Preface
To complete the data collection process for the assignment we visited the company FIONA COLLECTIONS LTD. Questionnaires was prepared.
Team members investigate the information from collecting data to recognize their interrelation and internal consistency. Overall the collection process and the writing process of assignment were great experience for the members of the project team and had a great importance for learning the progress of future.
Table of Contents
1) Introduction
a) History of the Organization …………………………..
b) Objectives of the Organization ………………………
c) Functions of the Organization…………………………
d) Role of the Organization in the Economic Dev. of Bangladesh ……………………………………………
e) Organ gram of the Organization………………………
f) Mission of the Organization…………………………..
g) Vision of the Organization…………………………….
2) Findings and Analysis
a) Brief Description of the Organization………………..
b) Present Motivation System of the Organization………..
c) Factors of Job Satisfaction of the Organization…………
d) Brief Discussion of Theories of Motivation………………
e) Analysis on Effectiveness of Theories of Motivation for Efficient Management………………………………..
f) Findings: regarding comparative analysis between the theories of motivation and the present motivational system of the organization…………………………………………
3) Conclusion & Suggestions
a) Conclusions……………………………………………….
b) Suggestions……………………………………………..
Introduction
FIONA COLLECTION LTD is an organization that gives us best qualities neat wears and rudiment garments in a cheap rate for a long time. FCL (Fiona Collection Ltd.) run their business by maintain their goodwill and give us their services with dexterity.
Mainly this is an export and Import Company of neat wear and rudiment garments but they have their own showroom in every popular venue of Dhaka city. By those, they try to gives customer the neat wear and rudiment garments in a cheap rate by maintain their good qualities. Therefore, we can say FCL is the best to bring fashionable and good quality neat wear and rudiment garments. Their main object is “Bring quality in life”.
History of the organization
FIONA COLLECTION LTD first promoted and founded by Md. Sirajul Islam who is the owner of URO BANGLA INTERNATIONAL. He started this organization with a noble thinking what was, produce best quality neat wear and fabric and sell those in a cheap rate.
FCL (Fiona Collection Ltd.) also import best qualities neat wear from international market and sell here in a cheap rate. They also import ladies’ item, gents’ item, baby’s wear, toilettes and many other things.
FCL got its license in 1st December 2004 but they started their official activities and selling in 15th January 2005. The first showroom and production office was in “Hosaf shopping complex, shop No-19/20 and 39/40 in Malibag. They not only established this organization for earning money but also their aim was reinvest the money for provide and increase showroom and activities to give customers the best qualities neat wear, fabric and rudiment garments in a cheap rate.
FCL owned by Md. Mohsin (chairmen) 25%, 40% by Moshirul Islam Patwary (Managing Director), 20% by Mrs. Shamema Yasmin and 15% by Mrs. Shanaz Akter. However talks are under way for restructuring the ownership.
Objectives of the organization
In their first showroom they only sell ladies neat wear and day-by-day the number of the showroom has been increased and at the present the number of their showroom is six.
Hosaf Shopping complex:
Shop no: 19/20, (1st floor),
39/40, (2nd floor)
Malibag, Dhaka-1217
Bashundhara Shopping Complex
Level: 2, Block: c, Shop no: 45
Panthapath, Dhaka-1215
Bashundhara Shopping Complex
Level: 2, Block: c, Shop no: 74, 75
Panthapath, Dhaka-1215
Rapa Plaza
House: 1, Road: 27 (old)
Shop: 11 (2nd floor)
Dhanmondi, Dhaka-1205
North Tower
Plot: 107, Sector: 7
Shop: 115, 1st floor
Uttara Model Town
Uttara, Dhaka.
North Tower
Plot: 107, Sector: 7
Shop: 407, 1st floor
Uttara Model Town
Uttara, Dhaka
In every shop they maintain the whole sell rate that means in a cheap rate they sell their product. They sell many kind of product as like as long three piece, short three piece, baby three piece, lahanga, lasa, tops, scart, party dress, nighty, cosmetics etc.
Function of the Organization
The first capital of this organization was 1,000,0000 tk only and day-by-day it increased in 10,000,0000.
They hire a showroom with 3-year agreement by 10,000-taka monthly rent and appoint 6 employee and 4 salesmen for the showroom. But now the number of their showroom & employee increase day by day and now their showrooms are 6 and employees are 63 person.
Their Chairman – Md. Mohsin Patwary, Managing Director Md Moshirul Islam, and Director – Shamima Yasmin, Executive Director – Shahanaz Akhter get an amount from their monthly profit and remuneration. And their adviser Md. Razaul Karim gets 18,000 taka as remuneration.
They first importing product was in taka 300000 and the theme of their Business was important and sell garments, net wear and fabric. But now they are importing gents and cosmetics from Thailand, China & Germany.
To serve every level customer they have taken many acquired steps. Their target was to serve the middle class customer because in our country almost people are middle class. For increasing of selling they give advertisement in magazine and newspaper. For attraction of customer sometimes gives 20% discount in every sell. For, these reason they earned 800,00 taka. After that they re invest the money. To do large their business they increase their capital and take loan from bank. A table is given below to clear this thing.
First Capital = 2000000 (2004,1st December)
2005 (June, July)
Owners Invest + Bank Loan =45000000 + 5000000 = 50000000
Purchase from India 25000000 * 3%
Customs Vat = 750000 2006 (January)
Owners Invest + Bank Loan=1,00,00000 + 1,50,00000=25000000
Purchase from India 30000000 * 3%
Customs Vat = 900000
2007 (January)
Owners Invest + Bank Loan=8000000 + 8000000=16000000
Purchase from India 40000000* 3%
Customs Vat = 1200000
3 years total Customs Vat = 28,50,000
3 years total Profit = 70,00,000
Income tax of profit = 70,00,000 * 15%
3 years total income tax = 10,50,000
3 years poor fund = 2000000
Without this regular function of their company they do another activities and that are given below.
Taking care of the customer.
Do polite attitude with customer.
Inshore customer’s satisfaction.
To commitment with the customer they offer the money back guaranty.
They serve the product to the customer as they want.
Some times they change customers’ product, as they need.
Sometimes they offer drinks to the customer.
Role of the Organization in the Economic Development of Bangladesh
They give sells tax depends on their selling product.
With out this in the case of import they have to pay the customs vat.
With out those this organization donates some money to a missionary institution every year.
They participate in economical progress because they do mutual transaction with bank and different kind of financial organization as like Standard Chartered Bank, Brack Bank, City Bank, Uttara Bank, Dhaka Bank, Eastern Bank. Without that they do different transaction with Insurance Company.
They create employment for people.
They increase financial fund of country by selling necessary product with vat and tax.
Mission of this Organization
The Mission of this Organization was import best qualities neat wear and rudiment garments ladies item, gents’ item, babies wear, toilettes and many other things in a chip rate. There not only earning money but also their aim was reinvest the money for provide and increase showroom in every district of Bangladesh. They ensure that every person can get their service for what they try to augment their business. This organization started as like a Privet Limited Company but now they already have been registered for be a Public Limited Company and they hope that the share of FCL will be available in the share market from 2008.
Vision of this Organization
To be best company in exporting and importing of net wear and rudiment garments.
Increase the branch of FCL in every district.
To give best qualities net wear in a cheap rate.
To export jute makes product and other Bangladeshi product in whole world.
To be a known company to the world.
To make their own workshop of designing.
To export own making product with own design to other country.
Findings and analyzing
Brief description of the organization
Mainly this is an export and import company of neat wear and readymade garments. And they have their own showroom in every popular venue of Dhaka city to sell their product. This organization started as like a Privet Limited Company but now they have already been registered for be a Public Limited Company and they hope that the share of FCL will be available in the share market from 2008.So we can say, this is a public limited company.
This organization has to deal with customer. Therefore, it is clear that the employees and sales clerks are the main power of the company. The progress of selling and profit of the organization is depended on the selling ability and performance of sales clerks and employees. Therefore, they are most important for the organization. Moreover, motivational system is mostly use to run this type of organization. At the time of studying the company we can analyzed that the organizing, managing, financing and banking, staffing, marketing, controlling, planning and decision system of this company was quite ok and they maintaining all those system very dexterity. Because of our task was analysis the effectiveness of theories of motivational system about this company. So we try to work hard in this topic.
Present Motivational System of the Organization
After studded in this company we can analysis and noticed some technique what they use to motivate their employees. Some are giving below-
They give employees enough salary for their psychological satisfaction.
Without those in this organization, employees get an annual bonus.
They get five percents in a year to depend on their selling.
They arrange rewarding system for the best employee and sales clerks.
Without those, they arrange the system of promotion for the employees to encourage them for good work.
They arrange an annual loan for their employees.
Because of the showroom of FCL is situated in the popular place of Dhaka city and the showrooms are well furnished so employees and salesmen can work to be relax.
Employees and salesmen are well secured in this company.
Company appreciates their employees for their good performs.
The organization runs under a good managing system so here existed democratic system. Etc.
Factors of Job Satisfaction
Job satisfaction of employees is necessary because, if employees are satisfied with their job then they will work vary hard. At a result the performing and selling ability incised and profit also incised day-by-day. And motivation is necessary to employees’ satisfaction. With that always the supply of the basic needs have to maintain properly. So, the factors of job satisfaction is given below-
If the environment of the organization is well then employees can work with mental satisfaction.
If the remuneration of the employees get regularly and properly then employees can proved their ability of working.
Social status, acceptance, and praising for their good work can encourage them to work dexterity.
Rewarding and giving bonus system can help to provide the selling ability of the employees.
With out those residence fatalities, transport fatalities, medical fatalities, loan fatalities etc are also the factors of job satisfaction.
Brief Description of Theories of motivational system
Motivation is a mental system. In the case of production and selling, motivation is most important to control the employees. Many professors are discussing and analyzing the theory of motivation in different ways. All of them are try to say, men doing jobs for fulfill their basic needs so, if company try to fulfill the wants of employees to make them happy to do work then this trying called ‘Motivation’. According to some professors-
Northcraft and Neale say, “Motivations are the processes of directing and energizing behavior at work.”
Ivancevich and others say, “motivational system as the general term of used to describe the process of starting directing and maintaining physical and psychological activities.”
The most well known theory of motivational system is Abraham Maslow’s hierarchy of needs theory. He hypothesized that within every human being there exists a hierarchy of five needs. These needs are:
1. Physiological needs: These are the basic needs for sustaining human life itself such as food, water, warmth, shelter and sleep. Until these needs are satisfied to the degree necessary to maintain life, other needs will not motivate people.
2. Safely needs: these are the needs to be free of physical danger and of the fear of losing a job, property, food or shelter.
3. Social needs: Since people are social beings, they need to belong, to be accepted by others. It includes affection, belongingness, acceptance and friendship.
4. Esteem needs: The esteem level represents the higher needs of humans. This kind of need produces such satisfaction as power, prestige, status and self-confidence.
5. Self-actualization needs: It is the desire to become what one is capable of becoming to maximize one’s potential and to accomplish self-fulfillment.
Analysis on Effectiveness of Theories of motivational system for Efficient Management
We can’t make anyone to do anything by forcing. But if you support him financially and mentally then he or she can encourage doing your work. “Job performance depends on ability and environment as well as motivation” (Morhead and Griffn).
So we can say theories of motivation can help to build up an efficient management.
Theories of motivational system can encourage the employs to provide their efficiency.
It helps the organization to provide their production.
Employees can proper utilization of resource.
To create well working environment.
To finished standard work.
To development of labor management relationship.
To increasing, the good will.
To expansion of business.
Findings: regarding comparative analyses between the theories of motivation and present motivational system of organization
Abraham Maslow’s says in his hierarchy of needs theory, ‘Until physiological needs employees are satisfied to the degree necessary to maintain life, other needs will not motivate people. So, this organization brings enough care for psychological satisfaction of their employees by giving them basic needs.
Giving proper and regular remuneration is also a method of motivational system so these organizations give proper remuneration to their employees and give annual bonus. They get five percents in a year to depend on their selling.
Rewarding and promotion system is also a method of motivation so they arrange rewarding system for the best employee and salesmen. Without those, they arrange the system of promotion for the employees to encourage them for good work.
They arrange an annual loan for their employees and loan facilities is a financial method.
Abraham Maslow’s says in his hierarchy of needs theory about safety needs, Because of the showroom of FCL is situate in the popular place of Dhaka city so the showrooms are well secure and well furnished so employees and sales clerks can work to be relaxed.
It says social status and existent democratic system can make a good environment so company appreciates their employees for their good performs and the organization runs under a good managing system so here existent democratic system. Etc.
Conclusions & Suggestion
Conclusions
Therefore, to end with we can say this company can be a model for all of this kind of company. This is a public limited company. FCL (Fiona Collection Ltd.) run their business by maintain their goodwill and give us their services with dexterity. FCL is the best to bring fashionable and good quality neat wear and rudiment garments. Therefore, it covers our needs since a long time. Moreover, motivational system is mostly use in this organization. At the time of studying the company, we can analyzed that the organizing, managing, financing and banking, staffing, marketing, controlling, planning and decision taking system of this company was quite ok and they maintaining all those system very dexterity. These organizations give proper remuneration to their employees and give annual bonus. They get five percents in a year to depend on their selling. They give proper sells tax depends on their selling product. If this organization continued this way, in the future this organization will be the best organization in our country.
Suggestions
Have to make their branch in rural area.
Have to improve their shops decoration to attract the customer.
Have to improve their communication with other branch.
Have to increase their mutual understanding with all employees.
Have to reduce their extra expenses of company.
They have to provide their product in cheap rate that all kind of
Customer can buy it.
Have to do mutual attitude with customer.
For customer satisfaction, if they make a trial room in all branch it will batter for them.
