Management

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 Management

Taking charge and ensuring focus is placed on

the things and aspect of the business that helps
achieve the vision and the goals.
 Three Characteristics of Management

• Process of continuing and related activities.

• Involving and concentrating on organizational

goals.

• Achieves the organizational goals by working

with people and organization resources.
 Five Functions of Management
• Planning
• Organizing
• Motivating
• Staffing
• controlling
Planning

Koontz
“Planning is deciding in advance what
to do, when to do and how to do. It bridges
the gap from where we are and
were we want to be.”

ORGANIZING

Henry Fayol
“To organize a business is to provide it
with everything useful or functioning i.e. raw
material, tools,personnels and capital .”

Organizing as a process involves:

-identification of activities.
-classification of grouping activities.
-assignment of duties
-delegation of authority and creation of
responsibility.
-coordinating authority and responsibility
relationship
Staffing
Koot’z and O’Donell
“Managerial function of staffing involves
manning the organization structure through
proper and effective selection, appraisal, and
development of personnel to fill the roles
designed in the structure.

Staffing involves:
-manpower planning
-recruitment, selection, and placement
-training and development
-remuneration
-performance appraisal
-promotion and transfer

Motivation

Inspiring , stimulating or encouraging

the subordinates with zeal to work.
Contolling
Theo Haimann

“Controlling is the process of checking

whether or not proper progress is being
made towards the objectives and goals and
acting if necessary, to correct any deviation.

Koont’z and O’Donell

“Controlling is the management of

performance activities of subordinates in
order to make sure that the enterprises
objectives and plans desired to obtain them
is being accomplishe.”
 MARKETING

The process of defining, anticipating, creating,

and fulfilling customers needs and wants for
products and services.
 Functions of Marketing
• Customer analysis
• Selling products and services
• Product and service planning
• Pricing
• Distribution
• Marketing research
• Opportunity analysis
Customer Analysis

Is one of the major functions of marketing

in which the need and wants of customers are
examined and evaluated.

Selling Products and Services

-The potential of organization to sell some

products or services are guide the
implementation strategy.

-There are many marketing strategies that

are included in the selling function like
advertising, personal selling, sales promotion,
sales force management, publicity and customer
relation and the emerging trend in which the
products and services are advertised on the
internet.

-When an organization adopts market

penetration strategy, these activities are
important.
Products and Service Planning

For this purpose certain activities are carried

out like test marketing, positioning of product and
brand, devising warranties, determining options of
product and etc.
Test marketing is consider as one of the most
potential techniques of planning of products and
services.
Following are some of important
consideration that should be focused by the
organization while conducting their test marketing.

-the number of cities that should be include

-the types of cities that should be included
-the type of information that should be collected
during testing
-type of action that need to be taken after the
completion of the testing

Pricing
Setting and communicating the value of
products and services.
Setting the price at the right level.
Distribution

Determining the best ways for

customers to locate, obtain, and use the
products and services of an organization.
Involves moving the product from deign
idea to the consumer.

Marketing Research

The systematic collection, recording,

and analysis of the information about the
problems pertaining to marketing of
products or services is referred to as
marketing research.
Opportunity Analysis

Opportunity analysis in which certain market

decisions are analyzed in order to assess the cost, risks
and benefit associated with the decisions.

Cost/benefit analysis is mostly used in the function

of opportunity analysis.

Three steps in performing cost/analysis which are

follows:
-calculation of total cost linked with decision
-estimation of total benefits emerged from the
decision
-comparison of total cost is made with the total
benefits
 Finance Functions
The functions of finance/accounting comprise
three decisions.

-the investment decision

-the financing decision
-the dividend decision
 Investment Decision
One of the most important finance functions is to
intelligently allocate capital to long term assets. This
activity is also known as capital budgeting.

Following are two aspects of investment decision.

-Evaluation of new investment in terms of
profitability.
-Comparison of cut off rate against new investment
and prevailing investment.
 Financing Decision
It is important to make wise decisions about
when, where and how should a business acquire
funds.

Dividend Decision

The dividend is a part of profits, that are

available for distribution, to equity shareholders.
Payment for dividend should be analyzed in
relation to financial decision of the firm.
 Production/Operations
• Production/operations function
– consists of all those activities that transform
inputs into goods and services
• Production/operations management deals
with inputs, transformations, and outputs
that vary across industries and markets.
The
The Basic
Basic Functions
Functions (Decisions)
(Decisions) Within
Within
Production/Operations
Production/Operations

Copyright ©2017 Pearson Education, Limited 6-18

 reference
www.toolshero.com
www.managementstudyguide.com
www.smallbusiness.chron.com
www.clevirism.com
www.quora.com