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Our topic is
SQUARE PHARMACEUTICALS LTD.
Submitted To:
Rumana Afroz
Senior lecturer
Department Of Business Administration
East West University
Submitted By:
Name
Khandaker Mizbah Uddin
Abdur Rab Al Mohaimin
Sabrina Mithila
ID
2012-3-10-099
2012-3-10-096
2012-3-10-082
LETTER OF TRANSMITTAL
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To
The honorable faculty
Department of management
East West University
Sub : A Report on the management process of Square group.
Dear Madam
As your instruction, we are submitting the attached report on Square Pharmaceuticals LTD.
We are pleased to enclose a report on management process involves decision making process,
planning process along with notes thereon of Square Pharmaceuticals LTD and its
Subsidiaries for your kind information and records.
Yours sincerely
Khandaker Mizbah Uddin
On behalf of the group members.
AC KN OWLED GMENT
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At first we would like to express our gratitude to almighty god for enabling us the strength
and opportunity to complete the report within the schedule time successful.
We know that practical knowledge in subject matter is essential to sub assistant the
theoretical knowledge gathered in the educational institution. In order to resolve the
dichotomy between these two areas, we was assigned to prepare this report on SQUARE
Group of Companies.
This report would not have been possible without the dedication and contribution of a number
of individuals as it involved field of knowledge and experience. The list of those greater
persons, who helped me and guided me to prepare the report is very long and cannot be
accommodated within this limited space. But it will be unfair to ignore acknowledge some of
them as they contributed so much to my effort of writing a worthy report.
First and foremost, we would like to express my gratitude to Rumana Afroz ; senior lecturer,
Honorable faculty member, Department of Business Administration East West university,
Bangladesh for agreeing to supervise me during this project. His Eagerness to help us every
step of the way encouraged us to propel myself higher.
Executive Summary
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Table Of Contents
Subjects
Objectives of the study
Methodology of the study
Page No.
09
10
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Chapter 2:
Company Overview
Chapter 3:
Theoretical background
Chapter 4:
Analysis
Chapter 5:
Findings
Chapter 6:
Conclusion
References
Appended Parts
11
12
14-15
16
22-25
26-28
29
30-31
32
33-34
35-37
38-40
49-56
57-59
Recommendation
conclusion
List of references
Appendix
Bibliography
62-63
60-61
64
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Chapter 1:
Introduction
Study background
In our assignment, we have discussed about the management process of Square group.
Actually we have focused on their planning process, decision making process, controlling
process and so on. By surveying square group, we have collected many information about
their management system and presented these information under respective headlines in our
assignment.
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The main purpose of our study is to know the management process basically the planning,
decision making, controlling process of a large multi-departmental company to better
understand the knowledge of our theoretical subject. By practically observing their company
we learnt a lot about real organization activities. As a student of business administration, we
should have such kind of practical knowledge. So we have visited Square group and collected
several information about their managerial activities to improve our theoretical knowledge.
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Information used to prepare this report has been collected from both primary and secondary
sources. The primary sources have provided the report with reliable information relating to
SPLs planning and measures to cope up with current market scenario. On the other hand, the
secondary sources have been an essential source of information regarding the pharmaceutical
industry worldwide and domestically, different companies operating in Bangladesh, data for
trend analysis considering value, share and growth and also data regarding numbers of
prescribing any molecule by doctors which depicts doctors shift of preference over time.
Primary Sources: Primary information was collected from the product managers
working in SPLs Product Management Department for relevant therapeutic classes.
This information collection was done through set questionnaire with some generalize
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and specific question. Informal discussion with my onsite supervisor and other staffs
were also helpful for gathering information for this report.
In our assignment we actually discussed about almost total management process of square
group. We presented several information about their decision making process (like how they
evaluate and select alternatives, who make decisions), controlling process actually the overall
planning process. We broadly discussed about these areas.
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As we physically visit square group, we have to face several obstacles. Some problems are
given in following:
When we visited their office they are feeling uneasy to talk with us.
Some of them behave with us roughly.
Didnt want to give the answers of all questions.
We have to gather many places to collect the answers.
They were not friendly co-operative.
They didnt give us enough time.
We couldnt collect all of our information from each of them.
All of them were not well known about all of the activities.
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Chapter 2:
Company Review
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1995 :
1997 :
:
1998 :
:
2000 :
2001 :
:
:
:
:
:
2003 :
Square Group, the most innovative company in Bangladesh pioneered exports of medicine
from the country back in 1987. They have also been active in exporting other pharmaceuticals
and this is one of the main reasons for their success and their increased credibility as a
company.
The founding chairman of this highly innovative company was Samson H. Chowdhury who
died in 2012. Mr. Samson H. Chowdhury was able to put together Square with three of his
friends. It was then appropriately named Square, because it was started by four friends.
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Vision
They view business as a means to the material and social wellbeing of the investors,
employees and the society at large, leading to accretion of wealth through financial
and moral gains as a part of the process of the human civilization.
Mission
Their Mission is to produce and provide quality & innovative healthcare relief for
people, maintain stringently ethical standard in business operation also ensuring
benefit to the shareholders, stakeholders and the society at large.
Objective
Their objectives are to conduct transparent business operation based on market
mechanism within the legal & social framework with aims to attain the mission
reflected by their vision.
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Present sinario
In Bangladesh the pharmaceutical sector is one of the most developed hi-tech sectors which is
contributing in the country's economy. After the promulgation of Drug Control Ordinance 1982, the development of this sector was accelerated. This sector is providing 97% of the
total medicine requirement of the local market. Leading pharmaceutical companies are
expanding their business with the aim to expand export market. Local pharmaceutical sales
have grown to 21 percent in the April-June period, a rise from 19 percent in the first three
months of this year, according to a report of a global pharmaceutical market intelligence
agency. Currently, the market size of the local pharmaceutical industry is worth BDT 70
Billion, said industry insiders. Pharmaceutical sector of Bangladesh forecast to grow by 13
per cent in 2010.
Two organizations, one government (Directorate of Drug Administration) and one semigovernment (Pharmacy Council of Bangladesh), control pharmacy practice in Bangladesh.
The Bangladesh Pharmaceutical Society is affiliated with international organizations
International Pharmaceutical Federation and Commonwealth Pharmaceutical Association.
In July 2010, Prime Minister Skeikh Hasina Wajed urged the World Intellectual Property
Organization (WIPO) for another 15 years waiver of Bangladeshi pharmaceuticals from IPR
restrictions. The current exemption is set to expire in 2016. The Bangladeshi pharmaceutical
industry has achieved rapid growth under the IPR waiver, and there are concerns that the
expiry of this could have adverse effects on the industry. There are 276 small, medium and
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Table :
Bangladeshs Top Seven Pharmaceutical Companies (June, 2010)
RANK
COMPANY
1
2
SQUARE
INCEPTA
PHARMA
BEXIMCO
ESKAYEF
OPSONIN
PHARMA
RENATA
ACME
3
4
5
6
7
VALUE
(Cr.Taka)
1,156.15
527.31
Growth (%)
464.99
297.48
293.02
19.36
24.90
23.65
282.21
278.83
30.75
7.80
13.36
31.09
Bangladesh is an extremely poor country, and many of the population cannot afford to see
health professionals when they fall ill, therefore been a long tradition of self-medication in
the country. The pharmaceutical distribution network tends to be more retail-orientated and
the bulk of distribution is done by the companies themselves. Meeting over 97 per cent of
total domestic requirements, pharmaceutical products from Bangladesh have reached the
international market spreading over 72 countries around the world including Pakistan, Nepal,
Sri Lanka, India, Thailand and China and are now trying to penetrate into the medicine
market of European and African continents. Bangladesh can compete with these countries in
the international export market due to its quality compliance. According to Export Promotion
Bureau (EPB), pharmaceutical export witnessed 6.21 per cent growth in the fiscal 2008-09,
earning US$45.67 million, which was recorded US$ 43 million in fiscal 2007-08. The annual
per capita drug consumption in Bangladesh is one of the lowest in the world. However, the
industry has been a key contributor to the Bangladesh economy since independence. With the
development of healthcare infrastructure and increase of health awareness and the purchasing
capacity of people, this industry is expected to grow at a higher rate in future.
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Chapter 3:
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Theoretical
Background
Human performance in decision terms has been the subject of active research from several
perspectives.
However, in reality, there are some factors that affect decision making abilities and cause
people to make irrational decisions, one of them being availability bias. Availability bias is
the tendency for some items that are more readily available in memory to be judged as more
frequently occurring. For example, someone who watches a lot of movies about terrorist
attacks may think the frequency of terrorism to be higher than it actually is.
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In this step, the problem is thoroughly analysed. There are a couple of questions one should
ask when it comes to identifying the purpose of the decision.
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TYPES OF DECISIONS:
Actually there are two types of decisions. These are
Programmed Decision(Structured problem)
Decision
Non Programmed Decision(UnStructured problem)
PROGRAMMED DECISIONS:
Programmed decisions are routine and repetitive, and the organization typically develops
specific ways to handle them. A programmed decision might involve determining how
products will be arranged on the shelves of a supermarket. For this kind of routine, repetitive
problem, standard arrangement decisions are typically made according to established
management guidelines. We can also call it structured problem decision. Lower level
Managers actually handle this problem decision
Example: Deciding to re-order office supply.
NON PROGRAMMED DECISIONS:
Non programmed decisions are typically one shot decisions that are usually less structured
than programmed decision. It occurs much less often a programmed decision. No rules to
follow since the decision is new. This decision actually is made for handle ling the
unstructured problem. And upper level management take this decision.
Example: Choosing a vacation destination.
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Certainty:
Decisions are made under the condition of certainty when the manager has perfect knowledge
of all the information needed to make a decision. This condition is ideal for problem solving.
The challenge is simply to study the alternatives and choose the best solution.
When problems tend to arise on a regular basis, a manager may address them through
standard or prepared responses called programmed decisions. These solutions are already
available from past experiences and are appropriate for the problem at hand. A good example
is the decision to reorder inventory automatically when stock falls below a determined level.
Today, an increasing number of programmed decisions are being assisted or handled by
computers using decisionsupport software.
Structured problems are familiar, straightforward, and clear with respect to the information
needed to resolve them. A manager can often anticipate these problems and plan to prevent or
solve them. For example, personnel problems are common in regard to pay raises,
promotions, vacation requests, and committee assignments, as examples. Proactive managers
can plan processes for handling these complaints effectively before they even occur.
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Risk:
In a risk environment, the manager lacks complete information. This condition is more
difficult. A manager may understand the problem and the alternatives, but has no guarantee
how each solution will work. Risk is a fairly common decision condition for managers.
When new and unfamiliar problems arise, nonprogrammed decisions are specifically tailored
to the situations at hand. The information requirements for defining and resolving nonroutine
problems are typically high. Although computer support may assist in information
processing, the decision will most likely involve human judgment. Most problems faced by
higherlevel managers demand nonprogrammed decisions. This fact explains why the
demands on a manager's conceptual skills increase as he or she moves into higher levels of
managerial responsibility.
A crisis problem is an unexpected problem that can lead to disaster if it's not resolved quickly
and appropriately. No organization can avoid crises, and the public is well aware of the
immensity of corporate crises in the modern world. The Chernobyl nuclear plant explosion in
the former Soviet Union and the Exxon Valdez spill of years past are a couple of sensational
examples. Managers in more progressive organizations now anticipate that crises,
unfortunately, will occur. These managers are installing earlywarning crisis information
systems and developing crisis management plans to deal with these situations in the best
possible ways.
Uncertainty:
When information is so poor that managers can't even assign probabilities to the likely
outcomes of alternatives, the manager is making a decision in an uncertain environment. This
condition is the most difficult for a manager. Decision making under conditions of
uncertainty is like being a pioneer entering unexplored territory. Uncertainty forces managers
to rely heavily on creativity in solving problems: It requires unique and often totally
innovative alternatives to existing processes. Groups are frequently used for problem solving
in such situations. In all cases, the responses to uncertainty depend greatly on intuition,
educated guesses, and hunches all of which leave considerable room for error.
These unstructured problems involve ambiguities and information deficiencies and often
occur as new or unexpected situations. These problems are most often unanticipated and are
addressed reactively as they occur. Unstructured problems require novel solutions. Proactive
managers are sometimes able to get a jump on unstructured problems by realizing that a
situation is susceptible to problems and then making contingency plans. For example, at the
Vanguard Group, executives are tireless in their preparations for a variety of events that could
disrupt their mutual fund business. Their biggest fear is an investor panic that overloads their
customer service system during a major plunge in the bond or stock markets. In anticipation
of this occurrence, the firm has trained accountants, lawyers, and fund managers to staff the
telephones if needed.
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Directive: The group leader solves the problem, using the information he possesses.
He/she does not consult with anyone else nor seek information in any form. This style
assumes that the leader has sufficient information to examine all the relevant options
and make an effective decision, but that is rarely the case.
Analytical: When the leader does not possess sufficient information to make an
effective decision, they will need to obtain information or skill from others. They may
not tell them what the problem is; normally, they simply asks for information. The
leader then evaluates the information and makes the decision.
Conceptual: The leader explains the situation to the group or individuals whom he
provides with relevant information, and together they generate and evaluate many
possible solutions. This style tends to be have a long-term perspective and, as a result,
will be more creative and expansive in their approach entailing a higher level of risk
for the long-term benefit of the organization.
Behavioral: The leader explains the situation to the group or individuals and provides
the relevant information. Together they attempt to reconcile differences and negotiate
a solution that is acceptable to all parties. The leader may consult with others before
the meeting in order to prepare his case and generate alternative decisions that are
acceptable to them.
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Planning
Introduction:
"Planning bridges the gap from where we are to where we want to go. It makes it
possible for things to occur which would not otherwise happen"
Planning is an activity that is basically a process: a process of human thought, and action
based upon that thought: nothing more or less than this... (Chadwick :184).
Planning is simply another of our many processes for converting history into current
activity... (Forrester 1975: 167)
Planning involves the creation and maintenance of a plan. As such, planning is a fundamental
property of intelligent behavior. This thought process is essential to the creation and
refinement of a plan, or integration of it with other plans; that is, it combines forecasting of
developments with the preparation of scenarios of how to react to them.
An important, albeit often ignored aspect of planning, is the relationship it holds with
forecasting. Forecasting can be described as predicting what the future will look like, whereas
planning predicts what the future should look like. The counterpart to planning is
spontaneous order.
Planning in organization:
In organizations, planning is a management process, concerned with defining goals for
company's future direction and determining on the missions and resources to achieve those
target. To meet the goals, managers may develop plans such as a business plan or a marketing
plan. Planning always has a purpose. The purpose may be achievement of certain goals or
targets.
The planning helps to achieve these goals or target by using the available time and resources.
The concept of planning is to identify what the organization wants to do by using the four
questions which are "where are we today in terms of our business or strategy planning?
Where are we going? Where do we want to go? How are we going to get there?..."
Planning in public policy:
Public policy planning includes environmental, land use, regional, urban and spatial planning.
In many countries, the operation of a town and country planning system is often referred to as
"planning" and the professionals which operate the system are known as "planners".
It is a conscious as well as sub-conscious activity. It is "an anticipatory decision making
process" that helps in coping with complexities. It is deciding future course of action from
amongst alternatives. It is a process that involves making and evaluating each set of
interrelated decisions. It is selection of missions, objectives and "translation of knowledge
into action." A planned performance brings better results compared to an unplanned one. A
manager's job is planning, monitoring and controlling. Planning and goal setting are
important traits of an organization. It is done at all levels of the organization. Planning
includes the plan, the thought process, action, and implementation. Planning gives more
power over the future. Planning is deciding in advance what to do, how to do it, when to do
it, and who should do it. This bridges the gap from where the organization is to where it
wants to be. The planning function involves establishing goals and arranging them in logical
order.
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TYPES OF PLANS
There are many types of plans. Like
Mission or Purposes
Objectives or Goals
Strategies
Policies
Procedures
Rules
Programs
Budgets
Mission or Purpose:
The basic purpose or function or tasks of an enterprise or agency or any part of it
The mission statement should guide the actions of the organization, spell out its overall goal,
provide a sense of direction, and guide decision-making. It provides "the framework or
context within which the company's strategies are formulated
For example; some purposes are as under;
Business
Court
University
Social
Service
Objectives or Goals:
The end towards which the activity is aimed.
Strategy:
Came out from the military use. It may be defined as: The determination of the basic long
term objectives of an enterprise and the adoption of courses of action and allocation of
resources necessary to achieve these goals
Policies:
General Statements or understandings that guide or channelize thinking in decision making
Procedures:
Plans that establish a required method of handling future activities
Procedures may or may not cut across the boundaries of different departments.These may
also include the activities of third party contractors
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Rules:
Rules spell out specific required actions or non actions, allowing no discretion.
Programs:
Programs are a complex of goals, policies, procedures, rules, task assignments, steps to be
taken, resources to be employed and other elements necessary to carry out a given course of
action; supported by budgets
or
A program is a planned sequence and combination of activities designed to achieve specified
goals within set policies. Programs normally involve equipment materials money,personnel
and time
Budget:
Budget is a statement of expected results expressed in numerical termsIt includes the
numerical statement in terms of expected cash flow, expenses and revenues, capital outlays or
labor or machine-hour utilization.
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Steps in planning
There are eight steps in planning. In order to make a successful plan managers should
follow these steps respectively.
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2. Establishing Objectives:
The objectives are set first for the enterprise and then for each sub-unit.
The goals are made long term and then broken down in details to short term goals
Objectives specify the end points for which the sequence of activities is being
carried out
3. Developing Premises:
Premises: Premises are assumptions about the environment in which the plan is to
be carried out
Principle of Planning Premises: The more thoroughly individuals charged with
planning understanding and agree to utilize consistent planning premises, the
more coordinated enterprise planning would be.
Forecasting is a major part of premising, it includes:
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7.
8.
Derivative plans are almost invariably required to support the basic plan.
Derivative plans are the sub plans or secondary plans which help in the achievement
of main plan.
Secondary plans will flow from the basic plan. These are meant to support and
expediate the achievement of basic plans.
These detail plans include policies, procedures, rules, programmes, budgets,
schedules, etc. For example, if profit maximization is the main aim of the enterprise,
derivative plans will include sales maximization, production maximization, and cost
minimization.
Derivative plans indicate time schedule and sequence of accomplishing various
tasks.
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OBJECTIVES
Objectives are the ends towards which the organizational and individual activities are
directed.
According to George R. Terry, "A managerial objective is the goal which prescribes definite
scope and suggests the efforts of a manager."
According to Heinz Weihrich and Harold Koontz defined objectives of management
as, A systematic manner and that is consciously directed toward that effective and efficient
achievement of organizational and individual objectives.
Objective serves as guidelines or landmarks or road lines for action and efforts to achieve
managerial goal. Well defined objective steers an organization to success. The objectives are
required to be Verifiable so as to determine the contribution of every manager towards
those may be measured and verified.
Corporate objectives:
Corporate objectives are those that relate to the business as a whole. They are usually set
by the top management of the business and they provide the focus for setting more detailed
objectives for the main functional activities of the business.
Corporate objectives tend to focus on the desired performance and results of the business. It
is important that corporate objectives cover a range of key areas where the business wants to
achieve results rather than focusing on a single objective.
Peter Drucker suggested that corporate objectives should cover eight key areas:
Area
Examples
Market standing
Innovation
Productivity
Physical&financial
resources
Profitability
Management
Employees
Public responsibility
Functional objectives:
A well-established business will divide its activities into several business functions. These
traditionally include areas such as:
Whilst each of these functional areas requires specialist expertise, their activities are not
carried out in isolation from the rest of the business. It is vital in your studies to consider the
ways in which the functional activities are connected to each other.
However, it is common for each functional area to be set its own objectives, which should be
consistent with the higher-level corporate objectives.
So, functional objectives are:
Set for each major business function and are designed to ensure that the corporate
objectives are achieved
Consider some example objectives for the marketing function. Examples of functional
marketing objectives might include:
We aim to build customer database of at least 250,000 households within the next 12
months
We aim to achieve 75% customer awareness of our brand in our target markets
SMART objectives:
Many business textbooks suggest that both corporate and functional objectives need to
conform to a set of criteria referred to as an acronym SMART.
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Measurable
Achievable
Relevant
Time Bound
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Hierarchy of objectives:
The objectives form a hierarchy, ranging from the broad aim to specific
individual objectives
The topmost and the most important objective is the purpose or mission
The purpose or mission is to get translated in overall objectives
And then there are more specific objectives or the Key result areas; in
which performance is essential for the success of the enterprise
And then there are more specific objectives or the Key result areas; in
which performance is essential for the success of the enterprise
The key result areas may be;
Market standing
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Innovation
Productivity
Physical and financial resources
Profitability
Manager performance and development
Worker performance and attitude
Service
Quality
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Multiplicity of Objectives:
Managers may get many objectives at the same time
It is wise to set the priority levels to all the objectives
The number of objectives assigned to a manager depends on how much
would be performed by himself and how much would he be delegating to
the subordinates and then would supervise and control
HOW TO SET OBJECTIVES:
The objectives must be specific, measurable, attainable, realistic and timed
Objectives must be challenging and priorities must be assigned to each of
them
Should also be communicated and stated very clearly
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MANAGEMENT BY OBJECTIVES:
A comprehensive managerial system that integrates many key managerial
activities in a systematic manner and is consciously directed toward the effective
and efficient achievement of organizational and individual objectives.
Management by Objectives (MBO) is a process in which a manager and an
employee agree upon a set of specific performance goals, or objectives, and
jointly develop a plan for reaching them. The objectives must be clear and
achievable, and the plan must include a time frame and evaluation criteria. For
example, a salesperson might set a goal of increasing customer orders by 15
percent in dollar terms over the course of a year.
MBO is primarily used as a tool for strategic planning, employee motivation, and
performance enhancement. It is intended to improve communication between
employees and management, increase employee understanding of company goals,
focus employee efforts upon organizational objectives, and provide a concrete link
between pay and performance. An important factor in an MBO system is its
emphasis on the results achieved by employees rather than the activities
performed in their jobs.
BENEFITS:
People feel motivated when clear goals are effectively communicated to them
Improvement of managing through results-oriented planning
Clarification of organizational roles and structures as well as delegation of
authority according to the results expected by the people occupying the roles
Encouragement of commitment to personal and organizational goals
Development of effective controls that measure results and lead to corrective
actions.
FAILURES OF MBO:
Failure to understand the philosophy of MBO by the managers or teams.
The benefit it provides to the teams also needs to be clearly
explained
Its philosophy is built on the concepts of self control and self
direction
Failure to give guidelines to goal setters is another problem
Managers need to know the enterprise goals, company policies and
planning premises
The verifiable goals should also be flexible
The goals should be attainable and no unethical means should be
adopted to achieve them
Unethical activities should be punished
Emphasis of short-run goals on long-run goals
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In some areas, quantitative goals could not be set, but their importance could
also not be negated for eg company image etc.
Chapter 4:
Analysis
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20. The strategic plan is a short, concise document that outlines the decisions the organization
has made (supporting materials about process, surveys, etc. are included in the appendix).
Using these best practices can have a positive impact upon their organizations future.
However, for those of us who may not consider it appropriate to adopt all these best
practices for strategic planning at this time, they have found that they can still benefit by
having the Board and Executive Director use these statements as a framework for discussion.
The discussion should focus on understanding why the organization should or should not
include each of these best practices in their planning.
Square conduct workforce planning in a unique way. Therefore, identifying best practice
elements of workforce planning across organizations specifically, the private and public
sector was selected as the approach for evaluating the merits of workforce planning for their
work field. The best practices organized into three broad components described in Table 1
below.
Each of these components and corresponding elements of best practice workforce planning
will be addressed through different analysis approaches. In identifying comparative best
practices for evaluating the merits of workforce planning for the field, organizations were
surveyed from a variety of industry and government sectors and chosen based on reputation
within the field and established workforce planning approaches. The organization exhibit
components of good workforce planning and include protocols for addressing the workforce.
The evaluation of the Process component includes in-depth analysis of each step of the
workforce planning process through comparison of two different workforce planning
methodologies. In both the public and private sectors, workforce planning has three
commonly accepted process elements model, data, and analytics. Together, these elements
allow an organization to better understand the state of its workforce and address needs to
properly plan for its workforce. Before examining these elements, it is important to
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understand the general workforce planning process. The workforce planning process is
commonly applied as a four-step activity. The generally accepted steps of the four-step
workforce planning process are:
Step One: The process begins with a thorough inventory of the organizations supply, or in
other words, the current workforce, considering the skills, characteristics, positions, and other
pertinent information specific to the organization. This inventory serves as a baseline for the
current state of the organizations workforce.
Step Two: A demand and supply data analysis is then conducted. A supply data analysis
looks at the positions and skills sets of current workforce to determine who is doing the
actual work, whereas a demand data analysis examines an organizations goals and strategic
plans and determines what the workload is for the current workforce. Depending on the
organizations need, it may be easier for one data analysis to be conducted prior to the
other.however, both analyses are necessary for an effective workforce planning process.
Step Three: At this point an organization analyzes both sets of data to identify gaps in
current supply and expected demand. A workforce planning gap analysis will observe what
actions need to be taken for an organizations current workforce to reach the organizations
future workload needs.
Step Four: Once the analysis is completed, the organization will create an implementation
plan detailing the steps that need to be taken to eliminate or mitigate any gaps in the
workforce.
These steps will address an organizations needs to properly plan for its workforce.
Again in order to run the organization properly they set several goals. Like
Set individual employees goal: Set according to job description defined for each
employee. Moreover, task goal is defined and revised monthly & quarterly. For
example, sales target of sales force is set & revised each month considering present &
past sales trend and market potentiality as a whole.
Departmental goal: Departmental goal is set considering functional requirements of
the department. For example, goal of sales department is determined on several key
performance indicators, e.g., sales growth, sales achievement & market share. This is
also set monthly, quarterly and yearly.
Square manages multiple goals. Multiple goals are interlinked usually so that attainment of
one goal assists in achievement of another one. Different strategic planning is taken for
different goal. Regular follow-up and monitoring of extent of goal achievement is done so
that we can go for alternative planning to attain this.
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Motivating strategy:
Financial- Salary, performance bonus, festival bonus, provident fund, gratuity, daily
allowance, employee participation fund, employee provident fund, force leave bonus, free
lunch, free transport, foreign tour reward with monetary support, etc.
Non-Financial- Working in friendly environment, training, scope of learning, weight of jobs
assigned, leadership style of leaders, available leave, office time, inspiration and appreciation
from the seniors, appreciation of creativity and freedom of responsibility
Determination of budget:
The budget always determines costing growth over last year. If planning is supposed to be
highly fruitful, costing growth is set at high and vice versa.
MBO practice:
Management by Objectives is highly appreciated in Square. Participation of relevant
personnel is ensured and their input is highly inspired and considered. Mostly, the
accomplishers plan for themselves and target is considerably set as per their ability and
expectations.
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Decision makers:
Both mid-level and upper level managers. The young managers mostly contribute to
important decisions.
Rational decision:
They think that Rational decision is always important. Emotional decision hardly brings
revenue and mostly gives negative impact. Rational decision may not bring substantial
revenue but hinders negative outcomes.
Quantitative and Qualitative factors:
Quantitative: budget, time, # of personnel deployment.
Qualitative : nature of objective, communication, availability of informational resources,
presence of relevant persons who influence in rational decision making, skill of the
accomplishers etc.
correlation between accounting and sales data. Again, the IT department has nothing to do
with accounting information. Square utilizes its resources effectively and efficiently.
Cost-effectiveness:
Wherever cost exists, its effectiveness analysis exists. Effectiveness judged on return
expected out of the costing. Petty costing is not analyzed but any sort of big investment of
expenses incurred through well analysis of expected return.
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Chapter 5:
Findings
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Chapter 6:
Conclusion
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RECOMMENDATION
They should recruit key personnel with more human interaction skills.
They should improve their decision making policy.
They should increase decentralization and centralization in decision making
respectively.
Their planning process should be well developed.
They should think about more factors while planning,
They should go for better management system.
They should provide more importance on their goal achievement.
They should provide better training to their managers.
They should set their objectives very carefully.
Highly experienced managers should take all the critical decisions.
Steps should be taken to create awareness and drive out the wrong ideas about their
products among rural people.
Square pharmaceuticals LTD. Need to bring more product like new dose including
tablet, capsule, syrup, suspensions etc in its product line.
They should focus on global market expansion.
CONCLUSION
At the end, after analyzing the term paper, we can proclaim that Square pharmaceutical LTD
is one of the best firm in our country. It makes many pharmaceutical items and doses very
cheap for us. Despite some errors its management system is very strong. Their managers and
key personnel are very much conscious about their responsibility. They try their best to attain
the goal. In addition they practices best policy for their planning and decision making. They
have good strategic plans to do their job.
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REFERENCES:
1. Md. Mozahidul Islam
Senior Executive, Business Development.
Sales Department
SQUARE Pharmaceuticals LTD.
2. Management: A global and entrepreneurial Perspective By H.Weihrich, Mark V.
Cannice, H.Koontz.
3. www.wikipedia.com
4. www.boundless.com
5. www.slideshare.net
6. www.tutorialspoint.com
7. www.zeepedia.com
8. www.inc.com
9. managementinnovations.wordpress.com
10. www.cliffsnotes.com
11. www.csupomona.edu
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