Chapter 6 Business Ownership and Operations Section 6.1 Types of Business Ownership.
CHAPTER 7: BUSINESS MANAGEMENT Introduction to Business Unit 2: Business Ownership.
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Transcript of CHAPTER 7: BUSINESS MANAGEMENT Introduction to Business Unit 2: Business Ownership.
CHAPTER 7: BUSINESS MANAGEMENTIntroduction to Business
Unit 2: Business Ownership
SECTION 7.1:MANAGEMENT FUNCTIONS
Planning
Organizing
Leading
Controlling
Management• Most managers carry out four different
functions of management.• Some managers may primarily focus
on one or two of these functions.• A challenge for many managers,
especially those in small businesses, is dealing with multiple objectives at different functional levels.• Balancing and managing interdependent
functions• Allocating scarce resources to multiple
areas of the business
Planning
Organizin
g
Leading
Controlling
Planning• Planning = act or process of creating
• goals and objectives – Where are we going?
• Strategies to meet goals and objectives (long- and short-term) – How will we get there?
• Requires manager to identify• Resources needed (e.g. time, money,
manpower, etc.)• Standards that must be met (e.g. goals,
quality requirements)
Organizing• Organizing = obtaining and
coordinating resources so that a business’s goals and objectives can be met
• Resources include• People (Staffing): hire, train,
schedule, and manage employees
• Work Processes: design workflow and coordinate schedules
• Equipment: obtain and schedule necessary machinery and other tools
Organizing: Levels of Management
• Organizing also involves determining how different individuals in the firm relate to one another.
• Organizational chart = graphic showing how a firm is structured and who is in charge of whom
Organizing: Levels of Management
Top-Level Manager
Middle Manager
Operational
Manager
Operational
Manager
Middle Manager
Operational Manager
Goal-setting and planning for business; determine vision and strategies; leading and controlling
Carries out decisions of top management; responsible for departments or divisions; organizing, leading, and controlling, with some planning
Responsible for daily operations; some planning and organizing, but mostly leading and controlling
Fast Break: Group Discussion• Some people believe that the planning function is the
most important one for a manager. Do you agree? Why or why not?
• How do you use the organizing function when you are assigned a group project? Do students tend to do this together or select a group member to act as a manager? Is that a good strategy? Why or why not?
• Many businesses make the organizational chart available for review by employees. How do you think having easy access to the organizational chart makes work flow more smoothly?
Leading• Leading = influencing, guiding, and directing people under
one’s management to carry out their assigned tasks• Means providing direction and vision• Also includes
• Setting standards (e.g. deadlines, sales quotas)• Delegating work = assigning tasks to subordinates• Enforcing policies• Overseeing time management• Providing feedback on employees’ work (e.g. approval,
constructive criticism, performance evaluations)• Resolving conflicts
• Good managers lead by example.
Controlling• Controlling = keeping the company on track and making
sure goals are met• Involves
• Setting standards for work• Evaluating performance• Solving problems that interfere with performance• Tracking and monitoring progress• Taking corrective action when necessary
Controlling: Some Areas to Monitor
BudgetsSchedules and
DeadlinesQuality
Employee Performance
Customer Satisfaction
Sales and Other Indicators
Fast Break: Teacher as Manager
• An important aspect of teaching is classroom management.
• Brainstorm a list of the things your teachers have to do to keep class running smoothly.
• Then, create a chart like this one and sort the tasks on your list into the different functions of managers.
Functions of Managers
Planning
Organizing
Leading
Controlling