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Management Practive in Business - Essay Example

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Management practice in Business The management practice in business organizations is an important matter of study. In understanding the management practice in an organization, the functions played by the managers are important to consider…
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Management Practive in Business
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Download file to see previous pages The planning process focuses on the realistic view of the business expectation. The presence of proper planning process in an organization helps the management of the organization in maintaining a focus towards the overall growth and development of the business. The planning process also helps the organization in providing a framework for the business and provides the organization with a benchmark for measuring the performance of the organization (Reilly, Minnick & Baack, 2011). Considering the importance of planning in the business organization, the planning process in Liberty mutual insurance is being analyzed critically. The first step maintained by Liberty Mutual insurance in their planning process is in setting the basic target of the organization which includes clarification of the vision, mission and goals of the organization. The vision of Liberty mutual insurance involves providing every one with the same amount of opportunity to live their dreams. The mission of the organization states that the organization is in the process of value creation for the citizens with the help of the effective and profitable life insurance plans. The goals of the organization are also made clear and it aims at becoming a leading provider of life insurance services in the global market by focusing attention towards the customer satisfaction. The organization also aims at enhancing the value of stakeholders by achieving reputations in the market through the business practices. In matters of implementation of any strategic decision in the organization; the mission, vision and goals are kept in mind. Before planning for any changes in the organization, careful market research is conducted and due importance is provided to the needs of the customers. During the decision making process ideas are taken from all levels of the management and clear analysis of the views of the employees are done. The various departments within the organization are assigned with the responsibility of managing their own department and integration within different department is maintained. As the goals of the organization, includes the creation of values to the customers, careful steps are being adopted to make the products of the organization popular among the customers by addressing their needs in a proper manner. The management also is looking for expansion in the international markets, by conducting studies regarding the market feasibility of various economies. Leading: Leadership is one of the important attribute of good managers and the process of overall leading of the employees to attain their goals and objectives often determines the success of an organization. The process of leading the employees in the organization starts after the goals are set by the management (Canada, 2009, p.22). In Liberty mutual Insurance, the workings of the organization is strengthened by the presence of effective leadership quality of the key personnel who constantly dedicates their best in helping the employees to attain their goals set by the organizations. One important characteristic of the leaders in the organizat ...Download file to see next pagesRead More
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