Principles of Business Management - GBV
[Pages:18]Principles of Business
Management 2nd Edition
Edited by
JOHAN STRYDOM
Contributors Marolee Beaumont Smith
Andreas de Beer Maggie Holtzhausen
Jerome Kiley Danie Nel
Cecile Nieuwenhuizen Theuns Oosthuizen Sharon Rudansky-Kloppers Rigard Steenkamp
OXFORD
UNIVERSITY PRESS SOUTHERN AFRICA
Table of contents
Preface
xxv
PART i INTRODUCTION TO BUSINESS
MANAGEMENT
i
I Business and its challenges
3
Johan Strydom
Purpose of this chapter
3
Learning outcomes
3
1.1 Introduction
7..
4
1.2 What is a business?
4
1.2.1 Business and profits
5
1.3 The economic principle
6
1.4 The factors of production
7
1.4.1 Natural resources
7
1.4.2 Human resources
8
1.4.3 Capital
9
1.4.4 Entrepreneurship
10
1.5 The economic systems in which businesses operate
11
1.6 South African businesses and the changing social contract 12
1.6.1 The expectations of business-related stakeholders
14
1.6.2 The expectations of opinion-related stakeholders
15
1.6.3 The expectations of public-related stakeholders
15
1.6.4 Corporate social responsibility
16
1.6.5 The current social contract of a South African business . 17
1.7 The parts of this book
19
Case study: Shoprite 2010 annual report -- how the
Shoprite group is interacting with its stakeholders
21
Summary
23
Glossary
24
Multiple-choice questions
26
References and end-notes
27
Answers to multiple-choice questions
28
PRINCIPLES OF BUSINESS MANAGEMENT
2 The business environment
29
Jerome Kiley
Purpose of this chapter
29
Learning outcomes
29
2.1 Introduction
29
2.2 The systems approach
30
2.3 The organisational environment
31
2.3.1 The micro-environment
33
2.3.2 The market environment
34
2.3.3 The macro-environment
36
2.3.3.1 The natural environment
37
2.3.3.2 The technological environment
38
2.3.3.3 The social environment
39
2.3.3.4 The political environment
40
2.3.3.5 The economic environment
40
2.3.3.6 The international environment
42
2.4 Conducting a SWOT analysis (study of the parts) of a
business's environment
43
Case study: Pick n Pay
45
Summary
47
Glossary
48
Multiple-choice questions
:
50
References and end-notes
51
Answers to multiple-choice questions
52
PART 2 MANAGEMENT TASKS
53
3 The task of management
55
Theuns FJ Oosthuizen
Purpose of this chapter
55
Learning outcomes
55
3.1 Introduction
55
3.2 What is management?
56
3.3 What is a manager?
56
3.4 Organisations in which managers work
57
3.5 Levels of management
58
3.5.1 Top management
59
3.5.2 Middle management
59
3.5.3 First-level management
59
\
3.6 Management tasks
;
3.6.1 Planning
3.6.2 Organising
3.6.3 Leading
3.6.4 Motivating
3.6.5 Controlling
3.7 Areas of managements
3.7.1 Production and operations managers
3.7.2 Logistics managers
3.7.3 Information-technology managers
3.7.4 Financial managers
3.7.5 Human-resources managers
3.7.6 Marketing managers
3.7.7 Public-relations managers
3.7.8 Administrative managers
3.8 Management skills
3.8.1 Conceptual skills
3.8.2 Human skills
3.8.3 Technical skills
3.9 Management competencies
3.10 Management roles
3.10.1 Decisional roles
3.10.2 Interpersonal roles
3.10.3 Informational roles
Case study: Toys for Africa
Summary
Glossary
Multiple-choice questions
References and end-notes
Answers to multiple-choice questions
Planning Sharon Rudansky-Kloppers Purpose of this chapter Learning outcomes 4.1 Introduction 4.2 Why planning is necessary 4.3 The planning process 4.3.1 Setting goals
Table of contents
60 60 61 61 62 62 63 63 63 63 64 64 64 64 64 65 65 65 66 66 67 67 68 69 70 71 71 74 74 75
76
76 76 76 77 77 79
PRINCIPLES OF B U S I N E S S M A N A G E M E N T
f
A
4.3. i. i The mission statement of the organisation
79
4.3.1.2 The environment of the organisation
82
4.3.1.3 The values of management
82
4.3.1.4 The experience of management
82
4.3.2 A hierarchy of goals
82
4.3.2..1 The mission statement
82
4.3.2.2 The strategic goals
83
4.3.2.3 The tactical goals
84
4.3.2.4 The operational goals
84
4.3.3 Criteria for setting effective goals
84
4.3.4 Developing action plans
86
4.3.4.1 Strategic plans
87
4.3.4.2 Tactical plans
87
4.3.4.3 Operational plans
87
4.4 Implementing the selected plans
87
4.5 The full circle
88
Case study: Medical scheme takes action
88
Summary
89
Glossary
90
Multiple-choice questions
91
References and end-notes
92
Answers to multiple-choice questions
92
5 Organising
93
Andreas de Beer
Purpose of this chapter
93
Learning outcomes
93
5.1 Introduction
93
5.2 The organising process
94
5.2.1 Gathering information
94
5.2.2 Identifying and analysing activities
94
5.2.3 Classifying activities
94
5.2.4 Allocating staff
94
5.2.5 Assigning authority and responsibility
95
5.2.6 Facilitating (encouraging) work
95
5.3 Principles (basic rules) of organising
95
5.3.1 Co-ordination
95
5.3.1.1 The chain of command
95
5.3.1.2 Unity of command
95
Table of contents
5.3.1.3 Span of control
96
5.3.2 Authority
97
5.3.2.1 Line authority
97
5.3.2.2 Staff authority .77
97
5.3.2.3 Line-and-staff authority
97
5.3.2.4 Functional authority
97
5.3.2.5 Project authority
97
5.3.3 Responsibility
99
5.3.4 Accountability
99
5.3.5 Delegation
.-
,
99
5.3.5.1 Centralisation and decentralisation
100
5.3.6 Specialisation
100
5.3.7 Divisionalisation
101
5.3.7.1 A divisional structure based on business functions 101
5.3.7.2 A divisional structure based on products
102
5.3.7.3 A divisional structure based on geographic location
(place on the earth)
103
5.3.7.4 A divisional structure based on projects
103
5.3.7.5 A divisional structure based on consumer or
client needs
103
5.4 Organisational structures
106
5.4.1 The line organisational structure
106
5.4.2 The line-and-staff organisational structure
106
5.4.3 The functional organisational structure
107
5.4.4 The divisional organisational structure
108
5.4.5 The matrix organisational structure
108
5.4.6 The teams organisational structure
108
5.4.7 The network organisational structure
no
5.5 The changing organisation
no
Case study:Jonny Happy Feet Limited
in
Summary
113
Glossary
113
Multiple-choice questions
114
References and end-notes
115
Answers to multiple-choice questions
115
6 Leading
116
Maggie Holtzhausen
Purpose of this chapter
116
PRINCIPLES OF BUSINESS MANAGEMENT
f
:
Learning outcomes
116
6.1 Introduction
116
6.2 The three components of leadership
118
6.2.1 An interactive framework of leadership
118
6.3 Leadership versus management
119
6.4 A brief history of leadership theories
121
6.4.1 Earlier leadership theories
121
6.4.1.1 Trait theories
122
6.4.1.2 Behaviour theories
122
6.4.1.3 Situational approaches
122
6.4.2 Newer leadership approaches
122
6.4.2.1 A re-birth of earlier trait theories
123
6.4.2.2 A move towards leadership-follower approaches 124
6.4.2.3 Other leadership perspectives (theories)
125
6.5 Leadership tools
126
6.6 Leadership and diversity
127
6.6.1 Leadership and gender
127
6.6.2 Leadership and culture
127
6.6.3 Integrating diverse leadership styles
129
6.7 Worldwide leadership trends
129
Case study: Me, myself as manager and leader
130
Summary
131
Glossary
'.
131
Multiple-choice questions
132
References and end-notes
133
Answers to multiple-choice questions
135
7 Motivating
136
Jerome Kiley
Purpose of this chapter
136
Learning outcomes
136
7.1 Introduction
137
7.2 What is motivation?
138
7.3 The needs and expectations of employees
138
7.3.1 Individual differences
138
7.3.2 The needs of individuals
139
7.3.2.1 Maslow's hierarchy of needs
139
7.3.2.2 Alderfer's ERG Theory
140
7.3.2.3 McClelland's Needs Theory
141
Table of contents
7.3.3 The expectations of employees
142
7.3.3.1 Expectancy Theory
142
7.3.3.2 Equity Theory
143
7.4 Managing employee's motivation
143
7.4.1 Directly influencing employee behaviour
143
7.4.1.1 Goal-setting Theory
143
7.4.1.2 Behavioural modification (change)
144
7.4.2 Facilitating (helping to bring about) employees'
good performance
146
7.4.2.1 The quality-of-work-life approach
146
7.4.2.2 Herzberg's Two-Factor Theory
147
7.4.2.3 The job characteristics model
147
7.2.4.2 McGregor's Theory X and Theory Y, and the self-
fulfilling prophecy
148
7.5 Monitoring employee morale
149
7.6 Practical motivational strategies
149
Case study: SA's top employers as voted for by students
150
Summary
152
Glossary
153
Multiple-choice questions
156
References and end-notes
:
157
Answers to multiple-choice questions
158
8 Controlling
159
Theuns FJ Oosthuizen
Purpose of this chapter
159
Learning outcomes
159
8.1 Introduction
159
8.2 Types of control
160
8.2.1 Pre-control
160
8.2.2 Concurrent control
161
8.2.3 Post-control
162
8.3 Sources of control
163
8.3.1 Individual self-control
163
8.3.2 Group control
164
8.3.3 Organisational control
164
8.3.4 Stakeholder control
164
8.4 The control process
164
8.4.1 Developing performance standards
165
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