Integrated Assignment

8/8/2019 Integrated Assignment

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Assessment Front Sheet PGDBEIMPORTANT : YOUR ASSIGNMENT WILL NOT BE ACCEPTED FOR

ASSESSMENT WITHOUT THE COVERING SHEETS

PGDBE Programme : ACL II Integrated assignment

Assignment Title Assignment 1 Assessor : Brahm Sharma

Student Name : Abishek Kumar Singh Year 2009

Given out

on :

01.09.2010 Required Submission

Date :

07.09.2010 Actual Submission

Date:

07.09.2010

Submitted to :

Mrs. Kanika

OUTCOMES Assessment Criteria To achieve each outcome

a student must demonstrate the ability to :

Explore various marketing strategies and prepare amarketing Plan

Compare and contrast different promotional planand marketing strategies

Compute the various elements of cost and their practicalimplications

Prepare cash flow statement and identify andanalyse the measures for cost reduction.

Explore various elements management information system Apply latest technologies of MIS

Explore cost reduction techniques in production andsupply chain

Apply JIT concept

Explore various means of improving employeesperformance

Identify training needs and prepare job description.

Higher Level Skills

Students studying PGDBE will be expected to develop the following skills in this assignment.Cognitive skills of critical thinking, analysis and synthesis.Effective use of communication and information technology for business applications.Effective self-management in terms of planning, motivation, initiative and enterprise.

OVERALL ASSESSMENT GRADE GRADING OPPORTUNITIES

MERIT CRITERIA

MET

DISTINCTION CRITERIA

MET

M1 D1

M2 D2

M3 D3

Plagiarism is a serious college offence.I certify this is my own work have referenced all relevant materials.

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TUTORS COMMENTS

OUTLINE ASSESSMENT CRITERIA

PASS

A pass grade is achieved by meeting all the requirements defined in the assessment criteria for the unit.MERIT

In order to achieve a merit the students must:M1 Identify and apply strategies to find appropriate solutions.M2 Select/design and apply appropriate methods/techniques.M3 Present and communicate appropriate findings.

In addition, students will also show your skills in selecting appropriate sources of finance from a wide rangeand discussing in some detail the implications of making that selection. Illustrative figures will be used but may

not be based in research carried out. Issues relating to financial planning will be raised but may not be coveredin detail, or may omit one of the four key areas.DISTINCTION

In order to achieve a distinction the students must:D1 Use critical reflection to evaluate own work and justify valid conclusions.D2 Take responsibility for managing and organizing activities.D3 Demonstrate convergent, lateral and creative thinking.

In addition, to earn this grade the assignment must be meticulously planned and students must be able todemonstrate an ability to anticipate and solve complex tasks in relation to the case study. Students mustdemonstrate considerable research over and above class materials and synthesis information accurately.

Name of Verifier :

Internal Verification Date :

1. As the Marketing Head of the Company, Design three strategies to improve the sales of washing

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machines. Which one do you think is the most appropriate in present situation and why? What

measures do you suggest to increase the sales in Eastern region from 8% to at least 20%?

Ans:

As the Marketing Head of the Company, the three strategies which I would like to designed to

improve the sales of the washing machines

1. Product Development - Developing or finding new products to take to your existing market(s).This is an attractive strategy if you have strong market share in a particular market. Such a strategy can bea suitable reason for acquiring another company or product/service capability provided it is relevant to youmarket and your distribution route. Developing new products does not mean that you have to do this yourself(which is normally very expensive and frequently results in simply re-inventing someone else's wheel) - oftenthere are potential manufacturing partners out there who are looking for their own distribution partner with thesort of market presence that you already have. However if you already have good market share across a widerange of products for your market, this option may be one that produces diminishing returns on your growthinvestment and activities, and instead you may do better to seek to develop new markets, as in the nextstrategic option.

Example: New CokeIn April 1985, Coca-Cola, the largest aerated beverage manufacturer in the world launched a sweeter versionof soft drink named New Coke. Coca-Colas decision to change Cokes formulation was one of the mossignificant developments in the soft drink industry during that time. The taste of New Coke was similar to thatof Pepsi. The main idea of launching New Coke was to substitute Pepsi.

2. Market Development - Developing new markets for your existing products.New markets can also mean new sub-sectors within your market - it helps to stay reasonably close to the

markets you know and which know you. Moving into completely different markets, even if theproduct/service fit looks good, holds risks because this will be unknown territory for you, and almost certainlywill involve working through new distribution channels, routes or partners. If you have good market share andgood product/service range then moving into associated markets or segments are likely to be an attractivestrategy.

Example 3: Allen Solly brand to Womens wear.

Allen Solly is a brand of Madura, a leading Indian apparel company. Madura employed the Indian MarkeResearch Bureau (IMRB) to conduct a market study on clothing requirements of working women. The studyrevealed that while Indian women loved ethnic clothes, they ware not comfortable to work in. The studyindicated a growing need for Western wear. The study also revealed that the western wear available in themarket was unsuitable for Indian women. This information motivated Madura to extend its Allen Solly brand towomens wear.

3. Diversification - taking new products into new markets.

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This is high risk - not only do you not know the products, but neither do you know the new market(s), andagain this strategic option is likely to entail working through new distribution channels and routes to marketThis sort of activity should generally be regarded as additional and supplementary to the core businessactivity, and should be rolled out carefully through rigorous testing and piloting. Consider also your existingproducts and services themselves in terms of their market development opportunity and profit potential. Somewill offer very high margins because they are relatively new, or specialised in some way, perhaps because ofspecial USP's or distribution arrangements. Other products and services may be more mature, with little or no

competitive advantage, in which case they will produce lower margins. The Boston Matrix is a useful way tounderstand and assess your different existing product and service opportunities.

Example: ITC

ITC has diversified into a completely unrelated industry such as food, apparels.

I think is the most appropriate strategy in present situation would be Product Development because thisprocess involves the modification of existing products or the creation of new items in a related category.

These products are marketed to current customers through established channels.

For Example: Nokia launches Nseries N80

Nokias latest addition to its Nseries family, the Nokia N80, weighing only 134 grams, NokiaN80 is the first quad band handset designed to work both on 3G and four GSM bands. The convenient, in-builtintuitive browsing and fast internet access makes it possible to send and receive e-mails at WLAN speeds. TheNokia N80 demonstrates the cutting-edge technological leadership of the Nseries and offers an unparalleledexperience to consumers. This compact, internet-optimized and feature-rich device has raised the bar for mobiledevices. Comprising the functionality of a highly advanced converged mobile device, the Nokia N80 empowerspeople to pursue professional goals and passions with equal fervor.

Suggested Measures to increase the sales in Eastern region from 8% to at least 20%

1. Comprehension marketing plan

3. Market research4. Target market

5. Diversification of products

6. Proper distribution channel

7. Provide discounts, exchange and sales offer

8. Improvement in technology

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2. The Inventory Manager feels that the concept of Economic Order Quantity (EOQ) can also be

implemented along with Just in Time. You have been asked to compare both. How will you do It?

And which one will you prefer?

Ans:

Just in Time (JIT)

Just in time (JIT) purchases means the purchase of goods or materials such that delivery immediatelyprecedes their use. Just in-time(JIT) production (also called lean production) is a demand- pullmanufacturing system in which each component in a production line is produced immediately as need in whichby the next step in the production line. In a JIT production line, manufacturing activity at any particularworkstation is promoted by the need for that stations output at the following station. Demand triggers each stepof the production process, starting with customer demand for a finished product at the end of the process andworking all the way back to the demand for direct materials at the beginning of the process. In this way, demandpulls and order through the production line.

Benefits of Just in Time (JIT)

a. Reduce inventories and WIPb. Reduce space requirements, set up time

c. Shorter throughput timesd. Greater employees involvement, participation & motivatione. Smooth work forcef. Greater productivityg. Improved product /service qualityh. Improved customer service & smaller batch size.i. More uniform loading of facilities.

EOQ stands for economic order quantity and is a formula for determining the optimal quantity that should

be ordered in order to minimize the sum of holding costs and ordering costs. Essentially, it is the perfectbalancing point in which if you order more frequently, although you are saving money in holding costs (thecosts of carrying inventory), you are incurring more costs spent on ordering that you save in reduced holdingcosts. So really you are looking to reduce two factors as much as possible: ordering and holding. (Basically anordering theory based on the Law of Diminishing Returns).

The goal of JIT is to reduce the sum of ordering costs and holding costs. However, JIT is used in cases whereholding costs are so high that the EOQ is a very small amount. Therefore, it is more economical to order just-in-time than it is to order large amounts very rarely.

Basically, JIT is what happens when the ratio of holding costs to ordering costs becomes so high that the

formula for EOQ dictates ordering be performed so frequently that it becomes worthwhile to order as needed.

This can happen in two ways:

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Ans:

Technology and Business are two very important parameters for an industry.

The Role of Information Systems

The flow of information has become a vital component to the operation of an effective inventorymanagement system. In recent years, new information technology has made initiatives such as JIT and MRP IIpossible. These new technologies provide a means to more accurately track the flow of materials, Substituting

information for inventory. The reason is the cost of information has been declining relative to other expensessuch as land, labor, and capital. A good information system allows firms to maintain lower levels of inventory.

Bar Coding

Bar coding has become popular due to its accuracy and speed. It entails the use of a scanner operated by aworker and Universal Product Code (UPC) symbols on products. Trends have shown that nearly 80 percent ofcompanies are now using bar coding for almost all products that move through their system/

Faster Data Entry Better Accuracy Reduced Revenue Losses Resulting from Data

Collection Errors Faster Access to Information

Electronic Data Interchange (EDI)

An important component of information systems is electronic data interchange (EDI). Electronic datainterchange is a format that links organizations and computer systems. The purpose of EDI is to eliminateduplicate data entry and to improve the speed and accuracy of the information flow by linking computerapplications between companies A key characteristic of EDI is that it is intended to be a computer-to-computerlink that does not require human interpretation, thereby reducing data entry errors and time caused by multipleentry. Another characteristic of EDI is that it requires some type of computer system to operate it. EDI is usedfor two primary purposes: to improve customer service and to improve the efficiency of the logistical system.

Examples of EDI usage include the processing of freight bills, purchase order processing, and to enhance Just-In-Time (JIT) systems. In addition, inventory reduction is often possible with the use of EDI.

WRL will be benefited in the following way:

Faster Trading Cycle Saving in Processing Costs Saves time

Radio Frequency Identification (RFID)

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RFID is similar to bar code technology but uses radio waves to capture data from tags

It will be helpful to WRL in following ways:

Optimal inventory and avoidance of over/under stocks Enhanced customer satisfaction Reduction in theft and counterfeit Easy to locate product

Helps in keeping up the track from supplier up to the end customer

Wash Right Limited (WRL) a south based washing machine manufacturer was started as a joint venturecompany by a leading group in 1998. The company received state-of-the-art technological know-how from awell-known Japanese company, which is an important global player in the automatic washing machine productsegment. This joint venture provided WRL with an opportunity to establish its brand in the highly competitivedomestic market, without facing much difficulty. In the initial phases, the main business of the company was toassemble and manufacture washing machines.

The company had acquired a superior technology through the JV, and itssales were expected to grow at 20 to 30 per cent per annum. The company experienced a significant growth inits sales during the first three years of its operations, and its actual growth rate averaged about 30 per cent per

annum. Apart from its brand name, another advantage the company had was in terms of its pricing policy. Thecompany had cost and technology advantage, and therefore, could keep its prices significantly lower ascompared to its competitors. Over this period, the company established its name, and its products became well-known in the market. The company entered into MOU with 40 well-known distributors all over the country,who were appointed as sole agents for distributing the company's products. WRL also had an agreement withother 300 agencies which agreed to display and sell its products.

4. The causes for decline of profits are many. What corrective measures would you have taken toincrease the financial position of the company and increase in profits? Do you think Letter of Credit

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can reduce the payment period and make the company earn interest?

Ans:

The causes for decline of profits are many namely; huge competition, large amount of short-term borrowings, continuous increase in inventory levels etc.

Corrective Measures to increase the financial position of the company and increase in profits

1. Cash Balance and Reserves: Ultimately youre in business to convert all other assets to cash. Evenbusinesses with large profits have actually gone bankrupt, simply by not being able to convert other assets(such as inventory and accounts receivable) quickly enough into cash. If there is not enough cash, then thebusiness cannot pay its employees, order new product, or pay vendors. In addition to reviewing the cashbalance and reserves each month, the owner needs to focus on cash needs for the coming month.

2. Liquidity Analysis: What is the proportion of your current assets to current liabilities? Do you measure thatmonthly? What does that tell you? It indicates your ability to pay your bills as they come due. Just as a gooddoctor will take your pulse and blood pressure, a good accountant will (amongst many other things) take thepulse of your business by measuring liquidity. Two ratios used to measure liquidity are the Current Ratio andthe Quick Ratio. If they are too low, it will be a warning sign a pending cash crunch. By monitoring these keyrations regularly, corrective action can then be taken before a crisis occurs.

3. Accounts Receivable Aging: The longer it takes to collect your receivables the more pressure is brought tobear on your ability to pay your bills as they come due. This in turn will lead to increased bank borrowings orcapital injections from the owners. Furthermore, the older your accounts become the more difficult it will be tocollect them. The old adage is: A sale is not a sale until the money is in the till. Perhaps the sales departmentis selling to poor credit risks. Maybe better collection systems need to be implemented.

4. Gross Profit Margin: This rate should stay constant. If it moves, it is a sure sign of potential trouble. If thechange was expected, that is fine but you need to measure and analyze your margin to be sure it changed theway everyone expected. If it was not expected, immediate analysis is required to correct the situation. Anexample of an expected change in gross margin is Taco Bell. When they went to the low priced menu severalyears back, their food costs were approximately 30%. They reduced their prices such that food cost was 40%.They counted on dramatically increased volume to make up the shortage and more. What they got was awindfall. Their sales increased significantly and profits increased as a result and the customers were happy.

5. Sales Per Sales Person: This measures the effectiveness of each sales person. It also provides a barometerfor when new sales people should be added (as sales increase). It also spots potential downtrends in customerbuying which will allow the company to pursue other options or new marketing, advertising, product or servicelines.

6. Sales in the Pipeline: This is sometimes hard to measure, but critical to proper planning. The semi-conductor industry has long used the book to bill ration. It measures orders for products vs. amounts actuallyinvoiced upon shipment. If the number is positive, growth is occurring, if negative, sales will be slowing downin the future. The same type of analysis can be done for any business as long as the measurement is consistentand real.

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7. Sales Conversion Ratio: Since sales in the pipeline are usually not as well defined for most businesses (suchas the book to bill ration), the conversion ratio is a good measure. This is a very key ratio for most businesses,and yet often overlooked. It can be calculated at each stage of the sales cycle, and then used to predict and planfuture sales. For example, if you do telephone cold calling, you can count the number of calls made each weekand the number of appointments that result from those calls. If your company made 100 calls this week and 10appointments were set up, you would have a 10% conversion ratio from phoning to appointments. Then if thesales reps closed 3 sales for each 10 appointments, you would have a 30% conversion ratio from appointment to

customer. By tracking the conversion ratio at each point in the cycle, you can see where effectiveness is laggingand make changes, more importantly; you can predict sales volumes by adding additional appointments settersand reps and applying your average conversion ratios to project sales volumes.

8. Net Profit Percentage: This is profit expressed as a percentage of sales. This number cannot be calculatedcorrectly unless the entire accounting system is working properly and correct information is available. Thepercentage is generally consistent, but may change for various expected reasons. However, any changes shouldbe evaluated and any remedial action required must be implemented immediately upon determining thecorrective action.

9. Return On Equity: Based on your risk, and effort to run your business, are you getting an adequate return

on equity, or have you just bought yourself a job. The business should always be focused on making sure thatstaying in business makes sense. Good Return On Equity (ROE) happens when the company makes moremoney doing what it does rather than investing elsewhere. Return on equity tells the owner if this is happening.If a business owner has $1,000,000 invested in the business and the business nets him $10,000 in profit, he maybe better off quitting the business, investing the 1,000,000 in the bank and earn 3%. A target return should beestablished as to what the business owner expects to earn on invested equity and make sure that its happening.This can then be measured regularly against the target ROE rate.

10. Actual vs. Budget Review: A budget should be prepared for every company. Once completed, the actualresults should be compared to what was budgeted. When the budget is not met or is exceeded, the personresponsible needs to account for the difference. This also helps the business to establish a specific person being

accountable for every financial transaction in the business. The sales team explains any differences from budgetfor the amount of cash or payables, etc. Each difference is either accepted (such as higher sales) or an actionitem is initiated to correct a problem.

11. Inventory Turnover: For businesses that have inventory, it is critical to manage it correctly. If a business isefficient and has high volume, the more turns it will have in inventory. This means the business will have lessinvested in inventory. If the turnover is not high, then the business has to seriously look at inventory anddetermine if it is carrying too much.

12. Debt Of The Company: The amount of debt a company carries must be consistent with its needs. If acompany is using debt just because it is easy or available, it may be wasting money. If it is using debt because

of opportunities that require funds that could increase sales then the company must measure the results of theinvestment compared to the costs involved. Any pay downs or increases in lines of credit must be scrutinized tosee if they conform to expectations, which can be determined from an estimated cash flow statement as part ofthe budgeting process.

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Maximizing profits

There are four areas company need to be concerned with in running their company.

1) Executive decisions include strategic planning such as determining target markets, whether to expand,whether to change concepts, etc.

2) Sales activities relate to generating revenue foryour business including the marketing and advertising.

3) Operations relates to delivering what was sold, whether product or service.

4)Administrative functions obviously includes the back office for all businesses paying bills, sendinginvoices, payroll, making those important bank deposits, generating reports for government agencies, etc.Basically administrative is important albeit a rather unproductive tax on time.

There are only a few ways to increase profits and the business must determine which one has control over andthen concentrate on those areas.

1) Increased sales,

2) Decreased expenses

3) Increased efficiencies or

4) Increased margins on existing and future sales.

However, with increased efficiencies using current technology, many companies that have been around for awhile may be doing things inefficiently and can focus on increased efficienciesto cut costs here. Never forget tobe innovative in your business operations. This can be a fun and profitable exercise. The best opportunities for

increased profits are usually with item increased sales, or increased margins on existing and future sales. Mostbusinesses always concentrate on increased sales. This is usually a wise move since they try to leverage whatthey have already proven they can do. Increasing margins, is rarely reviewed or proactively chased.

No, I dont think Letter of Credit can reduce the payment period and make the company earn interest.

Letter Of Credit (LC)

A letter of credit (LC) is a binding document that a buyer can request from his bank in order to guaranteethat the payment for goods will be transferred to the seller. Basically, a letter of credit gives the sellerreassurance that he will receive the payment for the goods.

A letter of credit is basically a document issued by a bank guaranteeing a client's ability to pay for goods orservices. A bank or finance company issues a letter of credit on behalf of a buyer, authorizing the seller toobtain payment within a specified timeframe once the terms and conditions outlined in the letter of credit aremet. The letter of credit acts like an insurance contract for both the buyer and seller and practically eliminatesthe credit risk for both parties, while at the same time reducing payment delays. A letter of credit provides theseller with the greatest degree of safety when extending credit. It is useful when the buyer is not well knownand when exchange restrictions exist or are possible.

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The LC can also be the source of payment for a transaction, meaning that a will get paid by redeeming the letterof credit. Letters of credit are used primarily in international trade transactions of significant value, for dealsbetween a supplier in one country and a customer in another. The parties to a letter of credit are usually abeneficiary who is to receive the money, the issuing bank of whom the applicant is a client, and the advisingbank of whom the beneficiary is a client. Almost all letters of credit are irrevocable, i.e., cannot be amended orcanceled without prior agreement of the beneficiary, the issuing bank and the confirming bank, if any. Inexecuting a transaction, letters of credit incorporate functions common cheques. Letter of credit is a document

issued mostly by financial institutions which usually provides an irrevocable payment undertaking to abeneficiary against complying documents as stated in the credit.Once the beneficiary or a presenting bank acting on his behalf, makes a presentation to the issuing bank orconfirming bank, if any, within the expiry date of L/C, comprising documents complying with the terms andconditions of the L/C, the applicable UCP. And international standard banking practices. The issuing bank orconfirming bank, if any, is obliged to honor irrespective of any instructions from the applicants to the contrary.

Seller Bank

Carrier

After a contract s concluded between buyer and seller, buyer bank supplies a letter of credit to the seller

Seller consigns goods to a carrier in exchange for a bill of lading.

Buyer Bank

BuyerSeller

Seller Bank Buyer Bank

Seller Buyer

Carrier

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Seller provide bill of lading to a bank in exchange for payment. Sellers bank exchanges bill of lading forpayment from a buyers bank. Buyers bank exchange bill of lading for payment from buyer.

Seller Bank

Carrier

Buyer provides bill of lading to a carrier and takes delivery of goods

Carrier

By studying the LC of Yarn division I came to know

All the dealing of LC is centralized of yarn customers.

It reduces the credit risk of company

It even reduces the payment delays

It increase the liquidity position of company

Some suggestions for the company are

The prices should be less to re-establish the market for Yarn.

Not only for yarn customers but for other product customer dealing under letter of credit should done

Company should put more efforts to improve its liquidity position

Buyer Bank

Seller Buyer

Seller BankBuyer Bank

Seller

Buyer

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5. One of the root causes for training and development is the performance appraisal of the employees.

Using the method of BARS, how will you evaluate the training needs for the employees of sales the

department?

Ans: One of the root causes for training and development is the performance appraisal of the employees. A more comprehensive performance appraisal definition is

Performance appraisal is a formal, structured system of measuring and evaluating an employees job relatedbehaviors and outcomes to discover how and why the employee is presently performing on the job and how theemployee can perform more effectively in the future so that the employee, organization, and society all benefit.

Behaviourally Anchored Rating Scales (BARS):

Behaviourally anchored scales, sometimes called behavioural expectation scales, are rating scales whosescale points are determined by statements of effective and ineffective behaviours. They are said to be

behaviourally anchored in that the scales represent a range of descriptive statements of behaviour varying fromthe least to the most effective.

BARS have the following features:

1. Areas of performance to be evaluated are identified and defined by the people who will use the scales.

2. The scales are anchored by descriptions of actual job behaviour that, supervisors agree, represent specificlevels of performance. The result is a set of rating scales in which both dimensions and anchors are preciselydefined.

3. All dimensions of performance to be evaluated are based on observable behaviours and relevant to the jobbeing evaluated since BARS are tailor-made for the job.

4. Since the raters who will actually use the scales are actively involved in the development process, they aremore likely to be committed to the final product.

The procedure for BARS is usually five stepped

Generate Critical Incidents: Persons with knowledge of the job to be appraised (jobholders/supervisors) are asked to describe specific illustrations (critical incidents) of effectiveperformance behaviour.

Develop Performance Dimensions: These people then cluster the incidents into a smaller set (or say 5or 10) of performance dimensions. Each cluster (dimension) is then defined.

Reallocate Incidents: Any group of people who also know the job then reallocate the original criticalincidents. They are given the clusters definitions, and critical incidents, and asked to redesign eachincident to the dimension it best describes. Typically a critical incident is retained if some percentage(usually 50 to 80%) of this group assigns it to the same cluster as the previous group did.

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Scale of Incidents: This second group is generally asked to rate (7 or 9 point scales are typical) thebehaviour described in the incident as to how effectively or ineffectively it represents performance onthe approximate dimension

Develop Final Instrument: Subsets of incidents (usually 6 or 7 per cluster) used as behaviouranchors for the performance dimensions.

BARS were developed to provide results that subordinates could use to improve performance. Superiors wouldfeel comfortable to give feedback to the raters. Further, BARS help overcome rating errors. Unfortunately, thismethod too suffers from distortions inherent in most rating techniques.

Though BARS technique is more time-consuming and expensive than other appraisal tools, yet it has gotcertain advantages, such as:

1. A more accurate gauge, since persons expert in the technique does BARS, the results are sufficientlyaccurate.

2.Clear Standards: The critical incidents along the scale help to clarify what is meant by extremely good

performance, average performance and so forth.

3.Feedback: The use of critical incidents may be more useful in providing feedback to the people beingappraised.

4.Independent dimension: Systematically clustering the critical incidents into 5 or 6 performance dimensions,helps in making the dimensions more independent of one another.

5. Rater Independence: The technique is not biased by the experience and evaluation of the rater.

Evaluation of the training needs analysis for the employees of sales the department

Observation on daily basis

Questionnaire to be prepared

Interview to be taken

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BIBILOGRAPHY

www.google.com

www.businessballs.com

www.authorstream.com

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