Business - management and change

Business Studies

HSC Topic 1: Business Management and Change

Management roles:

1.Interpersonal role: Role relating to people inside and outside the organization. Managers must communicate with the people around them. Negotiating and compromising with all stakeholders.

2.Informational role: Access to info. Through setting up a MIS (Management Info. System). Organize the info and pass it on to the relevant people. Act as a spokesman to the public.

3.Decisional role: choices have to be made by managers. They act as disturbance handlers, negotiators and resource allocationers.

Skills of management:

People skills: the ability to communicate, negotiate, lead and delegate.

They must have good listening skills, provide feedback, disciplinary skills.

Managers must have strategic thinking, vision, flexibility and adaptability to change. Must be self-managing, teamwork, high personal standards and ethical.

Responsibility to Stakeholders:

Internal:

Shareholders:

*Provide dividends

*Keep them informed

*Be ethical/moral

Employees:

*Provide safe working environment

*Reasonable wage

External:

Government:

*Abide by the laws

*Pay tax

*Use Australian products/services

*Employ Australian citizens.

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Customers:

*Provide safe product/service

*Warrantee

*Instructions/ingredients

*Fair/reasonable price

Suppliers/creditors:

*Pay on time

*Provide feedback

*Notify if you cant pay them

*Abide by terms and conditions

Society:

*Provide employment

*Provide goods/services

*Be responsible in using resources - future generations

Environment:

*Waist management

*Recycle

*Develop sustainability

Reconciling conflicts of interest

Conflicts exist between stakeholder and resolutions must be negotiated by management

1.Employee vs Shareholders:

Shareholders want increasing profit but employees want increasing wages

Resolution: negotiate wages. Give the employees the option of becoming shareholders.

2. Environment vs profit:

Being environmentally responsible costs money

Resolution: Recycle. Use it as a marketing strategy.

Management Theories:

Classical Scientific:

*Autocratic

*Hierarchical - pyramid

*Division of labour

*Specialisation

*Focus on planning, organizing and controlling

*Task centered

*From top down communication

StrengthsWeaknesses

Increased productivityBoredom resulting from production line approach

Emphasis on promoting efficiency...