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Management
The process of planning, organizing, leading, and controlling the resources of an organization to achieve specific goals.
Pervasiveness of Management
The characteristic of management indicating that it is applicable at all levels and in all types of organizations.
Coordination
The element of management that helps integrate group efforts to achieve common objectives.
Top Management
The highest level of management responsible for formulating long-term strategies and plans.
Unity of Command
A principle stating that an employee should receive orders from only one superior to avoid confusion.
Principle of Management
Guidelines that are applicable to all types of management areas, providing a framework for decision-making and practice.
Delegation of Authority
The process of assigning responsibility and authority to subordinates to carry out specific activities.
Financial Management
The management of an organization's finances to ensure sustained profitability, economic stability, and the maximization of shareholder value.
Consumer Rights
The rights entitled to consumers, ensuring their protection against unfair trade practices.
Globalization
The integration of economies and cultures across the world, reducing trade barriers.
Job Rotation
An on-the-job training method that involves moving employees between different jobs to enhance skills and reduce monotony.
Financial Decision
Decisions made regarding the procurement, allocation, and management of funds used in various business activities.
Management by Exception
A control strategy that focuses on significant deviations from expected performance, allowing managers to address them effectively.
Dynamic Environment
An environment where factors continuously change, requiring organizations to adapt to survive.
Budget
A financial plan that outlines projected income and expenditures over a specific period.
Consumer Protection Act
A legislation enacted to protect consumers against unfair trade practices and ensure their rights.
ESOP (Employee Stock Ownership Plan)
A program that provides a company's workforce with an ownership interest in the company.
Market Mix
A combination of factors that influence a company's marketing strategy, including product, price, place, and promotion.
Grapevine
An informal channel of communication in an organization that spreads information among employees.
Motivation
The process of stimulating people to take actions toward achieving specific goals.
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