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Introduction to Management FY001 Assignment
The organizational structure and several management philosophies will be included in the report. By highlighting various forms of organizational structures and their benefits and drawbacks, the report aims to foster an understanding of these topics. In the report, diverse corporate business functions, administration, and marketing functions are highlighted.
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Management is defined as everything a company does to accomplish that goal through persistent action, including arranging, planning, directing, and controlling (Daft, 2015).
Management structure and business function
Examine organization structure and describe management and examine management theories
An organizational structure is a categorization to facilitate and explains how definite actions are meant to accomplish the company's objectives. The duties, regulations, and obligations that regulate how communication takes place among each level and division within the organization can be included in the organizational structure (Tolbert and Hall, 2015).
Management is the procedure of coordinating and preparing a company's operations and resources in regulate to accomplish precise goals in the most efficient and competent manner feasible In terms of managing, competence refers to doing jobs effectively and at minimal expense (Tan et.al. 2022). Efficiency in management refers to the accomplishment of objectives and tasks within specific time frames to postpone actual results.
Management theories are the thoughts that suggest executive strategy, which may comprise instruments similar to frameworks as well as standards that can be used in the contemporary company. The first is the traditional management theory, which was developed during industrialization and focused on maximizing productivity and competency (Griffin, 2021). The second one is behavioral management theory, which deals with the social and human aspects of the business. Then comes a contemporary management theory that constructs holistic management techniques by fusing sociology and mathematical fundamentals.
Recognize diverse types of organizational structure and summarize with disadvantages and advantages use one example
A functional organizational structure usually understands as the bureaucratic structure of the organization that divides a business according to the interests of its employees. Companies utilize divisional structures to organize their leadership teams by the projects, goods, and operations they manage (Child, 2015). A matrix structure, which is the most sophisticated and rarely employed, is another option for businesses. Different departments, divisions, and superiors all use this matrix system.
These structures allow a corporation to specify the hierarchy of the organization as well as the compensation structure for its employees. These frameworks also improve the efficiency and success of commercial operations.
For instance, Apple employs a corporate structure referred to as a "functional departments." This indicates that the business is organized on functional areas of competence instead of specific goods (Joseph et.al. 2016).
Business functions
Define business functions and roles and responsibilities of each business function
A business function is a widely practiced method or process that performs effectively a firm's purpose to accomplish its goals and fulfill the duties of the company’s structure. Business functions are the actions taken by an organization; they can be divided into support roles and basic functions (Massa et.al. 2017).
Effective cash management and fixed-cost investments comprise the production function. Investments are a very important part of business function and this is performed by the accounting executive. To ensure that the business is giving its customers exactly what they want in the most inventive, proficient, and economical way possible, research and expansion behavior must be closely coordinated with the company's sales and marketing operations. The goal of the organization's purchasing function is to acquire goods and services that the business can use. This covers production tools, raw materials, and industrial processes (Griffin, 2021). The purpose of the marketing and sales teams is to motivate the consumer to buy the product. The most important business division in organizations with a large workforce is human resources management. The company's bookkeeping and financial records are maintained by the accounting and finance departments. This includes all transactions involving monetary inflows and outflows.
Management functions
Explain Henry Fayol’s 5 functions of management
Motivational theorist Henri Fayol confirmed that managing day-to-day routine in every business consist of 5 main functions of management (Schermerhorn et.al. 2020). This comprises organizing, authoritative, planning, coordinating, as well as controlling five functions of management centered on the association among employees with managing them efficiently.
Explain the roles and responsibilities of 5 management functions
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Figure 1 functions of management
(Source: management study HQ, 2022)
Planning is an opinion-based process that provides a predicted insight into a business's purpose and vision. It is based on information and specifics that are necessary for effective actions inside a company. Planning bridges the gap between the company's current condition and its desired future state. Organizing function refers to the development of the organizational structure and distribution of resources to the employees in the organization (DuBrin, 2020). The organizational function also includes the design of various jobs in the organizational structure. Leading includes guidance to the team to ensure motivation in individuals and groups to achieve the organization's goals and objectives. Leaders with the help of this function can give self-belief and motivation to staff to take on projects and motivate a group to attain goals. The coordination function is used to create certain that a variety of groups and department function in unison. As an outcome, all of the department, groups, and workers act in harmony. It also brings serenity in carrying out the jobs and operations to meet the organization's objectives efficiently. Controlling refers to a management function that assists in seeking designed results from the employees, administrators, and at every level of a business.
Interrelation of Management Functions
Planning is the first step for managers, followed by allocating resources and delegating tasks in accordance with the plan, training others to successfully carry out the plan, evaluating the plan's effectiveness as it is being carried out, and finally making any necessary revisions. The manager sets the company's objectives and develops a plan of achievement to attain them during the planning stage (Zornoza et.al. 2015). The reason of organizing is to deal out resources throughout the organization and allocate responsibilities to employees in order to attain the goals recognized during the planning stage. Motivating staff members and influencing their performance are key components of leadership. Managers carry out duties like instilling in them a sense of importance for their work and managing targets throughout the controlling phase.
Marketing functions
Examine how the marketing department works with other business functions for the accomplishment of an organization
Marketing describes the steps a business takes to promote the consumption and sale of goods and services. Selling, promoting, and transporting supplies to consumers or other businesses are all included in marketing (Baines et.al. 2017). Businesses can connect through digital marketing using affiliates, content, email, social media, and other marketing tactics. It aims to use a company's goods and services to determine its top clients and show how engaged they are with the goods and services provided.
Seven well-defined marketing functions support marketers' overall efforts. These seven functions are Product management, promoting, selling, prices, marketing information systems, finance, and distribution. Marketing is a broader concept than selling, marketing is not a specific activity, it covers the entire enterprise. Marketing and operational management collaborate closely, to make sure proper research and development, aimed to fulfill the long-term needs of customers. The finance department must make sure the business works within its financial ability, while the marketing function is responsible for sales volume and turnover (Harmeling et.al. 2017). The finance division places a lot of emphasis on expenditures, money flow, and covering speculation. To reach production targets and create a strong sales team, the marketing and personnel management section makes sure the necessary skills and hiring levels are in force. To strike a balance between the marketing function's promotion responsibilities and those of other departments, the HR department has training and employment requirements.
HR management
Explain the role of human resources and its responsibilities
Human resources are the people who work for a company. The duties and responsibilities of human resources in the business world include hiring, managing, constructing, and implementing firm policies. The type of applicant required to fill a job position can be recognized by the human resources department. Payroll processing is a task that comes under the responsibility of the human resources division (Ulrich and Dulebohn, 2015). The firm's rules and policies must be implemented and developed by this department as well. The responsibility to oversee the employees' training needs and other requirements falls on the human resources department.
Define talent management and how it helps the company to achieve business objectives
Talent management is the systematic technique to discover an empty job, building new skills, and hiring a qualified candidate. It also includes checking the competence of that applicant to counterpart the role and keep employees to accomplish long business objectives. Talent management is a major commercial purpose for any organization and these methods can supply a competitive edge to any corporation (Angrave et.al. 2016). A talent management strategy can help a business's talent management progress from a point where performance and acquirement management are only necessary talent acquisition actions to the point where important managerial talent relationships, skill growth, and comprehensive talent structures are present.
Organizational Culture
Organizational culture is also known as corporate culture, and it refers to the values, attitudes, and ways of acting that set a corporation apart and enhance its unique social and emotional working environment (Alvesson and Sveningsson, 2015).
A company with a strong culture offers employees a clear picture of their conduct, jobs, and conformity as well as a defined chain of command. Workers feel more secure in such an environment, which helps them contribute to the betterment of the company (Alvesson and Sveningsson, 2015). A company with a strong culture offers employees a clear picture of their conduct, jobs, and conformity as well as a defined chain of command. Workers feel more secure in such an environment, which encourages them to strive for the greater interest of the company.
Conclusion
Various management theories and organizational structures have been covered in the report. The report concluded that the organizational structure is very significant for the success of any organization. Every function of management has its own role and coordination between them will result into the growth of the organization. The HR management, duties, and functions of human resources inside the company were highlighted and it showed the importance if the HR function is an organization.
References
Alvesson, M. and Sveningsson, S., 2015. Changing organizational culture: Cultural change work in progress. Routledge.
Angrave, D., Charlwood, A., Kirkpatrick, I., Lawrence, M. and Stuart, M., 2016. HR and analytics: why HR is set to fail the big data challenge. Human resource management journal, 26(1), pp.1-11.
Baines, P., Fill, C. and Rosengren, S., 2017. Marketing. Oxford University Press.
Child, J., 2015. Organization: contemporary principles and practice. John Wiley & Sons.
Daft, R.L., 2015. Management. Cengage Learning.
DuBrin, A.J., 2020. Essentials of management.
Griffin, R., 2021. Fundamentals of management. Cengage Learning.
Griffin, R.W., 2021. Management. Cengage Learning.
Harmeling, C.M., Moffett, J.W., Arnold, M.J. and Carlson, B.D., 2017. Toward a theory of customer engagement marketing. Journal of the Academy of marketing science, 45(3), pp.312-335.
Management study HQ, 2022. Functions of management. (online)<https://www.managementstudyhq.com/functions-of-management.html>. (accessed on 9 December 2022)
Massa, L., Tucci, C.L. and Afuah, A., 2017. A critical assessment of business model research. Academy of Management Annals, 11(1), pp.73-104.
Schermerhorn Jr, J.R., Bachrach, D.G. and Wright, B., 2020. Management. John Wiley & Sons.
Tolbert, P.S. and Hall, R.H., 2015. Organizations: Structures, processes and outcomes. Routledge.
Ulrich, D. and Dulebohn, J.H., 2015. Are we there yet? What's next for HR?. Human Resource Management Review, 25(2), pp.188-204.
Tan, W.S., Steinberg, G., Witjes, J.A., Li, R., Shariat, S.F., Roupret, M., Babjuk, M., Bivalacqua, T.J., Psutka, S.P., Williams, S.B. and Cookson, M.S., 2022. Intermediate-risk non–muscle-invasive bladder cancer: updated consensus definition and management recommendations from the International Bladder Cancer Group. European Urology Oncology.
Joseph, J., Klingebiel, R. and Wilson, A.J., 2016. Organizational structure and performance feedback: Centralization, aspirations, and termination decisions. Organization Science, 27(5), pp.1065-1083.
Zornoza, R., Acosta, J.A., Bastida, F., Domínguez, S.G., Toledo, D.M. and Faz, A., 2015. Identification of sensitive indicators to assess the interrelationship between soil quality, management practices and human health. Soil, 1(1), pp.173-185.
Alvesson, M. and Sveningsson, S., 2015. Changing organizational culture: Cultural change work in progress. Routledge.
