Managing a Business - Business Studies Form 1
Meaning of management
It is the process of arranging available resources efficiently in order to achieve stated objectives of the business.
FUNCTIONS OF MANAGEMENT
Planning; involves making decisions today about what is to be done tomorrow/future.
Organizing; it is the allocation of duties and tools required for carrying out duties and responsibilities within the business.
Staffing; it refers to getting the people to do the jobs that the business require in the best way possible to achieve the objectives of the business
Controlling; it involves regulating activities of the business by giving advice and direction so that work is done according to plan.
Co-coordinating. This means making sure that all the various parts of a business pull in the same direction to achieve goals of a business.
Role of technology in business
Definition of technology in business
This is the application of scientific knowledge in business management
Role of technology
Insert a diagram showing Comparison of old and new technology
Old Technology New technology
Low quantity of production at high cost. Improved quantity of production at low cost.
Low quality products. Mass production of high quality goods
No new products Innovation and invention of new products
Poor methods of communication Improves communication methods e.g. e-mail
Inaccuracy in production Facilitates accuracy
Hard business transactions Simplifies business transactions
Hard to perform tasks Simplifies performance of tasks.
Emerging issues and practices in the management of a business
This refers to the recent changes/trends in the management of a business. They include
- Employing senior staff on performance contract basis
- Retrenchment and downsizing
- Closing down loss making branches
- Setting mission and vision statements of the business
- Establishment of customer care departments
Adoption of dynamic technology e.g. automation
Social and corporate responsibilities.
Use of suggestive boxes to get feedback from customers
Mergers and takeovers
Transparency and accountability
Employing multi-skilled staff
Franchising refers to a situation where a business gets a license to produce using the name of an established product
Use of term human resource instead of personnel
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