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Business Management Essentials: Functions, Roles, and Skills

Explore the core functions, managerial roles, and necessary skills in business management. Learn how to plan, organize, lead, and control effectively for business success. Understand the key principles and practices in managing a commercial organization for optimal productivity and profitability.

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Business Management Essentials: Functions, Roles, and Skills

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  1. CHAPTER ONEMANAGEMENT: AN OVERVIEW

  2. BUSINESS DEFINED AS • Commercial Organization • Utilizes Productive Resources • To produce a desired good/service • Marketed to selected target publics • Thereby generating profits/R-O-I • Providing employment and income • To employer and employee

  3. PRIMARY FUNCTIONS OF BUSINESS • PRODUCTION FUNCTION • MARKETING FUNCTION • FINANCE FUNCTION • SOCIETAL FUNCTION

  4. PRODUCTION FUNCTION • Raw Materials • Labor • Capital • Enlightened Leadership

  5. PRODUCTION FUNCTION • Raw Materials • Labor • Capital • Enlightened Leadership

  6. MARKETING FUNCTION • Consumer target markets • Business/Industrial target markets • Federal/State/Local target markets • International target markets

  7. FINANCE FUNCTION • Profits • Return on Investments (R-O-I) • Short/Long term

  8. SOCIETAL FUNCTION • Employment and Income • Employer and Employee • Taxes • Societal Infrastructure

  9. PRIMARY FUNCTIONS OF MANAGEMENT • PLANNING FUNCTION • ORGANIZING FUNCTION • STAFFING FUNCTION • LEADING/MOTIVATIONAL /DIRECTING FUNCTION • CONTROL FUNCTION • INNOVATION/INTRAPRENEURIAL FUNCTION

  10. MANAGEMENT ROLES • INTERPERSONAL • INFORMATIONAL • DECISIONAL

  11. INTERPERSONAL ROLES • Figurehead • Leader • Liaison

  12. INFORMATIONAL ROLES • Monitor • Disseminator • Spokesperson

  13. DECISIONAL ROLES • Entrepreneur • Disturbance Handler • Resource Allocator • Negotiator

  14. MANAGEMENT SKILLS • TECHNICAL • HUMAN RELATIONS • CONCEPTUAL • EFFICIENCY VERSUS EFFECTIVENESS • Doing things right? • Doing the right thing?

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