Business Management Functions - Loudoun County Public ...
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Chapter 7
Business Management
Section 7.1
Management Functions
Read to Learn Describe the overall purpose of management.
Discuss the four functions of management.
The Main Idea
The purpose of management is to set goals for the company and to help meet those goals as efficiently and effectively as possible. There are four functions of management: planning, organizing, leading, and controlling.
Key Concepts Introduction to Management
The Four Functions of Management
Key Term
management
the process or functions of planning, organizing, leading, and controlling
planning
the act or process of creating goals and objectives as well as the strategies to meet them
1
Key Term organizing
getting the resources arranged in an orderly and functional way to accomplish goals and objectives
a chart that shows how the firm is
organizational structured and who is in charge of
chart
whom
Key Term
top-level manager
a manager who is responsible for setting goals and planning for the future as well as leading and controlling the work of others
Key Term
middle manager
a manager who carries out the decisions of top management
operational a manager who is responsible for manager the daily operations of a business
Key Term
leading
providing direction and vision
controlling
keeping the company on track and making sure goals are met
Introduction to Management
If a firm has employees, then some type of management is necessary.
management the process or functions of planning, organizing, leading, and controlling
Graphic Organizer Management Responsibilities
Focusing on Goals
Meeting Goals Efficiently
Profit Made
2
The Four Functions of Management
The four functions of management are:
1. Planning
2. Organizing 3. Leading 4. Controlling
Some managers may primarily focus on one or
two of these functions.
Figure 7.1
Management Functions
The Four Functions of Management
A challenge for many managers is dealing with multiple objectives, each at a different functional level.
Communicating with employees at all times helps assure that objectives are met.
Planning
Planning involves figuring out the resources that are needed and the standards that must be met.
planning the act or process of creating goals and objectives as well as strategies to meet them
Organizing and Staffing
A manager is responsible for organizing people, work processes, and equipment.
organizing getting the resources arranged in an orderly and functional way to accomplish goals and objectives
Organizing and Staffing
A manager may be involved in creating an organizational chart.
organizational chart a chart that shows how the firm is structured and who is in charge of whom
3
Organizing and Staffing
A small firm may have only one top-level manager.
top-level manager a manager who is responsible for setting goals and planning for the future as well as leading and controlling the work of others
Organizing and Staffing
Middle managers are often responsible for various departments in a business.
middle manager a manager who carries out the decisions of top managers
Organizing and Staffing
Supervisors, office managers, and crew leaders are types of operational managers.
operational manager a manager who is responsible for the daily operations of a business
Leading
Leading involves: Setting standards Delegating work Enforcing policies Resolving conflicts
leading providing direction and vision
Graphic Organizer
How Good Managers Lead by Example
Showing Respect
Showing Honesty
Showing Loyalty
Showing Courtesy
Showing a Strong Work
Ethic
Showing Motivation
Showing Initiative
Showing Cooperation
Showing Punctuality
Controlling
Controlling involves several tasks, including monitoring customer satisfaction.
controlling keeping the company on track and making sure goals are met
4
Graphic Organizer
Controlling
Keeping track of budgets
Keeping track of schedules
Monitoring the quality of
products or services
Monitoring and reviewing
employee performance
Taking corrective action when goals are
not met
Monitoring customer satisfaction
Incentive Plans
Some companies try to motivate employees with incentives such as on-site child care and bonuses.
You and your friend, Jeremiah, were helping your little brother figure out how to make molded cars from melted crayons using a kit you gave him. You decide to sell the cars at a local toy shop. Jeremiah wants to be a partner in your business.
Decision Making Since Jeremiah was involved in the initial experiment, do you have an obligation to make him a partner? What about your little brother?
Answer
Students might suggest that both Jeremiah's and the little brother's input into the process of making the cars should be rewarded in some way, especially if their ideas result in sales and profits. Having partners can help an entrepreneur launch and grow a business. However, disagreement among partners can sometimes present significant roadblocks to success.
1. What is management?
The aspect of business that involves planning, organizing, leading, and controlling.
2. What are three levels of management? top, middle, and operational
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