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Business Management Y11

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Business Management Y11

  1. 1. Business Management Introduction
  2. 2. Traditional Definition: The process of coordinating a business’s resources to achieve its goals Contemporary Definition: The process of working with and through other people to achieve business goals in a changing environment. Crucial to this process is the effective and efficient use of limited resources. Management
  3. 3. Key aspects of the Management process
  4. 4. Task: Find an example of an effective manager. Relate to The 5 key aspects
  5. 5. Management is about relationships “Innovation has nothing to do with how many R&D dollars you have. When Apple came up with the Mac, IBM was spending at least 100 times more on R&D. It’s not about money. It’s about the people you have, and how you’re led.” – Steve Jobs “The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint to keep from meddling with them while they do it.” - Theodore Roosevelt “If you pick the right people and give them the opportunity to spread their wings—and put compensation as a carrier behind it—you almost don’t have to manage them.” – Jack Welch “Surround yourself with the best people you can find, delegate authority, and don’t interfere as long as the policy you’ve decided upon is being carried out.” - Ronald Reagan
  6. 6. Task: Determine which you think is the more difficult management task: getting employees to work in teams rather than independently, or getting employees to accept change in the workplace. Provide reasons for your answer.
  7. 7. Skills of Management Interpersonal Communication Strategic Thinking Vision Problem solving and Decision making Flexibility and adaptability Reconciling the conflicting interests of stakeholders
  8. 8. Interpersonal Skills Interpersonal skills centre on the ability to relate to people, being aware of and appreciating their needs, and showing genuine understanding Task 2: Complete the snapshot activities – “Healthy Management” and “Choco Management”
  9. 9. Communication Skills It's not just about what you say, it's about how you say it and what medium you choose to get your message across Without effective communication the most carefully detailed plans and brilliant strategies will most probably fail Well-written letters, an inviting telephone manner, pleasant conversation, concise emails, and friendly smiles and gestures reinforce carefully planned business strategies and client networking. Task 3- Instructions
  10. 10. Non-verbal communication Nonverbal communication is any message that is not written or spoken. Nonverbal communication mainly consists of body language (posture, facial expressions, placement of limbs and proximity to others) Usually, body language conveys a more powerful message than spoken or written communication. Task 4: Simon says Task 5: Persuasive
  11. 11. Strategic Thinking: Strategic thinking is defined as a mental or thinking process applied by an individual in the context of achieving success in business. i.e. How are we going to achieve success? Strategic thinking allows a manager to see the business as a whole and to take a broad, long-term view. Strategic thinking is about asking the right questions
  12. 12. Vision: ‘the first response of the manager … to give others vision and the ability to perform’ Peter Drucker Vision provides a clear, shared sense of direction that allows People to attain a common goal. A manager without a clear vision for the business is like a person who attempts to lead a bushwalk without any idea of where the group wants to go, without a compass or even a map. The walk would become aimless.
  13. 13. Problem solving Is a broad set Of activities involved in searching for, identifying and the implementing a course of action to correct an unworkable situation.
  14. 14. Flexibility and Adaptability to Change I think there is a world market for about five computers.’ Thomas J. Watson, chairman IBM, 1943 ‘There is no reason for any individual to have a computer in their home.’ Ken Olsen, president, Digital Equipment, 1973 ‘Nothing has come along that can beat the horse and buggy.’ Chauncey De Pew, president of the New York Central Railroad, warning his nephew against investing in Henry Ford's new company circa 1911 21st Century manager needs to be proactive rather than reactive
  15. 15. Reconciling the conflicting interests of stakeholders Stakeholders are groups and individuals who interact with the business and thus have a vested interest in its activities Most businesses are now extremely sensitive to public opinion and strive to be recognised as ‘good corporate citizens’ Task: Identify stakeholders that may have conflicting interests
  16. 16. Corporate Social Responsibility (CSR) Corporate social responsibility challenges each business to be accountable for the consequences of its actions. This means businesses must consider effects on all stakeholders while pursuing traditional economic goals. ‘triple bottom line’ — economic, social and environmental performance — where shareholder value increases through the careful management of stakeholder value. Explain how the management of conflicting stakeholder interests can lead to a business being viewed as socially responsible. (6 marks)
  17. 17. Business Goals A goal/objective is a desired outcome (target) that an individual or business intends to achieve within a certain time frame. The importance of goals Carefully prepared goals — begin with the end in mind — benefit managers by: • Serving as targets • Measuring sticks • Motivation • Commitment
  18. 18. S.M.A.R.T. Goal setting Specific. Goals should be straightforward and emphasise what the business wants to happen. Measurable. Decide on goals whose progress can be measured so the business owner can see the change occur. This helps the business stay on track. Achievable. Goals need to be challenging but not be too far out of the business's reach, otherwise the business owner and employees will become unmotivated due to the lack of success. Realistic. The goals must represent something that the business owner and employees are both willing and able to work towards. Timebound. The goals must have deadlines and sub-deadlines attached to them otherwise the commitment is too vague.
  19. 19. Questions: 1) ‘We plan to expand our market into Asia, increasing worldwide market share by 2 per cent over the next three years.’ Determine whether this goal is more likely to belong to a large or small business. Give reasons for your answer. 2) Reflect on a goal you have recently achieved. Analyse the reasons why you were successful in achieving this goal. 3) Using the S.M.A.R.T. technique, create a suitable goal for the following businesses: • Blue Hills Corner Store • Evergreen Nursery • Banthai Restaurant.
  20. 20. Business Goals - Financial • Profit maximisation occurs when there is a maximum difference between the total revenue coming into the business and total costs being paid out. (no.1 business goal) • Increasing market share is an important goal for businesses that dominate the market, because small market gains often translate into large profits. (see Coles/Woolworths – SNAPSHOT ACTIVITIES FOR HOMEWORK)
  21. 21. Maximising growth can be achieved internally (organically) or externally. Internal growth could involve; employing more people, increasing sales, introducing innovative products, purchasing new equipment or establishing more outlets. External growth is achieved by merging with or acquiring other businesses
  22. 22. Increase share price For companies that wish to be successful, they need to maximise the returns of their shareholders. This is achieved by keeping the share price rising = Cap gains + high dividends Coco-Cola Amatil:
  23. 23. Business Goals: Staff involvement Why involve staff in goal setting? Innovation Motivation
  24. 24. Motivation
  25. 25. 'Money brings some happiness. But, after a certain point, it just brings more money.’ Neil Simon Is money the best motivator? Discuss
  26. 26. Classical Management Approach: • Classical-scientific approach • Classical-bureaucratic approach • Management as planning • Management as organising • Management as controlling • Hierarchical organisational structure • Leadership style – Autocratic
  27. 27. Behavioural Management approach: • Management as leading • Management as motivating • Management as communicating • Teams • Leadership style – Participative or democratic
  28. 28. Contingency management approach: • Adapting to changing circumstances • Leadership style? • Summary and comparison of management approaches
  29. 29. Format: Classical approach: 45 min lesson – Wednesday 6 Aug Behavioural approach: 30 min lesson – Thursday 7 Aug Contingency approach: 20 min lesson – Thursday 7 Aug

Notes de l'éditeur

  • Resources = Human, Information Physical, Financial
  • Use the chess analogy
  • HR – want ability over experience
    We are training you for roles that have not been identified yet.
  • employees require safe working conditions and reasonable wages while customers want reasonably priced products.
    Shareholders want dividend payout – local community want money spent on an environmental protection scheme.
  • A socially responsible business is one that recognizes that it is accountable for the consequences of its actions on society and the environment. In the quest to become better corporate citizens, businesses are now putting an emphasis on carefully managing conflicting stakeholder interests. No more does a business simply consider the economic benefits or shareholder interests; now they take into consideration the interests of all stakeholders, such as local communities and the environment. One business that is actively engaged in managing conflicting stakeholder interests, in an attempt to become more socially responsible is BHP Billiton. They go as far as to involve local community groups in the strategic decision-making process to ensure that any potential environmental or social impacts associated with BHP’s operation are kept to a minimum. By considering the interests of such groups and by not focusing solely on increasing shareholder value, BHP Billiton is demonstrating its commitment to become more socially responsible.
  • Serving as targets. With goals, managers at all levels would find it easier to make coordinated decisions because they understand what the business is trying to achieve.
Measuring sticks. Specific goals act as a benchmark against which the business can measure its performance — that is, the actual outcome is compared with the planned goal.
    Motivation. Good quality goals represent a challenge — something to aim for. They act as a motivating force. Employees will gain satisfaction when they successfully achieve a challenging goal. Goals also provide managers with a basis for rewarding performance, which in turn acts as a motivator.
    Commitment. Getting an employee to agree to achieve a goal — or better still, having the employee participate in the goal-setting process — gives that employee a personal stake in the success of the business.
  • Agreed upon
  • Read through merger details

    Identify the advantages and disadvantages of external growth and discuss why Rupert Murdoch has favoured this approach rather than looking to grow internally
  • Innovation – new idea, new perspectives, feedback – are goals achievable?
    Motivates – sense of purpose, buy-in, added responsibility = more productive work force
  • Write one paragraph arguing either yes or no. Must include real world business example + business theory (such as Maslow’s hierarchy of needs.