Managing The business Enterprise

Describe the four activities that constitute the management process.

     Management is the process of planning, organizing, leading and controlling an organization's financial, physical, human and information resources in order to achieve its goals. Planning means determining what the company needs to do and how best to get it done. Organizing means determining how best to arrange a business's resources and the jobs it needs to get done into an overall structure. Leading means guiding and motivating employees to meet the firm's objectives. Controlling means monitoring the firm's performance to make sure that it is meeting its goals.

Differentiate types of managers by level and area and explain how individuals acquire managerial skills.

Managers can be differentiated in two ways: by level and by area. By level, there are top, middle, and first&-line managers. By area, there are marketing financial operations, human&-resource, information, and other kinds of managers. Mangers at all levels may be found in all areas of a company. Individuals may acquire managerial skills in many ways; however, most go through a cyclical process of education, experience, more education, and then more experience. When businesses need to hire new managers, they find them at colleges and universities, in the lower ranks of the firm, and/or in other companies.

Define and discuss the five basic managerial skills.

     Five basic management skills are necessary for success: technical skills, human relations skills, conceptual skills, decision&-making skills, and time&-management skills. Technical skills are skills associated with performing specialized tasks within a company. Human relations skills are skills associated with understanding and getting along with other people. Conceptual skills are the abilities to think in the abstract, to diagnose and analyze different situations, and to see beyond the present. Decision&-making skills allow managers to define problems and to select the best course of action. Time&-management skills refer to how productively managers use their time.

Describe the development and importance of corporate culture.

     Corporate culture is the shared experiences, stories, beliefs, and norms that characterize an organization. A strong, well&-defined culture can help a business reach its goals and influence management styles. Culture is determined by several factors, including top management, the organization's history, stories and legends, and behavioral norms. With care, corporate culture can be managed for the betterment of the organization.