Running head: MANAGEMENT THEORIES AND PRACTICES
Management Theories and Practices
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MANAGEMENT THEORIES AND PRACTICES
Introduction
The success of a company, organization or business depends greatly on the management
practices. These management practices are derived from management theories and principles
which have been formulated by various business professionals and economists following great
wisdom, evaluation and experience with business management. When well integrated into
management practices, management theories and principles have the ability to bring forth
maximum success of a business or company.
In this paper, the discussion entails the integration of management theories into
management practices basing the evaluation on the Galaxy Toys Inc. Company. It looks into the
change of management practices over time with change in leadership, times and business trends
and technological practices. It shall also evaluate the three schools of thought of classical
management theory, in order to classify the management styles that have been used in the
company and their impacts on the company’s success.
Background of Galaxy Toys Inc. Company
The Galaxy Company was started by George Jepson and his wife Nan with Jepson
making a spacecraft that really impressed his son Rusty who was crazed with the idea of
travelling to the moon. They began producing and selling toys as a side hustle and soon the
demand exceeded the supply. The owner of the company for which they worked Jack Mercury
sought to partner with them and manufacture more toys for sale and it was a great success.
The company has got its headquarters in Toledo Ohio and is ran by the children of Jepson
and Jack after they retired together with Nan. They hold the shares equally and have continued to
make the company a great success. The vision of the Galaxy Company is to create toys that