Class 11

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5. Principles of Business

Class 12
Professor Elif Kutlugun

6. Chapter 6

Because learning changes everything. ®
Chapter 6
The Nature of
Management
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7. The Importance of Management 1

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The Importance of Management
1
Management
A process designed to achieve an organization’s objectives
by using its resources effectively and efficiently in a changing
environment.
• Effectively means having the intended result.
• Efficiently means accomplishing objectives with a minimum of
resources.
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8. The Importance of Management 2

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The Importance of Management
2
Managers
• Individuals in organizations who make decisions about use
of resources.
• Use planning, organizing, staffing, directing and controlling
to reach organizational objectives.
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9. Management Functions 1

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Management Functions
1
Planning—Process of determining the
organization’s objectives and deciding how to
accomplish them
• Mission.
• Goals.
• Objectives.
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10. Management Functions 3

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Management Functions
3
Organizing—Structuring of resources and activities
to accomplish objectives in an efficient and effective
manner
• Helps create synergy.
• Establishes lines of authority.
• Improves communication.
• Helps avoid duplication of resources.
• Can improve competitiveness by speeding up decision
making.
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11. Management Functions 4

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Management Functions
4
Directing—Motivating and leading employees to
achieve organizational objectives
• Telling employees what to do and when to do it by using
deadlines.
• Determining and administering rewards and recognition.
• Motivate employees by providing incentives.
• Asking workers to contribute ideas.
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12. Management Functions 5

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Management Functions
5
Controlling—Process of evaluating and correcting
activities to keep the organization on course
• Consists of five activities:
1. Measuring performance
2. Comparing present performance with standards or objectives
3. Identifying deviations from standards
4. Investigating causes of deviations
5. Taking corrective action when necessary
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13. Levels of Management

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14. Areas of Management 1

Financial manager
• Focuses on obtaining the money needed for the successful
operation of the organization and using that money in
accordance with organizational goals.
Production and operations manager
• Develops and administers the activities involved in
transforming resources into goods, services, and ideas
ready for the marketplace.
Human resources manager
• Handles the staffing function and deals with employees in
a formalized manner.
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15. Areas of Management 2

Marketing manager
• Responsible for planning, pricing, and promoting products
and making them available to customers through
distribution.
Information technology (IT) manager
• Responsible for implementing, maintaining, and controlling
technology applications in business, such as computer
networks.
Administrative manager
• Manages an entire business or a major segment of a
business; does not specialize in a particular function.
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16. POLLING QUESTION 2

Roman is responsible for pricing the new menu items
for a national restaurant chain. He manages
promotion for the company, creating national and
regional ad campaigns. Roman is the
A. Marketing manager
B. HR manager
C. Administrative manager
D. IT manager
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17. Skills Needed by Managers

Technical expertise
• Specialized knowledge and training.
Conceptual skills
• Thinking in abstract terms.
• Seeing how parts come together.
Analytical skills
• Identifying relevant issues.
Human relations skills
• Ability to deal with people.
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18.

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20.

Homework
Review All Chapters (1-6)
Review Focus Area Questions, Quiz, Notes, Slides, Book

21. Homework

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