Topic 5: Management in the Business

The changes occurring today in the management functions: Managers’ Role are
Evolving

The Four Functions of Management

1.Planning and Decision Making
2.Organizing: Creating a Unified System
3.Leading: Providing Continuous Vision and Values
4.Controlling: Making Sure It Works.

Ad 1:
Setting organization’s Vision, Goals, and Objectives.
After vision, the management sets mission statement which outlines organisation’s
fundamental purposes. It should ADDRESS:
 Topic 5: Management in the Business (contnd)
1. Organization’s self concept
2. Its philosophy
3. Long term survival needs
4. Customer needs
5. Social responsibility
6. Nature of the product or service

What is;
1. Strategic Planning?
2. Tactical Planning
3. Operational Planning
4. Contingency Planning
 Topic 5: Management in the Business (contnd)
• Decision Making: Finding the Best Alternatives

• The 6Ds of Decision Making

1.Define the situation
2.Describe and collect needed information
3.Develop alternatives
4.Decide which alternative is the best
5.Do what is indicated (begin implementation)
6.Determine whether the decision was a good one, and follow up
 Topic 5: Management in the Business (contnd)
• Ad 2:
Levels of Management
Topic 5: Management in the Business (contnd)
Topic 5: Management in the Business (contnd)
 Topic 5: Management in the Business (contnd)
• Staffing: Getting and Keeping the Right People

• Ad 3:

• Leaders must:
1.Communicate a vision and rally others around that vision
2.Establish corporate values
3.Promote corporate ethics
4.Embrace Change
5.Stress accountability and responsibility
 Topic 5: Management in the Business (contnd)
• Leadership Styles:
1.Autocratic Leadership
2.Participative (Democratic) Leadership
3.Free-rein Leadership
 Topic 5: Management in the Business (contnd)
• Empowering Workers
• Managing Knowledge
• Ad 4:
Topic 5: Management in the Business (contnd)
 Topic 5: Management in the Business (contnd)
• Example of Goals and Standards Criteria
 Topic 5: Management in the Business (contnd)
• A Key Criterion for Measurement: Customer Satisfaction

1.External Customers
2.Internal Customers