Management Principles Assessment
Question 1
Discuss the characteristics of the strategic plan of a selected business i.e
Truworth’s International (Pty Ltd)
The characteristics for this business strategic plan can be described as a process
which is followed by managers to accomplish these plans and goals as defined by
Erasmus et al (2020).Management therefore enables the business to achieve these
goals and objectives by using the using the four fundamental management functions
practised within their areas of operations. The four fundamental functions are as
follows:
-
Deciding what has to be done
Deciding how it should be done
Ordering that it be done; and
Checking that its orders have been carried out
Below is a diagram that shows how the four main activities is carried out
ACTIVITIES
-
Management decides
TERMINOLOGY
Planning
what must be done
-
Management decides
Organising
how it should it done
-
Management says
how and when it
should be done
Leading
-
Management
ascertains whether
the tasks have been
carried out
Control
The above is also known as POLC which is the integrated process through which
the business achieves its strategic plans and objectives through management.
This is also the process that serves to convert the business resources (or inputs)
into products and services (outputs) that is required by the business’s market.