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How to manage a business part i


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How to manage a business part i

  1. 1. <ul><li>Learn about management functions </li></ul><ul><li>Study the management function of planning </li></ul><ul><li>Examine the management function of organizing </li></ul><ul><li>Investigate the management function of directing </li></ul><ul><li>Explore the management function of controlling </li></ul>
  2. 2. <ul><li>Management Functions include: </li></ul><ul><li>Planning </li></ul><ul><li>Organizing </li></ul><ul><li>Directing </li></ul><ul><li>Controlling </li></ul>
  3. 3. <ul><li>Three types of plans are used in business management: </li></ul><ul><li>Strategic Plan . A strategic plan lays out a broad course of action to achieve a long-term goal. </li></ul><ul><li>Tactical Plan . A tactical plan outlines specific major steps for carrying out the strategic plan. </li></ul><ul><li>Operational Plan . An operational plan details the everyday activities that will achieve the goals of the tactical plan. </li></ul>
  4. 4. <ul><li>Organizing creates structure. It puts the people and resources in the right places and in the right combinations to maximize production and minimize costs. </li></ul><ul><li>One of the most important organizing tasks is choosing and hiring the best employees, training them properly, and assigning them authority and responsibilities. </li></ul><ul><li>Managers create organization charts that outline the chains of command within the business and the working relationships between different groups of people. </li></ul>
  5. 5. <ul><li>Leaders must have good interpersonal skills . These are skills used by people as they interact with others. </li></ul><ul><li>The ultimate goal of directing is team building , which is motivating individuals in a group to work together to achieve a shared goal. </li></ul><ul><li>The three basic leadership styles are: </li></ul><ul><ul><li>Authoritarian </li></ul></ul><ul><ul><li>Democratic </li></ul></ul><ul><ul><li>Delegating </li></ul></ul>
  6. 6. <ul><li>Businesses set performance standards on many components—production, costs, customer service, employee actions, equipment, finances, inventory levels, product quality, profits, and sales. </li></ul><ul><li>Many businesses use the controlling management function to monitor the quality of the goods or services they sell. </li></ul><ul><li>A quality control program is a program used by a business to ensure that its products or services meet specific quality standards. </li></ul>