Tanisha Revae Miller Business Basic Mod 130 UEI, Gardena CA. Business Office Administration Frank Ezenekwe, MBA Task7
MANAGEMENT 6.1 Material
Human
Resource
Resources
Financial Resources
Informational Resources
Organizational Goals
The Management Process
6.2
Note that management is not a step-by-step procedure but a process with a feedback loop that represents a flow .
Planning
Organizing
Leading and motivating
Review and modify
Controlling
6.3 Elements and Examples of SWOT Analysis WEAKNESSES
STRENGTHS • Efficient distribution channels • Employee education & experience • Protected patents • Core Competencies • Excellent facilities/equipment • Proven management • Economies of scale • Cost advantage
OPPORTUNITIES
High turnover, absenteeism Lack of strategic direction Obsolete production facilities Labor grievance Lack of managerial depth Negative public image
• • • • • •
SWOT Analysis
THREATS •
• New markets opening up • New technologies • Increased demand for new products • More favorable trade regulations in desirable foreign markets • Competitor complacency
• • • • • •
Entry of lower-cost foreign competitors Unfavorable changes in buyer needs and tastes Rising sales of substitute products Slowing market growth Costly regulatory requirements Vulnerability to business cycle change Sole sourcing
STRATEGIC PLANS
6.4Type of Plans
OPERATIONAL PLANS *Designed to implement tactical *Plan is one year or less *Deals with how to accomplish specific objective
*Broad guide for major policy setting *Designed to achieve long-term goals *Set by board of director & top management
Type of Plans CONTINGENCY PLANS *Outline of alternative courses of action if other plans are disrupted or noneffective *Used in conjunction with strategic, tactical, & operational plans
TACTICAL PLANS *Smaller-scale plan to implement strategic plan * May be updated periodically *Easier to change than strategic plans
6.7
Areas of management Specialization Other areas may have to be added, depending on the nature of the firm and the industry..
FINANCE
OPERATIONS
MARKETING
HUMAN RESOURCE
OTHERS (e.g.,research & development)
ADMINISTRATION
6.9
Major Steps in the Managerial Decision-Making Process Managers require a systematic method for solving problems in a variety of situation
Identifying the problem or opportunity
Generating Alternatives
Selecting an
Implementing &
Alternative
Evaluating the solution