1 2 CONTENTS Sr. no Particular Page no 1. INTRODUCTION 3 2. PROJECT AT GLANCE 4 3. HIGHLIGHTS OF THE COMPANY 5 4. HISTORY AND DEVELOPMENT 6 5. SIZE OF THE UNIT 7 6. FORM OF THE UNIT 8 7. LOCATION FACTOR 9 8. OBJECTIVES AND PROMOTERS 10 3 INTRODUCTION As we know that the world has became smaller. If we need any thing we are just in need to do some small formalities and the work is done. One of the emerging services which are available for the public at large is the food services. Their may be many restaurants opened in the market which provides you this service at your door step. You are just required to have one phone call and within a few minutes the food will be in front of you and you will be enjoying it. The business of restaurants in India is growing faster since last few years and is forecasted to grow more in near future too. So many peoples are in mode of having their own restaurants, but it is not so easy. As TAJ RESTAURANT provide its service to the people of Rajkot to its full ability. It is the restaurant for a family enjoyment with full facilities. It takes great care of the customer satisfaction and demand. The restaurant TAJ RESTAURANT was started in the year 1993. It is suited opposite to Chaudhary High School Kasturba Road, Rajkot 360 001. It has covered area under about 600 Square feet. As the restaurant is situated in the heart of the city they are achieving big goals. Now a day the restaurant has firm the ground with all the hard works and efforts and are climbing the ladders of success. 4 PROJECT AT GLANCE The project at glance means profile of the company with exceptional contribution of success TAJ RESTAURANT provide its services to the people in Rajkot to its full ability. A TAJ is a restaurant for a family enjoyment with full facilities and good surrounding atmosphere. It takes great care of its customer’s satisfaction and demand. They provide the best quality food to their customer. It is one of the best restaurants in Rajkot. Its concept of this project is really the best project in Rajkot. 5 HIGHLIGHTS OF THE COMPANY Firm Name: TAJ RESTAURANT Location: Opp. Chaudhary High School, Kasturba Road, Rajkot – 360001. Nature of Business: Restaurant Year of the Establishment: 1993 Form of the Organization: Private Ltd. Size of the Unit: Small Proprietor: Mr. Vinod Kakkad Area covered: 600 Square feet. Bankers: Citizen Co-operative Bank. Accounting year: Financial year. Initial Capital: 5 lacks. Telephone No.: 0281-2457217. 6 HISTORY AND DEVELOPMENT The idea for the establishment of the TAJ RESTAURANT came up in the mind of the proprietor father from their huge success of TAJ MAHAL RESTAURANT which was located on Dharmendra road, Rajkot providing loading and boarding facilities to the people. After that he wants to develop the business by giving luxurious facility to the people. So they started the TAJ RESTAURANT in 1993. Mr. Vinodbhai Kakkad who is the proprietor of the restaurant worked very hard with the great support of their family members. After visiting various places in Rajkot and considering various factors they decided to start restaurant in Rajkot. It was given the name “TAJ RESTAURANT”, which means victory and providing king’s food to the people. The initial investment of the restaurant was 5 lacks. But now it has gradually increased. 7 SIZE OF THE UNIT There are three types of the industries. They are as follow:- A. Small Scale Industry. B. Medium Scale Industry. C. Large Scale Industry. Small scale industry has the total investment of Rs. 5lacks and more but sales of Rs. 5, 00, 00,000 to 10, 00, 00,000 Where as, in medium scale industry the total investment is of Rs. more than 5 lacks and the sales of Rs. 10, 00, 00,000 and more. TAJ RESTAURANT is a small scale unit. 8 FORM OF THE UNIT There are various types of forms of ownership organization which are as follows:- Sole proprietorship Partnership Private Limited Co. Public Limited Co. Co-operative society Joint stock Co. Multi National Co. The TAJ RESTAURANT is a Sole proprietorship. . 9 LOCATION FACTOR They decided to locate its restaurant in the mid of the Rajkot so as to get maximum numbers of people attracted towards them and other factors were also received conveniently. Generally an entrepreneur will locate the unit at the place from were he can get the total cost of service to be provide at the minimum rate. At the time of the establishment of the unit selection of the proper location is very important decision. Infrastructure:- As the company is located on the Kasturba Road, an infrastructure facility is available in this area. Facilities like Power, water, etc. was easily available in this area. The company could easily get its heavy line of electricity from PGVCL. Electricity:- The company gets the required power supply from Puschim Gujarat Vij Company Ltd. [PGVCL]. The total requirement of the unit is about 27 horse power. The unit gets uninterrupted power supply at the location as per their demand. Water:- The daily need of the water of the unit is 2000 liters. This has been sourced by the company’s own bore well. Hence permanent water supply is ensured. There is no shortage of water. 10 OBJECTIVES Every business enterprise is established with some definite objective. The main objective of any company is to earn profit. But over and above there are other objectives also such as satisfaction of customers, providing best quality of food, giving best entertainment facilities to the customer, etc. The objective of TAJ restaurant is the customer satisfaction by providing value added services in food unit. PROPRIETOR The proprietor is a person who establishes with his own risk or gets the finance for the establishment from their relatives. He is a person who thought of the company for the first time. The proprietor of the TAJ restaurant is Mr. Vinodbhai Kakkad. 11 12 CONTENTS Sr. No. Particular Page No. 1. INTRODUCTION 13 2. WHAT IS SERVICE 14 3. SERVICE DETAILS 15 4. SERVICE TO CUSTOMER 16 5. FACILITIES 17 13 INTRODUCTION The product is a bundle of all kind of satisfaction of both material and non- material kinds. A product supplies two kind of utility, (1) Economic Utility, (2) Supplementary Utility, in the form of social-psychological benefits. The product may be a good, a service or the combination of both as good and service or just an idea. A product is all things offered to a market. Those things include physical objective, design, brand, package, label, price, service, supportive, literature and satisfaction not only from physical product and service offered but also from ideas, personalities and organizations. In short, a product is the sum total of physical, economic, social and psychological benefits. 14 WHAT IS SERVICE? A TAJ is known as a service unit because it provides its service to the society in the form of providing foods. What Service Means? Service has got different meaning or can be understood in different ways. o Service means an action helping someone: o The action of work for someone. o A system supplying a public need. o Reddy to assist someone when required. From the above all meaning any meaning can be considered or is applicable for the service company. But the perfect meaning can be the combination of all the meanings. TAJ is perfectly suitable with this meaning because it helps public by providing facilities, satisfying public need and ready to assist them whenever required. 15 SERVICE DETAILS A Service is the most important part and major key for the success of any unit. Without a service, marketing cannot be imagined. Service is one tool in the hands of the marketing through which it gives life to all marketing programs. So, the main responsibility of the marketing would be to know its service well and to take proper service decision. While taking the service decision the following points are to be covered, Requirement in the market. Market Size Competitors. Chance of future growth. The TAJ has a range of Punjabi, Chinese, Continental food, Ice-cream and soft drinks is vary satisfying but inter related needs of one market segment. They are specially known for Chinese because the feature of this product is very different and the people of Rajkot are habituated with the Chinese and Punjabi food. 16 SERVICE TO THE CUSTOMERS The TAJ provides various types of services to its customers. They provide services from soup to deserts. They don’t give a chance of facing any difficulties by their customers. The services provided by them are as follow. They are providing table services to their customers. As mention above they serve every thing from soup to desert to their customers. When any customer enters they serve them with water first and secondly they give them menu. Then they take the order of the customer as per their desire. Then they provide them their selected food. And if they want any soft drinks along with it they also provide them various types of soft drinks. At last they give them the finger bowl to wash their hands and mouth freshener to their customers. So all this services are provided to them on the table. If any customer wants to take the food at home they do provide them the parcel facility also. They packs the food well in the silver paper and then in a plastic container. So the food remains hot till they reach home. They do not charge any extra money for the parcel facility. 17 FACILITIES Facility means the comfort available from any thing apart from basic needs. Facilities can also be said as the item meant for luxury. The TAJ restaurant provides facilities like Plays Birth Day song on your birthday. They provide the special food items to the family concern. They even provide the special Parcel service to their customers. They have a Banquet hall along with the restaurant. The hall of the restaurant is fully A/c. They do provide free parcel service also their customers. 18 19 CONTENTS Sr. No. Particulars Pg. No. 1. INTRODUCTION 20 2. ORGANIZATIONAL CHART 21 3. TYPE OF FOOD 22 4. PRICE OF LUNCH 23 5. STORAGE DEPARTMENT 24 20 INTRODUCTION The key department of restaurant is kitchen department. On the basis of kitchen the restaurant is running. If the very nice service is providing by service department but the food is not that much good. The customer does not prefer that restaurant. The kitchen department has to be kept clean everyday. They have to use best items for making food. They have to taste quality and try to maintain quality. And the main cooks are having the experience and ability to make best food. “TAJ” has well maintained kitchen. And cooks are able & experience. They provide the food as per the menu to their customers. They also provide the special food during the festivals. They are always going to purchase quality product. They buy the vegetables from the local market only. But they maintain their choice of good quality vegetables. 21 ORGANISATIONAL CHART PROPRIETOR KITCHEN STORE KEEPER ASSISTANT COOKER HELPER 22 TYPES OF FOOD “TAJ” is multi cuisine Restaurant. So, there is not a single type of food. But, there is a multi type of food. They are providing different food dishes. The objective of Restaurant is to aware people toward continental food. They provided following food dishes: § Punjabi § Chinese § Continental § Ice creams § Soft drinks They are looking for introducing the Fresh Juices. Hopes for that it starts as early as possible. But they are not getting enough customers for Fresh Juices. So they are waiting for the best time to come. As an when they will feel that they can earn for Fresh Juices they will start it. 23 PRICE OF LUNCH As we know that the price is the only element of a unit which generates revenue. Price is also important part from the customers’ point of view also. So the price should be such that neither the unit faces any problem nor the customers think it is expensive. TAJ has been successful in maintaining the balance between their margin of profit and the costumers’ satisfaction is also maintained. They do not have any grudges against it. YOUR FIRST MOVE Kuchh Khas SABZIAN TREATS Half Plate Full plate Fresh lemon soda 25/- Dal Tadka 28/- 41/- Fresh Lime Water 20/- Dal Butter Fry 26/- 46/- Soft Drinks 20/- Palak 26/- 46/- Mineral Water 22/- Palak Mutter 26/- 46/- ......................... Alu Mutter 26/- 46/- SOUPS Dum Alu 26/- 46/- Tomato Soup (Full) 34/- Iira Alu 26/- 46/- Tomato Soup (Half) 24/- Suka Bhaji 26/- 46/- Sweet Corn Soup (Full) 41/- Nargisi Kofta 26/- 46/- Sweet Corn Soup (Half) 26/- Veg. Kofta 26/- 46/- Ministrone Soup (Full) 41/- Mutter Panir 32/- 52/- Ministrone Soup(Half) 26/- Palak Panir 32/- 52/- Hot & Sour Soup (Full) 41/- Navratna Korma 34/- 56/- Hot & Sour Soup (Half) 26/- Veg. Kadai 34/- 56/- Manchow Soup (Full) 41/- Veg. Makhanwala 34/- 56/- Manchow Soup (Half) 26/- Veg. Jaipuri 34/- 56/- Manchurian Soup (Full) 41/- Mixed Vegetable 38/- 66/- Manchurian Soup (Half) 26/- Veg. Kolhapuri 38/- 66/- Sweet Corn Veg. Soup(full) 48/- ............................ Sweet Corn Veg. SoupHalf 29/- TAJ RECOMMENDS ...................... Paneer Tikka Masala 42/- 76/- From the SANDWICH BOARD Veg. Hydrabadi 42/- 76/- Bread Butter 20/- Veg. Hangama 42/- 76/- Buttered Toast 25/- Panir Toofani 42/- 76/- 24 Bread Butter Jam 25/- Panir Makhanni 42/- 76/- Cheese Sandwich 35/- Panir Kadai 42/- 76/- .......................... Mushroom Masala 42/- 76/- ............................. SATH SATH The touch of CONTINENTAL Green Salad 25/- French Fries 30/- Tomato/Cucumber Salad 25/- Veg. Cutlets 40/- ............................. Baked Macroni with cheese 56/- DAHI RAITAS Baked Veg. with cheese 56/- Butter Milk 16/- Baked Macroni with Pineple 61/- Plain Raita 16/- Baked Veg. with Pineple 61/- Masala Butter Milk 20/- Baked Veg. with Corn 61/- Lassi/Salted 22/- Baked Pineaple 65/- Lassi/Salted 22/- Veg. Sizzler 115/- Veg. Raita 33/- ................................ Pineapple Raita 38/- TIDBITS (Only on Weekdays) ............................. Dry Manchurian 68/- HAMARE TANDOOR SE Dry Panir TIka Masala 77/- Roti 11/- Veg. Pizza 49/- Papad Roasted 10/- Pizza/Italian/Cheese 54/- Buttered Roti 13/- Chinese Pizza 54/- Papad Fried 11/- Chinese Bhel 54/- Masala Papad 15/- Veg. Suzwan Noodles 54/- Buttered Paratha 19/- Veg. Suzwan Fried Rice 60/- Nan 20/- Spring Rolls 75/- Stuffed Paratha 24/- ................................ Buttered Nan/Kulcha 24/- RICE PULAO Stuffed Kulcha 40/- Plain Rice 33/- Cheese Nan/ Garlic Nan 44/- Plain Ricd (Half) 19/- ............................. Veg. Pulao/Jira Rice 40/- From the Choicest CHINESE CORNER Jira Rice (Half) 24/- Veg. Fried Rice 44/- Veg. Biryani 45/- Veg. Noodles/Haka Noodles 49/- Kahmiri Pulao (Sweet) 47/- American Chopsuey 49/- Handi Biriyani 50/- Veg. Manchurian 50/- Hyderabad Biriyani 50/- Panir/Manchurian Fried Rice 65/- ................................. Mixed Fried Rice 75/- ............................. HOT BEVERAGES Tea Per Cup 13/- Coffee Per Cup 15/- Cold Coffee 36/- Cold Coffee Ice cream 52/- 25 STORAGE DEPARTMENT “TAJ” is having storage department in which they store different raw- material. Like Vegetables, Grains & Pulses & Dry-Fruits, sweets, etc. The storekeeper has to visit storage department and check the stock, otherwise it will create difficulty for cooks and thus mismanagement can taken place. But, “TAJ” has proper management of kitchen & storage department. It is strength of the unit. 26 27 CONTENTS Sr. No. Particulars Pg. No. 1. INTRODUCTION 27 2. MANPOWER PLANNING 28 3. RECRUITMENT AND SELECTION 29 4. TRAINING AND DEVELOPMENT 31 5. PERFORMANCE APPRAISAL SYSTEM 32 6. WAGES DISTRIBUTION 33 7. EMPLOYEES BENEFITS 34 8. TIME KEEPING SYSTEM 35 9. INDUSTRIAL RELATIONSHIP 36 28 INTRODUCTION Personnel Management is the management of human resources in an organization and is concerned with the creation of harmonious working relationship among its participants and bringing about their utmost individual development. Such management is concerned with leadership in both group and “individual relationship” and “labour relations” and “personnel management”. It effectively describes the process of planning and directing the application, development and utilization of human resources in employment. In fact, personnel management undertakes all those activities, which are concerned with human element in an organization. Whatever functions are listed therein, the main objective of these functions is to bring together expertise in a scientific ways and to create attitudes that motivate a group to achieve its goals economically, effectively and speedily. Personnel Management is a specialized branch of general management which is connected with established and maintaining the personnel relation with human beings. So, personnel management performs the crucial work for managing “MEN”. Personnel department is necessary for the required number of person at right place for the right job and utilizing their capacity to the optimum level and also providing them relevant facilities to achieving goals. In this department we can get the information about the ‘Person’ who worked in the organization. We have study different types of activity like Recruitment, Selection, Introduction, Training, Promotion, Transfer of the Employee, Facilities provided to them and worker and other benefits given to the employees. 29 All the activities, which are concern with the human being, are discussed under this department. MANPOWER PLANNING Planning is the primary and most important function of management in every organization. Planning has been focused on every activity of the business. “Manpower planning is the process of determining manpower requirement meets these requirements in order to carry out the integrated plans of the organization”. THERE ARE MANY ADVANDAGES OF MANPOWER PLANNING WHICH ARE AS UNDER:- ♥ It facilitates in increasing the size of the business. ♥ It results in reduction of labour cost. ♥ It answer efficient work force. ♥ It promotes good industrial relation. ♥ It helps the organization to act according to national policy on employment. ♥ It helps in recruitment and selection. TAJ restaurant has implemented the manpower Planning. 30 RECRUITMENT Recruitment forms the first stage in the process which continuous with selection and ceases with the placement of candidates. It is the next step in the procurement function, the first being the manpower planning. Recruitment makes it possible to acquire the number and types of people necessary to ensure the continued operation of the organization. Recruiting is the discovering of potential applicant for actual or anticipated organizational vacancies. In other words, it is a ‘linking activity’ bringing together those with jobs and those seeking jobs. Recruitment is the process of selecting efficient and trustworthy person willing to apply for the job. Recruitment aims to develop and maintain proper manpower renounces. There are mainly three methods for recruitment which are as follow. DIRECT METHOD INDIRECT METHOD THIRD PRATY METHOD A TAJ has adopted direct method of recruitment that involves mostly advertisement in newspapers, trade journals, technique magazines, etc. it takes place when there is vacancy. They are also trained for the job. It is known as “IN HOUSE TRAINNG” for 15 to 45 days. So as they are completely aware about the work they are to perform on the job. There is also an authorized person who checks the person’s ability to work. 31 SELECTION The selection procedure is concerned with securing the relevant information in a number of steps or stages. The objective of selection process is to determine whether an applicant meets the qualification for a specific job and to choose the applicant who is most likely to perform well in that job. It is a very complicated and is based on the nature of the unit. It is concerned with securing relevant information about an applicant like education, date of birth, age and his qualifications. In TAJ restaurant the selection procedure is only used while selecting qualified person. It involve in the following steps. 1. Application received. 2. Screening of the application. 3. Interview. 4. Merit list. 5. Post or Placement. Generally length of the process is depends upon value of post. Unskilled person is directly selected. 32 TRAINING AND DEVELOPMENT Every organization needs to have well-trained and experienced people to perform the activities that have to be done. If the current or potential job occupants can meet this requirement, training is not important. But when this is not the case, it is necessary to raise the skill level and increase the versatility and adaptability of employee. Inadequate of job performance or a decline in productivity or changes resulting out of job redesigning or a technological break-through requires some types of training and development efforts. As the job becomes more complex, the important of employee development also increases. In a rapidly changing society, employee training and development is not only an activity that is desirable but also an activity that an organization must commit resources to it if they want to maintain a viable and knowledgeable work force. Training is the act of increasing skill of an employee for doing the work properly. It is a corn stone of sound management. It also enables the person to develop and rise within the unit and increase their market value, earning power and security. As mentioned earlier they provide 14 to 45 days in-house training to the employees. Restaurant has more then 40 enthusiastic and trained manpower available round the clock. “Training is the organization procures by which people learn knowledge and skill for a definite purpose.” A TAJ restaurant has also given training to me when I went to visit the unit as a student of B.B.A. They guided me well and give me their precious time for me. So I am very much thanking full to them. 33 PERFORMANCE APPRAISAL SYSTEM Once the employee has been selected, trained and motivated, he is then appraised for his performance. Performance appraisal is the step where the management finds out how effective it has been at hiring and placing employees. If any problems are identified, steps are taken to communicate with the employee and to remedy them. A “performance appraisal” is a process of evaluating an employee’s performance of a job in term of its requirements. Heyel observes; “It is the process of evaluating the performance and qualification of employees in terms of the requirement of the job for which he is employed, for administrating and placement, selection, financial and other activities. There is no place for injustice with the employees. In TAJ the employees are considered as most valuable assets and therefore it believes in perfect and accurate performance appraisal system. They believe that employees’ efficiency, productivity and great performance is a ladder to success. They have an efficient performance appraisal system for evaluating the employees’ performance. 34 WAGES DISTRIBUTION Wages on the widest sense mean any economic compensation paid by the employer under some contract to his workers for the services rendered by them. Wages, therefore, include relief pay, financial support and other benefits. But in the narrower sense, wages are the price paid for the services of labour in the process of production and include only the performances wages or wages proper. They are composed of two parts-the basic wages and other allowances. The basic wages is the remuneration, by way of basic salary and allowances, which is paid or payable to an employee in terms of his contract of employment for the work done by him. Allowances, on the other hand, are paid in addition to the basic wages to maintain the value of basic wages over a period of time. Such allowances include holiday pay, overtime pay, and bonus and social security benefits. There are some types of wages like Time Wages, Piece Wages, Balance or Debt Method. In TAJ the salary in paid on the basis of time wage method. They give the employment to the person having experience and good qualification in the field of the restaurant management. 35 EMPLOYEES BENEFITS Management is concerned with attracting and keeping employees, whose performance meets at least minimum levels of acceptability; and at keeping ‘absenteeism’ and ‘turn over’ to tolerable levels. The provision of ‘benefits’ and ‘services’ are important in mentioning the employees and reducing and keeping turn over and absenteeism low. It is important to note that ‘financial’ incentives are paid to specific employees. ‘Employee benefit and services’ on the other hand, are available to all employees based on their membership in the organization. The purpose of such benefits and services is to retain people in the organization and not to stimulate them to greater effort and higher performance. They foster loyalty and act as security base for the workers. A TAJ provides following facilities to its employees:- Leave with pay. Accommodation facilities. Friendly working environment. Free food the employees. Bonus to the employees on Diwali. 36 TIME KEEPING SYSTEM In TAJ the time keeping system for the employee is from morning 11:30 a.m. to noon 3:30 p.m. and from evening 7:30 p.m. to night 11:30 p.m. These timing may even change depending upon the work they are allotted. In the unit, workers are having working hours divided into two shifts as mentioned above. The restaurant remains open daily so employees have daily working days. The timing for the employers is from 11:00 to 15:30 and from 19:0 to 23:30 by night. In between they have the break time. They can do what they like to do in this time period. 37 INDUSTRIAL RELATIONSHIP Industrial relations refers to a dynamic and developing concept which is not limited to the complex of relations between trade unions and management but also refers to the general web of relationship normally obtaining between employers and employees a web much more complex than the simple concept of labour capital conflict. Industrial relations do not constitute a simple relationship, but are a set of functional, inter-dependent complexities involving historical, economical, social, psychological, demographic, technological, occupational, political, legal and other variables, and call for an interdisciplinary approach to their study. In TAJ restaurant the industrial relationship is good. It’s an ideal family relation because atmosphere is familiar and there is no communication gap between owners and workers. 38 39 CONTENTS Sr. No. Particular Pg. no. 1. INTRODUCTION 39 2. PRICING POLICY 40 3. CUSTOMER SATISFACTION 41 4. MARKET SHARE ANALYSIS 42 40 INTRODUCTION Today it is fashionable to talk about the new economy. We hear that business are operating in a globalize economy, that things are moving at a nanosecond pace; that our markets are characterized by hyper-competition; that disruptive technologies are challenging every business; and that business must adopt to the empowered consumer. Marketing management occupies a significantly places whether it is a new of an established unit. To fulfill overall objectives, an efficient marketing department is a prime condition. Good marketing plays a significant role in increasing the sale of the goods in the market. Marketing management is the process of planning and executing the concept of pricing, promotion and distribution of ideas, goods and services to create the satisfied individuals and organizational objectives. The important of marketing has increased in view that it has become a media of communicating between the customers and industry. Today best marketing and good channel is the key to success for the company. Marketing is a social and managerial process by which individual and groups obtain what they need and want creating and exchanging value and product with each other. A TAJ has adopted customer oriented marketing. 41 PRICING POLICY Price is the one element of the, marketing mix that producers revenue; the other element producer costs. Price is the easiest marketing-mix element to adjust; product features, channels, and even promotion take more time. A price also communicates to the market the company’s intended value positioning of its products or brands. Pricing policy is one of the important factors that can affect directly to the unit and also to its customers. Pricing policy means policies related to the price of a product. An organization is having price option for a particular product. A number of factors affect such pricing decision. A firm may choose various kinds of pricing methods, for their various products. In TAJ the pricing policy is mostly decided according to the general practice of the market price. The price of the item depends on the market price and also a bit to its profit margin. The price of all the types of food items is fixed from the first and remains stable. TAJ under takes various types of aspect which are as follow: ♀ Price of raw materials. ♀ Cost of preparing. ♀ Salary and wages overhead. ♀ Advertising and promoting expense. ♀ Taxations. ♀ Government strategies. ♀ Packing expenses. ♀ Reasonable profit margin. 42 CUSTOMER SATISFACTION One of the best thing that the owner of the company can take as a reward beside its income is the consumers’ satisfaction. If the customers are satisfied they will come again to the restaurant and will also bring more customers to the business. This will definitely lead to increase in the profit and it also increases the good will of the company. As we know that satisfaction comes from the service they provide to us. On the basis of it only we can judge the level of satisfaction we get. So TAJ provides the best services to their customers and tries to solve the problems immediately if the customer has any problem. They also provide table service to their customer. They play some soft music in the dinner hall. And if possible they try to serve their best service to the customer by not disturbing them and at last asking their opinion about food. 43 MARKET SHARE ANALYSIS The term market share is used frequently. Essentially it refers to the preparation of the total sales of a product during a stated time period in a specific market that is captured by a single unit. Market share can refer to entire industries, narrow segments or particular geographic areas and also can apply to past, present and future time period. The analysis of market is needed to compare the company’s sale with the industry’s sales. Comparing a company’s sales forms as performance evolution, but it does not tell how the company is doing relative to its competitors. This is nothing but a detailed study of market share analysis, which indirectly helps in accurate forecasting of demand for the product or service for a successful marketing plan. As TAJ is a part of vast service industries, its market share is 3%. 44 45 CONTENTS Sr. No. Particular Pg. No. 1. INTRODUCTION 45 2. ORGANIZATION OF FINANCE 46 DEPARTMENT 3. MANAGEMENT OF WORKING CAPITAL 47 46 INTRODUCTION Financial management is that managerial activity which is concerned with the planning and controlling of the firm’s financial resources. Though it was a branch of economics till 1890, as a separate activity or discipline it is of recent origin. Still, it has unique body of knowledge of its own, and draws heavily on economics for its theoretical concepts even today. The subject of financial management is of immense to both academicians and practicing managers. It is of great interest to academicians because the subject is still developing, and there are still certain areas where controversies exist for which no unanimous solutions have been reached as yet. Practicing managers are interested in this subject because among the most crucial decisions of the firm are those which relates to finance, and an understanding of the theory of financial insights of make those decisions skillfully. Finance manager has to play a major role in planning a business concern need for finance or fund, raising necessary funds, packing them into effective use, etc. as it is the life line of the business. It is necessary to set up systematic management for sound management of funds. It is said by the Henry that the “money is an arm or leg. You can either use it or lose it.” In TAJ there is separate department for the different types of work as for estimating the capital, distributing of profit, finding new source of fund, cash &bank balances, and recording of A/c., fixing the prices and controlling the financial activities. 47 ORGANIZATION OF FINANCE DEPARTMENT To raise finance at right time and to utilize it most effectively there are the primary functions of financial management which can be safely delegated to other officials of the business, the top management only monopolized the financial decisions. This underlines the important of financial management. Broadly, interpreted finance functions are basically same in all types of business organizations. The financial considerations are same irrespective of the size of the unit. Of course the nature of financial organization has changed to suit the size of the unit. The management of finance is the most important function of an organization and the existence of the organization depends on the efficient use of financial resources. Therefore, the proprietor of TAJ himself supervises the financial activities carried out by executives of finance. 48 MANAGEMENT OF WORKING CAPITAL Working capital refers to the funds locked up in materials, work in progress, finished goods, receivable and cash, etc. since these assets are known as current assets, in very simple term, “working capital may be defined as capital invested in current assets.” According to Hoagland, “working capital is descriptive of that capital which is not fixed. But the more common use of the working capital is to consider it as the difference between the book value of the current asset and current liabilities.” Working capital plays an important role in any organization. The management of working capital is done in such a way so that the firm does not face financial crisis because the scarcity of finance will create disturbance in the working of the unit. In TAJ the working capital is Rs. 1, 00,000. The proprietor of the restaurant does the management of working capital. It is major concern of the financial manager such as the accomplishment of the value of maximization of goal depends essentially on prudent working decision. 49 50 SWOT ANALYSIS The over all evolution of the unit’s strength, weakness, opportunities and threats is called SWOT ANALYSIS. The strength, weaknesses, opportunities and threats of TAJ are as follows. S: - The strength of them is their location, customer satisfaction and best quality with good service. W: - The weakness is over population. O: - The great opportunity of expanding the mind set of the people and also their earning potentials and development. T: - They fear the continuously upcoming new units which wear down the pricing. 51 52 FUTURE PLANS As every unit has their future plans to achieve and we also know that it is continues process which goes on goes on without stopping. If one of the plan is completed other one is already ready to be implement. The future plan of “TAJ” is to introduce the “New Fresh Juices”, in near future. 53 54 SUGGESTIONS Project is the result of valued suggestions. In the world, every individual is striving for perfection. No one is perfect but constant endeavor for excellence leads towards perfection. The world is changing rapidly especially in the area of business. However top becomes a world leader one should not remain unaware of the self- weaknesses. I would like to suggest that they should provide the entertainment facilities to the employees, uniform to the employees and also medical facility to the employees. I would also like to suggest that they should go for more publicity and should increase the facilities like party hall, play room for children, dance hall, some indoor games, etc. 55 56 CONCLUSION From the discussion we had done with the members we come to the conclusion that the unit owns considerable status in the Rajkot city. It is highly significant that it has grown with the help of its own power. They have not done any collaboration with any other company. They have also maintained their quality to the maximum level. They had made the optimum utilization of their resources. The result of their unit is the efficient management, efforts of the every person concerned, good co-ordination among the employees and managers. Thus in the context of the above achievements it is said that “TAJ RESTAURANT” has a bright future. 57 58 BIBLIOGRAPHY Training in service unit and thus getting the information regarding various aspects is truly a practical asset. But in order to give practical training a true and clear meaning for the preparation of best and complete report, the theoretical concepts must be at least clear in our minds. To have the complete knowledge regarding various theoretical concepts. I took the help from the following books by well known authors. Marketing Management by Philip Kotler. Personnel Management by C.B.Memoria. Financial Management by I.M.Pandey. Forms of Business Organization by Sherlaker.
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