Management Chapter 1

Management Fundamentals

• The primary focus of management is to achieve organizational goals and objectives by efficiently utilizing resources such as people, materials, and equipment.
• The primary role of a manager is to plan, organize, lead, and control organizational activities to accomplish these goals.
• A key characteristic of management is its multidisciplinary nature, encompassing various aspects of business, including finance, marketing, and operations.
• The ultimate goal of management is to create a sustainable competitive advantage, ensuring the long-term survival and success of the organization.
• A key aspect of management involves making informed decisions, allocating resources, and coordinating activities to maximize efficiency, productivity, and profitability.

Test your knowledge of management principles, including the definition of management, the role of a manager, and the ultimate goal of management.