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Principles of Management Project PDF
Principles of Management Project PDF
Management
Project No. 1
01 - Aakash Sarkar
02 - Aayush Rathi
03 - Aditi Gupta
04 - Aditya Nawalkha
05 - Akshat Mittal
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TABLE OF CONTENTS
INTRODUCTION ...................................................................................... 3
ABOUT THE COMPANY ........................................................................ 4
MANAGEMENT FUNCTIONS AT COOPERVISION ........................ 5
ROLE OF TOP MANAGEMENT AT COOPERVISION .................... 7
PLANNING ................................................................................................. 8
PLANNING AT COOPERVISION ......................................................... 9
CURRENT PLANS AT COOPERVISION ........................................... 10
ORGANIZING ......................................................................................... 11
ORGANIZING AT COOPERVISION .................................................. 12
STAFFING ................................................................................................ 14
STAFFING AT COOPERVISION......................................................... 15
DIRECTING ............................................................................................. 16
DIRECTING AT COOPERVISION ...................................................... 17
CONTROLLING ..................................................................................... 18
CONTROLLING AT COOPERVISION .............................................. 19
KEY FINDINGS ....................................................................................... 20
REFERENCES ......................................................................................... 21
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INTRODUCTION
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ABOUT THE COMPANY
Industry:
Founded in 1980 Medical
Devices
Pleasanton,
Publicly
Headquartered in
CA
Traded
Company
$1.1
billion Soft Contact
Lens
annual Manufacturor
revenue
CooperVision, Inc. is a business unit of The Cooper Companies. The company was founded
in 1980, and it is headquartered in Pleasanton, CA. Its products are sold in over 100
countries, including India.
CooperVision manufactures in Juana Díaz, Puerto Rico; Scottsville, New York; and Hamble
and Southampton in Hampshire, England. It has major distribution centers in the U.K., U.S.,
and Belgium
In 2004, CooperVision acquired Ocular Sciences, Inc., a global manufacturer and marketer of
soft contact lenses. This acquisition helped the company become the third-largest soft contact
lens manufacturer in the world.
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MANAGEMENT FUNCTIONS AT COOPERVISION
Distinct
purpose
Deliberate
People
structure
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The organizational structure at CooperVision is flexible, but with strong control
on the adherence to the basic functions and roles. It is an amalgamation of
People, a deliberate structure, and a distinct purpose from personnel.
Managerial Roles: The term managerial roles refers to specific actions or
behaviors expected of and exhibited by a manager. At CooperVision managers
are not restricted to just one or two roles, they take the mantel of managing
different aspects of the business based on their authority, and capability.
These Roles include but are not limited to -
Interpersonal Roles: Ones that involve people (subordinates and persons
outside the organization) and other duties that are ceremonial and symbolic in
nature. The three interpersonal roles include figurehead, leader, and liaison.
“As managers perform these roles, Mintzberg proposed that their activities
included both reflection (thinking) and action (doing)”
Henry Minzberg
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ROLE OF TOP MANAGEMENT AT
COOPERVISION
Conceptual Skills
Human SKills
Technical
skills
Importance of Planning
By planning process, an organization not only gets the insights of the future, but
it also helps the organization to shape its future. Effective planning involves
simplicity of the plan, i.e. the plan should be clearly stated and easy to
understand because if the plan is too much complicated it will create chaos
among the members of the organization. Further, the plan should fulfil all the
requirements of the organization.
Keeping this information about Planning with us, we asked Mr. Arnab about how
planning works at CooperVision, and this is the insight he shared with us:
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PLANNING AT COOPERVISION
The first thing we asked Mr. Arnab was how short term and long term plans
were conceptualized at the company.
According to him, the plans are broken down at a micro and macro viewpoint.
• Market sentiments
Macro
• Competition
Plans
• Fiscal measures by Govt.
• Granular analysis
Micro
• Territory analysis
Plans
• Customization of plans
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CURRENT PLANS AT COOPERVISION
Mr. Arnab was kind enough to share with us some of the plans that are currently
in the works at CooperVision.
The company’s vision is to eradicate blindness. In countries like India, a lot of
preventable blindness exists simply because people don’t have the knowledge or
the resources.
To combat that, CooperVision conducts a lot of eye camps and checkup and
diagnostic programmes. So, the current plan at CooperVision is to ensure the
existence of such a camp in every state and city in India to bring easy access to
eye checkup and care to everyone living in the country.
For this, they have set up a committee that will look into the logistics and planning
of such a mass-scale operation.
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ORGANIZING
Classifying the authority - Once the departments are made, the manager
likes to classify the powers and its extent to the managers. This activity of
giving a rank in order to the managerial positions is called hierarchy. The top
management is into formulation of policies, the middle level management
into departmental supervision and lower level management into supervision
of foremen. This helps in avoiding wastage of time, money, effort, in
avoidance of duplication or overlapping of efforts and this helps in bringing
smoothness in a concern’s working.
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ORGANIZING AT COOPERVISION
We asked Mr. Arnab how the company ensures an optimum use of resources
including human resource to achieve the short term and long-term plans.
He told us that unless there’s a perfect match between the resources and the
objectives, there will be desynchronization. While there exist some limitations
due to the complex nature of such a large-scale business, the company tries to
match the resources to the goals.
For example: One of the highest performing territories for CooperVision is Delhi
as it is an optimal market so the maximum resources are provided to that territory.
The base criterion that is looked at is maximum results for the resources
deployed.
This is how the company organizes its various factors of production, human
resources, and other assets.
• Own limitations
problems
• Headcount, advertising budget
The other thing we asked Mr. Arnab was about the factors taken into
consideration while assigning tasks to departments and employees.
He told us that the company employs a Bottom’s Up approach as far as targets
are concerned. And it is ensured that everyone has ownership of the targets
undertaken. They have regional managers that sit with teams and give the budgets
and planning session.
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They analyze the resources they have and come up with the results that can be
delivered. Then there is a meeting amongst the regional managers who sit and
discuss these suggested results given the kind of resources and scenarios they
face.
Then a final meeting comprising of everyone takes place where the formulated
plan is turned into action. This plan is accepted by the people as they had stake in
the decisional process so the achievement of results is incentivized.
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STAFFING
What is staffing and technology’s connection? Well, it is the human factor that is
instrumental in the effective utilization of the latest technology, capital, material,
etc. the management can ensure the right kinds of personnel by performing the
staffing function.
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STAFFING AT COOPERVISION
We asked Mr. Arnab what the recruitment process was like at CooperVision.
He told us that the recruitment is based on the growth expectations of the
company. Unfortunately, India is a very non-regulated market when it comes
to recruitment of workers and personnel. There exist no regulations at all when it
comes to fitting of optical equipment.
There is a lack of trained personnel, so the first objective of CooperVision is to
train the workers about proper fitting and working of the optical equipment. The
company has allocated a big budget in ensuring this practice. This is known as
Continuous Medical Education (CME) which they conduct on a regular basis.
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DIRECTING
Importance of Directing
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DIRECTING AT COOPERVISION
We asked Mr. Arnab about the effect motivation has on employees achieving
their targets and being more productive.
The answer was a resounding yes. He told us that the success of any plan, be it
finance or marketing, depends on the motivation of employees. If the employee
doesn’t buy into the plan, then it’s a sure shot failure before it even enters the
public space.
These are the people who roll out the plans into the market so their commitment
is of paramount importance. For this, the company hosts many motivational
programmes like wellness and health. They have a dedicated Wellness and Health
manager
The manager ensures that people’s health improves on a regular basis and they’re
well taken care of. They set not just company level targets, but personal level
targets as well.
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CONTROLLING
Importance of Controlling
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CONTROLLING AT COOPERVISION
We asked Mr. Arnab about the key result areas that CooperVision keeps in mind
while monitoring the progress of employees.
He told us that since it is a very sale driven company, the number one KRA is
profit and loss bottom-line. The sales targets as well as visibility across outlets
are prioritized in this controlling approach.
Then we gave him a situation where an employee has made a mistake, and being
a manager, how he’d correct it at the company.
He told us that the company employs positive reinforcement when it comes to
controlling the employees. They are a very employee friendly company and the
employee turnover is one of the lowest across all other optical companies. Most
of the people who’ve joined the company initially have retained with the
company.
The company accepts that humans are fallible and they are bound to make
mistakes. In fact they consider mistakes as a step towards success. At
CooperVision, employees aren’t penalized for taking the initiative.
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KEY FINDINGS
These are some of the most significant things we learned and found with the help of
this management project: -
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REFERENCES
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