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Nature of Management

Nature of Management

The process of coordinating a business's resources to achieve its goals.

Features of Effective Management

Involves leading, planning, organizing, and controlling.

Interpersonal Skills

Essential for effective communication and relationship building with employees.

Communication Skills

The exchange of information that requires two-way interaction and includes non-verbal cues.

Strategic Thinking Skills

Involves considering long-term goals and the overall vision of the business.

Vision Skills

A clear vision guides managers and aligns employees towards common goals.

Problem Solving Skills

Activities aimed at identifying and implementing solutions to unworkable situations.

Decision Making Skills

The process of evaluating options and selecting a course of action within time constraints.

Flexibility

The ability to adapt to changing circumstances in the business environment.

Stakeholder Interests

Managers must reconcile conflicting interests of stakeholders to align business objectives.

Business Goals

Desired outcomes that serve as targets for managers to measure success and motivate employees.

Profit Maximization

The goal of achieving the highest possible profit by managing costs and revenues effectively.

Market Share

The portion of total industry sales that a business captures, indicating its competitive position.

Business Growth

The long-term increase in size, sales, and profitability of a business.

Share Price

The value of a company's shares, reflecting its financial health and shareholder returns.

Social Goals

Objectives aimed at benefiting the community and enhancing corporate social responsibility.

Environmental Goals

Practices aimed at sustainability and reducing the ecological footprint of a business.

Staff Involvement

Engaging employees in decision-making to enhance motivation and productivity.

Innovation

The application of new ideas to improve products or processes, fostering competitive advantage.

Motivation

The internal drive that influences employee productivity and commitment to business goals.

Mentoring

Support from experienced staff to guide and develop less experienced employees.

Training

The process of enhancing employee skills and knowledge to improve job performance.

Classical Management Approach

Focuses on improving productivity through effective organization and management of workers.

Autocratic Leadership Style

A management style where decisions are made unilaterally by the manager with little employee input.

Behavioral Approach

Emphasizes positive relationships and communication between management and employees.

Contingency Approach

Adapting management strategies based on changing business circumstances.

Operations Management

Involves planning, organizing, and supervising production processes to ensure efficiency.

Quality Management

Strategies to ensure products meet customer expectations and maintain high standards.

Marketing Mix

The combination of product, price, promotion, and place strategies to reach target markets.

Human Resource Cycle

The process covering all stages of employee management from recruitment to separation.

Recruitment

The process of attracting and selecting suitable candidates for job vacancies.

Employment Contracts

Legally binding agreements outlining the rights and responsibilities of employers and employees.

Separation

The process of ending employment relations, which can be voluntary or involuntary.

Financial Statements

Reports summarizing a business's financial performance, including cash flow, income, and balance sheets.

Ethical Business Behavior

Standards guiding acceptable conduct in business, focusing on fairness and social responsibility.

Tax Obligations

Legal requirements for businesses to pay various taxes based on earnings, property, and transactions.