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Why Management Is VERY IMPORTANT TO Business Business Essay

Traditionally, the word "management" refers to the activities (and often the group) mixed up in four standard functions: planning, managing, leading and coordinating of resources. Remember that the four functions recur throughout the organization and are highly included. Emerging trends in general management include assertions that leading is different than managing and that the nature of how the four functions is completed must change to support a "new paradigm" in management. This subject matter in the helps the reader to accomplish an extensive knowledge of management and the regions of knowledge and skills necessary to perform the major functions of management.

DEFINE MANAGEMENT?

According to (Management Enhancements, 2008) "management is the procedure of attaining organizational goals by dealing with and through people and other organizational resources".

Management has the pursuing 3 characteristics:

It is a process or series of carrying on and related activities.

It includes and concentrates on attaining organizational goals.

It extends to these goals by working with and through people and other organizational resources.

In addition, Management brings together all Six Ms i. e. Women and men, Money, Machines, Materials, Methods and Marketplaces. They use these resources for attaining the objectives of the organization such as high sales, maximum profits, business expansion, etc.

WHY MANAGEMENT IS IMPORTANT FOR A COMPANY?

All of us have seen, read, performed under or been part of a management onetime or other. But have you ever wondered why is management such an crucial part of any activity? The origins of the word 'management' can be followed back to the Latin word 'manu agree', which means 'to lead by hand'. This demonstrates a powerful management is one that actually guides the worker onto a avenue of successful and effective work, while leading by example. Thus we can securely conclude a good manager will not ask employees to do something that he/she might not exactly do himself/herself. In true sense, effective management requires directing and managing people or resources under one's effect, to ensure better co-ordination, productivity and best possible positive output in any field. Whether it's one person handling at a small level or multiple persons involved with large scale businesses, the overall impact of good management is obviously the same, that of exponential income.

Let's look at some tips which make management important to any process.

 

Achieving Company Targets

Help your leading line offer with price objections.

Increase your average order value.

Know your visitors.

Be business intelligent.

Focus on your existing customers.

Re-generate the accounts that have halted trading with you.

Target profitable new business

When a firm begins its procedures, specific goals are set up which can only just be achieved if all the parts of the organization function mutually and successfully. Proper management makes sure that each part of the company works towards achieving a common goal without disarray. Management actually programs, executes and balances the resources of a company in such a way that there is maximum work output to attain the goals of firm swiftly, while retaining work quality. In absence of proper management, different sections go on to attain individual focuses on. However, common goal might not be achieved, which would further lead to delays, loss and poor output.

 

Reduction In Wastage

When resources of a corporation are effectively handled, wastage is reduced, thus decreasing overall costs and attaining the status of 'tool optimization'. This means that company is making profits not only from outcome, but also from better and maximum use of insight. Proper utilization of resources and reduced wastage inhibits both under occupation and exploitation of resources. Management can identify resources which can be scarce and discover options for the same, thus minimizing the cost again.

 

Simplifies The Organizational Structure

Management settings effective work department, specialization and source allocation. This creates a even flow of work and specifies boundaries of responsibilities, expert and protection under the law, which do not overlap. This framework is necessary, as it clarifies to each employee his position and field of effect in the business. In that scenario, every employee would know his/her basic protection under the law, duties, immediate superiors and subordinates, combined with the knowledge of opportunities awaiting him, as his relation with the business grows.

Increases Stability

The company should be maintained in that fashion that external market turbulences do not hamper the business's functioning. This requires effective changes that require to be produced in the business, without hurting the company's stand or its workers too much. Without proper management this will not be possible. Management will provide increased steadiness and adaptability to the company, helping it survive market conditions and develop as time passes. Also, the workers wouldn't normally be apprehensive about sacrificing their job, which would, subsequently, help them use satisfaction.

 

Provides The "FEEL GREAT Factor"

It is extremely important to keep carefully the employees happy for the successful functioning of the business. A firm which is supervised with efficiency prospers rapidly and, in turn, produces better revenue, thereby opening avenues of expansion for the employees involved. The upwards climb in the development chart assures the labor force of not only better salaries, but better positions, which gives motivation for better work.

Profits Galore

This is a cumulative aftereffect of all of the benefits mentioned above. Proper management helps to create efficient organizational structure, set targets that are examining yet attainable and optimize source of information usage. Such a circumstance increases profits by maximizing output and minimizing costs. Happy and de-stressed staff work with more zeal and enthusiasm. This raises quality and level of output, which supports the development of the company, beating competition and rising out victorious!

THE NATURE OF MANAGEMENT

The basic reason for management within an organization is to plainly tell those individuals who work for the organization what they have to do and when also to ensure they can and do it.

It therefore needs management to provide for staff in all sorts of functions serving the business such as business strategy, contracting, accounting, investment, laws, research, strategy, recruitment, safety, supervision, public relations, shareholder relations and so on as well as the fundamental functions of providing the company's products or services and delivering these according to agreed agreement terms.

Nature of management serves as a follows.

Continuous Process:

Management is a constant process. It will remain the part of firm till the business itself is accessible. Management is an unending process as past decisions always hold their impact for future years course of action.

Universal in Characteristics:

Management is universal in nature i. e. it is accessible everywhere in world wherever there's a human activity. The basic guidelines of management can be applied anywhere if they are business or non-business organization.

Example: planning, arranging, staffing, directing and managing effectively and achieve the desired result.

Multidisciplinary:

Management is actually multidisciplinary. Though management is rolling out as a separate discipline it pulls knowledge and ideas of various other channels like sociology, psychology, economics, information etc. Management links ideas and principles of most these disciplines and uses them for good-self of the business.

Management is a group activity:

Management is a essential part of group activity. As no individual can satisfy all his needs himself, he unites with his co-workers and interact as an organized group to attain what he cannot achieve separately.

Management is goal focused:

Management is a goal oriented activity. It works to accomplish some predetermined targets or goals which might be economic or public.

Dynamic:

Management is energetic in dynamics i. e. techniques to control business changes itself over a period of time.

System of specialist:

Authority is power to get the work done by others and compel those to work systematically. Management cannot perform in absence of authority. Expert and responsibility relies upon position of director in firm.

Management can be an art:

Management is recognized as art as both requires skills, knowledge, experience and creative imagination for accomplishment of desired results.

Management is Research:

Management is considered as science. Science instructs about the causes and effects of applications and is based on some specific concepts and strategies. Management also uses some guidelines and specific methods. These are formed by ongoing observations.

FUNCTIONS OF MANAGEMENT:

The 4 basic management functions that make up the management process are described in the next sections:

PLANNING

ORGANIZING

INFLUENCING

CONTROLLING.

PLANNING:

Planning requires choosing tasks that must definitely be performed to attain organizational goals, outlining the way the responsibilities must be performed, and indicating when they should be performed.

Planning activity focuses on attaining goals. Professionals outline exactly what organizations must do to reach your goals. Planning can be involved with the success of the business for a while as well as in the long term (Rothbauer-Wanish, 2009).

For example, a administrator of a fresh local restaurant will need to have a marketing plan, a employing plan and a sales plan.

ORGANIZING:

Organizing can be regarded as assigning the jobs developed in the look stages, to various individuals or organizations within the organization. Organizing is to make a mechanism to put strategies into action.

People within the organization receive work assignments that contribute to the business's goals. Duties are organized so the output of every individual plays a part in the success of departments, which, in turn, contributes to the success of divisions, which eventually plays a part in the success of the business.

INFLUENCING:

Influencing is also referred to as motivating, leading or directing. Influencing can be explained as guiding the actions of organization participants in the course that helps the organization move towards the fulfillment of the goals.

The reason for influencing is to increase productivity. Human-oriented work situations usually generate higher degrees of production within the permanent than do task oriented work situations because people find the latter type distasteful.

CONTROLLING:

It includes verifying the genuine execution from the ideas to ensure that execution has been done relative to the programs.

It measures genuine performance up against the plans.

It sets requirements or norms of performance.

It steps the effective and efficiency of execution against these specifications and the strategies.

It routinely reviews, evaluates and monitors the performance.

If the spaces are found between execution levels and the ideas, controlling function entails suitable corrective activities to expedite the execution to match up with the programs or in certain circumstances deciding to make changes in the plans.

For example, if the company has an objective of increasing sales by 5% over another two months, the director may check the progress toward the goal by the end of month one. An effective manager will share this information along with his or her employees. This develops trust and a sense of engagement for the employees.

EXPLAIN THE PANNING PROCESS WITH EXAMPLES

Planning is the first and most important function of the management. It is needed at every degree of the management. Within the absence of planning all the business enterprise activities of the business will become meaningless. The importance of planning has increased even more because of the increasing size of organizations. In the absence of planning, it might not exactly be impossible but certainly difficult to think the uncertain incidents of future.

When we look at planning in the framework of management process, it is named activity; it is being an integral part of management. But on the other palm, when it's studied individually it is named a process because to complete you have to clear many steps one following the other. As far as the number of steps included in the planning process can be involved it will depend on how big is the business. Different business can have different planning process. The next steps are generally taken in the business enterprise organization during the planning process (Management, 2010).

Setting the objectives;

Objectives are those end factors for whose attainment all the activities are considered. In the planning process aims are motivated and defined to begin with so that the employees worried can be educated about them to get their complete assistance. Objectives have a hierarchy of their own organizational targets, departmental targets, and individual targets.

Developing the premises: the basis of planning is those factors which impact the possible results of different alternatives. Before going for a ultimate decision about any alternative a forecast of the assumption is manufactured. The pace of success of planning will be in direct proportion to the speed of the success of forecasting. The assumption of planning is two types:

Internal premises: capital, labor, uncooked material, machinery etc.

External premises; Federal government insurance policies, business competition, flavor of customer rate of taxes. etc.

Identifying alternative plan of action: Generally, there is absolutely no work without any alternative method of doing it. On the basis of the objectives of the organization and constraints of planning, substitute course of doing a particular work can be found out.

Evaluating alternative lessons: All those alternative courses that happen to be up to the anticipations of the minimum preminary conditions are picked for intensive study. It'll be seen as from what extent a specific alternate course can assist in the attainment of the objectives of the organizations. There exists however, one problem which confronts us while analyzing these alternative programs. Every alternatives course has its merits and demerits.

Selecting an alternative: choice a careful evaluation of different alternatives the best you are determined. Sometimes the examination yields several alternate course with similar merits.

Implementing the plan: After having made the decision the chef plan and the subsidiary ideas, they are to be implemented. After applying the strategies the series of different activities needs to be decided. Quite simply, it is decided as to who'll execute a particular job and at what time.

Follow up Action: the process of planning will not end with the execution of plans. Plans are formulated for future which is uncertain. It is of great importance that there surely is a constant review of plans in order to ensure success in the uncertain future. As soon as there is apparently changes in the programs also. In this way we can say planning is consistently moving process.

EXPLAIN THE DIFFERENCE BETWEEN Professionals AND LEADERS

The difference between innovator and director can be summarized this way: "If you are a head, you work from the heart. As a supervisor, you work from the head. " Although it is probably more technical than that, the point to keep in mind is the difference between what you do as a leader and what you do as a manager-and the constant have to be able to do both. Furthermore, the head and heart have to be partners, not 3rd party operators.

A manager concentrates attention on efficiency, performance, and making certain the right things happen at the right time. For instance: You are in a administrator role when you established performance objectives with staff, put together budgets, review cash flow projections, develop action plans, and evaluate programs or account raising strategies or any other facet of the business. Managing may also include doing hundreds of other tasks that require focused and reasonable attention to the good health of the business.

On the other hands, a innovator is a strategist, a visionary, and some-one who encourage others to greatness. For example, you are leading when you reveal your eye-sight for your organization, or when you bring staff and people mutually to design an application or create a strategy or resolve a problem. Market leaders motivate staff and folks, serve as role models, encourage visitors to cooperate, build community and capacity inside and outside the business, and create learning conditions in which people can grow and develop themselves without fear.

Leaders follow their own intuition which may in turn be more benefit to the company. Their Followers tend to be more loyal to them. Professionals do things by the reserve and follow company coverage. Their Subordinates may or may well not be devoted to them. A Leader in practical conditions motivates others to do the task. A Manager running a business terms ensures duties are done through others (Jones, 2013).

Some people think of what Manager and Innovator and think they are the same. The two are related, but the jobs will vary. They might look the same, but don't signify the same. Both Manager and Leader have different responsibilities in an organization. Leader will impact and place example for others to follow, this is called "do as I do, and Manager is do what I say". In true to life, some Managers possess leadership qualities plus some Leaders have got some managerial characteristics. Managers and Market leaders are two different types of characters. It isn't easy to understand the difference because the qualities of Professionals and Market leaders are each merged in the same person (sundayma, 2012).

But if ones observe the qualities in each individual, one will know that Market leaders and Managers will vary because Manage will manage the work and rules, and Leaders offer with personal issues of individuals, and also know a Leader does not have subordinates, a innovator has enthusiasts. Sometimes societies and organizations need the director or a leader, or sometimes they need both professionals and leaders. Their motivations, personal background, their way of thinking and attitude are different.

In short we can say,

- The manager administers; the leader innovates.

- The manager is a backup; the leader can be an original.

- The supervisor maintains; the first choice develops.

- The director focuses on systems and composition; the leader targets people.

- The manager depends on control; the leader inspires trust.

- The director has a short-range view; the leader has a long-range point of view.

- The manager asks how so when; the leader asks what and just why.

- The supervisor has his or her eye always on the bottom lines; the leader's attention is on the horizon.

- The supervisor imitates; the first choice originates.

- The administrator accepts the position quo; the leader challenges it.

- The manager is the typical good soldier; the first choice is his or her own person.

- The administrator does indeed things right; the leader does indeed the right thing.

HERZBERG MOTIVATION THEORY

Herzberg categorised these job factors into two categories-

Hygiene factors- Hygiene factors are those job factors which are crucial for living of determination at work environment. These do not lead to positive satisfaction for long-term. But if these factors are absent / if these factors are non-existent at office, they lead to dissatisfaction. Quite simply, hygiene factors are those factors which when good/reasonable in employment, pacify the employees and do not make sure they are dissatisfied. Cleanliness factors include:

Pay - The pay or salary framework should be appropriate and affordable. It must be equivalent and competitive to prospects in the same industry in the same domains.

Company Procedures and administrative insurance policies - The company policies shouldn't be too rigid. They must be reasonable and clear. It will include versatile working hours, dress code, breaks, holiday, etc.

Fringe benefits - The employees should be offered health care plans (mediclaim), benefits for the family, staff help programs, etc.

Physical Working conditions - The working conditions should be safe, clean and hygienic. The task equipment's should be modified and well-maintained.

Status - The employees' position within the organization should be acquainted and maintained.

Interpersonal relations - The relationship of the employees along with his peers, superiors and subordinates should be appropriate and suitable. There should be no discord or humiliation element present.

Job Security - The organization must definitely provide job security to the employees.

According to Herzberg, the cleanliness factors can't be thought to be motivators. The motivational factors yield positive satisfaction. These factors are inherent to work. These factors encourage the employees for an excellent performance. These factors are called satisfiers. They are factors involved in performing the work. Employees find these factors intrinsically satisfying. The motivators symbolized the internal needs which were perceived as another advantage (Herzberg's Two-Factor Theory of Motivation, 2012). Motivational factors include:

Recognition - The employees should be praised and identified for their achievements by the professionals.

Sense of accomplishment - The employees must have a sense of achievement. This will depend on the job. There has to be a berries of some sort in the job.

Growth and promotional opportunities - There must be growth and progress opportunities in an organization to motivate the employees to perform well.

Responsibility - The employees must carry themselves responsible for the work. The managers should give them ownership of the task. They should minimize control but retain accountability.

Meaningfulness of the work - The work itself should be significant, interesting and challenging for the worker to perform also to get encouraged.

In brief, Herzberg theorized that employees must be encouraged to see job satisfaction but that undesirable working conditions can only result in too little satisfaction. The info analyzed for the study reported here indicate Expansion agents left the organization for both reasons: lack of job satisfaction and job dissatisfaction (Herzberg, 1968). The presence of sufficient maintenance factors helps prevent occupation discontent, whereas sufficient motivators may direct occupational contentment (Mausner, & Snyderman, 1959).

When salary occurred as element in the lows (factors behind dissatisfaction) it revolved across the unfairness of the income system within the business. . . It was the machine of salary supervision that was being detailed. . . it also concerned an growth that was not along with a salary increase. In contrast to this, salary was talked about in the high reports (events triggering satisfaction) as something that Herzberg's Theory of Desire went along with a person's achievement on the job. It was a form of acknowledgement; job satisfaction intended more than money; it meant a job done well; it supposed that the average person was progressing in his work (Herzberg, 1968)

CONCLUSION

Management is the integration and co-ordination of resources in order to move effectively towards desired goals. All organizations involve some missions including their reasons for existence. To be effective, organizations must have targets, goals towards which professionals hope to move. Managers impact all the phases of modern organizations. Sales Professionals maintain a sales team that markets goods. Personnel professionals provide organizations with a reliable and productive labor force. Plant managers run manufacturing functions that produce the clothes we wear, the food we eat, and the cars we drive.

In brief, all societies, whether developed or expanding, need a huge great deal of good managers.

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