Management Overview

Managers directly responsible for producing goods or services. Examples include Sales Managers, Section Heads, and Supervisors.

In smaller companies, the founder often handles all aspects of the business. Larger organizations have managers specialized in different areas.

The area responsible for promoting and selling a company's products. They focus on the '4 Ps': Product, Price, Place, and Promotion.

The area responsible for managing the financial health of a company. They track money coming in and going out, and ensure profitability.

First-line managers spend most of their time with the people they supervise, directing and controlling their work.

Involves selecting the best course of action out of multiple options.

Establishing clear goals for the entire organization and creating a plan to achieve them.

Focuses on short-term objectives, typically lasting less than a year, for specific departments or areas.

Using tactical plans to execute strategic goals and achieve the overall vision.

The process of allocating resources, assigning tasks, and creating a structure to execute the plan.

Motivating and influencing employees to achieve organizational objectives.

Clarifying roles and responsibilities to employees to ensure they understand their duties.

Coordinating the use of human, material, and informational resources to achieve organizational goals.

The ability of a business to produce goods or services at a lower cost per unit as output increases.

Management challenges faced by companies operating in multiple countries. Examples include cultural differences, communication barriers, and legal variations.

Organizations that are not primarily focused on profit-making but aim to achieve intangible goals like education, social services, or public welfare.

The need for efficient management in non-profit organizations to ensure effective fundraising, resource allocation, and achievement of their goals.

The importance of management in government organizations, including the military, to ensure effective resource utilization and achievement of public objectives.

The role of management in educational institutions, including public and private schools, to maintain order, provide quality education, and effectively utilize resources.

The significance of careful management in healthcare organizations to minimize errors, ensure patient safety, and optimize resource allocation.

Organizations that exist outside traditional business settings and require management to organize resources and achieve their specific goals, such as religious groups or criminal organizations.

Any service designed to benefit the entire community or nation, often provided by government agencies or non-profit organizations.

The ability to adapt and modify management techniques and processes based on the specific needs and environment of a business.

The ability to plan, organize, and execute tasks effectively, including resource allocation and monitoring progress.

Working effectively in a group and contributing to a shared goal, fostering a supportive environment, and managing team dynamics.

Understanding an organization's mission, values, and industry, making decisions aligned with these factors, and taking actions that benefit the organization's long-term success.

Ability to function effectively in a global environment, including understanding different cultures, languages, and economic trends.

Managing personal responsibilities, maintaining integrity, and balancing work and life effectively.

Involves understanding the overall missions and values of the organizations, ensuring that actions are aligned with company mission and values.

Understanding the industry (history & evolution, actions of competitors, analysis of trends, future implications).

Understanding the organisation (shareholders’ concerns, strengths and weaknesses of strategies, organisation culture and competency).

A management system that relies on rules, hierarchy, and detailed procedures, focusing on overall organizational efficiency and processes.

A key characteristic of bureaucratic management, emphasizing objectivity and fairness in employee evaluations based on concrete data rather than personal opinions.

A fundamental principle of bureaucratic management that advocates for using the most efficient methods and resources to achieve organizational goals.

A management system that focuses on maximizing economic efficiency and labor productivity through scientific methods and optimization.

A key figure in the development of scientific management, known for his emphasis on applying scientific principles to improve work processes.

A major advantage of bureaucratic management, providing consistency and predictable outcomes due to standardized procedures and rules.

A key disadvantage of bureaucratic management, where rigid adherence to rules can hinder flexibility and adaptability to changing circumstances.

A major disadvantage of bureaucratic management, as it can prioritize authority and control over employee productivity, potentially leading to demotivation and decreased performance.

The overall health and vitality of the economic system in which an organization operates, encompassing trends in production, distribution, and consumption of goods and services, the state of the economy (recession, recovery, boom, depression), factors like taxes, wages, interest rates, government spending, subsidies, unemployment, and demand.

The methods available for converting resources into products and services, encompassing the combined effects of processes, materials, knowledge, and other discoveries from research and development. Breakthroughs in technology influence operating efficiency, competitiveness, and the quality of goods and services.

Everything outside an organization's boundaries that might affect it, comprised of two parts: the general environment and the task environment.

The set of broad dimensions and forces in an organization's surroundings that create its overall context. This includes economic, technological, socio-cultural, political-legal, and global dimensions.

The specific industry in which an organization operates, including competitors, customers, suppliers, and other stakeholders. This has a direct and immediate impact on the organization's operations and success.

The specific things that an organization values from its environment. For example, a private university might value research funding more than a state university, which relies on state funding.

The transition from the 'old economy' focused on manufacturing and tangible assets to the 'new economy' emphasizing information, intangible assets, and the importance of human capital.

The characteristics of markets in the new economy. These include a move away from defined market segments to new and ever-evolving markets, and a shift from customer loyalty to product-based purchases to buying activities.