Managing a Business

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Organizational strategy refers to the actions and benchmarks a company puts in place to ensure that long-term goals are achieved. These plans list the necessary steps in a sequence that must be completed in order to make an idea into a reality. This process requires extreme oversight into every aspect of corporate operations and a grasp of the company's main audiences.

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  • Why Is Strategic Management Important?

    Q: Why Is Strategic Management Important?

    A: Strategic management is important because it allows an organization to initiate activities, influence activities and be proactive rather than reactive in its strategy so that it has full control over its own destiny. Strategic management benefits all business ventures, including small business, for-profit, nonprofit and Fortune 500 companies.
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  • What Is a Min/max Inventory System?

    Q: What Is a Min/max Inventory System?

    A: A min/max inventory system is an approach to managing materials or goods in which the business sets a minimum threshold and a maximum level of inventory to hold. When the current supply of an item reaches the minimum level, a new order is placed. When new materials or goods are ordered, the total supply on hand cannot exceed the maximum amount.
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  • What Are Some Reasons People Go Into Business?

    Q: What Are Some Reasons People Go Into Business?

    A: A business not only offers a possible income source, but many entrepreneurs like the high risk-to-reward opportunity of going it alone. Freedom is another major motive. People may start a business to avoid the traditional path of getting a job with an employer and a manager.
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  • What Are the Six Theories of Management?

    Q: What Are the Six Theories of Management?

    A: The six theories of management are classical management, scientific management, bureaucracy, human relations, contingency and system theories. All of these different theories evolved during the 19th and 20th centuries, and describe different perspectives about how management can be formulated.
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  • What Is Personal Management?

    Q: What Is Personal Management?

    A: Personal management is the sequence in which individuals set goals and outline short- and long-term strategies to fulfill those goals. Because personal management is highly individualized, no two people approach the system of goal fulfillment in the same ways. However, certain guidelines exist to help all types of people realize their financial, spiritual, educational and romantic goals.
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  • How Do You Write a Staffing Plan?

    Q: How Do You Write a Staffing Plan?

    A: A comprehensive staffing plan is essential for the successful running of a business, as finding the right staff levels in an organization is accompanied by the risks of over staffing and under staffing. In cases where an organization is under staffed, the employees feel stressed and overworked and productivity suffers, and the best producers may leave. When an organization is over staffed, many workers are idle and there is wastage.
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  • What Is a Management Philosophy?

    Q: What Is a Management Philosophy?

    A: Management philosophy is the philosophy adopted by a company's executives outlining how they believe a business should be directed, particularly with regard to the treatment of fellow workers and employees. As such, management philosophy is less concerned with the day-to-day mechanics of running a business. Instead, a quality management philosophy helps develop relationships based on ideal interpersonal practices.
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  • What Is Information Flow in an Organization?

    Q: What Is Information Flow in an Organization?

    A: In an organization, the informational flow is the facts, ideas, data and opinions that are discussed throughout the company. Information is constantly flowing through organizations and acts as the blood of the company. When information is no longer allowed to flow through an organization, the organization will eventually begin to collapse.
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  • What Do I Name My Business?

    Q: What Do I Name My Business?

    A: The name of a business is dependent on the type of business being created. Ideally the business' name reflects the type of business done and sounds good when it is said aloud.
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  • How Does Domestic Business Differ From International Business?

    Q: How Does Domestic Business Differ From International Business?

    A: Domestic business is often easier to conduct than international business because international business means combining two or more different countries, which have different cultures, politics, legal systems, religions and business procedures. In order to succeed in international business, understanding the other country is necessary because even if the business model seems sound in one country, it might not fly in another.
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  • Why Is Stock Control Important?

    Q: Why Is Stock Control Important?

    A: Stock control is important because it prevents retailers from running out of products, according to the Houston Chronicle. Stock control also helps retailers keep track of goods that may have been lost or stolen.
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  • What Is a Business Level Strategy?

    Q: What Is a Business Level Strategy?

    A: Business-level strategy is an ideal that promotes providing excellent and proactive customer service in order to generate better financial returns. This method of operation focuses on monetary needs and creating superior returns on investment. Maximizing employee performances and reducing waste create the most profitable corporate landscape.
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  • What Is an Organogram?

    Q: What Is an Organogram?

    A: According to Cambridge Dictionaries Online, an organogram is a diagram that explains the relationship between different people in an organization. An organogram describes the jobs of each establishment at different levels and describes their relationships. A common name for organogram is organizational chart.
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  • What Is Employee Motivation?

    Q: What Is Employee Motivation?

    A: Employee motivation refers to the forces and reasons that inspire employees to engage in their work. Research shows that motivated and productive employees contribute to the company's profitability. Employers work to increase employee motivation because research indicates that motivated employees lead to increased work quality and improved attendance.
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  • What Is the Purpose of Reward Management?

    Q: What Is the Purpose of Reward Management?

    A: The main purpose of reward management is to provide interest and motivation to employees. When interested, workers are more dedicated to maintaining a high level of performance. When motivated by some type of reward or compensation, production, performance and work quality improve.
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  • What Does the Administrative Department Do?

    Q: What Does the Administrative Department Do?

    A: An administration department is responsible for providing administrative aid in five areas of a business: information management systems, human resources, payroll, acquisition and communication. The goal of the administration department is to keep all departments within a business operating at maximum capacity.
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  • Why Is Production Planning Important?

    Q: Why Is Production Planning Important?

    A: Production planning ensures materials, equipment and employees are all available to meet production goals for a business. It also provides a detailed plan on how a company will reach its production goals and how long it will take to achieve it, which can be useful for letting customers how long it will take before they can expect their orders.
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  • What Is a Grand Strategy Matrix?

    Q: What Is a Grand Strategy Matrix?

    A: A grand strategy matrix is a tool used by businesses to devise alternative strategies. The matrix is primarily based on four essential elements: rapid market growth, slow market growth, strong competitive position and weak competitive position.
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  • What Was the Purpose of the "Open Door Policy"?

    Q: What Was the Purpose of the "Open Door Policy"?

    A: The purpose of the Open Door Policy was to give all nations equal rights when trading with China, according to the Encyclopaedia Britannica. It was initiated by the United States and aimed to both enhance global trade and to promote China's welfare and sovereignty.
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  • Why Do Managers Plan?

    Q: Why Do Managers Plan?

    A: Business managers plan for several reasons, including to mark progress and achievements made along the way, to motivate themselves and employees to reach goals and to monitor financial status. Planning is essential for business managers in small companies as well as large corporations. For business managers, plans essentially act as road maps to help guide them and their organizations.
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  • What Is the Role of a Deputy Manager?

    Q: What Is the Role of a Deputy Manager?

    A: A deputy manager helps a general manager to organize company programs, projects and personnel.0 Also called assistant managers, deputy managers' duties vary by profession, but every industry requires certain qualities from deputy managers.
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