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managed. It is a structured approach and requires planning and monitoring just like any other management tool.

On the whole, benchmarking can be used as an effective weapon against organizational complacency. Used correctly, benchmarking can lead you to the competitive edge in today’s market place.

Review Questions

1.What is meant by benchmarking? Describe the process of benchmarking.

2.Trace the evolution of benchmarking. Give some examples of U.S. firms who could achieve dramatic results by implementing benchmarking process.

3.Explain the pitfalls of benchmarking. How would you overcome those pitfalls?

4.Examine the important approaches of benchmarking. Given the Indian context, which of the approaches would you think give better results?

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Case Study

If Something Can Do Wrong – It Will

Mr. Ravi, a brilliant young man obtained his MBA degree from an Indian University in 1991 with specialisation in the area of finance. His basic degree is B.E in Chemical Engineering. The engineering background coupled with the management education aroused in him new spirits to strike on his own and thus developed a penchant to start an enterprise. Careful and systematic analysis of the various opportunities enabled him finally to zero in on the production and marketing of polythene bags that are increasingly used fertiliser and Cement industries. The location of a fairly good number of units of these two industries in the South (for instance, of the about 95 cement units nearly 40 are concentrated in the four Southern States) influenced his decision of the product choice. The fact that technology involved is also not complicated and volatile further reinforced his belief about the market potential.

To reap certain locational advantages, he preferred to set up the unit in a fast growing district headquarters town connected with a good network of transport and communication facilities. But the cost of land as well as its availability became a problem. With the limited funds at his disposal, he could not afford to buy land and construct the unit which involves the commitment of substantial portion of his meagre funds. On enquiry he came to know of certain sick units in the industrial estate in the outskirts of the town, which have ceased to function for some time in the past. The machinery in a few such units having been already auctioned, the sheds were available for sale lease. This opportunity came in handy for Mr.Ravi. He took on lease one such shed and spent about one lakh to effect a few changes to suit his requirements.

He started contacting the suppliers for the plant and machinery. He is confident of obtaining financial assistance to meet the fixed as well as working capital requirements of the business. But at the same time, he is also confused of the multiplicity of organisations/ agencies that have come up to cater to the needs of small scale entrepreneurs. He doesn’t have adequate knowledge of the assistance available and the incentives offered by all these agencies to promote entrepreneurship.

Further, even though he doesn’t for see any problems in the technical aspects relating to production, he is rather apprehensive of marketing the product. The demand for his product, being a derived one, is influenced by two factors – one, the demand for fertilisers, cement and other bulk commodities and two, the extent of the success made in replacing the gunny bags which are still in wider use. To add to his bother, Government of India, of late, is understood to have been contemplating to insist the use of gunny bags to protect the jute industry which has been languishing and is likely to vanish. However, all these problems could not deter the spirit of Mr.Ravi who is fully

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determined and bent on going ahead.

Questions

1.Was Mr.Ravi’s product concept right?

2.Whose did Mr.Ravi go wrong in the whole plan of establishment of the unit?

3.Assuming that govt. had made the use of gunny bags compulsory, what alternatives do you suggest to Mr.Ravi at this stage?

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Further Reading

1.Drucker, Peter, F., 1981. Management: Tasks, Responsibilities and Practices, Allied Publishers, New Delhi.

2.Hodgets, Richard M., 1986, Management Theory: process and Practice, Academic Press, London.

3.Stoner, James. A.F. and Freeman.E.R., 1989. Management, Prentice Hall of India, New Delhi.

4.Katz R.L., 1974. Skills of an Effective Administrator, Harvard Business Review, 52(5) 90102.

5.Newman, William Hsummer, Charles E. and Warren, E, 1974. The Process of Management: Concepts, Behaviour and Practice, Prentice Hall of India; New Delhi.

6.Alvin Toffler, 1970. Further Shore, Random House, New York.

7.Daniel bell, 1973. The Coming of Post – Industrial Society, Basic books, New York.

8.John B. Miner, 1978. The Management Process, Macmillan, New York.

9.Richard T. Pascale and Anthony G. Athos, 1981. The Art of Japanese Management, Warner Books, New York.

10.George R.Terry and Stephen G. Franklin, Principles of Management, AITBS, Delhi, 1988.

11.Milton Friedman, 1963. Capitalism and Freedom, Chicago Unit Press, Chicago.

12.Keith Davis, “The Meaning and scope of Social Responsibility” in McGuire(ed), Contemporary management, Prentice – Hall, Eaglewood Cliffs, 1974.

13.Massie, Joseph L. 1971. Essentials of Management, Practice Hall, Eaglewood Cliffs, N.J.

14.Steiner, George A. 1969. Top Management Planning, Macmillan, New York.

15.Gleuck, William F. 1980. Business Policy and Strategic Management, Mc.Graw – Hill, New York.

16.Barnard, Chester I. 1938. The Function of the Executive, Harvard University Press, Cambridge.

17.Chandler, Alfred D. 1962. Strategy and Structure, MIT Press Cambridge.

18.Chandler, Alfred D. 1962. Strategy and Structure, MIT Press Cambridge.Ghreck, William F. 1972, Business Policy; Strategy Formulation and Management Action, Mc Graw – Hill, New York.5.

I.Chester Barnard.

19.Cleland, David, I, and William. R. King, 1975. Systems Analysis and Project Management. Mc Graw – Hill, New York.

20.Kast. F.E., and J.E. Rsenzweig, 1973. Organisation and Management:

ASystems Approach, Mc Graw – Hill, New York.

21.Miner, John B. 1978. The Management Process, Mcmillan, New York.

22.Naisbitt, John. 1982. Megatrends, Warner Books, New York.

23.Lorsch, Jay W and Lawrence, P.R. 1970. Studies in Organisation

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Design, Richard D. Irwin, Homewood.

24.Claude S. George, Jr. 1968. The History of Management Thought, Prentice – Hall, England Cliffs, N.J.

25.John R.P. French and Bertram Raven, 1959. The Bases of Social Power in Dorwin Cartwright (ed), Studies in Social Power, Instutute for Social Research, University of Michigan.

26.Harey Sherman, 1966. It all Depends: A pragmatic Approach to Organisations, quoted in A.F. Stoner and Freeman, Management, 1989, Prentice – Hall India, New Delhi.

27.Peter F. Drucker, 1985. Innovation and Entrepreneurship, The free press, New York.

28.Fred Luthans, 1975. Organisational Behaviour. Mc GrawHill, New Delhi.

29.Stephen Robbins, 1966. Organisational Behaviour, Prentice – Hall, India, New Delhi.

30.Umasekaran, 1989. Organisational Behaviour, Tata Mc Graw – Hill, New Delhi.

31.Tripathi & Reddy, 2008. Principles of Management, Tata McGraw – Hill, New Delhi.

32.Laurie Mullins, 2007. Management and Organisational Behaviour, Pearson, New Delhi.

33.Meenakshi Gupta, 2009. Principles of Management, PHI Learning, New Delhi.

34.Ricky Griffin, 2008. Management: Principles & Applications, Cengage, New Delhi.

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