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Introduction of Business, Marketing, and Management Assignment
The report will discuss the organizational structure and various theories of management. It is made to develop an understanding by identifying different types of organizational structure and their advantages and disadvantages. The report highlights various business, management, and marketing functions in an organization (Wilton, 2019).
Management is defined as all the actions and tasks undertaken by the companies for accomplishing goals by incessant activities including organizing, planning, leading and controlling.
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Management structure and business function
Examine organization structure and describe management and examine management theories
An organizational structure is a categorization that outlines how convinced actions are intended to accomplish the targets and goals of the company (Whitley, 2019). These actions can include roles, rules, and responsibilities that determine how information flows between each level and department within the firm.
Management is the procedure of organizing and planning the activities and resources of a company to accomplish definite goals in the mainly efficient and competent style possible. Competence in management refers to the conclusion of responsibilities appropriately and at negligible costs. Management efficiency relates to the achievement of goals and tasks within precise timelines to defer tangible results.
Management theories are the concepts contiguous that recommend management strategy, which might comprise tools such as guidelines and frameworks that can be put into practice in modern organizations (Bush, 2020). The first one is classical management theory which is come into view during the industrial revolution and turned around maximizing competence and production. The second one is behavioral management theory which addresses the organization’s social and human elements.? then next is a modern management theory that combines arithmetical main beliefs with sociology to build up holistic approaches to management (Hewett, et. al. 2018).
Types of organizational structure
Functional structure is also recognized as a practical organizational structure and split a company based on the interest of its personnel. Divisional structure is used by the companies to structure their leadership team based on the projects, products, and subsidiaries they operate. Companies can also have a matrix structure that is the most complex and the least used (Berezney, 2019). This matrix structure is used by the employees across diverse divisions, superiors, and between various departments.
These structures not only define a firm’s hierarchy but also allow the company to outline the pay constitution for its workers. These structures also make business operations well-organized and much more successful.
For instance, Samsung has implemented a cross-functional organizational structure which is also known as a matrix structure which helped the company to accomplish its long-term goals.
Business functions
Roles and responsibilities of business function
A business function is an procedure that are put into practice to carry out a company’s mission to reach its targets and goals to accomplish the company unit’s responsibilities (Ritter and Pedersen, 2020). Business functions are the proceedings carried out by an organization which can be separated into continue functions and interior function.
The production function consists of important investments in working capital and fixed assets. In a company controlled by the finance executive investment in productive assets becomes essential. Research and development actions must be strongly synchronized with the company’s sales and marketing operations to make sure that the company is providing precisely what its consumers desire in the most resourceful, effective, and cost-effective way. The purchasing function in the organization is concerned with obtaining products and services for utilization by the company. This includes workings for manufacturing, raw materials, and production equipment. The role of marketing and sales departments is to encourage the company to accomplish forecast, prospective and existing investors, partners, and customers. Its ending goal is to create sales and boost brand image and brand awareness (Pal, et. al. 2021). Human Resources management is the most significant business department for companies with a large number of workers. Accounting and Finance departments' helps the company keeps the financial records and bookkeeping of all transactions concerning monetary inflows and outflows.
Management functions
Henry Fayol’s 5 functions of management
Motivational philosopher Henri Fayol stated that management in the everyday routine in any organization carries out 5 major management functions. This includes organizing, commanding, planning, coordinating, and controlling (Blok, 2020). These 5 functions focus on the connection between workers and managing them effectively.
Roles and responsibilities of 5 management functions
Planning is a procedure of opinion and it is a prearranged insight into a company’s vision and mission based on knowledge and particulars that are essential for bright actions within an organization. Planning links the gap between where the company is and where they want to reach. Organizing is a classification in which divisions work jointly and the two most important elements for organizing are divisions and their relationship. Departments include human and physical resources. Commanding include training the team for making sure that the group is motivated to accomplish its goals and task. They have the potential to give confidence and motivate employees to take initiative and motivate a team to achieve goals. Coordination aspires at stimulating restraint and motivation within the team dynamics, which requires superior leadership and clear communication. Planned objectives can be accomplished only through optimistic workers' behavior (Kumar, et. al. 2019). Controlling involves investigative development against organization plans, with a vision to make sure sufficient progress and suitable performance, recording the knowledge attain from the working of these strategies as a direction to probable future experiences, and taking corrective actions to deal with underperformance.
Interrelation of Management Functions
Managers primarily require rising a plan, then categorizing their resources and handing over responsibilities to workers according to the plan, then guiding others to competently bear out the plan, and lastly appraising the plan's efficiency as it is being implemented and making any essential adjustments. In the planning phase, the manager establishes the company's goals and creates a path of action to accomplish them. The reason for organizing is to deal out the company’s resources and assign tasks to workers to accomplish the goals recognized in the planning stage. Leading comprises inspiring employees and influencing their performance to accomplish managerial objectives (Carroll and Gillen, 2019). Leading focuses on managing individuals such as teams, employees, and groups moderately than tasks. Controlling is the procedure to evaluate the implementation of the plan and make an adjustment to make sure that the business goal can be achieved. During the controlling phase, managers perform a task such as training workers as essential and managing targets. Executives also monitor workers and appraise the superiority of their work.
Marketing functions
Examine how the marketing department works with other business functions
Marketing refers to actions a firm commences to encourage the buying and selling of products and services. Marketing includes selling, advertising, and delivering goods to consumers or various businesses. Some kind of marketing is done by an affiliate on behalf of a firm. Digital marketing allows firms to connect in social media, e-mail, affiliate, and contented marketing strategies. It seeks to take a company's products and services to identify its supreme customers and illustrate the customer’s concentration to the products and services available.
Marketing functions are the establishment of the work that marketing professionals do. Each meaning comprises a set of tasks and responsibilities for an advertising team to organize, design, and carry out a successful operation. 7 extensively established marketing functions contribute to the general effort of marketers. These functions include product management, promotion, selling, pricing, marketing information management, financing, and distribution. Marketing is not merely much broader than selling but it is not a particular action at all. It encompasses the whole business (Ahid and Augustine, 2012). Marketing and operation management strongly works with each other to ensure adequate research and development, intended to satisfy the present and future needs of customers. The item can pretend to be the design and quality desired by the customer and the number of orders generated by marketing can be met inside the schedule. The finance department's function is to ensure that the company operates inside its financial capabilities and the marketing department focuses on sales market share and volume. The finance department is extra focused on costs, cash flow, and paying back speculation. The marketing and human resource management section ensure suitable skill and recruitment level are in a position to research and enlarge new product ideas to meet invention target and produce a capable sales team. The HR department has employment and training requirements to balance its obligation to promotion with those of other departments.
HR management
Explain the role of human resources and its responsibilities
Human resources comprise the individuals who comprise the place of work of an organization. In the business world, the responsibility and roles of human resources are training, development, recruitment, managing, and mounting firm policies. The section on human resources in a firm focuses on the majority of critical assets of the firm and its employees and outlines the life-cycle. The human resource department is recognizable with the kind of applicant necessary to fill up a business position. The procedure of payroll is in itself an action that the human resource department is responsible for (Boon, et. al. 2019). This department is also responsible for the implementation and development of the norms and policies in the firm. It is the accountability of the human resource division to supervise the training requirements of the employees within the organization.
How talent management helps the company to achieve business objectives
Talent management is the organized procedure to identify an unoccupied position, develop the skills, hire a suitable candidate, and proficiency of that candidate to counterpart the position and retain them to accomplish long-term business goals and objectives. Talent management is a significant business objective for any association and these strategies can give a competitive circumference to any company (Ansar and Baloch, 2018). A talent management approach can move a company’s talent management further than necessary talent management actions such as performance and acquisition management, to the stage of significant management talent relationships, talent growth, and comprehensive talent structure.
Organization Culture
Organizational culture is also recognized as a corporate culture which refers to the principles, beliefs attitudes, and behaviors that distinguish and add to a company’s inimitable emotional and social work environment (Meng and Berger, 2019). Culture is unique for every company and the hardest possession to change and consists of unwritten and written rules and regulations that have grown over time. Organizational culture is significant as the overall company’s strategy is depending on this because it can moreover boost the organization and its long-term goals and objectives.
Explain the consequence of a weak vs. strong organizational culture
A firm with a strong culture provides comprehensible prospect for employees about their behavior, jobs, and uniformity and also comprise a clear-cut chain of command. This kind of ambiance promotes a sense of security in workers and assists them to work towards the better good of an organization. A key advantage of a strong organizational culture is that there is not as much of a requirement for comprehensive procedures and policies to be well accepted and understood.
A weak organizational culture consists where the workers are not apparent with their goals and targets. A weak culture is obvious when the majority of workers have wide-ranging opinions about the company’s values and mission. Weak organizational culture consents to an increase in turnover of employees because of a lack of company mission and cohesiveness. This twists into worker detachment and low employee self-esteem (Garg, et. al. 2021). The key result of weak organizational culture is that there is a large requirement for policies, procedures, and bureaucracy to get things completed in the preferred way, which revolves and can add significantly to organizational costs.
Conclusion
The report has highlighted various business, marketing, and management function in an organization. The above report has discussed the organizational structure and various theories of management. The report is made to develop an understanding by identifying different types of organizational structure and their advantages and disadvantages. The report highlighted HR management and the responsibilities and roles of human resources within the organization. In addition to this, the report has discussed organization culture and the consequence of their strength and weakness.
References
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Blok, V., 2020. What is (business) management? Laying the ground for a philosophy of management. Philosophy of Management, 19(2), pp.173-189.
Boon, C., Den Hartog, D.N. and Lepak, D.P., 2019. A systematic review of human resource management systems and their measurement. Journal of management, 45(6), pp.2498-2537.
Garg, S., Sinha, S., Kar, A.K. and Mani, M., 2021. A review of machine learning applications in human resource management. International Journal of Productivity and Performance Management.
Bush, T., 2020. Theories of educational leadership and management. Theories of Educational Leadership and Management, pp.1-208.
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Berezney, R., 2019. Organization and functions of the nuclear matrix. In Chromosomal nonhistone proteins (pp. 119-180). CRC press.
Carroll, S.J. and Gillen, D.J., 2019. Are the classical management functions useful in describing managerial work?. In Managerial Work (pp. 291-304). Routledge.
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