Introduction to Business, Management and Economics
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Introduction to Business, Management and Economics
- 1. Management BY MUHAMAD SHABAREK Damascus, 1 March 2014
- 2. WHO’S IN THE ROOM? 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 2
- 3. What is Business? Definitions of Business Business has three dimensions of a meaning ◦ A commerce ◦ An occupation ◦ An organization 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 3
- 4. Definitions: “Business as a commerce is the process that people produce, exchange and trade goods and services” “Business as an occupation is the acquired set of specialized skills and abilities that allows people to create valuable goods and services” “Business as an organization is the system of task and authority relationship that coordinates and controls the interactions between people so that they work toward a common goal” “Business as a system is a combination of business commerce, occupations, and organizations that produces and distributes the goods and services that create value for people in a society” 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 4
- 5. Factors of Production Regardless of meaning there are four crucial ingredients or productive factors or resources of: 1. Land 2. Labor 3. Capital 4. Enterprise that are needed to profit from business and are limited in supply (scarcity) A company must use them efficiently and effectively to produce goods and services These resources allow for the creation of a product and/or service that customers value a price 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 5
- 6. Efficiency and Effectiveness Doing things right 1/3/2014 Doing the right things IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 6
- 7. Definition of Economics “Use of scarce resources to produce goods/services, distribute them among competing groups/individuals“ Two types of economics: Micro- and Macro- 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 7
- 8. Three Economic Systems Mixed Socialism (Highly Controlled) Communism 1/3/2014 (Little Control) Capitalism IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 8
- 9. Capitalism Private Property Profit/Ownership Freedom of Competition Freedom of Choice 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 9
- 10. Communism Public Ownership ◦ Productive Capacity ◦ Capital Central Planning/Controlled Economy Managers = Mandatory Party Membership 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 10
- 11. Socialism Private & Public Ownership Some Choices are Limited Creates Social Equality & Equality of Results Reduces Individual Incentive 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 11
- 12. Mixed Economies Free-Market Economy = Capitalism Command Economy ◦ Socialism ◦ Communism Trend Results in Blend ◦ Capitalism > Socialism ◦ Socialism > Capitalism 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 12
- 13. Supply and Demand All business activity is self-interested and competitive, and this competition may benefit people and society when it leads resources to be employed in their most profitable use The forces of supply and demand determine a product’s market price In turn, supply and demand are the result of peoples’ subjective judgment of the value or utility they will receive from supplying or consuming a particular product 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 13
- 14. Law of Demand Reflects the usefulness or utility from that product Given the price of a product or service, we generally demand less quantity of it as the price increases and demand more of it as the prices decreases Law of Supply Sellers are more willing to supply a product as the price increases and less willing to supply as the price decreases 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 14
- 15. 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 15
- 16. Degrees of Competition Monopolistic Oligopoly Competition One Many Sellers Monopoly 1/3/2014 Pure Competition IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 16
- 17. Monopoly = One Seller Diamonds Utilities 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 17
- 18. Oligopoly = Few Sellers Tobacco Automobiles 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 18
- 19. Monopolistic Competition Many Sellers With Perceived Differences Fast Food ◦ Colleges ◦ 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 19
- 20. Pure Competition Sellers Buyer 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 20
- 21. Limitations of Free-Market Inequality of Wealth- Causes National & World Tension Potential Environmental Damage Limitations Push Country towards Socialism = Government Regulation 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 21
- 22. Government’s Role in Economics Enforces Rules/Regulations Provides Public Goods Transfers Payments Fosters Competition Contributes to Economic Stability 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 22
- 23. Industrialized (Nations Tax Rate) U.S. Austria/Japan Italy Canada Germany Spain/Sweden France Finland Denmark 0% 10% 20% 30% 40% 50% 60% 70% Source: Parade Magazine, Apr. 12, 1998. 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 23
- 24. Where Does the Government Get Its Money 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 24
- 25. 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 25
- 26. Key Economic Indicators Gross Domestic Product (GDP) Unemployment Rate Price Indexes ◦ Consumer Price Index(CPI) ◦ Producer Price Index(PPI) 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 26
- 27. What Makes Up the Consumer Price Index Recreation Apparel 5% 6% Other 5% Medical Care/ Insurance 7% Medical Care 6% Housing & Util. 39% Food & Beverage 16% Transportation 18% 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 27
- 28. Economic Scenarios Inflation vs. Deflation = #Dollars Chasing Amount of Goods/Services Recession & Depression = Degrees of Severity Federal Reserve Attempts to Control 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 28
- 29. Government Economic Tools Monetary Policy- management of money supply Fiscal Policy- management of taxes and government expenditures National Debt 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 29
- 30. Why Trade With Other Nations? Reasons No nation can produce all its needs Mutually beneficial exchange Natural Resources or Technology- Produce or Buy? Free Trade Theories of Advantage 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 30
- 31. Theories of Advantage Absolute = Virtual Monopoly South Africa Output per Unit of Input The Rest of the World Diamond Production 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 31
- 32. Theories of Advantage Comparative U. S. China China U. S. Output per Unit of Input Software 1/3/2014 Clothing IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 32
- 33. Specialize & Trade Software Clothing 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 33
- 34. Import Goods- Money Goes Out of Country Export Goods- Money Comes Into the Country 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 34
- 35. Trade Deficits/Surpluses- Balance of Trade(1999) U. S. Exports to Japan Food/Beverages Raw Materials Chemicals & Pharmaceuticals $58.6 Billion 1/3/2014 Japan Exports to U.S. Computers & Telecommunications Cars/Trucks Consumer Products Semi-Finished Goods $113.9 B IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 35
- 36. 1999 Balance of Trade $58.6 B Goods To Japan $113.9 B Goods From Japan Yen to U.S. $55.3 B Dollars to Japan U.S. Balance of Payments = Unfavorable 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 36
- 37. Modes of Entry into the Global Markets 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 37
- 38. Forces Affecting Trading in Global Markets Sociocultural Economic/Currency Shifts Legal/Regulatory Physical/Environmental Protectionism Global E-Commerce 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 38
- 39. Protectionism Mercantilism Tariffs ◦ Protective ◦ Revenue Import Quota & Embargo 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 39
- 40. Trade Agreements/Unions General Agreement on Tariffs and Trade (GATT)- WTO Common Markets/European Union North American Free Trade Agreement (NAFTA) 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 40
- 41. Exchange Rates- U. S. Dollars to Other Currencies $ Goes Down- Increases Demand for U. S. Products ◦ Balance of Trade Improves 1/3/2014 $ Goes Up- Decreases Demand for U. S. Products ◦ Balance of Trade Widens IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 41
- 42. Basic Forms of Ownership Sole Proprietorship Partnership Corporation 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 42
- 43. Sole Proprietorship Advantages Disadvantages Ease of start/end Unlimited liability Be your own boss Limited financial resources Difficulty in mgmt. Pride of ownership Retain profit No special taxes 1/3/2014 Time commitment Few fringe benefits Limited growth Limited life span IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 43
- 44. Partnership Advantages More financial resources Shared mgmt. Longer survival Disadvantages Unlimited liability Division of profits Disagreements among partners Difficult to terminate 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 44
- 45. Types of Partnerships General Limited GP GP GP Passive Investor Passive GP Investor GP Passive Investor 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 45
- 46. Uniform Partnership Act Common Ownership Shared Profits & Losses Management Participation 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 46
- 47. Types of Corporations Regular ‘C’ Subchapter ‘S’ Limited Liability Corporation 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 47
- 48. Corporation Advantages Disadvantages More money for investment Limited liability Separation of ownership/mgmt. Ease of ownership change Perpetual life Size 1/3/2014 Initial cost Paperwork Two tax returns Termination difficult Double taxation IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 48
- 49. S Corporations SNo more than 75 shareholders S<25% of income can be passive SShareholders STax rate = +5% S Individuals S Estates SU.S. citizens or residents S1 class of stock 1/3/2014 SSlower-growing companies SBenefits change with new tax rules IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 49
- 50. How Owners Affect Management 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 50
- 51. External Corporate Growth Merger/Acquisition ◦Horizontal ◦Vertical ◦Conglomerate Leveraged Buyout (LBO) 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 51
- 52. Types of Mergers/Acquisitions A Horizontal B = AB Conglomerate Vertical 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 52
- 53. Leveraged Buyout Individual + Loan = Purchase of Company Purchase Loan Company = Collateral 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 53
- 54. Franchises Advantages +Management & marketing ass’t -High start-up costs -Shared Profit +Personal ownership +Recognized name +Financial advice & ass’t +Lower failure rate 1/3/2014 Disadvantages -Management regulation -Coattail effects -Restrictions on selling -Fraudulent franchisors IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 54
- 55. New Management Approaches- Why? Global Competition Technological Change Customer Expectations Better Educated Employees Manager No Longer Just Boss 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 55
- 56. Required Management Skills Technical Skills Human Relations Skills Conceptual Skills 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 56
- 57. Process Of Management Management Planning Employees Financial Products Feedback Resources Organizing Leading Achievement of Goals & Objectives Location Information 1/3/2014 Controlling IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 57
- 58. Management Functions 1. Planning - Strategic Tactical Operational Contingency 2. 3. Leading 4. 1/3/2014 Organizing Controlling IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 58
- 59. Planning: Create Vision Set Vision, Goals, Objectives Goals- Broad, LongTerm Aims Vision/MissionWhy Organization Exists, Purpose of Organization Objectives- Specific, Short-Term Statements 1/3/2014 Continuous Process IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 59
- 60. Questions of Planning 1) What is the situation now? 2) Where do we want to go? 3) How can we get there from here? 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 60
- 61. Planning Functions 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 61
- 62. Decision Making: Process A. Define B. Describe C. Develop E. Develop D. Decide F. Do 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK G. Determine 62
- 63. Sources of Management Information Outside Sources Inside Sources Customers & Suppliers Subordinates & Teams Financial Institutions Superiors Other Managers Publications, Conferences Manager Academics & Consultants 1/3/2014 Meetings & Seminars Mgmt. Info. Sys. Grapevine IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 63
- 64. Organizing oSelf-Managed Teams oStakeholders oStaffing oDiversity 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 64
- 65. Management Pyramid CEO, Top Comptroller, Vice Pres. Sales Mgrs Plant Mgrs. Mid-Level Front Line/Supervisory 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK Supervisors Foremen 65
- 66. Management Planning Levels & Time Spans Time Top Mgmt. 1/3/2014 Middle Mgmt. 2 Years + Lower Level Mgmt. 1 Year, Quarter IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK Days, Weeks 66
- 67. Three Types of Roles • Interpersonal roles – Figurehead, leader, liaison • Informational roles – Monitor, disseminator, spokesperson • Decisional roles – Entrepreneur, disturbance handler, resource allocator, negotiator 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 67
- 68. Successful Leadership Vision Communicate Corporate Values & Ethics Don’t Fear Change 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 68
- 69. Leadership Styles Autocratic Democratic Laissez-Faire Situational Empowerment Knowledge 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 69
- 70. Autocratic: Close Supervision 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 70
- 71. Democratic: Participative 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 71
- 72. Laissez-Faire: Free Rein Leader 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 72
- 73. Manager’s Empowerment Checklist Do employees understand your plans and goals? Are employees encouraged to utilize these plans and goals as a basis for day-to-day work? Does information to employees come soon enough for them to make intelligent decisions about their work? Are communication & cooperation encouraged? Can questions be asked freely and are individual initiative & creativity encouraged? 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 73
- 74. Controlling Set Standards ◦ ◦ ◦ ◦ Specific Attainable Measurable Procedures for Monitoring Compare Plan & Standards to Results Communicate to Employees Corrective Action??? Monitor/Record 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 74
- 75. Management Activities Leading Motivating Decision Making Managing Information & Time 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 75
- 76. Management Challenges of the Future Finding/Training New Employees Growing Global Competition Finding/Serving New Customers Financing Long-Term Growth Dealing with Increased Regulation 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 76
- 77. Purpose of an Organizational Chart Show the activities of the organization Highlight subdivisions of the organization Identify different types of work performed 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK Provide information about different management levels Show the lines of authority in the organization and the flow of organizational communications 77
- 78. Organizational Design CE O Division V .P. Departm ent A G roup 1 S ubordinate I 1/3/2014 Division V .P. Departm ent B G roup 2 Organization Division Department Group Individual S ubordinate II IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 78
- 79. Organizational Structures Tall Organizations -Many Layers of Mgmt. -Cost of Mgmt.=High 1/3/2014 Flat Organizations -Current Trend -Creation of Teams IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 79
- 80. Span of Control Capabilities of Subordinates & Manager Complexity of Job Bs os S b r in t u od ae 1/3/2014 S b r in t u od ae S b r in t u od ae ◦ ◦ ◦ ◦ ◦ Geographically Close Functional Similarity Need for Coordination Planning Demands Functional Complexity IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 80
- 81. Departmentalization College President Business Education Comm., Humanities, Social Sciences Developmental Studies Math, Sciences, Health Sciences Advantages ◦ Skill Development ◦ Economies of Scale ◦ Good Coordination Disadvantages ◦ Lack of Communication ◦ Employees Identify with Department ◦ Slow Response to External Demands ◦ Narrow Specialists Technical, Industrial Service Occupations 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 81
- 82. Centralization (No Delegation) Disadvantages Advantages ◦Increased Uniformity ◦Less Duplication ◦Maximum Control 1/3/2014 ◦ Lots of Policies & Procedures ◦ Many Layers/Slower IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 82
- 83. Decentralization (Delegate Authority) Advantages ◦ Informed Decisions ◦ Worker Responsibility ◦ Few Layers/Faster 1/3/2014 Disadvantages ◦ Loss of Control ◦ Possible Duplication IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 83
- 84. Line Organizations Advantages ◦ Clear Authority & Responsibility ◦ Easy to Understand ◦ One Supervisor per Employee 1/3/2014 Disadvantages ◦ ◦ ◦ ◦ Inflexible Few Specialists for Advice Long Line of Communication Difficult to Handle Complex Decisions IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 84
- 85. Layers of Authority Top Managers- Decision Makers Middle Managers- Developed Rules & Procedures Workers and Supervisors 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 85
- 86. Line/Staff Organizations Line Personnel Staff Personnel ◦Perform Functions ◦Advise ◦Contribute Directly to Organizational Goals ◦Assist Line Personnel 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 86
- 87. Matrix Organizations Advantages ◦ ◦ ◦ ◦ Flexibility Cooperation & Teamwork Creativity More Efficient Use of Resources 1/3/2014 Disadvantages ◦ Costly/Complex ◦ Confusion in Loyalty ◦ Requires Good Interpersonal Skills & Cooperation ◦ Not Permanent IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 87
- 88. Inverted Organization Structure Empowered frontline workers Support Personnel Top Mgmt. 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 88
- 89. Outsourcing BENEFITS DOWNSIDE Time to focus on company’s primary function Less personal approach Increased level of expertise Less control by owner in planning, implementing & carrying out company’s future Cost effectiveness Decreased overhead Potential for competing for the outsourcing firm’s time Risk reduction Flexibility Technology 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 89
- 90. Intrinsic vs. Extrinsic Rewards Extrinsic = Outside Recognition Intrinsic = Inside Feeling of Job Well Done Promotions Gifts 1/3/2014 Pride Sense of Achievement IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK Praise Salary Increase Status 90
- 91. Personal Qualities Related to Job Motivation 1. Ability 2. Personal Needs 3. Frustration Tolerance 4. Self-Esteem 5. Outside Supports 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 91
- 92. Maslow’s Hierarchy of Needs Unsatisfied SelfActualization Esteem Needs Social Needs Safety Needs Satisfied Physiological Needs 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 92
- 93. McGregor’s Theories Theory X- Autocratic • • • • • Dislike Work Avoid Responsibility Little Ambition Forced/Controlled/ Directed/Threatened Motivated by Fear & Money 1/3/2014 Theory Y- Democratic • • • • • Like Work Naturally Works Toward Goals Seeks Responsibility Imaginative, Creative, Clever Motivated by Empowerment IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 93
- 94. Ouchi’s Theory Z Long-Term Employment Collective Decision-making Individual Responsibility Slow Evaluation/ Promotion Specialized Career Path Holistic Concern for Employees 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 94
- 95. Herzberg’s Two-Factor Concept Job-Related Achievement Recognition Work Itself Job Environment •Working Conditions •Salary •Policy/Admin. •Supervision Growth/Advancement Responsibility Peer Relationships 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 95
- 96. Goal-Setting Theory (MBO) Goal-Setting Theory Management By Objectives (1960s) •Employees Motivate Themselves •Help •Coach 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 96
- 97. Thank you!.. Follow us on facebook.com/3atta2i 1/3/2014 IGIVE - MINIMBA4 - 01 MANAGEMENT - M.SHABAREK 97