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Chapter 1 introduction to management
Fundamentals of Management
Management principles and their applications
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Management
The Latin word ‘Cura’ is Management. It signifies management, administration, care, concern, charge. As per the construal itself, Management is the practice of coordinating and overseeing the work to accomplish the organizational goals. As a paramount human resources, managers ascertain business prosperity end to culminate with the efficiency and the efficacy of employees. As per management branding benefits at the company level in order to register sustainable increase and achieve competitive advantages, a company 's organization capacity fixates on the following main aspects ameliorate internal processes and systems, mainly develop operators ' professional competences, mainly develop managers ' behavioral competences; and design
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Under the business law, managers should ascertain that the organization 's operations are performed licitly and meet the prospect in compliance with all governance from state, federal, and international regulations and requisites. Business law withal avails the firm 's astute property and avails to resolve licit situations when they arise. To understand the role of business law is critical to perform the business function within the licit system, it avails to prosperity to be survived in market.
Human Resource Management
Human Resource management is the most consequential adeptness to build up the relationship and development in a business. Managers needs to maximize the Human Resource throughout the congruous employee’s status, including hiring, training, felicitous emolument for work, and taking disciplinary actions to remediate, measurably.
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Statistical information to avail to understand eh external market situation. Typically launching it not incipient rialto, it is risk to approach without R&S process. The possible interpretation and analysis of the data can fortify manager’s decisions on what business practices to perpetuate utilizing and what practices to modify in the future.
Operations Management
Operations management is the area to deal with day to day substructure. Managers faces with incoming supply chains and outbound target system area concurrently. Main key objective is to ascertain the process of system runs congruously and provide accommodations to the target audiences without any error. Considering system availability, it should be able to provide operation activities including capacity efficaciously and efficiently.
Marketing
Marketing function endeavors to provide the best interest to the target customer in a product or accommodation and gratification ensured. Managers utilize the marketing function to boost the products or accommodations to provide to the target audiences. Such as how to reach out to consumers, how to ascertain Customer’s needs, and how to increment brand values of the
Human resources management is defined as, the [process of evaluating the needs of a business or organization with regards to employees, especially in hiring, recruiting, motivating and compensating employees.1 One of the major roles of this function involves
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
Whether an organization consists of five or 25,000 employees, human resources management is vital to the success of the organization. HR is important to all managers because it provides managers with the resources – the employees – necessary to produce the work for the managers and the organization. Beyond this role, HR is capable of becoming a strong strategic partner when it comes to “establishing the overall direction and objectives of key areas of human resource management in order to ensure that they not only are consistent with but also support the achievement of business goals.” (Massey, 1994, p. 27)
Human resource management (HRM) encompasses the activities of acquiring, maintaining, and developing the organization's employees (human resources). "The traditional view of these activities focuses on planning for staffing needs, recruiting and selecting of employees, orienting and training staff, appraising their performance, providing compensations and benefits, and making their career movement and development." HRM involves two aspects:...
Organizations’ other resources can be hired, retained and discarded at any time but human resources needs special treatment. It needs to be carefully hired, deserve an extra effort to retain it and requires training & development to upgrade and improve its capabilities. Other resources depreciate with the passage of time but when the human resource gains more and more experience, it becomes more beneficial for the organizations. These characteristics have brought human resources to be the central element for the success of an organization. (Mohammed, Bhatti, Jariko, and Zehri, 2013, pg. 129, para. 2)
Marketing is about identifying and meeting human social needs. It is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large. Marketing is important for it makes the company’s products or services reach the hearts and minds of its clients and makes them aware of those products through some mediums of communication such as television, radio, newspapers and the internet. Without marketing, the other business functions such as finance, accounting, operations and human resource won’t even matter because there is
An organizational human resources department utilizes the hiring and firing process to meet the organization’s personnel needs. Organizational human resource departments are charged with the oversight of an organizations administration department. The practice of hiring and firing people is a process employer’s conducts on a daily basis. This process has to be done in a proper manner and not in haste. The implication that can occur from the improper hiring and firing process could and can have a positive or negative impact on an organization. Therefore, employers must carefully evaluate their decision to hire/fire individuals and its impact on the organizations’ workplace environment and others employees. Human Resource Management is important for an effective organization. In today’s organization, HRM is valuable to the organization because of increase legal complexities and its known for improvement in productivity. However, management should realize that poor human resource management could result in an outburst of hiring process followed by firing or layoffs. According to (Satterlee 2013, p. 194), “Hiring the best candidate who is also a good fit for the organization is crucial for the success of an organization, because a poor hiring decision will have repercussions across the entire organization”. Satterlee made a valid point because poor hiring could have an impact on the bottom line performance of the firm. In other words, HRM is the contributing factor to the success of the organization including motivating and maintain the staffs. The purpose to the motivation is to ensure that all employees grow to a full potential. According to (Sims 2006, p. 5), “HRM efforts are planned, systematic approaches to increasing organizati...
Marketing is the main foundation in business and society. The ability to recognize the needs and desires of consumers and combine it with market conditions is a key activity for a company to be able to maintain the viability of the company to remain exist. Marketing is not like any other business function. In this case, marketing deals with customers. Although a detailed explanation on the marketing definitions will be further discussed, perhaps the simplest definition of marketing is: Marketing is managing profitable customer relationship. The twofold goal of marketing is to attract new
Human resource is the most valuable and unique asset of an organization. The successful management of an organization’s human resource is an exciting, dynamic and challenging task , especially at a time when the world has become a global village and economies are in a state of flux. The lack of talented resource and the growing expectation of the modern day employee has further increased the difficulty of the human resource function.
Human resource management is the strategic and coherent approach to the management of an organization's most valued assets - the people working there who individually and collectively contribute to the achievement of the objectives of the business. The terms "human resource management" and "human resources" (HR) have largely replaced the term "personnel management" as a description of the processes involved in managing people in organizations. Human Resource management is evolving rapidly. Human resource management is both an academic theory and a business practice that addresses the theoretical and practical techniques of managing a workforce. (1)
Marketing refers to the process of finding out what people want, why they want it and the amount of money they are willing to spend in order to have what they want. Marketing involves all the mechanisms that are used to reach and convince prospective clients that you are the company of...
Human Resource Management (HRM) is fundamentally another name for personnel management. It is the process of making sure the employees are as creative as they can be. HRM is a way of grouping the range of activities associated with managing people that are variously categorised under employee relations, industrial/labour relations, personnel management and organisational behaviour. Many academic departments where research and teaching in all these areas take place have adopted the title department of human resources management. HRM is a coordinated approach to managing people that seeks to integrate the various personnel activates so that they are compatible with each other. Therefore the key areas of employee resourcing, employee development, employee reward and employee involvement are considered to be interrelated. Policy-making and procedures in one of these areas will have an impact on other areas, therefore human resources management is an approach that takes a holistic view and considers how various areas can be integrated.
It is not secret that marketing plays one of the key roles of a successful business. As Phillip Kotler said: “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential”. Simply stated, marketing is everything you do to place your product or service in the hands of a potential customer.
One must look at the economic environment and how it will affect the launch of the product. One must look at:
The Importance of the Human Resource Function Human resources are the backbone of any business. It deals with the most important resource in the business – people. For any business to achieve its objectives they must plan their resources and one of their key resource is people. They need to get the right people and develop. them well in order to meet the organisation’s aims successfully.