MANAGEMENT OVERVIEW Unit 1/Chapter 1

What is management?  Is it a person?  Is it an action?  Is it a belief?

Management  Process of accomplishing the goals of an organization  Through the effective use of people and resources

Four functions of management  Management activities are divided into four major categories  Planning  Organizing  Implementing  Controlling

Planning  Analyzing information  Market research  Internal/external  Making decisions  Developing a course of action

Organizing  Completing tasks effectively  Making resources available at the right time  Efficiency

Implementing  Carrying out plans  Making sure actions are completed correctly  Everyone is in the right place at the right time

Controlling  Evaluating the results of an action  Determining if objectives have been met  Making adjustments to the process as needed

Business Management Principles  Each of the four functions takes place in different areas of management  6 core areas  Management responsibilities  Business Information Management  Financial Management  Production Management  Marketing Management  Human Resources Management

Management Responsibilities  Actions involved in accomplishing in the goals of the organization through the effective use of people and resources  Meetings  Information analysis  Leadership

Business Information Management  Refers to research about:  Target markets  Economy  Industry  Competition  Business operations  Used to aid in making decisions

Financial Management  Obtaining and managing funds needed to operate the business and perform desired actions  Record keeping  Income development  Fund protection

Production Management  Activities directed towards the creation of products and services  Obtainment of resources  Facilities  Employees  Production method

Marketing Management  All activities used to market a product  Price  Place  Product  Promotion

Human Resources Management  Deal with employees  How many  What type  Training provided  Compensation/benefits

Review  What are the four functions of management?  Planning, Organizing, Implementing, Controlling  When are the four functions put into place by a manager?  At any point when working within the different sections of management  What are the six business management principles?  Management responsibilities, Business information management, Financial management, Production management, Marketing management, Human resources management