1. Chapter 7 Business Management
7.1
Management Functions

2. Management
Management: includes the processes or functions of planning, organizing, leading, and controlling.
Management helps businesses focus on setting and meeting goals efficiently and effectively so that profit can be made
Managers need a thorough understanding of business operations

3. Four Functions of Management
Most managers carry out four different functions of management:
Planning
Organizing
Leading
Controlling
These 4 functions usually follow in order
A major challenge for managers is to deal with multiple objectives which are at different functional levels
It is up to managers to organize, analyze, and monitor employees to make sure goals are being met.

4. Planning
Planning: the act or process of creating goals and objectives as well as the strategies to meet them.
Planning also involves figuring out the resources that are needed and the standards that must be met.

5. Organizing and Staffing
Organizing: getting the resources arranged in an orderly and functional way to accomplish goals and objectives
Levels of Management:
Organizational chart: shows how the firm is structured and who is in charge of whom
Top-level manager: responsible for setting goals and planning for the future as well as leading and controlling the work of others.
the number of top-level managers may depend on the size of the business
Middle manager: carries out the decisions of top-management.
Often in charge of different departments within the business like production, marketing, or accounting
Operational manager: responsible for the daily operations of a business.
Ex: supervisors, office managers, or crew leaders

6. Leading Leading: providing direction and vision
Managers must create a vision of the company to inspire their employees
Managers set standards to inform workers of their goals
Managers delegate responsibility to employees to achieve goals
Managers must also work to resolve conflicts between workers
Managers must lead by example, especially when leading a team
Managers who show motivation, initiative, cooperation, and punctuality demonstrate to employees the importance of each quality

7. Controlling
Controlling: keeping the company on track and making sure goals are met
Managers keep track of the budget, schedule, quality of products or services they provide
Controlling also involves monitoring customer satisfaction.

8. Homework Ch. 7 Definitions
Complete the Reading Activity and Graphic Organizer for Section 7.1
Review questions on pg. 114, 1-3