BA 113 – ENTREPRENEURSHIP

1. DEFINITION OF MANAGEMENT AND BASIC FUNCTION OF MANAGEMENT.

Management is the process of reaching organizational goals by working with and through people and other organizational resources. The management is based upon
the four main functions which includes Planning, Organizing, Leading and Controlling. Each function play vital role to consolidate the management in the
Organization.

Planning involves choosing tasks that must be performed to attain organizational goals, outlining how the tasks must be performed, and indicating when they should
be performed. Planning activity focuses on attaining goals. Managers outline exactly what organizations should do to be successful. Planning is concerned with the
success of the organization in the short term as well as in the long term.

Organizing can be thought of as assigning the tasks developed in the planning stages, to various individuals or groups within the organization. Organizing is to create a
mechanism to put plans into action. People within the organization are given work assignments that contribute to the company’s goals. Tasks are organized so that
the output of each individual contributes to the success of departments, which, in turn, contributes to the success of divisions, which ultimately contributes to the
success of the organization.

Influencing is also referred to as motivating, leading or directing. Influencing can be defined as guiding the activities of organization members in the direction that
helps the organization move towards the fulfilment of the goals. The purpose of influencing is to increase productivity. Human-oriented work situations usually
generate higher levels of production over the long term than do task oriented work situations because people find the latter type distasteful.

Controlling is a function of management that involves measuring achievement against established objectives and goals. It also requires managers to be able to
identify sources of deviation from successful accomplishment and to provide a corrective course of action. Managers first establish objectives and goals, then
measure achievement of them, identify anything that is keeping the company from achieving them, and provide means of correction if necessary. Controlling does
not necessarily involve achieving only monetary goals and objectives. It can also relate to nontangible goals and objectives like meeting a production quota or
reducing customer complaints by a certain amount.

2. IMPORTANCE OF FINANCIAL PLANNING.

Financial planning is a process of framing objectives, policies, procedures, programmes and budgets regarding the financial activities of a concern. It is the long-term
method of wisely managing your finances so you can achieve your goals and dreams, while at the same time negotiating the financial barriers that inevitably arise in
every stage of life. The importance of Financial Planning are as follows:

 It helps in ensuring adequate funds.

 It helps in ensuring a reasonable balance between outflow and inflow of funds so that stability is maintained.
 It ensures that the suppliers of funds are easily investing in companies which exercise financial planning.
 It helps in making growth and expansion programmes which helps in long-run survival of the company.
 It reduces uncertainties with regards to changing market trends which can be faced easily through enough funds.
 It helps in reducing the uncertainties which can be a hindrance to growth of the company. This helps in ensuring stability and profitability in concern.

3. THE FOUR (4) MARKETING STRATEGIES: PRODUCT, PRICE, PROMOTION, DISTRIBUTION

The four Ps in marketing strategy are product, price, place and promotion. These are the four factors you must consider when you plan your marketing strategy. The
four Ps are also known as the “marketing mix.” To meet the needs of different customers or market sectors, you can change the mix by varying the product you offer,
the price you charge, the place you sell it and the way you promote it.

The product is either a tangible good or an intangible service that is seem to meet a specific customer need or demand. All products follow a logical product life cycle
and it is vital for marketers to understand and plan for the various stages and their unique challenges. It is key to understand those problems that the product is
attempting to solve. The benefits offered by the product and all its features need to be understood and the unique selling proposition of the product need to be
studied. In addition, the potential buyers of the product need to be identified and understood.

Price covers the actual amount the end user is expected to pay for a product. How a product is priced will directly affect how it sells. This is linked to what the
perceived value of the product is to the customer rather than an objective costing of the product on offer. If a product is priced higher or lower than its perceived
value, then it will not sell. This is why it is imperative to understand how a customer sees what you are selling. If there is a positive customer value, than a product
may be successfully priced higher than its objective monetary value. Conversely, if a product has little value in the eyes of the consumer, then it may need to be
underpriced to sell. Price may also be affected by distribution plans, value chain costs and markups and how competitors price a rival product.

Promotions are marketing communication strategies and techniques. These may include advertising, sales promotions, special offers and public relations. Whatever
the channel used, it is necessary for it to be suitable for the product, the price and the end user it is being marketed to. It is important to differentiate between
marketing and promotion. Promotion is just the communication aspect of the entire marketing function.

Place or placement has to do with how the product will be provided to the customer. Distribution is a key element of placement. The placement strategy will help
assess what channel is the most suited to a product. How a product is accessed by the end user also needs to compliment the rest of the product strategy.

4. SOCIAL RESPONSIBILITY OF BUSINESS OR ENTREPRENEUR.

The social responsibility of the entrepreneur or businessman is his obligation to his customers, suppliers and stockholders, fellow businessmen, government, to the
community and to his employees. Such business relationships are measured by fairness, honesty and justice.

The entrepreneur or businessman must sell quality products at fair price. He must also be fair with his suppliers by paying them on time as agreed upon. He must pay
the correct amount of taxes to the government. He must promote the welfare of his employees. He must observe business ethics with his fellow businessmen.
Equally important is the social responsibility of the entrepreneur to his community in terms of job creation and environmental conservation.

5. EMPLOYEE’S EXPECTATION FROM THE MANAGEMENT.

Employees have their own expectations, and if those expectations aren't met, some of the best will eventually look elsewhere. While individual employees may not
always be vocal about their expectations, several studies have focused in on what employees really want in the modern business world. Here are some simple
expectations that the best employees expect from the management:
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a. Security of Tenure
b. Opportunities for advancement as business grows
c. Treatment with respect and dignity as human beings
d. Participation in decision-making
e. Sharing of authority and responsibility
f. Open and sincere communication
g. Rewards for achievements
h. Opportunities for personal growth
i. Infusion of a sense of pride in a job well done
j. Involvement in setting precise goals