Week 1
Introduction to Strategic Management
* Fundamentals of Management
-Management is the process of planning, organizing, leading and controlling
the available resources of a company such as human resources efficiently
and effectively to achieve organizational goals and objectives.
* Characteristics of management –
01.Management is Universal
-This is common and required for every type of organization and to every
managerial level.
- That is because every group should set objectives, make strategies to
achieve them control and lead resources to direct, them towards orgnizations
goals.
-Whatever the situation, and whatever the level of i management, the
principles of management are common.
Example: - Henry Feyols14 managerial principles are universally
accepted guidelines to manager's
* In a situation of disciplinary issue, every manager should first
advice the employee and then take actions against that employee.
02. Management is goal is directed
- Every organization use management to establish objectives and goals, and
then to plan, organize lead and control resources to reach those goals.
- Managers use this managerial process to achieve specific goals of the
organizations.
- Because management is an art of getting things done from people.
,Example-
Goal Managers
Achieve 50 million sales for the year Plan, organize, lead a control sales
of 2020. dep: employees to achieve this goal,
like increasing the number of sales
reps: in the organization. Increasing
the advertising campaigns.
03. Management is a continuous process.
- Process is a sequence of necessary steps that are required to get the things
done
- Management is a process because it is the sequence of planning, organizing
leading and controlling.
- This is continuous because whenever the company faces a problem
managers have to perform this process continuously to solve the problem.
Example: - Managers plan, organize and lead employees of the
marketing department to expand the company promotions. But in the step of
controlling if they find out that the promotions are less attractive to
customers, they will have to plan again, organize, lead and control then
advertising process.
04.Management is an integrating process
- The main functions of management are interrelated and inter connected
process sequence
-That is because without having the plans to achieve in the goals managers
cannot organize resources. requirements and lead their employees.
- This helps managers to reduce problems occur during the goal achievement
process.
, Example: -
Goal >> Introduce a new product to the market.
Here if the managers do not plan about how to achieve this goal, they
won't be able to organize the resource requirements. If they do not organize
properly, they cannot reach the expected goal. That is why the management
process should be an integrating process.
05. Management is multidisciplinary
- Because management includes the knowledge and information from every
area such as economies sociology and statistics etc.
- When managers make decisions, they should know and be updated about
information on various areas to make successful decisions.
Example: - When marketing managers conduct a marketing research.,
they should have an clear understanding about market inflation (economics),
preferences of people (sociology) and demand for products (statistics) to
make the correct decision.
* Why management is important.
Introduction to Strategic Management
* Fundamentals of Management
-Management is the process of planning, organizing, leading and controlling
the available resources of a company such as human resources efficiently
and effectively to achieve organizational goals and objectives.
* Characteristics of management –
01.Management is Universal
-This is common and required for every type of organization and to every
managerial level.
- That is because every group should set objectives, make strategies to
achieve them control and lead resources to direct, them towards orgnizations
goals.
-Whatever the situation, and whatever the level of i management, the
principles of management are common.
Example: - Henry Feyols14 managerial principles are universally
accepted guidelines to manager's
* In a situation of disciplinary issue, every manager should first
advice the employee and then take actions against that employee.
02. Management is goal is directed
- Every organization use management to establish objectives and goals, and
then to plan, organize lead and control resources to reach those goals.
- Managers use this managerial process to achieve specific goals of the
organizations.
- Because management is an art of getting things done from people.
,Example-
Goal Managers
Achieve 50 million sales for the year Plan, organize, lead a control sales
of 2020. dep: employees to achieve this goal,
like increasing the number of sales
reps: in the organization. Increasing
the advertising campaigns.
03. Management is a continuous process.
- Process is a sequence of necessary steps that are required to get the things
done
- Management is a process because it is the sequence of planning, organizing
leading and controlling.
- This is continuous because whenever the company faces a problem
managers have to perform this process continuously to solve the problem.
Example: - Managers plan, organize and lead employees of the
marketing department to expand the company promotions. But in the step of
controlling if they find out that the promotions are less attractive to
customers, they will have to plan again, organize, lead and control then
advertising process.
04.Management is an integrating process
- The main functions of management are interrelated and inter connected
process sequence
-That is because without having the plans to achieve in the goals managers
cannot organize resources. requirements and lead their employees.
- This helps managers to reduce problems occur during the goal achievement
process.
, Example: -
Goal >> Introduce a new product to the market.
Here if the managers do not plan about how to achieve this goal, they
won't be able to organize the resource requirements. If they do not organize
properly, they cannot reach the expected goal. That is why the management
process should be an integrating process.
05. Management is multidisciplinary
- Because management includes the knowledge and information from every
area such as economies sociology and statistics etc.
- When managers make decisions, they should know and be updated about
information on various areas to make successful decisions.
Example: - When marketing managers conduct a marketing research.,
they should have an clear understanding about market inflation (economics),
preferences of people (sociology) and demand for products (statistics) to
make the correct decision.
* Why management is important.
