chapter 7 business management section 7.1 management functions
TRANSCRIPT
![Page 1: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/1.jpg)
Chapter 7
BusinessManagement
Section 7.1
ManagementFunctions
![Page 2: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/2.jpg)
Read to Learn
Describe the overall purpose of management.
Discuss the four functions of management.
![Page 3: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/3.jpg)
Introduction to Management
If a firm has employees, then some type of management is necessary.
managementthe process or functions of planning, organizing, leading, and controlling
![Page 4: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/4.jpg)
Graphic Organizer
Management Responsibilities
Focusing onGoals
MeetingGoals
Efficiently
ProfitMade
![Page 5: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/5.jpg)
The Four Functions of Management
The four functions of management are:
1. Planning
2. Organizing
3. Leading
4. Controlling
Some managers may primarily focus on one or two of these functions.
![Page 6: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/6.jpg)
The Four Functions of Management
A challenge for many managers is dealing with multiple objectives, each at a different functional level.
Communicating with employees at all times helps assure that objectives are met.
![Page 7: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/7.jpg)
Planning
Planning involves figuring out the resources that are needed and the standards that must be met.
planningthe act or process of creating goals and objectives as well as strategies to meet them
![Page 8: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/8.jpg)
Organizing and Staffing
A manager is responsible for organizing people, work processes, and equipment.
organizinggetting the resources arranged in an orderly and functional way to accomplish goals and objectives
![Page 9: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/9.jpg)
Organizing and Staffing
A small firm may have only one top-level manager.
top-level managera manager who is responsible for setting goals and planning for the future as well as leading and controlling the work of others
![Page 10: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/10.jpg)
Organizing and Staffing
Middle managers are often responsible for various departments in a business.
middle managera manager who carries out the decisions of top managers
![Page 11: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/11.jpg)
Organizing and Staffing
Supervisors, office managers, and crew leaders are types of operational managers.
operational managera manager who is responsible for the daily operations of a business
![Page 12: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/12.jpg)
Organizing and Staffing
A manager may be involved in creating an organizational chart.
organizational charta chart that shows how the firm is structured and who is in charge of whom
![Page 13: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/13.jpg)
Organizational Chart
![Page 14: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/14.jpg)
Organizational Chart for Keepsake Gifts
![Page 15: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/15.jpg)
Organizational Chart for Keepsake Gifts
![Page 16: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/16.jpg)
Organizational Chart for Keepsake Gifts
![Page 17: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/17.jpg)
Organizational Chart for Keepsake Gifts
![Page 18: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/18.jpg)
Organizational Chart for Keepsake Gifts
![Page 19: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/19.jpg)
Organizational Chart for Keepsake Gifts
![Page 20: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/20.jpg)
Leading
Leading involves:
Setting standards
Delegating work
Enforcing policies
Resolving conflicts
leadingproviding direction and vision
![Page 21: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/21.jpg)
Graphic Organizer
ShowingRespect
ShowingHonesty
ShowingLoyalty
ShowingCourtesy
Showing aStrong Work
Ethic
ShowingMotivation
ShowingInitiative
ShowingCooperation
ShowingPunctuality
How Good Managers Lead by Example
![Page 22: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/22.jpg)
Controlling
Controlling involves several tasks, including monitoring customer satisfaction.
controllingkeeping the company on track and making sure goals are met
![Page 23: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/23.jpg)
Graphic Organizer
Keeping track of budgets
Controlling
Keeping track of schedules
Monitoring the quality of
products or services
Monitoring and reviewing employee
performance
Taking corrective
action when goals are not met
Monitoring customer
satisfaction
![Page 24: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/24.jpg)
Incentive Plans
Some companies try to motivate employees with incentives such as on-site child care and bonuses.
![Page 25: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/25.jpg)
You and your friend, Jeremiah, were helping your little brother figure out how to make molded cars from melted crayons using a kit you gave him. You decide to sell the cars at a local toy shop. Jeremiah wants to be a partner in your business.
Decision Making Since Jeremiah was involved in the initial experiment, do you have an obligation to make him a partner? What about your little brother?
![Page 26: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/26.jpg)
Answer
Students might suggest that both Jeremiah’s and the little brother’s input into the process of making the cars should be rewarded in some way, especially if their ideas result in sales and profits. Having partners can help an entrepreneur launch and grow a business. However, disagreement among partners can sometimes present significant roadblocks to success.
![Page 27: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/27.jpg)
1. What is management?
The aspect of business that involves planning, organizing, leading, and controlling.
![Page 28: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/28.jpg)
2. What are three levels of management?
top, middle, and operational
![Page 29: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/29.jpg)
3. Which of the three levels is most involved in the day-to-day supervision of employees?
operational management
![Page 30: Chapter 7 Business Management Section 7.1 Management Functions](https://reader033.vdocuments.site/reader033/viewer/2022061315/56649cc95503460f949911b8/html5/thumbnails/30.jpg)
Chapter 7
BusinessManagement
Section 7.1
ManagementFunctions
End of