1. How Management Functions

2. Planning Setting realistic goals for a business Short term and long term Goals can be expressed as a sales or income target Managers have to understand goals and develop strategies: Marketing manager develops promotions HR department hires necessary employees Production manager arranges resources

3. Organizing Arranging people and tasks to carry out the plan Each department has its own manager Manager determines tasks and duties, hires employees Upper management sets long term goals (CEO, CFO, Vice President) Middle management interprets plans and puts them into action (plant manager, regional manager) Lower level management implements plans from above (team leader, assistant manager)

4. Leading Manager must motivate workers to do their best; a good manager knows how best to motivate each employee Good leaders know how to communicate effectively Good manager encourage participation for better decisions and motivation Called participative management

5. Controlling Methods manager use to increase, maintain, or decrease the resources allocated Employee discipline, performance appraisals, budgeting

6. Managing Resources

7. Purchasing Negotiates deals for the supply and delivery of raw materials Arranges for inventory to arrive when it is needed Just In Time delivery is common, and cost saving

8. Production Ensure that the business makes the things it is supposed to make Arranging for raw materials to be processed, storing the final product Arrange and coordinate maintenance, repair, improvements

9. Marketing & Distribution Ensure that what the company produces actually gets sold! Sales strategies, advertising, promotional activities, publicly Direct sales efforts (face to face), and indirect (vending machines)

10. Research & Development Create new products/services, come up with new and better ways to produce same products Conduct studies to find out what consumers like/dislike Prepare reports from purchasing, production, and marketing

11. Finance Comptroller is the manager of the financial department Often an accountant Keeps records of company’s financial transactions Controls money and budgets