business management

• Management


  The act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively
• Functions of management


  • Planning
  • Organizing
  • Staffing
  • Leading or directing
  • Controlling
• Business management


  Organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of clearly defined objectives
• Basic task of management

  Marketing and innovation
• Business management skills


  • Political
  • Conceptual
  • Interpersonal
  • Diagnostic
• Importance of business management

  • For survival of the business entity
  • Maximum utilization of company's resources (efficient & effective)
  • Provides new idea and vision
  • Provides stability to the company by changing and modifying the resources
  • Help to build personality development- increase efficiency and productivity
• Levels of management


  • Top-level
  • Middle-level
  • Low-level
• Top-level managers


  Consist of board of directors: president, vice-president, CEOs, General Manager etc. They are responsible for controlling and overseeing the entire organization. They develop goals, strategic plans, company policies, and make decisions on the direction of the business. In addition, top-level managers play a significant role in the mobilization of outside resources. Accountable to the shareholders and general public. Should have broad understanding of: competition, world economies, politics, and social trends affecting organizational effectiveness.
• Middle-level managers


  Consist of branch managers and department managers. They are accountable to the top management for their department's function. They devote more time to organizational and directional functions. Executing organizational plans in conformance with the company's policies and the objectives of the top management, They define and discuss information and policies from top management to lower management. They inspire and provide guidance to low level managers towards better performance.
• Low-level managers


  Consist of supervisors, section heads, foremen, etc. They focus on controlling and directing of staff. They have the responsibility of: assigning employees tasks, guiding and supervising employees on day-to-day activities, ensuring quality and quantity production, making recommendations, suggestions, up channeling employee problems. Basic supervision. Motivation. Career planning. Performance feedback.
• Business function


  The activities carried out by an enterprise. They can be divided into core functions and support functions.
• Organizational chart


  A diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/ jobs
• Business functions


  • Human Resources
  • Sales and Marketing
  • Research and Development
  • Production/Operations
  • Customer Service
  • Finance and Accounts
  • Administration and IT
• Human resources function


  • Recruitment and retention
  • Job descriptions
  • Person specifications
  • Dismissal
  • Motivation
  • Professional development and training
  • Health and safety and conditions at work
  • Liaison with trade unions
• Sales and marketing function

  • Market research
  • Promotion strategies
  • Pricing strategies
  • Sales strategies
  • The sales team
  • Product – advice on new product development, product improvement, extension strategies, target markets
• Research and development function

  • New product development
  • Product improvements
  • Competitive advantage
  • Value added
  • Product testing
  • Efficiency gains
  • Cost savings
• Finance and accounts function

  • Cash flow
  • Monitoring income/revenue
  • Monitoring expenditure
  • Preparing accounts
  • Raising finance
  • Shares
  • Loans
  • Links with all other functional areas
• Production/operations function


  • Acquiring resources
  • Planning output – labour, capital, land
  • Monitoring costs
  • Projections on future output
  • Production methods (system)
  • Batch
  • Flow
  • Job
  • Efficiency
• Customer service function


  • Monitoring distribution
  • After-sales service
  • Handling consumer enquiries
  • Offering advice to consumers
  • Dealing with customer complaints
  • Publicity and public relations
• management is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively.
• management comprises planning, organizing, staffing leading and controlling an organization.
• business management:

  • organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of clearly defined objectives
• business management skills:

  • political (used to build a power base and establish connections)
  • conceptual (analyze complex situations, sharing, and information)
  • interpersonal (used to communicate, motivate, mentor and interaction with employees)
  • diagnostic (ability to visualize most appropriate response, roles that require decision-making)