Business Management Today’s Lesson OBJECTIVE We will describe ESSENTIAL QUESTIONS What is management roles, management? functions, skills and What do managers values as we begin do - specific tasks? studying the Scope of Management. What should managers do responsibilities? What is Management? What are words that comes to mind when you hear the word “management”? The Scope of Management What is management? What are the specific tasks and responsibilities of management? What is Management? DEFINITION TASKS / RESPONSIBILITIES Ensuring that the business works Quality Making sure people want your products Customer’s needs Pricing Making sure business is Imports / exports Marketing running well – prices, profit, customer service Need for product Process – multiple steps & keeps going Four Functions of Management Planning Organizing Implementing Controlling Planning Analyzing information and making decisions about what needs to be done Organizing Determining how plans can be accomplished most effectively Arranging resources to complete work Includes staffing Implementing Carrying out the plans Helping employees to work effectively More day-to-day management activities Controlling Evaluating results to determine if the company’s objectives have been accomplished as planned Management Skills What are the skills used to efficiently channel resources and resolve conflict? What types of skills do you think managers should have? Skills Managers Need Communication Skills Human Relations Skills Teamwork Skills Problem-Solving Skills Organizational Skills Closing Task Describe the difference between managerial tasks and managerial responsibilities. Include at least one example of each (task & responsibility). It is the responsibility of the business owner & managers to give the company direction. This includes summarizing what the company does (purpose), what the company hopes to achieve (goals), and even its core values. Consider the vision & mission statements of some of today’s biggest companies. Managers Set Direction & Goals MISSION STATEMENT VISION STATEMENT Short, specific Broader statement statement that that describes the defines the purpose direction of the of the company. business Should answer the Should answer the question “what do question “what will we do?” we accomplish in the future?” NIKE MISSION STATEMENT VISION STATEMENT To bring inspiration To be number one and innovation to every athlete in the world athletic company in the world WAL-MART MISSION STATEMENT VISION STATEMENT To help people To become the save money so they can live better worldwide leader in retailing Worksheet On Your Own Identify 4 companies that interest you. List the current mission statement and vision statement of each company – you may have to do some additional searching. Referring to your definitions, analyze each statement to identify at least one strength and one area for improvement.