Wk 2: Management Principles & Business Structures in Funeral Home Operations

What is management?

The process of planning, organizing, leading, and controlling resources to achieve goals.

What are the key elements of management?

Efficiency (doing things right) and effectiveness (doing the right things).

What is the role of a manager?

Decision-making, resource allocation, and leading to meet business objectives.

What are the five functions of management?

Planning, organizing, leading, controlling, and staffing.

What does the planning function of management involve?

Setting goals and strategies.

What is involved in the organizing function of management?

Assigning tasks and structuring work.

What is the leading function of management?

Motivating employees and making decisions.

What does the controlling function of management entail?

Monitoring performance.

What is the staffing function of management?

Hiring and developing employees.

What is an autocratic management style?

A style where one person makes decisions.

What is a democratic management style?

A style where employees contribute ideas.

What is a laissez-faire management style?

A style with minimal oversight, allowing employees to work independently.

What is a transactional management style?

A style based on structure, with supervision of performance and rewards/punishments.

What factors should be considered when choosing a business structure?

Legal liability, taxation, management, decision-making, and ability to raise funds and expand.

What is a sole proprietorship?

A business owned and operated by one individual.

What is a partnership?

A business owned by two or more individuals.

What is a corporation?

A group of people authorized to act as a single entity.

What is an LLC (Limited Liability Company)?

A business structure that provides protection from business debts and lawsuits.

What is a franchise?

A business model where an individual operates a business under the name and guidance of a larger company.