section e - business management

Current and emergening trends in business

• Acquisition = a business combination that occurs when one company buys most of all of another companies shares

• Downsizing = is the permanent reduction of a companies labor force by removing unproductive workers or divisions. Being generally implemented during times of stress and a decline in revenues, downsizing can also be used to create leaner and more efficient businesses

• E-commerce = the electronic buying and selling of goods and services, usually through the internet

• Data mining = the process of sorting through large data sets to identify patterns and relationships that can help solve business problems through data analysis. 

• Labor market = refers to the supply of and demand for labor. Also known as the job market

• Social issues = issues like inequality, including in access to education, poor physical and mental wellbeing, and limited financial education

Demographic issues

refer to the challenges and concerns related to the population characteristics, dynamics, and trends within a specific region or country

You can use demographics to refine your marketing budget and make more targeted investment decisions about how to engage your audience

the four functions of management:

Planning

One main role of a manager is creating a plan to meet company goals and objectives. This involves allocating employee resources and delegating responsibilities, as well as setting realistic timelines and standards for completion. Planning requires those in management roles to continuously check on team progress in order to make small adjustments when necessary, while still maintaining a clear picture of a company's larger aims and goals.

Organizing

Along with planning, a manager's organizational skills can help to ensure a company or departmental unit runs smoothly. From establishing internal processes and structures to knowing which employees or teams are best suited for specific tasks, keeping everyone and everything organized throughout daily operations are important functions of management.

Leading

Managers should be comfortable and confident commanding their team members’ daily tasks as well as during periods of significant change or challenge. This involves projecting a strong sense of direction and leadership when setting goals and communicating new processes, products and services, or internal policy.

Controlling

To ensure all of the above functions are working toward the success of a company, managers should consistently monitor employee performance, quality of work, and the efficiency and reliability of completed projects. Control (and quality control) in management is about making sure the ultimate goals of the business are being adequately met, as well as making any necessary changes when they aren't.

delegating authority

the process of transferring responsibility for a task to another employee

When delegating a task, the manager and person receiving the delegation share the responsibility of completing the work.

Assigning responsibility

a process that involves the allocation of tasks and duties to ensure that the teams objectives are met.

 Accountability comes from clear contracting, ongoing conversations, and an organizational commitment to support accountability rather than blame.

Control process

controlling is the process of assessing and modifying performance to ensure that the companies objectives and plans for achieving them are met

3 types of control process:

• Concurrent control = the process of monitoring and adjusting ongoing activities and processes. Can be referred to as steering or real-time control

• Feedback control = A feedback control system is a control system that tends to maintain a relationship of one system variable to another by comparing functions of these variables and using the difference as a means of control.

• Feedforward control = an open-loop scheme that compensated the system dynamics without needing information about the system states as the tracking error

forms of global partnering

• Licensing = refers to a formal agreement that gives a company the right to manufacture, distribute, sell, or otherwise use a product, brand, or technology owned by another company

• Join ventures = is a combination of 2 or more parties that seek the development of a single enterprise or project for profit, sharing the risks associated with its development

• Exporting = is where a business sells raw materials, products or services to customers in another country

• Importing = involves bringing products or services into a country for sale that have been made elsewhere

• Franchising = basically a right that manufactures or business give to others. This right allowing the beneficiaries to sell the products or services of these manufacturers or parent businesses