Entrepreneurship

Development
Tanu Singh
(for BTech IIIrd)

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MARKETING MIX

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 Introduction to Marketing Mix

• The marketing mix refers to the set of actions, or tactics, that a company uses to
promote its brand or product in the market.
• The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place.
• Marketing Mix as 4Ps was first expressed by E. J. McCarthy in his book ‘Basic
Marketing: A Managerial Approach’ (1960)

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 Definition of Marketing Mix

Marketing Mix is the set of controllable variables that the firm can use to
influence the buyer’s response.
- Philip Kotler

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 4Ps of Marketing Mix
Price: refers to the value that is put for a product. It depends on costs of production, segment targeted,
ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be
several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a
demarcation, to differentiate and enhance the image of a product.

Product: refers to the item actually being sold. The product must deliver a minimum level of performance;
otherwise even the best work on the other elements of the marketing mix won't do any good.

Place: refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for
her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right
location. In fact, the mantra of a successful retail business is 'location, location, location'.

Promotion: this refers to all the activities undertaken to make the product or service known to the user and
trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the
trade. It can also include consumer schemes, direct marketing, contests and prizes. 5
Characteristics/ Features/ Nature of Marketing Mix
• Marketing Mix is the crux of marketing process
• Marketing Mix has to be reviewed constantly in order to meet the changing requirements
• Changes in external environment necessitate alterations in the Marketing Mix
• Changes taking place within the firm also necessitate changes in Marketing Mix
• Applicable to business as well as non-business organizations
• Helps to achieve organizational goals
• Concentrates on customers

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HUMAN RESOURCE MANAGEMENT

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 Introduction to HRM

• Human Resource Management was originally known as personnel or people

management. HRM is a formal way of managing people and is a fundamental part of
any organization and its management.
• Human Resource Management (HRM) is an integrated set of processes, practices,
programs, and systems in an organization that focuses on the effective deployment
and development of its employees.
• These processes include employing people, training them, compensating them,
developing policies relating to them, and developing strategies to retain them.
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 Definition of HRM

• ‘Human Resource Management is the set of organizational activities directed at

attracting, developing and maintaining an effective workforce.’
- Ricky W. Griffin
• ‘The field of HRM involves planning, organizing, directing and controlling functions
of procuring, developing, maintaining and utilizing a labor force.’
- M. J. Jucious

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 Characteristics/ Nature/ Scope of HRM
• Art as well as Science
HRM is both the art of managing people by recourse to creative and innovative approaches; it is a science
as well because of the precision and rigorous application of theory that is required.
• Pervasive Function
Development of HRM covers all levels and all categories of people, and management and operational
staff. No discrimination is made between any levels or categories. It is pervasive also because it is
required in every department of the organization.
• Integrated Process
HRM in its scope includes Personnel aspect, Welfare aspect and Industrial relations aspect in itself. It is
also integrated as it concern with not only acquisition, but also development, utilization, and
maintenance. 10
• Continuous Process
It is a continuous process as there are number of functions to be performed in a series, beginning with
human resource planning to recruitment to selection, to training to performance appraisal. Henceforth,
HRM is a never-ending process.
• People-Oriented
HRM is about people at work both as individuals and a group. It tries to help employees to develop their
potential fully. HRM has the responsibility of building human capital. People are vital for achieving
organizational goals. Organizational performance depends on the quality of people and employees.
• Performance-Oriented
HRM is performance oriented. It has its focus on results, rather than on rules. It encourages people to
give their 100%. It tries to secure the best from people by winning the whole hearted cooperation. It is a
process of bringing people and organization together so that the goals of each are met.
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 Objectives of HRM
• To establish and use a workforce that is able and motivated, in order to achieve the goals of an
organization.
• To create the desirable organizational structure and working relationships among all the members of
the organization.
• To integrate individuals and/or groups within the company by matching their goals with those of the
company.
• To ensure individuals and groups have the right opportunities to develop and grow with the
organization.
• To use what human resources a company has in the most effective way to achieve organizational goals.
• To ensure wages are fair and adequate and provide incentives and benefits thereby satisfying both
individuals and groups. Also, to ensure ways of allowing recognition for challenging work, prestige,
security and status.
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• To have continual high employee morale and good human relations by establishing and improving
conditions and facilities within the organization.
• To improve the human assets by providing appropriate training programs on a continual basis.
• To try to effect socio-economic change in areas such as unemployment, under-employment and
inequality by distributing income and wealth. This way society can benefit. Added employment
opportunities for women and the disadvantaged will also be impacted in a positive way.
• To offer opportunities for expression.
• To ensure that the organizational leadership works in a fair, acceptable and efficient manner.
• To ensure a good working atmosphere and employment stability by having proper facilities and
working conditions.

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 Significance of HRM
• Fulfilment of Objectives
HRM helps a company to achieve its objective from time to time by creating a positive attitude among
workers. Reducing wastage and making maximum use of resources etc.
• Facilitates Professional Growth
Due to proper HR policies employees are trained well and this takes them ready for future promotions.
Their talent can be utilized not only in the company in which they are currently working but also in other
companies which the employees may join in the future.
• Better Relations between Union and Management
Healthy HRM practices can help the organization to maintain co-ordinal relationship with the unions.
Union members start realizing that the company is also interested in the workers and will not go against
them therefore chances of going on strike are greatly reduced.
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• Helps an individual to work in a team/group
Effective HR practices teach individuals team work and adjustment. The individuals become comfortable
while working in team thus team work improves.
• Identifies person for the future
Since employees are constantly trained, they are ready to meet the job requirements. The company is
also able to identify potential employees who can be promoted in the future for the top level jobs. Thus
one of the advantages of HRM is preparing people for the future.
• Allocating the jobs to the right person
If proper recruitment and selection methods are followed, the company will be able to select the right
people for the right job. When this happens the number of people leaving the job will reduce as the will
be satisfied with their job leading to decrease in labor turnover.
• Improves the economy
Effective HR practices lead to higher profits and better performance by companies due to this the
company achieves a chance to enter into new business and start new ventured thus industrial
development increases and the economy improves.
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STRATEGIC MANAGEMENT

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 Introduction to Strategic Management

• Strategic management is the planned use of a company's resources to reach its

goals and objectives.
• Strategic management requires ongoing evaluation of internal processes and
external factors that may impact how a company functions.
• Companies of all sizes and in all industries can benefit from the practice of strategic
management.

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 Definition of Strategic Management

• ‘Strategic management is the set of decisions and actions resulting in the

formulation and implementation of plans designed to achieve a company’s
objectives.’
- Pearce & Robinson
• ‘Strategic management is a process of formulating, implementing and evaluating
cross-functional decisions that enable an organization to achieve its objective.’
- Fed R. David
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 Characteristics of Strategic Management
• Non- programmed
Strategic decisions are unique and rare. They deal with uncertain and non-routine problem situations as
they are complex in nature.
• Future-oriented
Strategic decisions are future-oriented. They are made on the basis of predictions and projections. They
are concerned with the long-term direction and scope of the organization.
• Dynamic
They are dynamic in nature. They take place within a changing environment. Changing political,
economic, socio-cultural, legal, and technological forces increase the complexity of strategic decisions.
• Top management-oriented
Strategic management decisions are made by the top management of the firm. The values, philosophy, 19
and expectations of top management greatly affect strategic decisions. So, the strategic decisions are top
management-oriented.
• Competitive Advantage
Strategic decisions help in gaining competitive advantages in the market by searching for unique
resources and core competencies.
• Strategic fit
Strategic decisions match the activities and resources of the organization with the opportunities in the
environment.
• Commitment
Strategic decisions are long-term objectives of the firm and involve the long-term commitment of large
amounts of resources.
• Choice
Strategic decision is about making choice from among the strategic alternatives. It is a choice among the
course of action for the long-term future. 20
 Importance/ Benefits/ Significance of Strategic
Management
• Competitive advantage
Strategic management gives businesses an advantage over competitors because its proactive nature
means your company will always be aware of the changing market.
• Achieving goals
Strategic management helps keep goals achievable by using a clear and dynamic process for formulating
steps and implementation.
• Sustainable growth
Strategic management has been shown to lead to more efficient organizational performance, which leads
to manageable growth.

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• Cohesive organization
Strategic management necessitates communication and goal implementation company-wide. An
organization that is working in unison towards a goal is more likely to achieve that goal.
• Increased managerial awareness
Strategic management means looking toward the company's future. If managers do this consistently, they
will be more aware of industry trends and challenges. By implementing strategic planning and thinking,
they will be better prepared to face future challenges.

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Strategy vs Policy

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THANK YOU!

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