Post on 26-Oct-2015
description
In Partial Completions Of My Cape Management
of Business 2012/2013 Examination
NAME: Anu Maharaj
SCHOOL: Upper Level Educational Institution
SUBJECT: Management Of Business
TEACHERS NAME: Mrs. Meera Singh
CENTRE NUMBER:
TITLE:
Table of contents
Topic
page
Acknowledgement…………………………………………………….…………………..
……..1
Project Aims and objective…………………………………….………….
…………………….2
Methodology………………………………………….
….......................................................................3-4
Introduction/description of business...................................................................
…........................................5
The
repor
t………………………………………………….................................................................
......6-9
Aim and objectives of
business…………………………………...........................................................10
Analysis of business aims and objectives……………...……………………………......
….....11-13
Recommendation………………………………………….
………………………………….....14
Corporate
cultur
e……………………………………………….............................................................15
Analysis of corporate
culture……………………………...................................................................16-17
Recommendation of corporate
culture………………………................................................................18
Motivation of
worker
s………………………………………….............................................................19
Recommendation
motivation…………………………………...............................................................20
Reference
s………………………………………………….................................................................
.......21
Functional organizational structure…………………………………………………....
…........22
Appendix…………………………………………………………………….......23-
27
Acknowledgement
Firstly I would like to give thanks to the almighty god for giving me the
strength, guidance, knowledge and understanding that I needed to
complete my internal - assessment for without him nothing is possible.
Secondly special thanks for my management of business teacher,
Misses Meera Singh for her guidelines and time she willfully spend with
me into the successful completion into this task.
Project Aims and objective
The triumphant completion of this internal assessment involves the
consummation, of achieving the following objective;
To successfully achieve objective and guideline inaugurate for cape
standard regarding the internal assessment.
To scrutinize the operation and activity of business entities and the
perseverance of business knowledge in a practical environment.
To further develop one competence towards acquiring managerial
and leader ship skills.
Methodology employed
This internal assessment required meritorious and comprehensive
information from Setal Fabrication and Construction Limited Company
which was gathered through the following research techniques.
Primary research – this was regulated using the following instruments:
Questionnaire – A questionnaire is a research instrument consisting
of a series of questions and other prompts for the purpose of
gathering information from respondents. The questionnaire
provided the investigator with the benefits of obtaining quantitative
and qualitative information from the business of setal fabrication
and construction limited.
Interview- An interview is a conversation between two people (the
interviewer and the interviewee) where questions are asked by the
interviewer to obtain information from the interviewee. The
interview provided the benefit of direct interaction and
instantaneous feedback.
Secondary research- Secondary research (also known as desk
research) involves the summary, collation and/or synthesis of
existing research rather than primary research, where data is
collected from. the following avenues is where information was
obtained ;
Textbook
Library
Internet
Business website
Pass students/family
The owner of setal fabrication and construction limited.
These secondary sources of data provided me with a foundation to make
this assessment empirical and encompassing.
Introduction/ description of the business
The private limited company of Setal Fabrication and Construction
Limited Company was established in 1967 and situated in Abidh Road,
Felicity has grown from being a sole trader business. A private limited
company is which the liability of the members or subscribers of the
company is limited to what they have invested or guaranteed to the
company. Limited companies may be limited by shares or by guarantee.
The target market of Setal Fabrication and Construction Limited is the
citizens of Trinidad and Tobago. This is so because Setal Fabrication and
Construction Limited are investing their currency in Trinidad and Tobago
in order to bring about development. Setal Fabrication and Construction
Limited deals with the building and construction of buildings by
developing the structure for any building. Some objectives of the
business are:
To have profit maximization.
To ensure that customers are satisfy.
To develop the country.
To become a multinational business.
To acquire more large scale internal and external growth.
To be the largest private construction firm in the country.
The report
This internal assessment seeks to gauge and interpret three (3) major
aspects within a business operation. These categories incorporate an
understanding of the business and it use of aim and objective, corporate
culture and motivation of workers.
The business operates to achieve the following goals:
To have profit maximization- profit maximization is the (short run)
process by which a firm determines the price and output level that
returns the greatest profit. This will be determined when the total
profit in a competitive market reaches its maximum point where
marginal revenue equals marginal cost.
To ensure that customers are satisfy- measure of how products and
services supplied by a company meet or surpass customer
expectation. Customer satisfaction is defined as the number of
customers, or percentage of total customers, whose reported
experience with a firm, its products, or its services (ratings)
exceeds specified satisfaction goals.( stated by the business
dictionary.
To develop the country- this is where all goods and services lie
within the country so that only the country benefits from it. This
causes the country to save money rather than having to import
goods the country can produce on its own.
To become a multinational business- Setal Fabrication and
Construction Limited wants to have their main headquarters in
Trinidad and Tobago and wants to open clones of the business in
other countries. This will help the business to acquire more profit
and are able to provide goods and services to a wider market of
people satisfying more individuals.
To acquire more large scale internal and external growth- internal
growth is a strategy to develop the base or capabilities of the
business itself. In other words, many businesses will reinvest in
employee development, departmental restructuring, or enhanced
product offerings in the hopes of providing a broader base on which
to provide services/products to customers. Internal growth does not
produce immediate revenue increases and may actually require an
input of revenue to be paid off over time, but internal growth
promises the potential for future returns on investment where by
External growth strategies develop actual company size and asset
worth. External strategies focus on strategic mergers or
acquisitions, increasing the number of mutual relationships through
third parties, and may even include franchising the business model.
The larger the number of business partners and/or franchisees, the
greater the net worth of the company and throughput of cash.
These reason external growth strategies tend to produce immediate
return on investment.
To be the largest private construction firm in the country- Setal
Fabrication and Construction Limited wants to compete with other
firms in order to become bigger, better and more reliable than
other large firms. The reason for the business desiring to become
larger is so that the owner can raise more profit to support his
family and to become more larger so that he can perform more
community work such as charity, sponsorship and family days.
Also the corporate culture of the business is the beliefs and behaviors
that determine how a company's employees and management interact
and handle outside business transactions. Often, corporate culture is
implied, not expressly defined, and develops organically over time from
the cumulative traits of the people the company hires. A company's
culture will be reflected in its dress code, business hours, office setup,
employee benefits, turnover, hiring decisions and treatment of clients,
client satisfaction and every other aspect of operations.
In addition motivation of workers are well illustrated at setal fabrication
and construction limited. Some of these motivational practices are listed
below;
Proper sanitize and clean area to work in- this is where the worker
are able to work in an area that is not hazardous or harmful to
his/her health. They are motivated to work because they feel a
sense of care coming from the manager.
Proper working equipments- this is where equipments within the
business are always well kept and ‘up to mark’. This motivates
them because with proper working equipments they will be able to
perform at a quick and easy rate which shows them that they are
very productive and makes them know a sense of accomplishment
whereby with abnormal equipment workers bay get annoyed in
doing their job which lowers their motivation level also it makes
them feel as though they didn’t accomplish anything for a honest
day work.
Fringe benefits- this is where employees get the benefits which
commonly include health insurance, group term life coverage,
education reimbursement, childcare and assistance reimbursement,
cafeteria plans, employee discounts, personal use of a company
owned vehicle and other similar benefits. This will be beneficial
because workers feel as though they are important to the business
so they make every attempt in getting their job done.
A fixed amount of vacation period for each worker- this is where
workers of the business are gives a certain amount of vacation
period that cannot be altered. This will be motivate the workers
because they know that within their vacation they won’t have to
work nor their vacation period wont not be reduces.
Time if with snacks and beverages- this is where workers are given
a resting period for which snacks and beverages will be given to
them at a free price. This motivated workers because they get a
feel of comfort and belonging in the business because the manager
provides them with refreshments, this will even motivate them to
work even harder to accomplish their objectives.
Aim and objectives of the business
Objectives- are guidelines to the business.
Aims- refer to the central purpose of vision of a business. Within Setal
Fabrication and Construction Limited the following long-term tactical
goals are for visionary aims:
Profit gain
Growth and expansion
Increase market shares
Setal fabrication also uses the mission strategic direction provided some
direction to the business. Mission statement for the business is to provide
customers with a building that is “build for perfection,” and will last a
dozen life times.
In Setal Fabrication and Construction Limited there is also evidence of
direction and motivation through short-term flexible objective including
the following:
Diversification of services and products.
Promotions to achieve short-term profiteering.
Increase consumer awareness.
Analysis of business aims and objectives
The following long-term tactical goals are for visionary aims:
Profit gain- this is the additional income gain by a firm from the goods
and services provided for the consumers. At setal fabrication and
construction limited, the business provides a service to its customers,
thus after completion of a project, Setal Fabrication and Construction
Limited collects a large sum of additional revenue which is known as
profit, Setal Fabrication and Construction Limited also sells extra
material (scrap) that remains after the project so that he can make
extra profit which is used to distribute to his workers as a bonus for
completing a project.
Growth and expansion- growth is defined as the increasing
capacity to satisfy the wants of the members of society. This is where
the business improves their goods and services so that customers can
get a greater satisfaction. The benefit of customer’s satisfaction to a
business is that when customers are satisfied they often return to the
business from where they acquired their satisfaction causing the
business not to lose any customers. Also this helps with advertising
because when consumers get satisfaction they often tend to discuss
to their fellow men about the quality service received at the business.
Expansion is a business strategy in which growth is obtained by
increasing the number of stores in which customers can
buy a company's products and services. Unlike relocation, business
expansion entails opening up new stores in different
physical locations while still maintaining the current business
locations. (Stated by the business dictionary). This will be
beneficial to the business because the business will be earning more
profits and can get access to more customers from the location where
they open the new branch.
Increase market shares- this business assumption identifies the
concept that larger firms will be capable of satisfying a larger
number of customers than smaller firms. The concept is that the
business of Setal Fabrication and Construction Limited should
increase their market shares so that they would be able to satisfy a
larger or greater quantity of the county’s population hence the
business will make a huge profit gain from this because they are
now satisfying a large amount of individuals.
Diversification of services and products- Diversification is a form of
corporate strategy for a company. It seeks to increase profitability
through greater sales volume obtained from new products and new
markets. This is where a business has mobility in the factors of
production; hence can create new products to be sold to customers
so that consumers can experience new products. This will be
beneficial to the business because this allows customers not to get
bored of the same product but rather gain awareness for the
product. Also Setal Fabrication and Construction Limited can
improve their services by not only building the frame for the
buildings but completing the info structure for the building.
Promotion to achieve short term profiteering- Profiteering is
disproportionately large or grossly unfair profit, generated often
through manipulation of prices, abuse of dominant position, or by
exploiting a bad or unusual situation such as temporary scarcity.
There is usually no governmental control over profiteering unless it
involves illegal means.(stated by the business dictionary)
Increase consumer awareness- The understanding by an individual
of their rights as a consumer concerning available products and
services being marketed and sold. The concept involves four
categories including safety, choice, information, and the right to be
heard. This will help the consumer decide or know about the goods
and services sold to them so that they can express their own
satisfaction about the product.
Recommendation
Setal Fabrication and Construction Limited should create other branches
of the business around the country so that customers can have easy
access to the company, this will be an advantage because the business
can now reach a greater amount of the country population.
Also Setal Fabrication and Construction Limited can also advertise their
services to arise customer’s awareness about the service provided. Thos
will be beneficial because the business is now reaching a wider span of
individuals.
Corporate culture
Corporate culture refers to the seeded values of company's values and
customs; professional atmosphere in large corporations and
organizations reflected by dress codes of conduct and by the unique
style and policies of the corporation or organization, organizational
culture.
The culture of Setal Fabrication and Construction Limited is a
conservative culture; this is a culture that involves the manager
conduction his business and its decision after much analysis and thought.
This may bring about less risk within the business that may be fatal to
the business which could cause problems within the business
organization.
The worker of the business enjoys the task culture of the business
because more efficient and little risk decision is made because workers
are working under strict conditions where as they are given objectives
which they must do without any distraction of other employees. This
ensures that workers keep their jobs because if there was to be a bad
decision made by an employee, it could cause the employee to lose
his/her job hence if the bad decision is made by the manager, employees
are not accountable because they was following instructions.
Analysis of corporate culture
The corporate culture of Setal Fabrication and Construction Limited
allows the business to make strong secure business decision which
maintains a perfect reputation for the business. As a result of this the
business of Setal Fabrication and Construction Limited has maintained a
high average customer satisfaction because customers are assure that
their service well be well tended and analyze to ensure that there are no
existing faults that may happen during the production process.
The following are benefits that may arise from the business being a
conservative culture:
No customers are lost- this means that when customers benefit
from a great job, time and effort placed into doing the service they
paid for they would always put their efforts into the business
Less cost of advertising because customers do the advertising- this
means when customers are satisfied they share their satisfaction
with friends, family etc.
Business resources are managed adequately- this is so because
with a conservative culture the manager can come out with an
efficient way to execute an objective without wasting more than
enough resources that can be used within the objective.
Less faults arise within the business- this is so because
consideration is taken for every decision made by the business
which benefits the business finically and maintain a reputation
among other businesses.
Recommendation of corporate culture
The business of Setal Fabrication and Construction Limited could change
the corporate culture of the business from conservative culture to people
culture because people culture involves the manager promoting a culture
to motivate workers true socialization and interaction. As a result of the
manager interaction with the workers, workers feel a sense of belonging
in the business encouraging them to be motivated and from this workers
even work harder which promotes the efficiency and productivity in the
business environment.
Benefits of converting the business from a conservative culture to a
people culture are:
Workers are motivated- this is so because of the interaction
between workers and managers which make them feel important
within the business which is very beneficial because workers push
their selves harder to complete task within the business because of
the effects of motivation.
Less money has to spend in motivating workers- because the
workers are already motivated due to the interaction and
socialization they received from the manager at no cost.
Greater productivity within the business- this is so because a
motivated worker works more efficient than a d-motivated worker
(workers become motivated because of people culture).
Motivation of workers
At Setal Fabrication and Construction Limited motivation is highly
promoted. Motivation is where effective management will be capable of
encouraging workers to place greater efforts into their performance in an
attempt towards productivity and job satisfaction. Some motivational
practices that exist at Setal Fabrication and Construction Limited are:
Recognition/Attention-When your employees accomplish something
they have achieved something.
Pizza/Popcorn/Cookie Days- Every now and then pizza, popcorn, or
cookie days will help break up that everyday routine and help
people stay motivated by offering them snacks to relax.
Time off -Implement contests that earn time off, People will
compete for 15 minutes or 1/2 hour off just as hard as they will for
a cash award.
Good Working Environment- this is the environment in which
employees work in.
Fringe benefits- this is where employees get the benefits which
commonly include health insurance, group term life coverage,
education reimbursement, childcare and assistance reimbursement,
cafeteria plans, employee discounts, personal use of a company
owned vehicle and other similar benefits
Recommendation motivation
Motivation practices in which the business of Setal Fabrication and
Construction Limited should use are:
Career Path- employees need to know what is potentially ahead for
them, what opportunities there ahead in life for them. This will
make the employee know that the manager cares about their future
which inspires them to work harder for the business.
Leadership Roles-this is where you give your employees leadership
roles to reward their performance and also to help you identify
future promotable people. Employees may feel a great superiority
over others, which cause them to feel a high degree of importance
in the business. This also makes the employees feel a sense of trust
from the manager which makes an employee put all their potential
into their job.
Additional Responsibility- this concept are employees in your
organization who are begging for and can handle additional
responsibility, hence by giving them the additional responsibility
they become motivated.
Piece rate – this is where employees get paid for the work they do
in a job. This encourages a employee to work harder because they
know the harder they work the more money they receives.
References
Management of Business Unit 1 – Siddique Barkarr.
Business Studies Lancaster: Causeway Press Limited 1993 – Hall
Dave, Rob Janes and Carlo Raffo.
Business Studies Surrey: United Kingdom– Birchall, John and Morris,
Giraham.
Managing People in Organizations– Jeremy Adams.
Business Studies, United Kingdom– Hammond Susan.
Mastering Organizational Behavior – Richard Pettinger
Building a Dream: Good Walter S
Work and Organization Behavior – John Bratton
Business dictionary
How to Motivate Workers in Tough Times by ERIN WHITE
The business website www.Setal_Fabrication&construction_limited
Solvay Brussels school of management.
Human behavior patterns and motivation booklet
Business culture by (Ross A. Wirth, Ph. D. blog
Company culture by F. John Reh
Organizational structure by chron.com
Methodology at business dictionary.com
Objectives of a business- business dictionary.com
Functional organizational structure
Of Setal Fabrication and Construction limited
Board of directors
Chief executive officer
Managing director
Accounts (M) human resource (M) production (M) administration
sales payroll quality control transport filing room mail room
(M) Manager
Appendix
The following pie chart shows the times in which the workers of Setal
Fabrication and Construction report to work.
Time Workers Report To Work
7:00 A.M
7:30 A.M
8:30 A.M
8:30-12:00 A.M
According to the diagram, it illustrated the time period in which Setal
Fabrication and Construction Limited workers arrive to work. Illustrated
above it shows that 40% of the workers report to work at 7:00AM also an
average of 45% reach to work at 7:30AMthis means that 85% of the
workers reaches to work on time. Furthermore 10% of workers arrive at
8:30AM and 5% of workers arrive between the hours of 8:30AM to 12:00
PM hence this 15% percent of workers are often late due to road issues
or lack of motivation.