, variable quality, perishable.

• Services Marketing Mix (7 Ps): Product, Price, Place, Promotion, People, Physical Evidence, Process.