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Business Fundamentals | Functions of a Business | Entrepreneurship | Finance | Summative Project


Production | Human Resources | Management | Marketing | Accounting



MANAGEMENT


What you should know:
How management works
  • Planning
  • Organizing
  • Leading
  • Controlling
Managing Resources
  • Purchasing
  • Production
  • Marketing and Distribution
  • Research and Development
  • Finance
Leadership Styles
  • Autocratic Leadership
  • Laissez-faire Leadership
  • Democratic Leadership
Ethical Behaviour and Management
  • with employees
  • with the environment
  • with the community
Teamwork in Corporate Environments
  • Types of Teams

Management Simulation


Management Slideshow
Leadership Styles Slideshow


HOW IT FUNCTIONS

Assignment#8:worksheet

PLANNING
Managers are people who get things done by directing others.

  • Short-term goals are often expressed as a sales or income target.
  • Long-term economic goals are to maximize profit.
  • Managers must clearly understand these goal, and they range from department to department, and develop strategies to achieve them.

ORGANIZING
Each department within company has its own manager who determines tasks and duties, establishes and maintains relationships with other departments.levels_of_management.jpg
To accomplish these goals managers hire employees and write the necessary job descriptions. The three levels of management are:

  • Upper managements: Positions such as CEO (chief executive officer), COO (chief operating officer), CFO (chief financial officer), vice-president of marketing, and vice-president of human resources sets long-term goals.
  • Middle Management: Positions such as plant manager and regional manager interprets plans from upper management and puts them into action
  • Lowe-level management: Positions such as team leader, foreperson, and assistant manager implement plans from above.

CONTROLLING
A budget determines the number of employees in a department, the amount of money the department receives, and the amount of physical supplies it gets.


When departments do not reach goals financial and physical resources may be cut. When goals are achieved budgets may be increased.

LEADING
Managers need to be skilled at motivating individuals and teams, they need to communicate effectively, and be able to hand conflict and stress.

  • Motivating: Skillful managers understand that different rewards, such as money, fixtures, work assignments, verbal praise, trust, etc. motivate different people. Through this understanding managers can increase productivity and achieve organizational goals.
  • Communicating: good leaders communicate directions, urgency, corporate values, plans, and goals efficiently and effectively. When employees do not receive information as it is intended by the sender, tasks have to be redone and time and money are wasted and damage to reputation is done.
  • Encouraging Participation: Business decisions and moral can be improved when stakeholders (employees) are involved in decision making (participative planning).

MANAGING RESOURCES

PURCHASING
Raw materials are the ingredients that are transformed into another product.
Just-in-time (JIT) is a process by which required items are delivered immediately before they are needed, rather than kept on hand, thereby reducing shipping cost and warehouse needs (space and staff).

PRODUCTION
Production managers ensure that the business makes what it is supposed to make. Production managers arrange and coordinated maintenance, shift scheduling, machinery repair, and technological improvements.

MARKETING AND DISTRIBUTION
Sales strategies include advertising, promotional activities, and publicity. Distribution managers attempt to improve product distribution through direct sales (sales representatives) or indirect sales (vending machines, catalogues, and Internet sales).


RESEARCH AND DEVELOPMENT
Consumers often provide businesses with feedback conveying likes and dislikes about product and services. They will also provide information about new products and services that they want or need. R&D managers provide reports containing valuable information for purchasing, production, and marketing managers that allow them to make better decisions.

FINANCE
Financial controllers and managers set budgets for departments in conjunction with the department managers.

LEADERSHIP STYLES


Leadership Styles Powerpoint

AUTOCRATIC LEADERSHIP
If employees are not allowed to participate in decision making they feel undervalued and may rebel or quit.

LAISSEZ-FAIRE LEADERSHIP
A laissez-faire leadership style works well when employees are mature and have years of experience.
Without feedback, direction, guidance, and motivation occasionally employees may become uncertain, unmotivated, and directionless.
This is not an appropriate style when leading employees who are new at their jobs.

DEMOCRATIC LEADERSHIP
A democratic leaders motivate staff, recognizes achievement, and can lift team spirits. A good leader knows when to apply each of the three different styles and can implement them in a seamless fashion.

ETHICS IN MANAGEMENT

MANAGEMENT AND EMPLOYEES
Managers should provide fair pay, reasonable hours, vacations, and interesting work.

Some companies have a code of ethical conduct that documents a company’s polices regarding discrimination, sexual harassment, bribery, kickbacks, and theft of company property.

MANAGEMENT AND THE ENVIRONMENT
Recycling is one way businesses are addressing environmental issues. Others include using green building materials, energy conservation programs and mandates, and pollution reduction.

See Table 7.1, “10 Ways to Be an Environmentally Friendly Business”, on page 219.

Environmental practices may increase sales and decrease costs, therefore increasing profits in the long term.

TEAMWORK IN COMPANIES

MANAGEMENT AND THE COMMUNITY
The United Way is a charitable organization that many businesses help by collecting money, supplying paid staff to do fund raising, and payroll donations program.


The Body Shop demonstrates its ethical commitment to community by raising millions of dollars to help stop violence in the home.

TYPES OF TEAMS
The main types of teams are:
Committee: people form different organizational areas who work on an ongoing basis on a specific task, such as; social committee or an employee benefits committee.
Examples of Social Committees for BBI2O - Funny blooper videos are here
Task Force: formed to accomplish a specific task then disbanded such as; a team to design a new building or to design a new product.
Cross-functional Team: allowing diversity of input and quick decision making, this team has members form different functional areas such as accounting departments, marketing departments, HR departments, etc.
Self-managed Work Team: responsible for their own work, including hiring, training, developing, and scheduling, this team has no official leader.
Virtual Team: a team structure where individuals work via computer communications and often over long distances, this style can save time and money.
Informal Team: present in all organizations, these groups are not formed by management but arise from the relationships among employees, examples include a car pool, sports team, or lunch group.