Your Ultimate Study Guide To Help You Study Management II Perfectly!

What is Management 2 all about?

As students of BAF you specialize in accounting and finance but it is of extreme importance that you know about other aspects of business too which is why in the past years you have been dealing with subjects like economics, business communication, foundation course, Business Law etc.

While Management 1 dealt with the principles of management, with Management 2 you get a broader perspective of different aspects of management such as Marketing, Human resources, Production and Financial management. It s an extremely different and interesting subject as compared to the other subjects you deal in this semester, just make sure you don’t avoid it completely while focusing on all the other practical subjects and end up with a KT in such an interesting subject.

What is the Syllabus for Management 2?

Marketing Management

a) Meaning and Definition of Marketing – 4 Ps of Marketing

b) Product Management – Meaning & Definition – Product Development Strategies

c) Price Management – Meaning & Definition – Pricing Strategies

d) Place (Distribution) Management – Meaning and Definition – Factors governing Distribution Decisions – Types of Distribution Channels

e) Promotion Management – Meaning – Promotion Strategies

Case Studies based on the above topics

Production Management

a) Meaning and Definition of Production Management – Scope of Production Management – Production vs. Productivity

b) Meaning of Productivity – Measurement of Productivity – Measure to increase Productivity – Productivity improvement in India

c) Meaning and Definition of Quality Management – TQM – Quality Circles – ISO 9000/14000 d) Inventory Management – Meaning and Methods

Case Studies based on the above topics

Human Resource Management

a) Meaning and Definition of Human Resource Planning, Human Resource Management and Human Resource Development

b) Process of Human Resource Planning

c) Scope of Human Resource Management

d) Methods of Developing Human Resource

e) Performance Appraisal – Meaning and Definition – Traditional and Modern Methods of Appraisal – Self Appraisal – 3600 Appraisal

Case Studies based on the above topics

Financial Management

a) Meaning and Definition of Financial Management – Functions of Financial Management

b) Short – term and Long – Term Sources of Finance – Source and Significance

c) Capital Market – Meaning and Constituents – Functions

d) Fundamental Analysis – Technical Analysis – Venture Capital – DEMAT Account – Futures and Options

Case Studies based on the above topics

How can I Study this subject?

Being a theory subject it is best advisable to avoid the ‘rote method’ of learning. The popular habit of Indian students to lay emphasis on ‘Ratta Maar’ is something that should be scrapped immediately and in case you have caught the bug try and undo the damage as soon as you can.

Especially in a subject like Management 2 where the foundations of the understanding of your career is based, so it is advisable that you understand and apply the concepts properly instead of simply mugging up à vomiting it into your answer sheets and à forgetting it and then later on you end up à cursing yourself on the day of your job interview when you can’t get your dream job because you have NO idea of how an organization runs!

This subject covers diverse aspects of 4 pillars of an organization:

Marketing– the first one is a very interesting subject and while you study it keep your common sense and observation powers on ‘full active’ mode because Marketing includes everything that you see around yourself for promotional activities, so understanding it best can be done outside the textbook.

Your best guides can be your mobile screen, laptop or tablet screen, newspapers, magazines, television and the radio because you can see different forms of marketing when you catch a lot of these. While you attend your lectures or read your chapters of marketing it is advisable to keep a pen and a notebook and make notes this is important because it helps fit the concept you learnt or read in your head.

When that is done you can relate with them in real life and writing the answers in the paper will be very simple. Remember that for scoring well in Marketing based questions it is not important just to write down your concepts eloquently you also need to add up as many examples as you can. The secret to a well written answer for marketing lies in, to the point answers that cover the concept and definitions well while showcasing your understanding for the same using a lot of well explained and popular examples.

Production Management your second pillar of this subject is unlike marketing. It is too the point and can be best learnt by attending lectures and going through a few different textbooks to make notes. The answers will not need a lot of variation but your understanding of the subject needs to be strong to be able to score well. You need to be well versed with the technical jargon of this subject to be able to write answers that will fetch you more marks as compared to your contemporaries.

HRM or Human Resource Management is one vertical that is relatively simple to understand yet difficult to score in as students tend to take it for granted all the time. Dealing with personnel in an organization is of utmost importance and you must understand the subtle differences between definitions and concepts that seem alike but are completely different and may end up getting you lower marks than expected.

Studying Financial Management will come relatively easily for you as you are well versed with the financial terminologies and concepts, yet the theory section of financial aspects should never be taken for granted and hence studying this part well is important. Focus on the concepts and understand them well so that you can explain them well and score well. This section needs no flowery language or real life application; all it needs a strong base and understanding of the concepts to be able to help you write the answers well!

How can I Score Good Marks and avoid KT’s?

If you have a few weeks to go for the exams then you can follow this schedule:

1. Study Marketing first, because you can score well with application of common sense and little reading.
2. Financial Management should come next, because you are sure of how to deal with financial subjects and you can complete it in jiffy.
3. Human Resource Management can be number three, because the concepts are simple and understanding them won’t really need you to devote a lot of time and concentration.
4. Production Management can be done last because in case you are not able to cope with this part of the subject then you have 3 verticals done well and so the chances of getting a KT are reduced drastically.

You can make your own schedule depending on what aspect of the subject your are most comfortable with, provided you have attended lectures and know what each one of these deals with.

Ideally to study theory subjects like this one properly, you can take up a section read it entirely and make notes (if you have the time) or simply read it like a novel once, then take up question answers from past question papers and learn those answers well. If you still have decent amount of time at hand you can take up the questions at the back of the text book and learn them so that you don’t leave out on anything.

I really liked Management 2, can I do something further in this subject?

If you really like this subject and wish to study something further that relates to it instead of the conventional masters in accounting and finance, you can take up an MBA and specialize in finance. The MBA will give you a chance to explore all four of these verticals at length while keeping your love for accounting and finance alive with your finance specialization.

MYTH Buster:

Myth: Only students good in Mathematics can make a successful career in accounting or finance!

Buster: After studying this subject for the past two years I am sure that most of you do not agree to this silly notion but for those of you who still have this at the back of your mind, chillax!

Math and finance are really unrelated unless you can’t do simple math of addition and subtraction or multiplication and division. As you might have noticed in the past, accounts has its own set of rules and formulas and math does not really interfere in it unless it deals with the calculation aspect of math and for that you always have a calculator!

So you really need not worry about struggling at your workplace with limited knowledge of math, just make sure your accountancy is perfect and rest can be managed well.

All the best 🙂

 

 

BY AMI PANDYA