Best Distance MBA Education School in India

This is the era of digitalisation and modernisation. Education has also gone to another level and the students nowadays prefer online courses over traditional courses due to their ease and flexibility. The most popular course amongst vivid online courses is distance MBA. Every year, scores of students make up their mind to pursue distance MBA, but one question that still haunts them is “which university is best for MBA Distance Education?” Well, we have the answer!

MIT School of Distance Education is the Best distance education school for MBA Distance Learning.

About MIT Pune

Maharashtra Institute of Technology (MIT) is the first private Engineering Institute to be established in the city of Pune, Maharashtra. It is one of the premier institutes for Indian and international students offering Undergraduate and Postgraduate courses in Engineering, Management, Medicine, Pharmacy, Design, and so on.

Contributing towards the industrial, economic, and social growth of the society for over a quarter of a century, Maharashtra Academy of Engineering Education and Research (MAEER)’s MIT Group of Institutions has helped realize the dreams and aspirations of thousands of students. The group has spread its wings across Maharashtra with campuses in Kothrud, Alandi, and Loni- Kalbhor within Pune, along with Latur, Talegaon, Ambejogai, and Pandharpur.

Being the brainchild of its visionary founder, Prof. Vishwanath D. Karad, MAEER established in 1983, managed to craft a niche position for being a one-of-its-kind undertaking that focused on value-based education.

About MITSDE :

MIT School of Distance   Education   (MITSDE)   is an integral constituent of  MAEER's MIT Pune, established  in the   year 2008.  MAEER's MIT was founded in the year 1983 by

Dr. Vishwanath D. Karad, (Founder, Executive President & Managing Trustee) along with the collective efforts of many educationists, scientists and social thinkers. MIT is among the first in professional education offering academic programs at more than 72 institutions and 4 universities across India.

Drawing on the rich history of excellence in education and innovation, MITSDE offers unique curriculum design and apt delivery methodologies, and hence they come together to offer the best-designed distance education programs that efficiently bridge the skills gap for working professionals.

MIT School of Distance Education (MITSDE) offers Post Graduate Programs with specialisations in various domains namely Marketing, Finance, Human Resource, Operations, Information Technology, Insurance and Risk , Logistics and Supply Chain and Retail. The courses and specialisations offered continue to grow with the latest developments and needs of various businesses.

MIT School of Distance Education’s Post Graduate Diploma Programs are designed especially for working professionals. The syllabus is updated regularly taking into account the latest management arenas, industry requirement, change in the business environment and technology development. Thus the post graduate diploma programs are more industry relevant and bring in more value for working professionals in their career progression as against an MBA program. If you want to choose between a MBA or a Post Graduate Diploma to be employable, then the right choice is Post Graduate Diploma.

To know more details, visit us at : https://www.mitsde.com/

How Can A Distance MBA or PGDBA In Marketing Boost Your Career?

In today’s fast-paced and competitive world, the marketing discipline has evolved as an important function that plays a deciding role in the success and growth of an organization. Traditionally, firms and enterprises have always relied on a certain amount of buzz-building marketing tactics to popularize their brands and boost sales.  It is no wonder that organizations are constantly on the hunt for qualified and skilled marketing professionals who are well-versed with current marketing trends and are aware of the latest tools and technologies that are being used to conduct market research and analyse consumer behavior to identify the wants of the target audience and create offerings that address their needs.

Marketing Techniques: Then and Now

Gone are the days when businesses primarily relied on word of mouth, newspaper/television ads, street hoardings, wall posters, campaigns, PR marketing etc. to reach out to their target market and attract new customers while retaining their existing ones. Today, organizations are investing heavily on innovative marketing strategies such as Online Marketing, Offline Marketing, Email Marketing, Viral Marketing, Diversity Marketing, Call to Action Marketing, Evangelism Marketing, Seasonal Marketing, Personalized Marketing, Event Marketing, Content Marketing, Search Marketing, Database Marketing etc. to analyse and predict market trends, manufacture functional and attention-grabbing offerings that complement diverse consumer needs with respect to features, pricing, quality, availability, accessibility etc. and effectively communicate the unique features and advantages of their customised products to their intended audience in order to stay relevant and be on their radar, despite stiff competition from global players. 

More info visit:-https://www.mitsde.com/

Which university is best for MBA Distance Education mode?

This is the era of digitalisation and modernisation. Education has also gone to another level and the students nowadays prefer online courses over traditional courses due to their ease and flexibility. The most popular course amongst vivid online courses is distance MBA. Every year, scores of students make up their mind to pursue distance MBA, but one question that still haunts them is “which university is best for MBA Distance Education?” Well, we have the answer!

How to find out which university is best for MBA Distance Education?

Choosing a university for your distance MBA course is one of the most important decisions that will shape your career. It is imperative to choose a university that is globally recognised as that will facilitate you in impressing the finest employers and seizing a decent vocation after course completion. Furthermore, you should choose a reputed organisation that has world-class faculty and a proven track-record as that gives you an assurance of its distinctive quality.

When you will assess various universities on the basis of all these parameters, then you will definitely find MIT School of Distance Education (MIT-SDE) complying with all these crucial parameters.

MIT-SDE: One of the top-most University for Distance MBA

MAEER’s digital learning fragment MIT-SDE is a centre of excellence. The institute has given wings to the career of numerous management professionals. It bequeaths 18-month Post Graduate Diploma in Management (PGDM) and 24-month Post Graduate Diploma in Business Administration (PGDBA) courses that are equivalent to correspondence MBA. However, these courses are much better than traditional MBA as the study material is developed by the esteemed Wiley Publications and updated regularly to synchronise with the industry trends. The course material provides both theoretical as well as practical knowledge to all the candidates. Regular webinars are organised by the finest experts in the city to provide a wide window of opportunities for doubt clarification to all the aspirants, be it students or working professionals. Apart from this, the candidate also receives career guidance and placement support after the course completion. So, it is perfectly a wise decision to select MIT-SDE for a management course.

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Four strategies for successful material management

Four strategies for successful material management

Material management is an essential aspect/process of every manufacturing firm. It entails to the procurement of the material, its transportation and effective management of the inventory, right from the manufacturer to the shelf. Material management has its own significance in enhancing the productivity of the firm. It is basically a labour-intensive process. It includes various operations such as regular monitoring of the purchased material, inventory management and distribution of the material.

The process of planning, organizing, monitoring, implementing and controlling the flow of materials to and fro a firm is quite intimidating.  Hence, the process needs to be handled smoothly and skillfully. That is why companies hire professionals for the task and pay them a handsome amount for the same. In such an opportunistic scenario, a material manager can easily find his position in almost every organisation that understands the significance of material management.

If you wish to make a successful career in this exciting field, then you should pursue MBA-equivalent Post Graduate Diploma in Material Management to hone your skills. The course will teach you these four effective strategies that facilitate successful material management:

1. Lookout for quality suppliers

A regular flow of supply can keep the company thriving. On the contrary, the companies may face adverse situations if there is an obstruction in the continuity of the supplies as the company will not be able to meet the demands of the customers. It will become impossible for a company to directly deliver the required quantity of products to the customers on time if they fail to obtain the quality suppliers within the stipulated period. This, in turn, may result in loss of the customers and immense monetary loss of the company. Thus, it is imperative for the material manager to foster a good relationship with the suppliers so that the company can easily rely on the suppliers to fulfill its supply needs.

2. Proper order process

The customers’ demands keep on fluctuating. However, a firm should always be well-equipped to meet the demands of the customers. They should always have sufficient inventory to handle even the turnover demand. For this, a firm must regularly keep a check on its stocks. This, in turn, facilitates proper calculations related to supplies so that the material manager has a better idea of the replenishment amount. Having a better idea of the replenishment amount facilitates in placing reorder for the required materials before its depletion.

3. Proper analysis

It is an essential step for the material manager to carry out different analysis. Proper analysis not only includes inventory management, but it also includes maintaining financial aspects. The companies must exploit an effective inventory system that keeps an account of the total purchase as well as the sale of every item for proper analysis. The common goal should be to ensure that the cost of purchasing a material is less than its sales. Apart from this, the accounts of inventory must be updated on a monthly basis. This facilitates the material manager to analyse the data and easily manage the cost of inventory.

4. Cost savings

Since most of the task related to material management require manpower, it is imperative for the material manager to ensure the best pricing. He should know how to get top-notch quality work done at minimal cost. He should also know the minimum cost that should be spent to purchase high-quality materials.

A few things that need to be kept in mind

• Include cost inventory.
• Regulate high turnover.
• Try to achieve a minimal cost of storage and procurement while keeping the quality intact.

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Vital concepts of Risk Management

Risk management is the process of identifying and controlling any potential threats to an organisation’s assets, resources and capital. It includes forecasting potential risks like financial uncertainties, strategic management errors, legal liabilities, accidents and natural disasters, and making certain provisions to manage them.

The elements of risk management are stated below:

Risk identification

Businesses operate in a dynamic and ever-changing environment which is laden with different kinds of risks that ultimately result in financial losses. Thus, identifying a potential loss is imperative. We need to identify and understand the risk thoroughly before we can move forward and decide how to deal with it. A risk manager specialises in detecting risk exposure areas. His job includes devising and implementing appropriate techniques to identify the risks.

Risk evaluation

In order to understand how to control the expected losses, we need to evaluate the potential risks. The risk manager should have a clear understanding of the risk- how badly it can affect the business. He should understand its impact on the business and its probable frequency of occurrence. The evaluation is done using both the qualitative and quantitative methods. Qualitative evaluation is based on past experiences of the risk manager. He evaluates the possible effects of specific events on the enterprise. On the other hand, quantitative evaluation works on accuracy. It produces a more developed risk model with accurate projections, depending on the quality of the input data. At times, these two methods are used together in order to produce a fairly comprehensive risk analysis.

Risk control

Risk control includes two aspects- loss prevention and loss reduction. A risk manager cannot completely prevent a loss in a given area, but a sound risk management can decrease the frequency of loss in that area. It also includes taking measures that reduce the cost and severity of the losses. Decreasing the frequency of losses and reducing their severity once they occur are the two major goals of risk control. Another way of preventing loss is by eliminating the risks.

Certain steps can be taken to prevent the occurrence of risks. These include:

1. Risk avoidance: A risk can be avoided by changing the location, procedure or equipment or by giving up an activity that gives rise to risk in a business.
2. Risk reduction: Risk can always be reduced by taking certain steps like installing security devices, inspections, security patrol, and keeping a check on the employee.
3. Risk retention: It includes building up a contingency fund to finance the loss incurred. This is the financial risk control aspect. A sound risk management ensures the identification of risks and creating appropriate financial reserves for dealing with the expected or incurred loss.

Risk financing

After identifying and evaluating the risk, you need to minimise the loss in a proper manner. For that, the manager must cover the risk with insurance or with a combination of both insurance and risk retention methods.

Thus, when a business makes an investment decision, it exposes itself to a number of financial risks. In order to minimise and control the exposure of businesses investments to such risks, fund managers and investors practice risk management. If you are eyeing to shape your career in the field of risk management, then you should pursue MIT-SDE’s 18-months Post Graduate Diploma in Risk Management. MITSDE Pune is among the best Distance MBA Colleges with its innovative educational approach and extensive online student support. The course material is industry-specific and it is updated regularly, making it suitable for the present business landscape that is evolving rapidly.

Management skills required to become an entrepreneur

Entrepreneurs are the individuals who have the courage to take several risks and single handedly operate their business. An entrepreneur is a leader, innovator, thinker and motivator for his team. However, it isn’t an easy task to be an entrepreneur. There are specific managerial skills that an entrepreneur must master in order to be successful in his ventures.

The essential managerial skills to become a successful entrepreneur are stated below:

Time Management

The most valuable asset for young entrepreneurs is their time. As an entrepreneur, you have to take care of so many things together and time management is the key to keep everything on track. It is vital to get more work done in less amount of time by eliminating interruptions, prioritising tasks and increasing effectiveness as well as productivity. Effectual time management allows entrepreneurs to assign specific time slots to the activities as per their importance. It also gives them the ability to participate in economic forecasting and market research.

Business Planning

Every entrepreneur needs to develop a business plan or a blueprint of how will he develop his new business. A good business plan consists of a single document divided into several sections including the description of the organisation, market research, sales strategies, competitive analysis and financial data. A well-planned blueprint or project outline acts as a strong foundation for the success of the venture. It facilitates the entrepreneurs to make their business fit into the industry, identify their target market and plan to capture them.

Employee Management

An entrepreneur must know how to manage the people. He should be a good judge of character and abilities of an individual such as hiring the right employee is the foremost step for the success of a company. Successful entrepreneurs should know how to motivate the employees in order to work effectively and contribute to garner customer experience.

Customer Management

An entrepreneur must know how to manage his relationship with existing customers with a focus on creating loyalty towards his business. This is the easiest and most effective method to increase revenues. Entrepreneurs must have problem-solving skills, communication skills, attentiveness and patience to manage customers effectively.

Sales Management

Selling or sale management is an essential skill every entrepreneur must master. You need to completely understand the sale activities. This helps the entrepreneurs to tackle the challenges that they may face in their sale management journey.

Financial Management

Even if your business’s finance is handled by an accountant or a finance professional, you must know planning, organising, directing and controlling the financial activities such as procurement and utilisation of funds. With a good financial management system, one can make decisions to improve the business operations.

Business Management

Being a successful entrepreneur involves more than enthusiasm and a good eye for new opportunities. A thorough understanding of the essential business functions is a prerequisite for entrepreneurs who want to take their business to the next level. They must have the complete know-how of general management, finance, marketing, operations management, purchasing, supply chain, human resources and public relations.

So, these were the essential managerial skills that help the entrepreneurs to succeed and take their business to the next level. If you want to embark on the journey of entrepreneurship, then you can easily brace your skills according to your time schedule with MIT-SDE’s Post Graduate Diploma in Management (PGDM) courses which are not only equivalent to Distance MBA courses but also updated with latest industry trends and happenings.

Four pillars of strategic management

In the present scenario, businesses operate in an ever changing environment that is full of unpredictable risks. So, in order to keep the business thriving, the managers are expected to create a number of powerful strategies. Strategic management thus necessitates the process of formulation of significant strategies by the managers so as to enhance the overall performance of their organisation. Strategic management in an organisation ensures that common goals are set and all the other factors are inclined towards achieving those objectives. It also ensures that the organisation remains flexible towards any external changes.

Strategic management helps an organisation in many ways. It facilitates:

• Faster and effective decision making.
• Capturing opportunities.
• Employee motivation.
• Counteracting threats and converting them into opportunities.
• Prediction of probable market trends.
• Improving overall performance.

It is believed that there are four core pillars of strategic management. These pillars are stated below:

Setting goals

The organisational goals act as the foundation of strategic management. The managers need to identify the purpose of setting strategy, the objectives of an organisation or the problem that needs to be solved. Once he identifies the purpose/objective/problems, only then will they be able to formulate a strategy that will help in achieving those set goals. It will enable him to focus and work towards achieving specific outcomes.

Communication

Communication is an indispensable part of an organisation. Though the strategies are formulated by the top level management, they are implemented by the entire organisation. So, it is essential to have a proper communication channel between the top management and the subordinates. The managers need to explain the strategies to the employees comprehensively, only then will they be able to implement it optimally.

Trust

Trust is the bedrock of any relationship, especially the employee-employer and manager-subordinate relationship. A company that is able to cultivate a strong sense of trust in the workplace is likely to be more successful. The employees that have to implement the strategy formulated by the top management should have faith in the organisation. They should trust the management, only then will they execute the formulated strategy optimally.

Accountability

For the smooth working and successful completion of projects and processes, the top management needs to be held accountable for different things. High level of management is needed to achieve the formulated strategy. This is present in organisation that is held accountable for its execution. Once the goals and objectives are defined, certain people/ top management should be held accountable to ensure the achievement of those objectives. This will lead to enhanced productivity.

Closing note

Strategic management is the art of managing employees in a manner which helps an organisation to attain its stated objectives. It is the task of managers to create powerful strategies and to ensure that the formulated strategies are both effective and efficient. However, the manager who formulates strategies should have a thorough knowledge of the general and competitive organisational environment so that he can take the right decisions. Thus, the aspirants should sharpen their managerial and decision making skills to make themselves a sought-after candidate for the position. You can pursue MIT-SDE distance MBA equivalent PGDM and PGDBA courses to widen your knowledge and brace your skills. The courses are designed in such a way that they inculcate the necessary decision-making skill in future managers so that they can create effective strategies.

Inventory Management– The Most Important Concept To Be Followed In Retail Management

Inventory refers to the stocks that are stored for prospective use or selling. In the retail industry, it refers to the goods that may be under various stages of development or in storage before the selling process. It is the largest asset of retail stores. They are expected to be sold in a year. The term ‘inventory’ is essential in the accounting world. Businesses/Enterprises take a count of the inventory at regular intervals to keep their accounts up to date. The retail companies follow a process of making the inventory available at every point of time and refilling the stocks to avoid ‘out of stock’ status. This process is termed as inventory management.

Significance of Inventory Management

Company or retailers opt for inventory management because one cannot afford to lose even a single customer. If a product is not available at a store, then the buyer will go to other stores and he/she may be averse to come back to that store in the near future as it might leave a negative impact on his/her mind. Inventory management avoids such kind of situations. So, in order to keep the customers intact, inventory management is imperative for every organisation. This concept forms a proper link between the manufacturing of a product and its sale in the market within the preferred time period.

Types of Inventories

Inventory is divided into three forms:

1. Raw Materials: Raw materials are the basic things/objects or key components required for the production of any item.
2. Work-in-progress: These are the semi-manufactured inventories, e. when the goods are still in the process of manufacturing and are yet to be finished.
3. Finished Goods: Finished goods refer to the final goods that are ready for sale or that can be stored in the godowns as stocks for future consumption.

Name of inventories may differ from one company to another. However, the process of inventory management always remains the same. For any organisation, managing the three classified forms of inventory is very important since they vary according to the scale, size, and nature of the business. Some companies even use a new type of inventory namely ‘supplies’ which refers to the bulbs, fuel, plants, oil, etc. The supplies play an integral part in the production and form a small part of the inventory.

Motive of Inventory Management

In general, there are three main motives of inventory management:

Precautionary Motive

The business environment is dynamic and one cannot predict the future as there are chances that the business may face spurt in the demand by the customers. Precautionary motive refers to managing the inventory in order to avoid any unpredictable loss in the future.

Transaction Motive

In the future, a company may face situations such as unavailability of raw materials or finished goods. Transaction motive entails avoiding such situations or any other bottlenecks by managing inventories.

Speculative Motive

Price fluctuations occur frequently and a company can take advantage of this situation in the near future by holding inventories for the stipulated time. This is termed as a speculative motive.

Inventory Management is the core process that marks the success or failure of any retail store. It is an integral component of Retail Management. That is why our course materials of PGDM in Retail Management include lucid lessons on Inventory Management. We provide our students with all the requisite knowledge and skills in Inventory Management that eventually makes them sought-after candidates for the industry.

Four Important Roles of Finance Manager

Finance plays a key role in the overall growth of an organisation. The success or failure of any organisation primarily depends on the efficacy of its financial management. That is why every business, whether big or small, looks for an erudite and a highly-skilled finance professional who can manage the finances effectively.

A finance manager shoulders major responsibilities. For example, all the financial activities within an organisation are undertaken by a finance manager. It is his duty to plan stellar strategies and manage multifaceted activities that ultimately affect the goodwill, financial status and growth perspectives of the organisation.

Some of the major responsibilities of finance manager are:

Fund Raising

Cash and liquidity play a significant role in proper fundraising for a business. The organisation can raise funds either through equity of shares or through debentures. Therefore, there should be a balanced ratio between equity and debentures which is ensured by the finance manager.

Allocation of the funds in the right place

After raising the funds, their proper allocation is the next big step. It is again the task of a finance manager to allocate the funds. The manager should consider the size and growth capacity of the company while allocating funds. He should also keep in mind the kind of assets the firm is holding whether long term or short term. There should even be sufficient funds for the maintenance tasks such as replacement of old plants and machinery. He should also keep in mind the mode from where the funds have been raised. All these factors affect the firm in some or the other way.

Profit and its planning

For every organisation, earning profits is the fundamental aim other than customer satisfaction. Profit gives a reason to the organisation for sustaining and thriving in the market. It is the task of a manager to formulate apposite strategies that maximize profits. However, it needs proper planning.

There are various factors that determine the profits. They are stated as follows:

• Economic state of the firm
• Price of the product
• Cost of production and selling price
• Demand and supply mechanism of the product

Fixed cost plays a crucial role in planning profits. If the fixed cost in not determined in terms of fixed asset and the opportunity cost to recover the fixed cost is not calculated, then the firm may face huge fluctuations in profits.

Considering the capital market

There is continuous trading of shares in the stock exchange market which involves huge risks. A finance manager needs to have complete knowledge about the capital market so as to keep the firm at bay from any such risks. Hence, the main duty of the finance manager should be to calculate the risk in shares & debentures and create a provision to minimize the risks.

A finance manager is one of the key persons of an organisation with a huge role to play. That is why companies hunt for finance professionals and the market is flooded with ample opportunities for the right candidates. Our PGDM in Finance Management is a course that will entail the aspirants with essential skills and industry knowledge so that they can make solid financial strategies & decisions. In a nutshell, they can do justice to their post of finance manager.

Processes in Human Resource Management (HRM)

Employees are the biggest asset of every organisation as their productivity levels are directly proportional to the organisation’s success. However, the guiding principle in every organisation is that ‘general interest must prevail over the individual interest of the employees’. This is possible only through proper strategic planning and execution, which is carried out by the Human Resource (HR) department of the organisation. Thus, the HR department plays a key role in ensuring a successful run of an organisation.

They follow various processes in order to formulate stellar strategies. The processes are stated below:

1. Human resource planning (Recruitment, Selecting, Hiring, Training, and various other processes).
2. Remuneration to employees and other benefits
3. Performance management
4. Employee relations

These core processes should go in a step by step manner starting from planning of Human Resource Management (HRM) to Employee relations. However, Performance Management System may vary from one organisation to another.

Human Resource Management (HRM)

This is the most significant and primary process for formulating appropriate strategy for the organisation. This includes putting the right person in the right place according to his skills and achievements. It starts with the recruitment and goes until the proper training of the employee so that he becomes an asset for the company.

The general HRM processes are as follows:

1.  Recruitment

It is a positive process of posting job openings and attracting prospective employees to apply for their desired job openings in an organisation so that the eligible candidate can be selected.

2.  Selection

Selection is quite a necessary process in HRM. It involves eliminating the unsuitable candidates through the process of tests or interviews and identifying the suitable ones, which are the best fit for the positions.

3. Hiring 

This entails to the process of officially offering the job to the ideal candidate and giving them the date of joining.

4. Training and development 

The hired candidates are given training and their skills are brushed so that they become more efficient in their work and handle future challenges.

Performance management

There should be proper management of the work done and the future goals. Performance management refers to appraising the performance of the employees and enhancing it. For such a management, it is necessary to encourage the employees so as to raise their confidence levels.  This can be done by providing them with fair rewards so that they work in their optimum productivity levels.

Remuneration to employees and benefits

Fair salary or remuneration plays a very important role in motivating an employee to accomplish organisational goals. If the employees get rewards for their best performance, they will get job satisfaction. The rewards not just includes salaries, but it also includes incentives and fringe benefits.

Employee Relations

There should be a sound relation between the employee and the organisation. There are various factors which motivate as well as demotivate the employees to stick with the organisation. These factors include working environment, laboor law and relations, compensation, etc. The employers must ensure all these factors to build employee relationships that in turn garner better employee retention.

Conclusion

So, these were the core processes of HRM. All the processes should be cohesive and in conformity with each other so that HR strategies can gain success. Here at MIT School of Distance Education, we entail all our candidates with requisite skills so that they can follow as these processes effectively.

Principles of Management

Management is an art that keeps the project, its resources, budget, timeline and other project components in sync with the expected or planned values. An effective management is the cornerstone of the project that garners its success. That is why every company seeks skilled managers to shoot up their revenues. It is the task of a manager to employ his skills and knowledge in effectively managing the project. However, there are certain management principles that need to be followed by a manager to ensure proper management. A principle is considered as a fundamental truth supported by logic that ascertains cause and effect relationship among different variables in a particular situation. Henry Fayol focused on 14 principles which every management must follow. These principles offer guidelines to the managers that facilitate sound decision making. These are as follows:
Authority and Responsibility:
Authority and responsibility must go hand in hand. If an individual is given the authority to perform the assigned task, he must have the responsibility to get the work done and vice-versa. The manager is ineffective if he has responsibility but no authority while he may become irresponsible if he has authority without responsibility.

Remuneration:
If the remuneration paid is reasonable, rewarding or fair, then the workers may get motivated to perform more productively for the organization by putting their maximum efforts.
Division of Work:
Proper division of work is very necessary for every organization. The work must be divided into compact jobs and the jobs must be allocated to those persons only who best fit in it leading to proper utilization of natural resources and enhanced efficiency of work.
Equity:
Every employee must be treated with equality and management should not go for nepotism or favoritism because it may affect an employee’s confidence and morale.
Discipline:
Every organization needs to maintain discipline as it leads to the establishment of clear rules among the employees and proper supervision of all the levels that facilitate smooth run.
Centralization:
Every organization must have a proper proportion of centralization and decentralization. If there is immense centralization in an organization, the subordinate’s role will be diminished in decision-making and vice-versa.
Unity of Command:
An employee must be accountable to one superior only. Dual command, division in loyalty or duplication of work must not occur as it may lead to delay, chaos, confusion or irresponsibility.
Scalar Chain:
There must be a chain of superiors ranging from top to bottom level leading to a proper flow of command and communication. It also leads to gang plank (flow of communication between two individuals of the same level).
Unity of Direction:
A group having the same objective must be governed by one superior with one plan of action. Without unity of direction, action and efforts towards the goal will be useless.
Stability of Tenure:
Every employee takes time to fit into some job so the period of the job must be fixed. The stability of tenure will help to increase confidence and loyalty from employee’s side towards the position he stands in.
Initiative:
Every employee must be encouraged to take initiative in the organization’s processes. It leads to the enhancement of their confidence and allows them to be an asset to the firm.
Subordination of individual interest to general interest:
To achieve the organization’s goals, organization’s interest must be above the employee’s personal interests.
Esprit De Corps:
Esprit De Corps, Unity of Strength, or team spirit must be fostered. It motivates the workers to work harder.
Order:
There must be the ‘rule of right man in the right place’ leading to the smooth functioning of the organization with no chaos.

Here at MIT School of Distance Education, we realize the value of these principles and we make sure that every future manager is well-accustomed to these principles. Our PGDM, PGDBA, courses and even the PGCM courses include exclusive and lucid lessons on these principles.

4Ps of Marketing and their significance

Marketing is one of the core components of an organization that is a major revenue driver. An effective marketing refers to selling the right thing at the right time and place to the right person. Marketing is all about meticulous planning and perfect execution. The elements whose presence is indispensable in the marketing plans are the product which is to be sold; the priceat which the product is to be sold; the channel of distribution of the product and the techniques of promoting the product to be sold.

The 4P’s, namely, product, price, place and promotion together form a perfect marketing mix and these are interrelated to one another. Any change in one P affects another. Here’s a look at 4 Ps and their

1.  Product Concept

The product concept is a combination of planning, producing and developing the product or service to satisfy the ultimate need or want of the customer. It includes both tangible and intangible elements:

• Product range
• Warranty against defects
• Size and design of the product
• Branding
• Quality
• Packaging and Labelling
• After sale services

2. Price Concept

Price concept is a very important element of the marketing mix as it relates to the policy, price and strategies associated with the product. It is dependent on the standard of living and the power of purchasing of the customer. The price of the product is determined by:

• Firm’s Objective
• Cost of Production
• The demand of the customer
• Competition

3. Place Concept

It is common for the product to be transported from the producer to the customer. Therefore, place concept contains two things- physical distribution and the channel of distribution.

Physical distribution is associated with interrelated activities like storage, control and movement of unfinished or finished goods for their timely availability at the required place.

Channel of Distribution is the path through which the goods will be transferred from the place of production to its consumption.

4. Promotion Concept

It involves informing the consumer about the product and influencing him/her to purchase the product. The flow of communication can be both personal and impersonal.

For the most effective promotion of products, one must keep in mind that a number of promotional activities must be used simultaneously so that if one is ineffective, the other can take its place. As the business environment is dynamic, so should be the techniques. Therefore, you need to choose them wisely.

The major elements of promotion are:

• Advertising
• Publicity
• Sales Promotion
• Personal Selling

Significance of 4Ps of Marketing

• Once the needs and desires of the customer are verified, the 4Ps together helps the firm in shooting up its revenues.
• As the business environment changes, so do the needs of the customer. The 4Ps forms a balance between the firm and the market.
• Since the 4Ps are interrelated to one another, an integrated approach towards marketing is formed.
• 4Ps together lead to customer-oriented marketing as a link is formed between the firm and customer.

Since a marketing strategy is incomplete without an even mix of 4Ps, we emphasize on these concepts. The candidates who pursue PGDM or PGDBA in Marketing Management from MITSDE are accustomed to these concepts so that they turn out to be proficient marketing managers.

Important aspects of Project Management

A career in project management is one of the most sought-after careers in the present scenario as it is a lucrative field that is full of opportunities. Companies operating in diverse niches look for Project Managers for seamless execution of every single project. So, most of the candidates are in the race to become Project Managers. However, people have a lot of misconceptions about project management. It is believed that anyone who can prepare Microsoft projects is capable of becoming a project manager. Actually, it is a lot more than that. One must be able to plan, execute, control, organize, monitor and prepare reports in order to manage the projects efficaciously. Apart from this, a strategic approach, field-specific knowledge, leadership traits and the ability to handle problematic situations are the virtues that make up an ideal project manager. Our PGDM in Project Management instills all these managerial skills.

Our course accustoms the candidates to various aspects of Project Management which are as follows:

1.  Planning the project

Planning is the most important step in any project. Planning the project refers to the creation of project blueprint and formulation of the goals of the project and approaches to be followed.

2.  Scope of the project
The scope of the project indicates the significance of the projects and the activities that need to be undertaken during the course of the project. The process of determining what is necessary and what is not is quite a regular process. A clear understanding of project goals avoids confusions and allows the team to focus on the main things.

3. Time management
Every activity needs to be completed within the given time period. Exceeding the time limit will never benefit the customer and it leads to wasting your time as well. Thus, the timeline should be allotted to every single task and it must be ensured that deadlines are respected.

4.  Resources required
The project manager must keep a good synchronization with the available resources as well as stock them as soon as their stocks are low. Optimum utilization must also be done in order to avoid facing their shortage. The manager must even know the time period for which the resources will last in order to ensure effective management.

5. Effective Communication
Communication has a huge role to play in project management. It is a two-way process and therefore requires the presence of both speaker and listener. If the speaker wishes to convey any information to the listener, he must speak to the point and clear. Proper communication is a must to obtain successful results.

6. Quality of the project
Quality plays a crucial aspect in the successful completion of the project. The customers/clients would never compromise on the quality of the project and they’ll always demand high-quality. Furthermore, in today’s era, nobody has the time to sit and read the whole data. If you can convey the necessary information by making use of fewer words, then people will automatically start paying heed to your work.

7. Cost
Every project must be cost effective. Every activity requires investment, but a project will gain profit only when it is ensured that expenses are minimal. Furthermore, if you are successful in providing good services within a minimum budget, then the customers will always come to you. Crossing the limit of the budget won’t be good for both the parties.

8. Risks
The risk factor is very common in every project. So, good management skills are required to deal with such unwanted risks. The project manager must be skilled in dealing with different adverse situations or risks that might occur while working on any project.

We at MITSDE, teach the candidates to manage each aspect of the project with our unique distance education course in project management so that they end up being successful project managers.

Why is Retail Management important?

Retail Management is an art that includes the formulation of apposite strategies to bring customers into the store and to make buying as well as selling of products a seamless process. All the procedures which facilitate the clients or customers to easily buy different products from retail stores come under the category of Retail Management. It is significant for every retail firm as it makes shopping a hassle-free process for both the customers and the sellers. Furthermore, it garners repeat business for the retail firm.

Good Retail Management attracts the customers, gratifies them, leads to repeat business and is the best form of indirect promotions as happy customers will always recommend the store to their friends/relatives. However, the customers can never feel happy about their purchase if their experience at that particular store wasn’t worthy of it. Especially the youth of today, they just don’t like the idea of being kept waiting. Thus, everything at the retail store must be well managed and properly organized in order to lure the customers to visit the store again.

Advantages of Good Retail Management

1.  Customer satisfaction

The biggest advantage of retail management is customer satisfaction. Efficacious planning and management prevent the situation where the customers need to be kept waiting. Even if there are a lot of people in the store, as in case of festivities, managing the orders is the key to success. It is the task of retail manager to ensure that the customer executives assist the customers and attend everyone properly.

2. Hassle-free shopping

It helps the customers to find all the products easily in the store. All the products are arranged properly by categorizing them according to their price, quantity, brand etc, so the customers can easily find the desired products in no time. The retailers won’t even need to get up and fetch the product for their customers. Just the way a customer feels satisfied after a good shopping experience, it also helps in saving the retailer’s time.

3. Prevents unnecessary chaos and shoplifting activities

Proper Retail Management prevents a lot of unnecessary crowd and chaos in the shop. The customers enter, pick up their favorite products, pay the bills and leave with a smile. That’s an example of effective retail management. This kind of management also keeps a check on the shoplifters.

4.  Proper accounting

When the retailer maintains a database where everything from all that was brought into the shop for sale to all that was sold is mentioned, it makes the daily calculations and accounting less complicated and accurate.

5.  Well-organized store and inventory management

In case of proper retail management, various shelves on which the different categories of the products are placed, are well labeled. This allows the buyers to locate the products all by themselves. Furthermore, it ensures that the shop is well stocked. The customers should never be told that the particular product is out of stock at any point of time as that allows them to go to other stores.

Retail Management is imperative in the modern context as there is stiff competition in the retail sector. Thus, it becomes essential for all the retail stores to hire Retail Managers who can apply their skills and take the businesses towards success.  In such a scenario, a course in Retail Management can prepare you to shine in this ever-rising sector. MIT School of Distance Education offers 18-months PGDM in Retail Management that sharpens the candidate’s skills in marketing, strategy planning, brand management, supply chain and other aspects related to retail. Our distance learning course gives you a competitive edge that facilitates you to make your spot in top companies.

5 reasons HR management is imperative for every organization

The manpower is the biggest asset of any organization and its efficacious management acts as the cornerstone behind the success of the business. A Human Resource Manager has a key role to play in almost every sector of an organization. It is the work of an HR Manager to hire the right candidates, train them, address their problems and encourage them persistently to work hard for the success of the company. Effective HR management boosts employee retention rate thereby reducing the employee attrition rate. All these factors contribute to the growth of the organization in the long run.

There are various other reasons why Human Resource Management is imperative for every organization. The top 5 reasons are listed below:

1. Formulation of right strategies

A perfectly brainstormed and meticulously implemented business plan ensures the success of the organization, and an HR manager is the one who acts as the strategy maker.  HR managers possess a high level of knowledge and they are expected to use this knowledge to ensure the achievement of organizational goals with the optimum use of manpower. They are expected to formulate result-driven strategies that facilitate the achievement of the desired goals.  They participate in the various decision-making process including recruitment, training & development, outsourcing, as well as the formulation of collaboration strategies according to the demands of the business.

2. Managing Safety and Risk

Why do employees get injured while working? Is it their fault or the company’s fault? Well, every task involves certain risks but it is the duty of an HR manager to create a safe working ambiance that guarantees organizational safety. If there is complicated work environment with lack of sanitation and safety, then employees don’t feel secure to work at that place. It is, therefore, the work of the HR manager to manage the working conditions of the company and keep the employees motivated. The employees should also be trained to properly handle dangerous machines or equipment, which is done by the HR managers.

3.  Employees Training and Development

It is quite obvious that a sound employer-employee relationship is a must to render organizational success. It is the task of HR managers to train the employees thereby making them confident enough to fulfill their duties. The HR managers train the employees and develop their skills so as to make them capable to satisfy organization’s needs and become the asset for the company. An HR manager addresses the queries of the employees and acts as their counselor. This fosters the employer-employee relationship.

4. Employee Satisfaction

Every organization is successful if the employees are working to their optimum productive level. It is a common management ideology that ‘happy workers are more productive’.  Well, it is the role of HR managers to satisfy, motivate, and encourage the employees. They build a sound employee-employer bond that keeps the employees satisfied.

5. Hiring Processes

An HR manager’s key job is to hire the best candidates for each position. The HR managers first research and analyze the number of vacancies in an organization and the skill required to fill each position. They then interview the candidates and make decisions regarding the right candidates. These right candidates, later on, play vital roles in shaping the success of the organization.

Thus, HR management is the core of any organization. That is why an HR manager is considered as a key person in any organization and they are paid a lucrative salary in return. Hence, HR Management has become a sought-after course. We at MITSDE, offer 18 months PGDM and 24 months PGDBA in HR Management. Our distance learning course is better than an MBA as it is flexible, affordable and an industry-specific course that is updated regularly according to the ongoing trends. So, pursue our HR management course and land in a career of your dream.