Scribd
Upload
67 views

Introduction To Business Management Lesson 1

This document provides a marking key for an assignment on management functions in business organizations. It explains the five key management functions: 1) strategic planning, 2) organizing resources, 3) staffing, 4) directing activities, and 5) controlling success. For each function, it describes the manager's role and provides an example of how it would be implemented in a business. The marking key emphasizes that effective management requires evaluating goals, coordinating resources, developing talent, guiding subordinates, and monitoring performance metrics.

Uploaded by

William Mushonga
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
67 views

Introduction To Business Management Lesson 1

This document provides a marking key for an assignment on management functions in business organizations. It explains the five key management functions: 1) strategic planning, 2) organizing resources, 3) staffing, 4) directing activities, and 5) controlling success. For each function, it describes the manager's role and provides an example of how it would be implemented in a business. The marking key emphasizes that effective management requires evaluating goals, coordinating resources, developing talent, guiding subordinates, and monitoring performance metrics.

Uploaded by

William Mushonga
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 4

INTERNATIONAL TRAINING COLLEGE - LINGUA

Towards Educational Excellence


NCHE Reg. No: R0014
NQA Accreditation No: 000095

DEPARTMENT OF BUSINESS AND MANAGEMENT

MARKING KEY: ASSIGNMENT 1

Lecturer: MR W. MUSHONGA Due Date: 12 MARCH 2020

QUALIFICATION : Diploma in Accounting & Finance (NQF Level 3)

: Diploma in Business Administration (NQF Level 3)

: Diploma in Human Resources Management (NQF Level 3)

: Diploma in Office Administration (NQF Level 3)

MODULE : Introduction to Business (NQF 3)

ASSIGNMENT : 1

TOTAL MARKS: 30 marks

13
QUESTION ONE

Every day, managers are tasked with leading and inspiring the people who work under them.
This includes planning for team success, and fulfilling what it takes run a business. Five key
functions are regarded as the ways that management should lead and interact with team
members. From planning to review, the more specific management is, the more effective the
business is in achieving goals.

Explain the importance of the management functions indicated in the diagram below in a
business organisation. [30 marks]

14
The five key functions of managing are strategic planning, organizing resources, staffing,
directing activities and controlling the company's success.

The Strategic Planning of Actions


Strategic planning is the process of evaluating the goals of the company and then setting a
course for success. This function evaluates the existing activities and goals. Managers then
schedule activities that will lead to achieving those goals. Leaders tend to be more strategic:
they must become problem solvers able to see the big picture while also identifying specific
things that affect overall success. For example, if the goal is to improve the time it takes for
customers to get their order fulfilled, then an operational strategy is executed to improve
product fulfilment.

Organizing Resources to Achieve Goals

15
The organizing function brings resources together to achieve the goals established in the
planning function. Resources include materials, personnel and financial backing. Leaders
need to identify what activities are necessary, assign those activities to specific personnel,
effectively delegating tasks. Leaders need to coordinate tasks to keep resources moving
efficiently toward goals. It is important to prioritize which resources are essential at any given
time. For example, if more inventory is needed but the company doesn't have the financial
resources to obtain the inventory, then the priority is to tackle the financial need.

Putting the Right Talent in the Right Place


When a business is short-handed, it cripples the company's ability to serve customers, and it
also overwhelms existing staff. Management needs to identify key staff positions, and to
ensure that the proper talent is serving that specific job duty. Once the right staffing structure
is established, leaders need training, professional development, pay rates and monitoring
performance. Effective leaders are able to develop talent and identify those ready for
promotion.

Guiding and Directing Activities


Directing activities is a key function. Letting staff know what needs to be done, and also by
when is a responsibility of managers. However, bosses tell people what to do, while leaders
motivate people to contribute in meaningful ways. The directing function requires leaders to do
more than simply give orders, even though tasks must be completed for business success.
This function begins with supervising subordinates while simultaneously motivating teams
through guided leadership communicated in clear ways.

Controlling Success Systems


Controlling systems refers to all the processes that leaders create to monitor success. Sports
coaches have a saying, "Winners keep score," meaning that winners know where they are and
know what is necessary to achieve a goal. This business function requires leaders to establish
performance standards, measure actual performance and compare the metrics to determine
anomalies.

For example, a sales leader is focused on more than only the final sales numbers; he
considers the leading activities such as the number of minimum pitches and outbound calls.
Leaders review the data and make adjustments in processes, policies, training or personnel to
address failures based on that data. Winning leaders don't look at poor performance as
failures but as opportunities to solve a problem that gets the desired results.

16

You might also like