MS – 612 - Retail Management

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MS – 612 - Retail Management

1. (a) What do you understand by the term Retailing? Discuss the major activities performed by a retailer in the Indian Context.   

Answer : Retail is the sale of something in general.

Retailing is a distribution channel function, where one organisation buys products from supplying firms or manufactures products themselves, and then sells these directly to consumers.

In majority of retail situations, the organisation, from whom a consumer buys, is a reseller of products obtained from others, and not the product manufacturer. However, some manufacturers do operate their own retail outlets in a corporate channel arrangement.

Retailers offer many benefits to suppliers and customers as resellers. Consumers, for instance, are able to purchase small quantities of an assortment of products at a reasonably affordable price. Similarly, suppliers get an opportunity to

     (b)  Explain “Wheel of Retailing” with suitable illustrations

Answer : Most of the retail businesses start on low cost, low price and low margins but as their sales start increasing they quickly shift to a high cost, high revenue model.

Example

A restaurant started in a temporary location would be offering a limited number of items at low price. It looks to develop its client base but as soon as the construction is completed or final, it starts providing a lot more variety and introduces a number of new services (free home deliver y, boarding , and lodging )  it also starts increasing its prices on its earlier items. This is done to recover its fixed cost quickly and have an early breakeven

2. (a)  Who is an retail customer? Briefly list out the characteristics of a retail customer and the various consumer behavior patterns that you are familiar with 

Answer : A person most likely to be waiting for a partner or on a lunch break, quickly passing through the store, had the least probability of buying something, and was also the least likely to be converted into a buyer. The pleasure Seeker : It is the most important consumer, as he/she is the easiest to influence. They spend the longest time in store, slowly move through the department, and touch more than 40 products compared to

     (b) Explain the process of choosing a store location and elaborate the various criteria for evaluating location aspects in the following situation

Answer : A poor location or a poorly negotiated lease can cripple a wonderful business. Every business has its own location criteria. In this session you will define your criteria, learn how to select the right location, create a site model, and recognize the important aspects of a lease agreement.

Process of choosing a store location:

Population and Your Customer

If you are choosing a city or state to locate your retail store, research the area thoroughly before making a final decision. Read local papers and speak to other small businesses in the area. Obtain location demographics from the local library

(a) a chain of hair dressing salon for the elite.                    

Answer : various criteria for evaluating location aspects in a chain of hair dressing salon for the elite:

Each retail and commercial business has its own criteria. For example, a donut shop should be located on the "going-to-work" side of the street. On the other hand, a liquor store should be on the side of the street with traffic going home from work.

(b) Multi brand footwear retailer

Answer : Visibility and signage: Customers must know you are there. They should be able to see your store. Usually the end or corner location is better, which is why the rent for those spaces is higher. Get the biggest sign you can. Tell the public clearly what you are selling. Examples: Travel, Gifts, Pets, tell the products. Both your

(c) PDS for lower income group by the government

Answer : Public Distribution System (PDS) providing foodgrains at affordable prices is one of the key elements of the Government's Food Security system. In spite of obvious limitations PDS did play a role improving in regional food security specially in drought prone areas. In an attempt to improve availability of food to population living in most vulnerable areas (remote, tribal and drought-prone regions) the revamped public distribution

3.  (a) What constitute Retail Mix? Discuss various considerations to be kept in mind which planning for store merchandise

Answer : Retailing mix refers to the various features of retail strategy planning. Also often called "the 6 Ps," retailing mix details a retail business' approach to its products, promotion efforts, personnel, presentation, place and price. Retailing mix helps a business define its strategy and carry out operations according to its goals.

Various considerations to be kept in mind which planning for store merchandise :

Ask a dozen retailers "What is merchandise planning?" and you will get at least a dozen different definitions. This is because it can be

      (b) Explain the term sourcing and discuss the challenges associated in sourcing merchandise by the following retailers

In business, the term word sourcing refers to a number of procurement practices, aimed at finding, evaluating and engaging suppliers of goods and services.

1.       Grocery Retailer

Despite the economic downturn, the internationalization of the grocery retailing industry remains in an early stage of development and most leading players have considerable scope to expand their international operations through various untapped channels.

Global retailers are expected to

4.   (a) Enumerate and discuss the various issues that impact retail business in India.

Answer : The organised retail sector in India has been witnessing various issues and challenges which are proving to be a hurdle for its fast-paced growth. Even though the organised retail sector is in a very nascent stage in India, it provides ample opportunities for retailers, and mitigation of a few challenges will help the sector attain higher economies of scale and growth. Elucidated below are the challenges and risks that the sector faces:

·         Global economic slowdown

·         Competition from the unorganised

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MS - 08 Quantitative Analysis for Managerial Applications

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ASSIGNMENT

Course Code                      :               MS - 08

Course Title                       :               Quantitative Analysis for Managerial Applications

Assignment Code            :               MS-08/SEM - II /2013

Coverage                             :               All Blocks

Q.1 “Statistical unit is necessary not only for the collection of data, but also for the interpretation and presentation”. Explain the statement.

Answer : Statistics may be defined as the science of collection, presentation analysis and interpretation of numerical data from the logical analysis.

               

 The word ‘statistic’ is used to refer to - Numerical facts, such as the number of people living in particular area. - The study of ways of collecting, analyzing and interpreting the facts. Statistics is the study of the collection, organization, analysis, interpretation and presentation of data. It deals with all aspects of data, including the planning of data collection in terms of the design of surveys and experiments.

The word statistics, when referring to the scientific discipline, is singular, as in "Statistics is an art." This should not be confused with the word statistic, referring to a quantity (such as mean or median) calculated from a set of data, whose plural is

 Q.2 Find the standard deviation and coefficient of skewness for the following distribution

Variable	0-5	5-10	10-15	15-20	20-25	25-30	30-35	35-40
Frequency	2	5	7	13	21	16	8	3

Answer :

Q.3 A salesman has a 60% chance of making a sale to any one customer. The behaviour of successive customers is independent. If two customers A and B enter, what is the probability that the salesman will make a sale to A or  B.

Answer : The probability that the salesman fails to make sales to A

               

               

 The salesman fails to make a sale to B

               

               

Q.4 To verify whether a course in Research Methodology improved performance, a similar test was given to 12 participants before and after the course. The original marks and after the course marks are given below:

Original Marks	44	40	61	52	32	44	70	41	67	72	53	72
Marks after the course	53	38	69	57	46	39	73	48	73	74	60	78

Was the course useful? Consider these 12 participants as a sample from a population.

Answer : Let us take the hypothesis that there is no difference in the marks obtained before and after the course, i.e. the course has not been useful Applying t-test (difference formula):

               

Q.5 Write short notes on

a)Bernoulli Trials

 Answer : In the theory of probability and statistics, a Bernoulli trial is an experiment whose outcome is random and can be either of two possible  outcomes, "success" and "failure".

Repeated independent trials in which there can be only two outcomes are called  Bernoulli trials in honor of James Bernoulli (1654-1705).

·         Bernoulli trials lead to the binomial distribution.

·         If a number of trials are large, then the probability of k successes in n trials can be approximated      by the Poisson distribution.

·         The binomial distribution and t

b)Standard Normal distribution

Answer : The standard normal distribution is a special case of the normal distribution . It is the distribution that occurs when a normal random variable has a mean of zero and a standard deviation of one.

The normal random variable of a standard normal distribution is called a standard score or a z score.

Every normal random variable X can be transformed into a z score via the following equation:

               

                z = (X - μ) / σ

Where X is a normal random variable, μ is the mean, and σ is the standard deviation.

               

c)Central Limit theorem

Answer : In probability theory, the central limit theorem (CLT) states that, given certain conditions, the mean of a sufficiently large number of iterates of independent random variables, each with a well-defined mean and welldefined variance, will be approximately normally distributed.[1] That is, suppose that a sample is obtained containing a large number of observations, each observation being randomly generated in a way that does not depend on the values of the other observations, and that the arithmetic average of the observed values is computed. If this procedure is performed many times, the computed average will not always be the same each time; the central limit theorem says that the computed values of the

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MS - 29 International Human Resource Management

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ASSIGNMENT

Course Code              :           MS - 29

Course Title               :           International Human Resource Management      

Assignment Code      :           MS-29/TMA/SEM - II/2013

Coverage                    :           All Blocks

Note : Attempt all the questions and submit this assignment on or before 31st October, 2013 to   the coordinator of your study centre.

1)            Explain the term ‘International Human Resource Management’. Discuss in detail the differences between domestic and international HR practices.

Answer : Human Resource Management (HRM) is set of organizational activities aimed at effectively managing and directing human resources/labour towards achieving organizational goals. Typical functions performed by HRM staff would be recruitment, selection, training and development, performance appraisal, dismissal, managing promotions and so on.

Then what is International Human Resource Management (IHRM)?

IHRM can be defined as set of activities aimed managing organizational human resources at international level to achieve organizational objectives and achieve competitive advantage over competitors at national and international level. IHRM includes typical HRM functions such as recruitment, selection, training and development, performance appraisal and dismissal done at international level and additional activities such as  global skills management, expatriate management and so on.

2) a) Briefly explain the importance of Performance Management from  international context.

Answer : Performance management

includes activities to ensure that goals are consistently being met in an effective and efficient manner. Performance management can focus on the performance of an organization, a department, employee, or even the processes to build product or service, as well as many other areas.

Performance Management Process :

b) What criteria should be evolved before assessing an expatriate?

Answer : Selecting global assignees is both a critical and frustrating topic for global HR professionals, says Dr. Paula Caligiuri from Rutgers University in the U.S. "Most human resources professionals agree that not all employees sent on global assignments will succeed. Some will flourish, while others, unfortunately, will fail. Seasoned global HR professionals may pride themselves on the fact that they can predict the outcome of an assignment -- after just a few interactions with a prospective assignee. They have developed the sixth sense for selecting global assignees".

Despite the sixth sense that these HR professionals may have, the unfortunate reality is that most are unable to stop a risky global assignment from moving forward. Frequently, an assignee is chosen within the business unit based only on the person’s technical or managerial skills. HR has little involvement, except to process the appropriate paperwork. This typical scenario is both short-sighted and damaging to organisations wishing to capitalise on the strategic management of their human talent worldwide.

c) Discuss an expatriate Performance Management Model.

Answer :

3)            Discuss in detail different barriers to cross-cultural communication and the challenges related to it.

Answer :     Barriers to cross-cultural communication

Introduction

If you are to work effectively with people who are culturally different, you need to become aware of your own culture and how that impacts on others. As one textbook on professional communication puts it:

‘... we need to become more aware of the cultural basis of our own behaviours, perceptions, beliefs, and values. This enables us to see an interaction from a cultural perspective. It is not just the other person who is displaying culture-specific attitudes and behaviours; we are also doing just that’ (Peter Putnis & Roslyn Petelin, ‘Professional Communication – principles and applications’, Prentice Hall, Sydney, 1996, p.76).

4)            Briefly discuss the issues relating to international Industrial relations. Give few examples as to how trade unions have responded to Multinationals.

Answer : The many issues of industrial relations are concerned with a company's treatment of its employees and workers. What used to be merely domestic issues of labour management have now become global issues of cross-national management, as the international business sector has grown. And when the influence of one multinational principal is perceived as more relevant than others, it can trigger a possible examination of that principal's relationship with its home-based workers, and possibly even doubt and uncertainty of future dealings.

Standardization

Although the United States government has staked

5)            What is Cultural Sensitivity? Briefly discuss the strategies for dealing with cultural differences citing examples.

Answer : Cultural sensitivity is the awareness and sensitivity of other practices and cultures. Cultural sensitivity skills can include assessing different cultures, how they should be properly approached and how to communicate accordingly. Skills may also include evaluating how certain cultural differences can affect how people work, and how to value differences so that discrimination and harassment, either intended or not, do not occur.

Importance

Cultural sensitivity skills are important for your employees to function cohesively as a team that is respectful and courteous to each other regardless of cultural differences. Also, cultural sensitivity skills may be important for certain employees who

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MS – 96 - Total Quality Management

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MS – 96 - Total Quality Management

1. Explain the salient features of Total Quality Management (TQM) approach and their relevance in the present competitive environment.

Answer : Meaning: -The concept of TQM was developed by Dr.W.E. Deming (regarded as the father of TQM) in 1960s in Japan. TQM is strategic approach that focuses on production of best possible product or services through constant innovation and timely action. It places emphasis on prevention of errors rather than on rectification.

Definition: - TQM is a management approach that places emphasis on continuous improvement in quality, in the interest of the organisation and that of its customers”.

The following are some of the features of TQM:

1. Customer Focus: - TQM Palaces emphasis in meeting the requirement of both the internal as well as the external customer. In order to meet the requirements for the external customer, it is necessary to meet the needs of the internal customer. The initial focus should be on meeting needs of internal customer before an attempt is

2. List out the 14 steps give by Crosby in TQM. Discuss the advantages and disadvantages of Crosby’s “Absolute Quality Management”.

Answer :

1. Commitment of Management

First and foremost, management must be committed to improving the quality in a company. This commitment must also be transparent to all employees so that proper attitudes towards a Zero Defect product or service line are modeled.

2. Formulate the Quality Improvement Team

Forming a quality improvement team is the second step to achieving total quality management. Search for team members who will model quality improvement commitment, and who are not already over-committed to other

3. Do you think leadership is an important aspect for successful application of Quality Management in an organization? Justify giving examples.

Answer : Leadership can act as senior management's tool in implementing TQM in two fundamental ways. First, by modeling the TQM philosophy and principles within its departmental operations, leadership can serve as a beachhead for the TQM process throughout the company. Second, leadership, with senior management's support, can take the TQM process company-wide by developing and delivering the long-term training and development necessary for the major organizational culture shift required by TQM.

4. Explain “P-D-C-A cycle”. Discuss how it is helpful in problem solving.

Answer : Something needs to change: Something's wrong, and needs to be fixed, and you've worked hard to create a credible vision of where you want it to be in future. But are you 100% sure that you're right? And are you absolutely certain that your solution will work perfectly, in every way?

Where the consequences of getting things wrong are significant, it often makes sense to run a well-crafted pilot project. That way if the pilot doesn't deliver the results you expected, you get the chance to fix and improve things before you fully commit your reputation and resources.

5. Discuss the objectives and structure of ISO 9000.

Answer : ISO is known as International Organization for Standardization. It is an international federation of the national standards bodies of over Ninety countries. Its function is to promote common standards and to define ‘harmonize’ product, service, and business practices throughout the world. The ISO 9000 group of standards is about quality management systems and created to help organizations make sure that they meet the requirements of clients and other stakeholders.

Five Objectives of ISO 9000

·         Gives businesses with useful, globally recognized models for operating a quality management system.

·         Achieve, maintain and aim to regularly enhance product quality (the standards define “product” as the output of any process.

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MS – 27 - Wage and Salary Administration

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MS – 27 - Wage and Salary Administration

1. Explain the role of Compensation. Why is an effective Compensation Policy an important function of Management? Discuss.

Answer : Compensation can include monetary and non-monetary components. Compensation often includes an employee’s base salary and additional benefits, such as health insurance, retirement plans and performance bonuses. The compensation packages a business offers to employees affects the company’s recruitment rate, retention rate and employee satisfaction. Several federal laws affect the compensation that businesses offer. A business owner should understand the importance of compensation and the prevailing laws to remain competitive in the market.

Recruitment

The compensation packages that businesses offer to employees play an important role in the company’s ability to attract top talent as job candidates. Top-performing employees greatly impact the competitiveness and productivity of a small

b. Describe the compensation structure of an organisation you are familiar with.

Answer : The design process is started by identifying desired outcomes and goals for your organization. This is often referred to as developing your compensation philosophy. Your philosophy is formed by considering a number of factors. The balance of direct and indirect rewards, the complexity and responsibility of a role and the candidate or employee filling it, as well as your focus on internal versus external equity are just few factors explored in this section. It is the ability to achieve results that is critical to organizational success.

Compensation can be defined as all of the rewards earned by employees in return for their labour. This includes:

 Is the employer liable to pay minimum bonus even in case of loss in the establishment? Discuss.

Describe, when an employee can become disqualified to claim bonus citing suitable example from an organisation you are familiar with.

Answer : The Payment of Bonus Act, 1965 was enacted to provide for the payment of bonus to persons employed in certain establishments on the basis of profits or productivity and for the matters connected therewith. The Act applies to:- (i) every factory as defined under the Factories Act, 1948; and (ii) every other establishment in which twenty or more persons are employed on any day during an accounting year. However, the Government may, after giving two months' notification in the Official Gazette, make the Act applicable to any factory or establishment employing less than twenty but not less than ten persons.

The Act is enforced through the Central Industrial Relations Machinery (CIRM). CIRM is an attached office of the Ministry of Labour and is also known as the Chief Labour Commissioner (Central) [CLC(C)] Organisation. It is headed by the Chief Labour Commissioner (Central).

3. Explain the Concept of job-evaluation. Describe the methods and systems of job-evaluation that have been followed in an organisation you are familiar with. Discuss the advantages and disadvantages of them.

Answer : Job evaluation is concerned with a process of establishing value of different jobs. job evaluation provides a basis for ranking or grading different jobs and developing a pay structure for them. It is the process of describing the duties, authority relationships, skills, condition of work and other relevant information related to jobs. It supplies useful data and information to develop job description and specification documents.

4. Explain what is Performance Linked Reward System? Describe various steps involved in designing a Performance Linked Reward System. Examine the current issues and trends in linking performance with reward system of any organisation you are familiar with.

Answer : The word “Performance” mean a lot in the organizational sector. Organizations need to perform well continuously to sustain its place in the competitive market. For an organization to perform well, the contribution from each individual employee working for it, should reach its height. How to gain higher performance from individual employees? – is an important question, for which the HR people need to come out with the possible solution suited for their organization. The term coined to handle this process is referred as “Performance Management”.

Performance management can be defined as a continuous process of assessing and measuring the performance of an individual and aligning it with the organizational goals. It is the job of the HR people to design an effective performance

5. Discuss compensation issues and problems. Describe the characteristic features of managerial compensation. What type of compensation system normally motivates the executives? Explain with suitable examples from an organisation you are familiar with.

Answer : Compensation issues and problems

An Unprepared Compensation Committee

Some compensation committees are composed of directors who are unable or not prepared to make decisions about executive compensation because they lack expertise about the subject.

A critical qualification for compensation committee service is a diversity of skills, including financial acumen and some expertise in matters related to executive compensation or human resources. Successful pay programs are driven by internal requirements, yet informed by external practice. Committee members should possess an

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