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Business Management - Essay Example

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The management team with the responsibility to manage the business needs to have a number of skills and talents to plan, coordinate, organize and control various business activities so as to…
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Business Management
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Download file to see previous pages When compared to large numbers of changes occurred over the last few decades in technology, lifestyle etc. the management system and concepts across the world seem to have evolved a little change (Hamel and Breen, 2007, p. 4).
Bateman and Snell (p. 14) stated that business management is the process in which managers are to work with people and other resources with a view to accomplish organizational goals both effectively and efficiently. Efficiency is related to achieving organizational goals with minimal waste of resources by making best possible use of people, time, money and materials. Effectiveness refers to achieving organizational goals in a way that desired and expected results are gained.
Managing a business takes a number of different segments and sections such as human resource management, financial management, marketing management, knowledge management, total quality management and so on. Since the contemporary business contexts are influenced by major economic and market forces such as globalization, technology advances, competition etc. organizations are increasingly giving importance to certain management segments so as to maintain competitive advantage and to compete with other market players. As management is basically the process of managing resources in a firm and getting things done through people, process or technology, different organizations follow different management styles.
The management process in a business organization is comprised of the very basic four elements such as planning and strategizing, organizing, leading and controlling and decision making (Gomez, Mejia and Balkin, p. 5). These basic four elements are typically very prominent at almost all different organizations and these are widely used worldwide for effectively managing the resources. These four basic components of management are also the key elements in all other ...Download file to see next pagesRead More
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Business management
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