Guess BBA II, MARKETING MANAGEMENT

Concert , Nature and Scope of Marketing Management
Marketing Philosophies
Consumer and Industrial Markets (Classification of Market on the basis of Customer)
Market Measurement:  (Sales Potential, Market Share)

STP Cycle (Meaning of Segmentation, Basis of Segmentation, Process of Segmentation)
Market Targeting (concept only)
What's Positioning? (Nature, concept, importance)

What's Marketing Mix?
Product Mix (Definitions of Depth, Breadth, Length of Product Mix)
New Product Development
Product Life Cycle
Pricing Methods

Concept of Marketing Communication
Advertising, Personal Selling, Sales Promotion (use of Communication Mix)
Channels of Distribution (Levels and Types)
Role/Functions of Chanel Members

Personal planning recruiting

Personnel Planning and Recruiting
Personnel planning are the first step in the
recruiting and selection process. It is the process
of determining an organization’s human resource
needs. By such planning an organization ensures
that it has right number and kinds of people.
Employment or personnel planning is the process of
deciding what positions the firm will have to fill
and how to fill them.

Forecasting Methods Used in Personnel Planning
and Recruiting

Proactive planning for personnel needs helps to
ensure future organizational success.
Human-resources departments plan for future
staffing requirements based on the forecasting of
positions the company must fill to meet future
needs. Forecasts are based on the estimated
demands for products and services. Therefore,
revenues are determined first and staffing plans
developed accordingly. Forecasts of demand are
calculated based on company-wide needs or
individual units. Three possible areas to forecast
are anticipated personnel headcount, the present
supply of internal candidates and the supply of
external candidates.
Personnel Needs
Trend analysis is used to review the past
employment needs to predict future needs. There
are two ways used most frequently in trend
analysis. The first is computing the number of
employees at the end of a certain number of
years. The second way is the number of employees
in a certain function (i.e. sales, marketing, human
resources, finance and administrative). Sometimes,
it is best to use both methods to cover all bases.
Present Supply of Internal Candidates
Qualification inventories are one way of forecasting
inside candidates. A list of employees, their
education, any internal training, special skills, and
succession planning for promotion is beneficial to
the future planning. A second method is referred
to as personnel replacement. This is defined as the
employee's present performance and the desire
for promotion to additional positions based on
performance, skills and experience.
Related Reading: Statistical Methods of Sales
Forecasting
Future Supply of External Candidates
There are numerous factors to consider for
external candidates. They include the geographic
area of the company, potential candidates
graduating from high school or college, individuals
entering or leaving the workforce, the level of
skills and experience required to perform the
internal jobs and the competing employers for the
same skill set. This information is beneficial in
determining competitive benefits and salary
offerings.
Researching Internal and External Staffing
Resources
Obtaining candidates to meet future needs is an
important part of the forecasting process. Internal
postings can build morale as employees appreciate
the opportunity to move up in the organization.
Employee-referral programs can be beneficial in
bringing qualified people into the organization. Top
performers tend to know other top performers,
and a cash award is motivation to present
employees to recommend these qualified
candidates. Other external-staffing resources
include temporary agencies, colleges, job boards
and social-networking sites.

WAGE AND SALARY ADMINISTRATION: OBJECTIVES, PRINCIPLES

Wage and salary administration affect levels
of employee commitment to the organisation.
However, fascinating the individual’s job
assignment is, the employee must be paid. Pay
affects the way people work-how much and
how well. A large part of the compensation
that people receive from work is monetary.
Although managers are expected to conserve
money and distribute it wisely, many
employees feel that they should get more of it
for what they do. Wages, salaries and many
employee benefits and services are form of
compensation.
Administration of employee compensation is
called wage and salary administration.
According to D.S. Beach “Wage and Salary
Administration refers to the establishment
and implementation of sound policies and
practices of employee compensation. It
includes such areas as job evaluation, surveys
of wage and salaries, analysis of relevant
organizational problems, development and
maintenance of wage structure, establishing
rules for administrating wages, wage payment
incentives, profit sharing, wage changes and
adjustments, supplementary payments, control
of compensation costs and other related
items.”
The wage and salary administration aims to
establish and maintain an equitable wage and
salary structure and an equitable labor cost
structure.
Objectives of Wage and Salary
Administration :
A sound plan of wage and salary administration
seeks to achieve the following objectives :
To establish a fair and equitable
compensation offering similar pay for similar
work.
To attract competent and qualified
personnel.
To retain the present employees by keeping
wage levels in tune with competitive units.
To keep labor and administrative costs in
line with the ability of the organization to pay.
To improve motivation and morale of
employees and to improve union management
relations.
To project a good image of the company and
to comply with legal needs relating to wages
and salaries.
To establish job sequences and lines of
promotion wherever applicable.
To minimize the chances of favoritism while
assigning the wage rates.
Principles of Wage and Salary
Administration :
The following principles should be followed for
an effective wage and salary administration ;
Wage policy should be developed keeping in
view the interests of all concerned parties viz.,
employer, employees, the consumers and the
society.
Wage and salary plans should be sufficiently
flexible or responsive to changes in internal
and external conditions of the organization.
Efforts should be made to ensure that
differences in pay for jobs are based on
variations in job requirements such as skill,
responsibility, efforts and mental and physical
requirements.
Wage and salary administration plans must
always be consistent with overall
organizational plans and programmes.
Wage and Salary administration plans must
always be in conformity with the social and
economic objectives of the country like
attainment of equality in income distribution
and controlling inflation, etc.
These plans and programmes should be
responsive to the changing local and national
conditions.
Wage and salary plans should expedite and
simplify administrative process.
Workers should be associated, as far as
possible, in formulation and implementation of
wage policy.
An adequate data base and a proper
organizational set up should be developed for
compensation determination and
administration.
The general level of wages and salaries
should be reasonably in line with that
prevailing in the labor market.
There should be a clearly established
procedure for hearing and adjusting wage
complaints. This may be integrated with the
regular grievance procedure, if it exists.
The workers should receive a guaranteed
minimum wage to protect them against
conditions beyond their control.
Prompt and correct payments to the
employees should be ensured and arrears of
payment should not accumulate.
The wage and salary payments must fulfill a
wide variety of human needs including the
need for self actualization.
Wage policy and programme should be
reviewed and revised periodically in conformity
with changing needs. For revision of wages, a
wage committee should also be preferred to
the individual judgement however unbiased of
a manager.

References: Scribd.com

FRINGE BENEFITS

The Concept of
Fringe Benefits

The human concept of labor has been
recognized widely in the industrial world. The
employer, though not bound, provides several
benefits and services to the employees,
working in the organization to maintain and
promote the employees’ favorable attitude
towards the work and work environment,
because maintenance of favorable attitude
towards the work and work environment,
because maintenance of favorable attitude is
an essential part of motivation and high
morale. Such benefits and services, being a
part of wage and salary administration, include
all expenditure incurred to benefit employees
over and above regular wages and direct
monetary incentives related to output and are
generally referred to as fringe benefits. The
real wages of workers are increased by the
benefits provided by the employer and thus,
they are regarded as supplement to their
wages. Many years ago, benefits and services
were labeled ‘fringe’ benefits because they
were relatively insignificant or fringe
components of compensation. However, the
situation now is different, as these have, more
or less, become important part of a
comprehensive compensation package offered
by employers to employees.
Fringe benefit is a benefit which supplements
the employees’ ordinary wages and which is of
value to them and their families in so far as it
materially increases their retirement benefits.
According to the Glossary of Industrial
Relations and Wage Terms “Fringe benefits
are supplements to wages received by workers
at a cost to the employers. The term
encompasses a number of benefits-paid
vacation, pension, health insurance plans, etc.
which usually add up to something more than
a ‘fringe’ and is sometimes applied to a
practice that may constitute a dubious benefit
for workers.”
Features of Fringe Benefits
Fringe benefits are supplementary to regular
wages or salaries.
These benefits are paid to all the employees
based on this membership in the organization.
These benefits are indirect compensation
because these are usually extended as a
condition of employment and are not directly
related to performance.
Fringe benefits involve a labor cost for the
employer and are not meant directly to
improve efficiency.
Fringe benefits raise the living standard of
the employees.
Fringe benefits refer to items for which a
direct monetary value to the employee can be
ascertained eg. Provident funds, pension, etc.
On the other hand, services refers to the items
like medical facilities, recreation, etc.
These benefits may be statutory or
voluntary.
Objectives of Fringe Benefits
Fringe benefits are given to achieve the
following objectives.
1. To recruit and retain the best employees.
2. To protect employees against certain
hazards e.g. life insurance , old age pension,
etc.
3. To improve motivation and morale of the
employees by satisfying some unsatisfied
needs.
4. To improve work environment and
industrial relations.
5. To ensure health, safety and welfare of
employees.
6. To develop a sense of belongingness and
loyalty among workers.
7. To meet statutory requirements.
8. To satisfy the demands of trade unions.
9. To improve the public image of the
organization.
Kinds of Fringe Benefits :
The benefits and services to be included under
the title ‘fringe benefits’ are numerous. A few
of them are – Bonus for quality and
attendance, contribution to group insurance
plan, lay off and termination pay, travel
expenses, suggestion awards, medical leave
with pay, overtime, university and trade
courses, etc.
The Chamber of Commerce, USA has included
5 types of benefits under fringe benefits.
1. Statutory payments such as old age pension
unemployment insurance, group insurance,
etc.
2. Payment for pension and labor welfare
3. Rest or leave with pay
4. Payment for time not worked
5. Other benefits such as profit sharing,
suggestions reward, reimbursement of tuition
fees, festival allowance, etc.

Reference: Scribd.com