Introducing Modern Management Objectives 1.An understanding of the business environment - the external environments of business and how these environments affect the success or failure of any organization 2. An understanding of the importance of management to society and individuals 3. An understanding of the role of management – Presumes an ability to define management in several different ways and discuss the basic functions of management 4. Working definitions of managerial effectiveness and managerial efficiency 5. An understanding of basic management skills and their relative importance to managers 6. An understanding of the universality of management 7. Knowledge of skills that help managers become successful 8. Insights concerning what management careers are and how they evolve 1-2 General Observations • Generally a healthy business climate also contributes directly to the quality of life and standard of living: - New technologies and business activity support production (provision of goods and services), consumption and employment - Business profits enhance the personal incomes and increased quality of life and standard of living of owners, stockholders and employees - Business taxes help to support government at all levels - Businesses tend to support charitable causes - Innovation and opportunities - Support for community leadership and programmes Basic Business Concepts • Business Versus An Industry – An organization that provides goods or services that are then sold to earn profits. A business entity can be oriented to earn profits or it can be a non-profit organization • Profits – The difference between a business revenues and its expenses. The rewards owners get for risking their money and time. • Consumer Choice and Demand – The freedom of consumers to choose how to satisfy their wants and needs. – The freedom of business owners to decide how to meet those wants and needs. • Opportunity and Enterprise – Success in business requires spotting a promising opportunity and then developing a good plan for capitalizing on it.

Introducing Modern Management Lecture

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