TOPIC 2 BUSINESS MANAGEMENT
Nature of management
Features of effective management
Skills of management
Achieving business goals
Skills of management
- interpersonal, communication, strategic thinking, vision, problem-solving, decision-making, flexibility, adaptability to change, reconciling the conflicting interests of stakeholders
Achieving business goals
- profits, market share, growth, share price, social, environmental
- achieving a mix of the above goals
- staff involvement - innovation, motivation, mentoring, training
Management approaches
Classical approach
- management as planning, organising and controlling
- hierarchical organisation structure
- autocratic leadership
- management as leading, motivating, communicating
- teams
- participative/democratic leadership style
- adapting to changing circumstances
Management process
Coordinating key business functions and resources
Operations
Ethical business behaviour
Operations
- goods and/or services
- the production process
- quality management
- identification of the target market
- marketing mix
- cash flow statement
- income statement
- balance sheet
- recruitment
- training
- employment contracts
- separation - voluntary/involuntary
Ethical business behaviour
Management and change
Responding to internal and external influences
Managing change effectively
Managing change effectively
- identifying the need for change - business information systems
- setting achievable goals
- resistance to change
- management consultants