Define The Function Of Management Business Essay

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Marketing plan is a document which is used to describe the current situation in the business market and its provides information about the business strategies for the period covered by the marketing plan

Marketing planning process

Understanding the customer through market research and analysis, Knowing what they want and how they want the product to be

Analyze the Market

Market research collects markets data for the business such as the market growth, the market available and market trends etc.

Analyze the Competition

Analyzing the next best alternatives of the product for customers and understanding what the company needs to do to improve the quality of the product or service

Research Distribution Channels

What would be the best way to deliver your products and services to your customers? It will affect your sales strategy and your financial support, as well as your marketing mix.

Define Your Marketing Mix

Marketing mix deals with the way in which the work uses price and product distribution and promotion to market and sell their products.

Analyze the Financials

Analyzing the financial state of the business, evaluating the market budget ,Customer acquisition costs etc.

Review and Revise

Continuously evaluate the effectiveness of your marketing strategy, and revise or extend as needed.


Increasing Brand Awareness

Marketing helps organizations improve brand awareness by letting the customers know about the product. When Companies are advertising their product they often target a wider audience of people and most companies repeat their advertisements over and over again by television ,commercials, radio, the Internet, magazines etc.

Selling Products Consumers Want

Companies always want to sell more of their products to consumers. Some companies have created products to help in the solution of concrete problems. Tooth whiteners and hair color products based on this concept. Traders also features flavors, styles and sizes of consumers who want to make a telephone survey, focus groups, and to determine. It seems that people are getting needs. Consumer tastes vary, depending on the geographical region. Therefore, dealers often sell different types of products on the market.

Establishing the Right Prices

Marketing team and product managers are usually responsible for the prices. They are usually studying the competitive products and the pricing structures. Many companies understands their consumers through market research, and how to provide them with quality goods and services therefore, to determine the prices acceptable to customers. The customer is more likely to shop with a company if they fall within the customer's price range.

More Customers

Marketing is used to create, for example, the client traffic is likely, organizations, restaurants, breakfast, lunch and dinner coupons, magazines and advertising to increase traffic to the customer at the time of use. Similarly, retail services or special offers to attract customers low price. Increase sales and customer traffic brings more profits.

Read more: The Advantages of Marketing Within an Organization |

T 1.3

Competitive advantage is when a company has an advantage over their competitor. By providing customers great value by means of lower price or higher quality and benfits.

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Task 2

T2.1 Define the Function of management

Jobs for management include planning, or creating business goals and ways to achieve these goals to determine the best allocation of resources and people, direct or motivate, give instructions, supervision of workers assigned to activities and control, measurement or analysis by business activities to ensure completion of tasks and identifying areas for improvement.


The four basic management functions include:

Planning involves the company choosing the tasks which are necessary to attain the organizational goals and when the task should be completed. Managers would tell the company what should be done to be successful. Planning is concerned with the success of the organization in the short term as well as in the long term.

Allocating the tasks developed in the planning stages is Organizing, to Different individuals or groups within the organization. Organizing is to assemble all plans into action

People within the organization are given work assignments that contribute to the company's goals. Tasks are organized so that the output of each individual contributes to the success of departments, which, in turn, contributes to the success of divisions, which ultimately contributes to the success of the organization.

Influencing is also referred to as motivating,leading or directing.Influencing can be defined as guiding the activities of organization members in he direction that helps the organization move towards the fulfillment of the goals.

The purpose of influencing is to increase productivity. Human-oriented work situations usually generate higher levels of production over the long term than do task oriented work situations because people find the latter type distasteful.

Controlling is the following roles played by the manager:

Gather information that measures performance

Compare present performance to pre established performance norms.

Determine the next action plan and modifications for meeting the desired performance parameters.

Controlling is an ongoing process.

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T2.2 Briefly explain the steps of strategic planning process

Mission and objectives

Be clear about the Mission and Vision statements of the business, The business should check if they are in place of reflecting the mind, heart, soul, passion and resources of the owner or stockholders. It is important that these statements describe and understands all of the employees.

The Mission statement describes who the company is and what the company does. The more

That statement differentiates the company from its competition, and the more it recognizes its uniqueness and value to customers, the more powerful the Mission statement becomes as a clarifying, directional force.

Vision describes the future of the company you want to be, and the purpose of this vision to guide, monitor and encourage the organization to reach their dreams and goals.

Environmental scanning

Analyzing the current situation is the development of Baseline Feedback.

This is the collection of the internal and external data that helps the company

to define the current situation.External data includes market, economic and

competitive intelligence, customer and supplier information, and data from

both inside and outside of the directly competitive industry.

Environmental scan includes

Internal analysis of the firm

Analysis of the firms environment

External macro environment (pest analysis)

The internal analysis can identify the firms strengths and weaknesses and the external analysis reveals opportunities and threats. A profile of the strengths,weaknesses,opportunities, and threats is generated by a swot analysis

Company analysis can be generated using the Porters five forces.This analysis evaluates Suppliers,customers,substitues products, industry rivalry and entry barriers


Strategy formulation

After the SWOT analysis The company will find out their strengths,weaknesses,opportunities and threats.To increase profitability, the company should develop a competitive advantage over its rivals.And change their weaknesses into opportunities and threats to strengths.

Strategy implementation

In this stage all strategies and policies are put are put into action through the development of programs,budgets and procedures.Implentation involves the business organizing its resources and motivating the staff to to complete their objectives.


Evaluation and control

The evaluation process checks up on the progress of the business compared to both the near

term Business Plan and the long-term Strategic Plan. The evaluations process provides a

timeframe to determine if the hurdles set up through the scorecard are being met. In

addition, the evaluation process provides a time to determine if results are still

meaningful and do they add to the goals of continuous improvement for the company

The final decision that comes out of the Evaluation Process is to determine the extent to

which the Strategic Plan and Scorecard needs adjustment to continue to be effective as a

working tool keeping the company on course. The final test is to determine if the

company is meeting the expected results for the owners, employees and most

importantly, the customers.

2.3Brifely explain the core competency concept

Core competencies help an organization to differentiate its products from rivals as well as to reduce the costs of its competitors and to achieve this competitive advantage. It helps in creating value for customers. Also, help core competencies in the creation and development of new products and services. Core competencies decide the future of the organization. These features and decide the structure of the organization Global Competitiveness. Core competencies allow for innovation. Using core competencies companies can develop new technologies. They ensure high quality products and services to customers

2.4 Briefly explain the characteristics of a good leader

Leadership is when one's ability to get others to willingly follow. Every organization has and needs leaders at every level. The characteristics of a good leader:

Dedication A leader would be dedicated to the work they are doing.They would spend whatever energy or time that is needed to complete the tasks.

Noble means a good leader should give credit to where it is due. A noble leader makes sure that the credit of success should be spread throughout the company from the operational level to managerial level workers. A good leader would take their own responsibilities for failures n losses.

Openness Means being able to listen to the ideas of customer and employees. Good leader should be able to make judgments while listening to people's ideas and accepting new ways of working that someone else thought of

Creativity is thinking differently and doing creative and unique things within the work environment or outside the working environment. Creativity gives leaders the ability to see things that others have not seen and thus lead followers in new directions.

Fairness means dealing with others consistently and justly. A leader must check all the facts and hear everyone out before passing judgment. He or she must avoid leaping to conclusions based on incomplete evidence. When people feel they that are being treated fairly, they reward a leader with loyalty and dedication.

Assertiveness is not the same as aggressiveness. Rather, it is the ability to clearly state what one expects so that there will be no misunderstandings. A leader must be assertive to get the desired results. Along with assertiveness comes the responsibility to clearly understand what followers expect from their leader.

A sense of humor is vital to relieve tension and boredom, as well as to defuse hostility. Effective leaders know how to use humor to energize followers. Humor is a form of power that provides some control over the work environment. And simply put, humor fosters good camaraderie.

2.5 Monitory process increases the efficiency and effectiveness of policies and planning. It is the ongoing process of evaluation of the activities throughout the planning cycle. This is done to monitor how well the plan is working. Monitoring helps to decide further actions and possible changes and improvements needed to be taken. Monitoring is also the systematic collection and analysis of information as a task or activity is progressing.



Task 3

T 3.1

A stakeholder is an individual, group of individuals or organizations that is concerned in the economic performance and condition of a business for they use that information in their decision making. Stakeholders are also referred to as the users of accounting information. They are directly or indirectly affected by the financial condition and performance of a business because of their association to its economic activities. There are two classifications of business stakeholders: Primary and Secondary

1. Primary (Internal) Stakeholders

Primary (Internal) Stakeholders are individual, group of individuals or organizations who are directly involved in the affairs and transactions of the business. It includes the owners or stockholders, managers and employees, creditors, customers, and suppliers.

a. Owners

Owners are individual or group of individuals who have invested capital resources into the business. They are called proprietor (for sole proprietorship), partners (for partnership), and stockholders (for corporation).

Most owners are interested in the financial reports primarily to know how well the business is performing and profiting. Most reason is that they want to warrant that the value of their capital investment will gain or profit. Additionally, owners are also interested to know if the business resources are enough to keep the operation running to sustain daily transactions and operations.

b. Employees

An employee is an individual or group of individuals that works in a business entity or organization. They provide their professional services, skills and talents in exchange for a pay check or salary.Both the managers and the staffs are concerned in the financial performance and condition of the business as their job and salary depends on it. If the business is incurring losses, they might lose their job while if the business is profiting, they can hope for salary increase or high bonus pay.

c. Suppliers

Suppliers are individual, group of individuals or organizations which delivers goods or services to the business. They are interested in the business' financial condition and performance to determine the extent of credit discounts and grace periods they will grant. Also, they want to know how much inventory they will expect to retain and deliver to the business.

d. Creditors

Creditors are individual, group of individuals or organizations who are providing financial resources and assistance to the business by extending credits or loans. Their primary interest in the financial reports is to determine if they will be able to collect and recover their financial investment or assistance to the business.


2. Secondary (External) Stakeholders

Secondary (External) Stakeholders are individual, group of individuals or organizations who are not directly involved in the affairs and transactions of the business, but may or may not be affected by its decisions and actions.

Secondary (External) Stakeholders include, but not limited to, government agencies ~ like the internal revenue, state or local government unit, general public, community or group of businessmen, media, potential investors, financial analyst, stock brokers, etc.

The external stakeholders are interested in the financial report of performance and condition of the business for their certain relevant concerns, such as collection of taxes and licenses for the government unit, possible return of investment for potential investors, publicity and public awareness for media, etc.

T 3.2

External Consideration of Investing in the Organization

Changing Environment of the Organization

A stakeholder is interested in the equity of the organization. The traditional objective of an organization used to be maximizing profits. Today's goals have widened because of the changing environment in which the organization operates and includes earnings per share, total sales, employment numbers, management satisfaction, environmental protection and many other factors that have an impact on the equity of the business. For this reason, the stakeholder is interested in the financial information of the organization.

Performance of the Organization

The organization's performance information can be collected through an income statement, balance sheet and cash flow statement. The cash flow statement shows various activities of the organization, how funds are being repaid and an analysis of the amount of cash required to meet operating costs. The income statement shows the net surplus or deficits in the last financial year so that the stakeholder can forecast the future performance of the company. The balance sheet shows the financing structure of the company and can predict the funds that will be required in the future.

A stakeholder may be interested in investing in the organization for a proportional share of the company's equity and profits. As a potential investor, the stakeholder will require financial statements to assess the strength of the organization to make a decision regarding the investment. An existing investor uses financial statements to monitor the investments and evaluate their performance.

Internal Consideration of Investing in the Organization

An employee may be interested in participating as a stakeholder to help an organization achieve its objectives. Before entering into a long-term commitment, he will require a financial statement to assess the strength of the organization, recognizing that a prospering organization is likely to keep high-value employees. A manager may be a stakeholder with the responsibility of achieving the objectives of strategic plans of the organization. Financial statements help him make informed decisions to modify strategies for opportunities. Other members of the board may want to review management's performance.

T 3.3

T 3.4

Task 4


Changing business environment in knowledge economy has made adoption of human resource

management (HRM) imperative for competitive advantage. The impact of HRM practices on business

performance has been extensively studied in the recent past

HRM practitioners are striving to meet the

emerging challenges of new values of knowledge workers who have necessitated a new paradigm of

peoples' management characterized by heavy investment in human capital and innovative use of HRM

practices for attraction and retention of talents for organizational sustainability.

The study evaluated the association between HRM practices and organizational performance. The

study identified that all HRM practices has positive and significant influence on the firm performance.

The empirical results indicate the Pakistani organizations, both in public and private sectors, are

integrating HRM practices in organizational strategy to improve business performance and remain

competitive. Management should understand the importance of HRM function as a strategic partner

and should incorporate HRM input in strategic decision making.

Gehart & Milkovich, 1992; Gomez-Mejia et al., 1988)

Employee participation is characterized by wide ranging HRM related activities primarily

focused on employee management. These practices include employees sharing schemes, cooperatives,

industrial democracy, unions, employees' involvement, HRM and high commitment work practices,

team working, collective bargaining, employee empowerment, employee partnership in providing input

168 European Journal of Economics, Finance and Administrative Sciences - Issue 24 (2010)

in strategic decision making, and employees' right of information sharing at all levels (Summers &

Hyman, 2005).

The changing business environment and competitive pressures have resulted in flexible

organizational response to employees' management. The knowledge workers seek elusive goals of

stability, job satisfaction and life-enhancing service and career. The new paradigm of employees'

partnership focuses on new partnership between employers and employees, individualization of

employment relationship, and employee commitment rather than control has become the essential goal

of peoples' management (Walton, 1985).

HRM encompasses the management of people in organizations from a macro perspective i.e. managing people in the form of a collective relationship between management and employees. This approach focuses on the objectives and outcomes of the HRM function. What this means is that the HR function in contemporary organizations is concerned with the notions of people enabling, people development and a focus on making the "employment relationship" fulfilling for both the management and employees.


T 4.2

The recruitment process analysis is a tool used to make improvements in the recruitment process. The recruitment process is the main HR process. The recruitment process analysis has the advantage of measure recruitment process.

The recruitment process is simple but it contains a lot of interaction among different participants in the recruitment process. The HRM Function, the line manager and candidates need to receive and share a lot of information and their interaction is usually the main issue during the recruitment

The job design is the most important part of the recruitment process. The job design is a phase about design of the job profile and a clear agreement between the line manager and the HRM Function. The Job Design is about the agreement about the profile of the ideal job candidate and the agreement about the skills and competencies, which are essential. The information gathered can be used during other steps of the recruitment process to speed it up.

The Opening of the Job Position is generally the job of the HR Recruiter. Skilled and experienced HR Recruiter should decide about the right mix of the recruitment sources to find the best candidates for the job position.

The next step is collecting of job resumes This step in the recruitment process is very important today as many organizations lose a lot of time in this step. Today, the organization cannot wait with the pre selection of the job resumes.this should be the last step done by the HRM Function. .

The job offer is the last step of the recruitment process, which is done by the HRM Function, it finalizes all the other steps and the winner of the job interviews gets the offer from the organization to join.

T 4.3

Redundancy is when a company disperse an employee because the company no longer:

carry out the business for which they are employed

carry out the business in the place where they are employed

require them to carry out work of a particular kind

For a redundancy to be genuine, you must demonstrate that the employee's job will no longer exist.

In this situation, eligible employees would be entitled to receive a statutory redundancy payment (SRP)

Redundancy is the concept of storing content and having access availability from more than one location. Redundancy is starting point for any business continuity plan designed to address the needs of any mission critical systems. In terms of Document Management systems that support any mission critical activities, the accessibility of your documents, and systems that support them is imperative to the success of your organization. Also, control over your data and information is crucial and must be protected from disasters. Through storing a real time copy of all of your documents and data in a separate secure location you never run the risk of lost or unavailable access to them at any time. Data Redundancy provides recovery and backup of all of your important documents.


"Time is Money" When your systems fail you lose both time and money not only trying to recover all of your information and documents but the cost of interruption associated with these events. With an implemented redundancy strategy all of your documents and data are backed up and the secondary systems wait idling ready to be called into service.

When your primary system fails, your backup will automatically start uninterrupted from secondary data center. Your documents and data, which potentially could be lost due to a system failure, will be recovered from the secondary datacenter. With redundancy you mitigate the exposure and cost that lost or unavailable access to you Document Management system might cause.