Vidya Vikas Mandal’s

SHREE DAMODAR COLLEGE OF COMMERCE & ECONOMICS

Affiliated to Goa University
Accredited by NAAC with Grade ’B’(CGPA of 2.81 on a 4 Point Scale)

GENERAL MANAGEMENT
SEMESTER-I

12-10-2021 1
 Programme: B. Com.
Subject: General Management
General Management

Semester- I
Course Code: CC 1
Course Title: General Management
Name of the Teacher: Dr Rodney D’ Silva
Designation: Associate Professor

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 Unit I
General Management

Introduction to management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 Unit I: Introduction to management

•Meaning, features and importance of management

General Management

Management and Administration,

•Levels of management,
•Functional areas of management – Materials, Production,
Personnel, Purchase, Finance, Sales & Marketing (an
overview)
•Modern approaches to management - Quantitative,
Systems, Contingency approach (an overview)
•Japanese, American, European Styles of management.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 LEARNING OUTCOMES
After successful completion of the unit, the student will be able to:
General Management

•Develop an understanding of the basic concepts of

management
•Acquire knowledge and understanding of the functional
areas of management.
•Become familiar with the Modern approaches to
management and styles of management

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
General Management

Introduction to Management
Unit-I
VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa 6
12-10-2021
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa 1.7
© 2020, VVM
www.damodarcollege.edu.in
 Introduction
• The function of management is similar to that of the
brain in the human body
General Management

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 Meaning
• Management is the force that unifies human as well as
non-human resources in order to achieve organisational
goals.
General Management

• It brings together the basic resources i.e. ( men, money,

machines, materials, markets and methods)

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 Meaning
• It is a distinct and a dynamic process
• Management involves coordination and integration of
General Management

resources

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Definitions
• Harold Koontz -
“Management is the art of getting things
done through and with people in formally organized groups”
• Henri Fayol -“To manage is to forecast and to plan, to
General Management

organize, to command, to coordinate and to control”

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Features of Management
1. Management is a process:
• It involves planning, organising, directing and
unifying human efforts for the accomplishment of
General Management

objectives.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

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 Features of Management
2. Management is a social process:
• Manager’s job is to get work
done from his employees, with
General Management

their support and cooperation.

• It takes place through people.

3. Management is action based:

• It is a result oriented concept.
• Gives importance to actual
performance- sales, profits etc.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

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 Features of Management
4. Management is a group activity:
It is not an isolated individual
General Management

activity.Managers are expected to

guide and motivate subordinates
and get expected results from
them.

5.Management is intangible:
It is not directly visible.Its prefrence
is noticed in the form of concrete
results.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

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 Features of Management
6. Management is aided not replaced by computers:
• Computer is an extremely powerful
tool of management .
• Helps in important decision making
General Management

by providing information.
• However it cannot replace men in a
business.

7. Management is all pervasive:

• Management covers all departments,
activities and employees.
• Management is a universal process.
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 Features of Management
8.Management aims at coordination
of activities:
• Coordination is the essence of
General Management

management.
• It gives one direction and brings
unity to the whole business unit.
9.Management is innovative:
• Management techniques - dynamic &
innovative.
• Adapt change under different situations.
• Decisions may not be repetitive.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
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 Features of Management
10.Management has different operational levels:
•An organization needs managers for
managing business activities.
General Management

•The managers at higher levels have more

important duties whereas managers at lower
levels have routine tasks.
11. Management is decision-making:
•Management process - decision making
•Selecting the best available alternatives for
achieving business objectives.

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 Features of Management
13. Management is different from ownership:
• Managers are not the owners of
the company.
General Management

• Separation of management and

ownership is a normal feature of
modern business.

14. Management uses professional approach.

15. Management has vast scope.
16. Management aims at achieving pre-determined objectives.
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 Importance of Management
1.Optimum utilisation of resources
• It facilitates optimum utilization
General Management

of available resources.
• Wastages are eliminated or minimized

2. Competitive Strength
• It helps an organization to develop and expand its assets
and profits.
• Management develops competitive strength in
an enterprise.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Importance of Management
3.Cordial industrial relations:
• Ensures better life and welfare to employees &
therefore raises morale.
General Management

• Contributes to increased productivity by

striking a balance between the demands of
employees and expectations of management.

4.Employee motivation:
• It motivates employees to take more
interest and initiative in the work.
• Creates and environment of trust,
confidence and teamwork.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
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 Importance of Management
5.Introduction of new techniques:

• It facilitates introduction of new

General Management

techniques and methods.

• It has to be forward looking in order to
maintain superior hold on business.

6.Expansion of business:
• Expansion, diversification, growth is
possible through efficient management.
• Growth and enhancement of operations.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
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 Importance of Management
7.Stability and prosperity to business enterprise:

• It brings stability,
General Management

prosperity and success to

the enterprise through
cooperation and team
spirit among employees.
• It brings about change
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 Management v/s Administration
• Management is concerned with actually directing
and guiding operations to achieve business
General Management

objectives
• Administration is concerned with the determination of
overall corporate objectives, policies and strategies
• It is the legislative function i.e. policy framing and
decision making authority
• It is entrusted to top management
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
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 Management v/s Administration
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 Administration Management
Meaning: It is concerned with execution of plans
It is concerned with the determination and policies as laid down by
of objectives, policies and master administration.
strategies.
General Management

Objectives:
It determines the organizational It is concerned with execution of
structure and acts as the controlling activities.
authority
Level of function:
It is treated as a higher level function It is treated as a lower level function
Relation with policies:
It determines and lays down policies It puts policies into operations
Reference to:
It refers to group of owners It refers to group of managers
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 Relationship with goals: Management deals with
Administration decides the overall achievement of goals
goals
Influence:
General Management

Decisions are mainly influenced Influenced mainly by objectives and

mainly by public opinion and outside policies of the organization.
forces.
Type of function:
Legislative or planning function Executive function
Examples:
Chairperson, Board of Directors CEO, Managers, Regional manager

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

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General Management

VVM’s
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ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
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12-10-2021
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 LEVELS OF MANAGEMENT
• The term “Levels of Management’ refers to
a line of demarcation between various managerial
General Management

positions in an organization
• The number of levels in management increases
when the size of the business and work force
increases and vice versa
• The level of management determines a
chain of command, the amount of authority
& status enjoyed by any managerial position
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 LEVELS OF MANAGEMENT
The levels of management can
be classified in three broad
General Management

categories: -

• Top level / Administrative level

• Middle level management
• Lower level / Supervisory level
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 Top Level of Management
The top management is the ultimate source of authority
and it manages goals and policies for an enterprise. It
devotes more time on planning and coordinating
General Management

functions.

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa 34
12-10-2021
www.damodarcollege.edu.in
 Role of Top Level Mgmt
• Top management lays down the objectives and
broad policies of the enterprise
• It issues necessary instructions for preparation of
General Management

department budgets, procedures, schedules etc.

• It prepares strategic plans &
policies for the enterprise
• It appoints the executive for
middle level i.e. HOD’s

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 Role of Top Level Mgmt
• It controls & coordinates the activities of all the
departments
• It is also responsible for maintaining a contact with the
General Management

outside world
• It provides guidance and
direction
• The top management is also
responsible towards the
shareholders for the
performance of the enterprise
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Middle Level of Management
• The branch managers and departmental managers
constitute middle level. They are responsible to the top
management for the functioning of their department. They
General Management

devote more time to organizational and directional

functions

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Role of Middle level Mgmt
• They execute the plans of the organization in
accordance with the policies and directives of the top
management
• They make plans for the sub-units of the organization
General Management

• They participate in employment & training of lower level

management
• They interpret and explain policies from top level
management to lower level

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

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 Role of Middle level Mgmt
• They are responsible for coordinating the activities within
the division or department
General Management

• It also sends important reports and other important data to

top level management
• They evaluate performance of junior managers
• They are also responsible for inspiring lower level
managers towards better performance

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Lower Level of Management
• Lower level is also known as supervisory / operative level
of management. It consists of supervisors, foreman,
section officers, superintendent etc. In other words, they
General Management

are concerned with direction and controlling function of

management.

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 Role of Lower level Mgmt
• Assigning of jobs and tasks to workers
• Guide and instruct workers for day to day activities
• Responsible for the quality as well as quantity of production
General Management

• Responsible for maintaining good relations in the organization

• Communicate workers problems,
suggestions, recommendations
etc to higher level and higher level
goals and objectives to the workers
• Help to solve grievances of workers
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www.damodarcollege.edu.in
 Functional Areas of Management
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 PURCHASE MANAGEMENT
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 PURCHASE MANAGEMENT
• It is concerned with purchase of
materials required for production
and other activities of business
•
General Management

Purchasing relates to raw materials,

spare parts, machinery and so on
• The aim is to provide proper quality
and quantity of material at minimum
cost
• Purchasing is a major activity in
case of manufacturing enterprise-
cost of production, quality of
production and profit margin are
related to purchasing

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 PURCHASE MANAGEMENT
Definition: Alford and Beatty, purchasing is, “buying material
of right quality, at the right time, at right price, from the
right source”
General Management

Principles of scientific purchasing:

• Right quality
• Right quantity
• Right time
• Right price
• Right source
• Right place
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 PURCHASE MANAGEMENT
Objectives/Functions of Purchasing:
• Procurement of goods of
General Management

proper quality and quantity

• Procurement of stocks at
best available price
• Procurement of stock well
in time and at the required
place so there are no delays
in production

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 PURCHASING MANAGEMENT
• Purchasing material in such a way that the stock
in hand is not too much and not too little
• Improvement of company’s products with
General Management

reference to quality
• Maintaining favourable relations with suppliers

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

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 PRODUCTION MANAGEMENT
• In the production process raw materials are converted into finished
goods for actual use
• Satisfaction of human wants is the guiding principle of all production
activities
General Management

• Production is the process by which products or services are brought

into existence
• Production management refers to application of principle of
management to production activity in a factory

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 PRODUCTION MANAGEMENT
Definition: E.L.Brech,
“production management is a process of effective
General Management

planning and regulating the operations of that section

of the enterprise which is responsible for the actual
transformation of materials into finished products”

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www.damodarcollege.edu.in
 PRODUCTION MANAGEMENT- TRANSFORMATION
PROCESS
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 PRODUCTION
MANAGEMENTT
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 Objectives of Production management
• To conduct production in a regular and continuous manner, so
as to maintain regular supply of goods
• To maintain the quality of the product
General Management

• To maintain effective control on production costs

• To introduce new products through R&D
• Expansion in the production
activities of the company
• Pay attention to inventory control,
cost control and quality control
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 Functions of Production Management
:1.Designing and development of production process
• Process must be designed properly
• The production team must follow the process strictly
General Management

2.Location, layout and provision of essential facilities

• Suitable location, layout of plant, provision for water, electricity
etc. within the unit are essential

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 Functions of Production Management
3. Production planning and control
• What to produce, when to produce and how to produce
General Management

4.Production budget and inventory control

• Preparation of budgets
• Inventory control is
essential
• Avoiding over and under
stocking
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
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 Functions of Production Management
5.Coordintion with other departments
• Adjust activities as per other departments
• Support from sales, finance, warehousing and
General Management

other departs.

6.Product research and development

• Introducing of new products
in the existing product line
through R&D
• Modification of existing
products
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 Functions of Production Management
7.Reporting to top management
• for future production plans
General Management

8. Expansion and diversification of production activities

• Introduce supplementary products
• along with popular products
• Expand production activity
as per growing market demand
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www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 FINANCIAL MANAGEMENT
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 FINANCIAL MANAGEMENT
• It deals with the financial aspect of a business
• Annual budget preparation, maintaining accounts of expenses,
General Management

calculation of gross profit, net profit, audit of accounts

• It deals with providing right type of funds, at the right time and
at reasonable cost
• Most pivotal functional area of business management

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 FINANCIAL MANAGEMENT
Without adequate finance, no business
can survive or prosper and grow
General Management

Definition:
“ financial management is the operational activity of a
business that is responsible for obtaining and effectively
utilizing the funds necessary for efficient operations.”
- Joseph and Massie

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 Objectives of Financial Management
• Ensure fair returns to shareholders of the company
• Building up reserves for growth and expansion of business
• Ensuring high level of operational efficiency for effective utilization of
General Management

resources
• Ensuring financial discipline in the whole organization

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

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 Functions of Financial Management
1.Financial Planning
• What is the capital requirement – Fixed/ Working capital
General Management

• What are the different sources available

• Utilisation funds in an effective and purposeful manner
2.Co-ordination of financial operations
• Suitable financial system -as per the overall organisational structure
• Wastage of resources can be avoided through such a system
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 Functions of Financial Management
3. Financial Control
• Standards of performance must be decided, for control
• Comparison of actual performance should with the standards set
General Management

• This helps in finding out deviations

4.Investment Decisions
• Utilisation of funds collected in rational manner.
• Funds to be invested - fixed or current assets as per the need of the
business
• Investment should not be costly
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 Functions of Financial Management
5. Deciding New Source of Finance
• The finance manager has to select suitable short and long term
General Management

sources for the collection of additional funds.

• The sources which are reliable and economical should be selected

6. Advise to top level management

• Finance Manager should advise the top level managers on financial
matters
• He should offer solutions on financial issues
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 Personnel Management
According to Edwin Flippo, “Personnel management is
the planning, organizing, compensation, integration, and
General Management

maintenance of people for the purpose of contributing to

organizational, individual and societal goals.”

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Personnel Management
• The organisation will make rapid progress only when the
employees are efficient, satisfied and cooperative.
General Management

• For this the available manpower needs to be properly

trained, motivated, provided attractive wages and other
facilities.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Human Resource Management (HRM)
HRM is the strategic approach to the effective management
of people in a company or organization such that they help
their business gain a competitive advantage. It is designed
General Management

to maximize employee performance in service of an

employer's strategic objectives.

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 Objectives of HRM
• Attain maximum individual development
• Ensure satisfaction to workers so that
they are ready to work
General Management

• Establish and maintain a productive and

self respecting relationship among all
members of an enterprise
• Ensure the availability of competent
workforce
• Maintain high morale among employees
• Satisfy the individual needs of the
employees by offering liberal monetary
and non-monetary benefits
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Functions of HRM
1. Procurement of manpower
• Acquiring new employees
General Management

required by the organisation

• The basic principle while hiring
new personnel is “right person for
the right job.”
• It includes manpower planning,
recruitment, selection,
appointment and placement
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www.damodarcollege.edu.in
 Functions of HRM
2. Development of Manpower

• Development of manpower through

General Management

training and career development

programmes
• To meet the changing and growing
needs of the manpower together
with expansion and diversification
of business activities
• Aims at educating and training
employees for improving overall
performance of the organisation
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Functions of HRM
3. Performance management
and compensation payment
General Management

• It involves performance planning,

performance appraisal and
performance counselling
• To pay remuneration to the
employees for services rendered
• Develop a fair system of payment of
wages and salaries
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Functions of HRM
4.Integration of interest of manpower & the organisation
• Reconcile the interests of the individual members with that of
General Management

the organisation
• Manpower is interested in higher wages whereas
organisation wants higher profits
• Promote cordial industrial relations

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Functions of HRM
5. Motivation and maintenance of manpower

• Maintaining satisfied workforce in the organisation

General Management

• Promote health and safety measures, maintenance

of working facilities and other non-monetary
benefits
• Proper handing of employee grievances
to raise employee morale

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Functions of HRM
6. Maintaining cordial Industrial relations

• Designing
General Management

a good industrial relations system, managing

discipline, settlement of employee grievances and managing
employee-management disputes effectively

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Inventory Management
• It refers to planning the levels of stock in hand - raw materials,
work-in –progress
or finished goods
General Management

• How many units should be

manufactured or purchased
at a time or how many should
be kept in stock
• It stresses on the need for
integrated information flow and decision making
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Objectives of Inventory Management
1.Improved services to the customers
• When sufficient levels of stock is maintained
General Management

it helps to quickly execute customers orders

2.Economical purchase
• Bulk purchase are economical it brings
about discounts, supply on easy terms etc.

3.Administrative Convenience
• When inventory management is better organised administrative work becomes
easy and simple
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Objectives of Inventory Management
4.Optimum Use of working capital
• Inventory management helps
General Management

to make effective use of capital

• Raw materials and finished
goods are not overstocked
5.Avoiding risks and emergencies
• As purchases and supply are well coordinated, emergencies
of any kind are avoided
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Functions of Inventory Management
1.Optimum size of inventory
• Excessive inventory increases
General Management

the cost of running the business

2.Improved services to customers
• Regular/uninterrupted supply of goods
• Inventory levels must be high enough
to make products available on demand

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Functions of Inventory Management
3.Periodic assessment
• Inventory gets reduced at regular intervals
General Management

• Periodic replacement of inventory

4.No blocking of capital

• Inventory control avoids over-
stocking and under-stocking
• Optimum use of Capital
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Functions of Inventory Management
5.Facilitates quick delivery
• When inventory of finished
General Management

goods are maintained

6.Earns Quantity Discounts

• Economies of scale helps in
earning quantity discounts
• Raw materials -bought in large quantities - savings result
from quantity discounts
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 Marketing Management

• Marketing management involves managing demand, which

in turn involves managing customer relationships
General Management

• It deals with marketing plan and marketing system of the

firm
• It has to develop appropriate marketing –mix to fulfil the
decided goals of the business
• Marketing management involves ensuring proper flow of
goods and services from the producer to the customer

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
General Management

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 OBJECTIVES OF MARKETING MANAGEMENT
1.To satisfy the customers
• Consider the demand of customers before offering them
General Management

goods and services

• Marketing begins and ends with customer needs/wants

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 OBJECTIVES OF MARKETING MGMT.
2.To attain higher sale
• Increase customer base
General Management

3.To create a good image

• Carve out an image for its self
• Settlement of customer complaints amicably

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 OBJECTIVES OF MARKETING MGMT.
4.To work out appropriate marketing mix
• To meet requirements of
General Management

different customer groups

• Develop an appropriate
marketing mix
5.To increase business profits
• Earn adequate profits
• Profits- essential for growth
and diversification

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 OBJECTIVES OF MARKETING MGMT.
6.Improve quality of life
• It aims to improve the quality of life
General Management

by providing better goods at

affordable prices
• Innovation in the field of product
design offers more comfort and
convenience to the customers

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Functions of Marketing Managenment
1.Determining objectives
• Should be specific and determined for
different periods.
General Management

• Should be well defined for smooth

functioning of marketing program.
2.Analysis of Information
• Effective marketing depends on the
availability of information.
• Can be analysed using market research
techniques.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Functions of Marketing Managenment
3.Planning
• Without planning, marketing
General Management

operations will be directionless.

• It prepares plans pertaining to
a new product, sales or
distribution and promotional
programmes.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Functions of Marketing Managenment
4.Organising
• Deals with mobilising
General Management

resources and acts execution

of marketing plan.
• The marketing manager must
coordinate the activities of
his employees to effectively
carry out marketing activities.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Functions of Marketing Managenment

5.Staffing
General Management

• Proper selection of staff is

key to substantial reduction
in management problems.
• Good selection brings
about encouraging results.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Functions of Marketing Management
General Management

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Functions of Marketing Managenment
7.Implementation
• There should be close relationship between planning and
General Management

implementation of marketing plan

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Functions of Marketing Management
8.Controlling
• It measures current performance and compares
General Management

it with planned performance

• It not only rectifies the weaknesses but also prevents their
recurrence

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Distribution Channel
A distribution channel moves a product
from the point of production to the
General Management

consumer

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VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa 1.103
© 2016, VVM
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa 104
12-10-2021
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa 105
12-10-2021
www.damodarcollege.edu.in
Classification of channels/channel levels

Channels of distribution

0-level 1-level 2-level 3-level

VVM’s Shree Damodar College of Commerce and Economics, Margao – Goa

www.damodarcollege.edu.in
 0-level 1-level 2-level 3-level

Manufacturer Manufacturer Manufacturer Manufacturer

Distributor
Wholesaler
Wholesaler
Retailer
Retailer
Retailer

Consumer Consumer Consumer Consumer

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 Modern theories of management
• Modern management theories indicate refinement, extension and
synthesis of classical theories.
General Management

• Modern management theories started after 1950s.

• These theories took into account
rapidly changing situations, human
mathematical techniques in the
understand the inter-relationships
workers.
the growing importance of
resource, use of systematic
system to analyze and
between management and

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 The modern theories are:

• Behavioural Approach
• Quantitative Approach
• Systems Approach
• Contingency Approach

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 Behavioural approach to management

• Extension of human relations approach.

• Study of attitudes, behaviour,
General Management

performance and groups in the

organisations.
• Democratic structure of organisation.
• Supports participative leadership
• Employees are creative and competent.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Behavioural Approach to Management
• Employee - “complex man”
• Situational leadership was
General Management

encouraged i.e. A manager

should consider individual
needs of employees.
• Advocates the concept of
self direction and control
instead of imposed control.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Contributions of Behavioural Approach
• Behaviouraltheory has contributed to understanding of
individual motivation.
• Managers
General Management

are made sensitive towards the needs of

employees.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Quantitative approach
• This approach gained importance
during the second world war.
General Management

• Uses mathematical techniques to

solve complex business problems.
• Quantitative techniques - also known
as operational research.
• Designed to help in decision making
relating to operations and
productions.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Techniques used in Quantitative approach
• Linear Programming
• Inventory Modelling
General Management

• Regression Analysis
• Game Theory

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Quantitative approach
Helps the management to
improving their decision making by
General Management

increasing the number of

alternatives and giving faster
decisions on any problem.

Management can easily calculate

the risk and benefits of various
actions.
VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 Contributions of Quantitative Approach
• Contributed to decision making in
planning and control.
• Helped large organizations to
General Management

effectively solve problems.

• Gainfully used - inventory control, capital budgeting,
production scheduling etc.
• IT has popularised electronic data processing,
management information systems etc.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Systems Approach to management
• A system is a set of inter-related
components, parts which operate together
to achieve certain goals.
General Management

• Integrated and comprehensive approach

which considers management in totality.

• It is extremely difficult for a manager to

know which aspect is most appropriate in a
given situation.

• Helps the manager to diagnose a problem

and decide which tool to use for the work.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Contributions of Systems approach
• System approach was developed in late1960s.
• A System is defined as a set of regularly interacting or inter -
dependent components that create a whole unit.
General Management

• It highlights the inter-relationship among various components of

the organisation and its environment.
• It warns management against piecemeal approach to problem
solving.
• The system concept enables us to
see the critical variables and constraints
and their interactions with one another.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Characteristics of Systems approach:
•A system must have some specific
components, units or sub units.
General Management

•A Change in one system affects the other

subsystems.
•Every system is influenced by super system.
•All systems along with their subsystem must
have some common objectives.
•A system is a goal-oriented.

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 Contingency/Situational approach
• Latest addition to modern
management thought(80’s)
• Integrates the various
General Management

approaches -open and

adaptable systems approach.
• Contingency theorists do
not subscribe to any one
best approach to management.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Contingency/Situational approach
• Managers must identify “ which technique will, in a particular
situation, under particular circumstances, and at a particular
time , best contribute to the attainment of goals”.
General Management

• Contingency variables- Size of the firm, environment,

resources, technology, group dynamics, individual differences.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Merits of Contingency approach
• It is pragmatic and open minded
• Recognises that organisations are diverse in their size,
objectives, policies and goals.
General Management

• Universally applicable principles

are not possible
• Managers have freedom to
judge the external environment
and use the most suitable
technique.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Merits of Contingency approach
• It has wide ranging applicability and practical utility.
• It focuses attention on situational factors that affect the
General Management

management strategy. It is superior to systems

approach.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Management styles
• There are different management
styles developed in different
General Management

countries over the years.

• They vary from country to country.
• The styles in different countries are
influenced by historical and
socio-cultural backgrounds.
• Also by the level of economic
development and structure of the
economy.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Japanese style of management
• Japan is one of the leading industrial
nation.
General Management

• Japan has achieved spectacular

economic growth.
• It is a leading country in the
manufacturing of automobiles and
machinery.
• One of the reason for this growth is
its unique style of management.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Japanese style of management

Three common characteristics of

General Management

Japanese Style of management:

• Lifetime Employment
• Consensus Decision making
• Unique position of quality control
circles

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Japanese style of management

Lifetime Employment:
General Management

• Most employees in Japan

spend their working life with a
single firm
• Workers become employed
right after their graduation from
school with a particular
company.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Japanese style of management

• The employee will not quit his job-

General Management

continue working there until retirement

age.
• This brings about a feeling of
belonging and affinity among the
employees.
• Develops harmony, loyalty and close
ties between the company and the
employee.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Advantages of lifetime employment

• Avoids warfare among

General Management

competing firms
• Labour turnover and cost of
hiring is reduced.
• Builds high sense of
commitment and loyalty to
the firm.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Disadvantages

• Adds to the business cost as

the employees may be kept
General Management

even when there is insufficient

work.

• The firms operating in Japan

are now questioning this
practice.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Japanese style of management

• Along with life time

General Management

employment, seniority
system is also followed.

• It offers privileges to older

employees with many years of
service.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Consensus decision making
• Based on the idea that new concepts
and ideas should come from lower
General Management

levels in the organisations.

• The lower level employees prepare

proposals for higher level authorities.

• The supervisors at higher levels do

not simply accept or reject the
proposal
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Japanese style of management

• They havedirect communication with the

General Management

workers who have submitted the proposal.

• The supervisors question them, make

suggestions and encourage subordinates
to think more and prepare improved
proposal for consideration at higher level.

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 Benefits of consensus decision making

• Results in delegation of actual decision

making to lower level.
General Management

• It facilitates cooperation and harmony

• It allows inputs from lower level of

management

• It improves commitment to implementing

decisions.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Demerits of Japanese style of management

• Decision making process

General Management

becomes slow.

• Responsibility for decisions is

diffused.

• Allocation of optimum resources

becomes difficult.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Unique positions of quality circles
• In Japanese work culture quality is
top priority.
• Workers from one department form
General Management

small unofficial group headed by a

foreman.
• The group meets frequently, study
their problems for remedial
measures for quality and
productivity improvement.
• Cost control, quality improvement,
elimination of wastages ,are
discussed in group meetings.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Japanese style of management
• Proposals are submitted to
higher level management for
approval.
General Management

• Quality circles operate on

voluntary basis but get support
from management.
Additional features:
• Job rotation
• Collective group relationship
• Profit based compensation
system
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 Japanese style of management

• Democratic management
General Management

• Emphasis on training
• Focus on self discipline and
harmony
• Ethical conduct
• Employee involvement

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 American style of management
Individualistic Approach:
• Decisions are taken by individuals
• Practice of group decisions is not
General Management

popular

Managerial decisions by top level

management:
• There is absence of participation of
lower level employees in decisions

VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa

www.damodarcollege.edu.in
 American style of management
• No interaction between top level
and lower level management.
General Management

Employees do not take initiative:

• Do not take up new work/ activities
unless the work is formally
assigned to them.
• More loyal to the profession than
the organisation.
• They leave for better job
opportunities.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 American style of management
Information within the
organisation does not flow in all
directions:
General Management

• Information flows in specific

direction through a pre-decided
channel.
Individual Achievements:
• Employees strive for individual
achievements and rewards.
• Not interested in group goals.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
 American style of management
• Individual Work is the culture of
American firms.
• Employees not interested in
General Management

empowerment.
Hire and Fire Policy:
• No job security.
• If employee performance is good, he
will be rewarded. If performance is
lacking, he will be sacked.
• Human approach is lacking.
VVM’s Shree Damodar College of Commerce & Economics, Margao – Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa 147
12-10-2021
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa 148
12-10-2021
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 European management is defined as "cross-cultural,
societal management based on approach" and has three main
characteristics:
General Management

It needs to take into account various cultures across Europe and

how they impact business practices, in different organizational
environments and management habits.

Management principles across Europe have underpinnings which

are strongly societal in nature.

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
 European managers- required to be highly adaptable
due to several different legal, social, political, and
economic contexts across Europe.
General Management

Often European management is contrasted to the

American or Japanese style.

European style pursues stability leading to less

opportunities with fewer financial rewards.

The European approach is a more balanced between

economic efficiency and social concerns.
VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa 153
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 I. Dress Code

a) MEN wear Conservative Suits and Ties

General Management

with Coloured, White or Striped Shirts

b) WOMEN wear Conservative Suits,

Dresses and Pant Suits

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa 154
12-10-2021
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa 157
12-10-2021
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa
www.damodarcollege.edu.in
General Management

VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa 159
12-10-2021
www.damodarcollege.edu.in
 General Management
VVM’s
VVM’sShree
ShreeDamodar
DamodarCollege
CollegeofofCommerce
Commerceand Economics,Margao
& Economics, Margao––Goa
Goa 160
12-10-2021
www.damodarcollege.edu.in