If you are a company Like DATA or BARILLA, you will have several businesses under you ND a corporate WHQL which controls these. Each of these businesses may be run by an independent co. , much like DATA motor runs the vehicles and TTS runs the IT. The Corporate WHQL will have grand plans on how much each business should operate. This grand plan is called Corporate Strategy.
Business Strategy For Example, Raja can make a grand plan of expanding his business decisions to be the provider of low cost furniture or highly differentiated furniture,house hold furniture only,modular furniture only, a supplier of a II furniture needs etc. ,.
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TLS Is what a business strategy Is. Functional Strategy. If your in a retail chain business like Big Bazaar, you may have merchandise strategy supply strategy etc. ,. Similarly Raja too can have a strategy to purchase wood in bulk from Malaysia and ship it and call it has procurement strategy.
Define the term ‘management’. Explain the Behavioral science theory and Systems theory. According to F. W Taylor,” Management Is an art of knowing what to do,when to do and see that It Is done In the best and cheapest way. ‘ Behavioral Science Theory. The thought was originated by vilified Parent In 1896, and he researched organization & management relationship. Later, Hugo Mustering applied psychology to increase industrial production in 1912 & around the same time. Walter 1911 . But it was Elton Mayo & F.
J Rotisseries who made an impact on the behavioral science theory through their Hawthorne experiments in Western Electric Co. , in 1933. These experiments proved that good working relationship with the supervisor and colleagues and the idea of challenges in the Job accounted for higher productivity. Challenge is created through setting high goal which cannot be normally achieved but which can be achieved with a little additional effort. These experiments brought to fore the importance of behavioral science in management. Extending the idea sometime in 1946 & 1947, Max Weber propounded the theory of bureaucracy.
System Theory: Though the systems theory can be traced to biology, where we have cardiovascular system, nervous system, etc which re fairly independent yet interdependent, it was Chester Bernard who extended this into management area through his writing ‘Functions of the Executive’ in 1983. In systems theory, we perceive that organizations have a number of fairly independent systems such as purchase system, operations system, marketing system,financial system. Etc. The working of these are interdependent. But it has to be integrated by the manager.
This theory, perhaps, brings the idea of integration as a key component of management. Give the definition and importance of planning in an organization and explain the steps in planning. Definition Planning: Planning can be defined as a basic management function which enables one to select the purpose of the business, and how the resources should be mustered to achieve that purpose to include using the available resources optimally to do that. Planning implies goal setting for the organization keeping in mind the constraints, opportunities, and threats as much as what the person robustness which is planning ants to do.
Thus, a plants a blue print for goal achievement, as blue print that specifies the necessary resource allocations, schedules, tasks & other actions to achieve the purposes. Steps in Planning: 1. Being aware of opportunities 2. Establishing Objectives 3. Developing Premises 4. Determining alternative courses 5. Evaluating Alternative courses 6. Selecting a course 7. Formulating plans 8. Qualifying plans by Budgeting Explanation of the steps in Planning 1. Being aware of opportunities- Being aware of opportunities in the market w. R. T Establishing Objectives- 3.