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Principles of Management

You can access this textbook for free in web view or PDF through openstax.org and for a low cost in Management is a broad business discipline



PRINCIPLES-OF-BUSINESS-MANAGEMENT.pdf

PRINCIPLES OF. BUSINESS MANAGEMENT. BY: GODFRED YAW KOI-AKROFI (PhD). Dean-School of Science and Technology. Dominion University College



Business Principles and Management

Business Principles and Management Twelfth Edition Adobe eBook Enhance learning with this eBook



Management Principles

The Changing Role of Strategic Human Resource Management in Principles of Editor for Business Expert Press and serves on a handful of editorial boards.



Management Principles

Chapter 1: Introduction to Principles of Management. Case in Point: Doing Good as a Core Business Strategy. ... WDFPD-Internal.pdf. Organized.



Diploma in Business and Information Management

01 Jan 2009 Professional and personal growth outcome is addressed in the Business Principles and Management module which enables the.



G20/OECD Principles of Corporate Governance

08 Jul 2015 management its board



Principles for the Sound Management of Operational Risk

Internal controls are typically embedded in a bank's day-to-day business and are designed to ensure to the extent possible



List of references

Journal of Management Development: Bingley. Auf dem Weg zur Nachhaltigkeit: Vom Change Management zum Mind- ... Principles of Business Economics.



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Principles of Business Management - GBV

PRINCIPLES OF BUSINESS MANAGEMENT 2 The business environment 29 Jerome Kiley Purpose of this chapter 29 Learning outcomes 29 2 1 Introduction 29 2 2 The systems approach 30 2 3 The organisational environment 31 2 3 1 The micro-environment 33 2 3 2 The market environment 34 2 3 3 The macro-environment 36 2 3 3 1 The natural environment 37



PRINCIPLES OF MANAGEMENT CHAPTER

1) Management is universal- Management is applicable to all forms of human organizations whether it is profit- making or non- profit making 2) Management is a social process- To get things done from the people manager has to establish inter-personal relations with them



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Principles of Business Management January 2016 page 3 of 3 Standards PBM-4 1 Develop a vision mission statement and goals for strategic plans within a business PBM-4 2 Explore opportunities for business development based on trends in the global marketplace PBM-4 3 Apply the decision-making process to a business situation



Chapter 1 Introduction to Principles of Management

May 1 2018 · The principles of management are drawn from a number of academic fieldsprincipally the fields of leadership entrepreneurship and strategy Leadership If management is defined as getting things done through others thenleadership4 should be defined as the social and informal sources of influence that you use toinspire action taken by others



PRINCIPLES OF MANAGEMENT CHAPTER - NCERT

PRINCIPLES OF 2 MANAGEMENT CHAPTER LEARNING OBJECTIVES Toyota follows certain well-defined business principles guiding its functioning These are: 1 Honour the language and spirit of law of every nation and undertake open and fair corporate activities to be a good corporate citizen around the world 2 Respect the culture and customs of every



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PRINCIPLES OF OPERATIONS MANAGEMENT ELEVENTH EDITION GLOBAL EDITION PRINCIPLES OF OPERATIONS MANAGEMENT Sustainability and Supply Chain Management HEIZER J A Y RENDER BARRY Jesse H Jones Professor of Business Administration Texas Lutheran University Charles Harwood Professor of Operations Management Graduate School of Business Rollins College

What are management principles?

    Management principles are not as rigid as principles of pure science. They deal with human behaviour and, thus, are to be applied creatively given the demands of the situation. Human behaviour is never static and so also technology, which affects business. Hence all the principles have to keep pace with these changes.

Which courses teach management principles at a beginner level?

    Professional courses such as MBA (Master of Business Administration), BBA (Bachelor of Business Administration) also teach these principles as part of their curriculum at the beginner’s level. These principles enable refinement of management practices as well by facilitating the development of new management techniques.

Are management principles flexible to adapt to dynamic business environment?

    You have already studied that management principles are flexible to adapt to dynamic business environment. For example, management principles emphasise division of work and specialisation.

What are the different types of management theory?

    These schools of thought may be divided into 6 distinctive phases: 1. Early Perspectives; 2. Classical Management Theory; 3. Neo Classical Theory — Human Relations Approach; 4. Behavioural Science Approach — Organisational Humanism; 5. Management Science/Operational Research; 6. Modern Management.

JAMES L. BURROW, PH.D

BRAD KLEINDL, PH.D.

KENNETH E. EVERARD, ED.D

BUSINESS PRINCIPLES

AND MANAGEMENT

12e Business Principles and Management,Twelfth Edition James L. Burrow, Brad Kleindl, and Kenneth E. Everard

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Reviewers

iii

Brenda Albright-Barnhart

Teacher, Business Department

Bolton High School

Alexandria, LA

Janice Goddard

Teacher, Business & Information

Technology

Norcross High School

Norcross, GA

Stephanie Hezekiah

Business Teacher

Lowndes High School

Valdosta, GA

Kimberly H. Orrick

Teacher, Business Department

Seminole County Middle/High School

Donalsonville, GA

Ernest H. Powers

Business/Marketing Teacher

South Charleston High School

South Charleston, WV

Jennifer L. Wegner

Business & IT Department Chair

Mishicot High School

Mishicot, WI

About the Authors

James L. Burrow, Ph,D.,has a background in mar-

keting and human resource development. He works regularly with the business community and other organizations as a consultant on marketing and performance improvement strategies. He recently retired from North Carolina State University where he served as the coordinator of the graduate Train- ing and Development Program for over 15 years. Dr. Burrow received degrees from the University of

Northern Iowa and the University of Nebraska in

marketing and marketing education.

Brad Kleindl, Ph.D.,is Dean of The Robert W.

Plaster College of Business Administration at

Missouri Southern State University. He has taughtcourses in marketing, international business, entre-preneurship, and Internet marketing and has pre-sented at conferences and industry meetings acrossthe U.S., Europe, Africa, and Asia. In the Spring of2003, Dr. Kleindl was a Senior Fulbright Scholar in South Africa lecturing on Internet marketing, e-business, and e-commerce.

Kenneth E. Everard, Ed.D.,is Professor Emeritus at The College of New Jersey, where he served as pro- fessor of management and as developer and adminis- trator of graduate programs in business education, office administration, human resources management, and management. iv

Contents

Unit 1 Business and Its Environment 2

Unit 2 Forms of Business Ownership and the Law 110

Features in Unit 1

Business Note 8, 15, 38, 63, 92, 96

Career Cluster 107

Ethics Tip 37, 57

Facts & Figures 10, 17, 30, 33, 39, 58, 64,

70, 85, 89, 99

Focus OnÉ 13, 43, 68, 90

Net Bookmark 20, 44, 73, 98

Success Tip 4, 19, 31, 55, 83

Winning Edge Event Prep 109

CHAPTER 1Characteristics of Business 3

1.1 The Nature of Business 4

1.2 Changes Affecting Business 7

1.3 The Contributions of Business 14

Chapter 1 Assessment 22

Case In Point 25

Project: My Business, Inc. 27

CHAPTER 2 Social and Ethical Environment of Business 28

2.1 Human Resources 29

2.2 Societal Values 362.3 Ethical Issues 41

Chapter 2 Assessment 46

Case in Point 49

Project: My Business, Inc. 51

CHAPTER 3Economic Environment of Business 52

3.1 Economic Wants 53

3.2 Economic Systems 57

3.3 Fundamentals of Capitalism 62

3.4 Managing the Economy 69

Chapter 3 Assessment 75

Case in Point 78

Project: My Business, Inc. 80

CHAPTER 4 International Environment of Business 81

4.1 The Importance of International

Business 82

4.2 Forms of International Business 88

4.3 Theories of International Trade and

Investment 95

Chapter 4 Assessment 101

Case in Point 104

Project: My Business, Inc. 106

Features in Unit 2

Business Note 118, 145, 163

Career Cluster 185

Ethics Tip 148, 164, 175

Facts & Figures 112, 122, 137, 150, 166,

169, 170Focus OnÉ 129, 144, 173Net Bookmark 115, 153, 179Success Tip 124, 147, 167

Winning Edge Event Prep 187

v

CHAPTER 5 Proprietorships and Partnerships 111

5.1 Entrepreneurship 112

5.2 Proprietorship 117

5.3 Partnership 121

Chapter 5 Assessment 130

Case in Point 133

Project: My Business, Inc. 135

CHAPTER 6 Corporate Forms of Business Ownership 136

6.1 Corporations 137

6.2 Close and Open Corporations 145

6.3 Specialized Types of Organizations 150

Unit 3 Information and Communication Systems 188

Features in Unit 3

Business Note 205, 222, 255

Career Cluster 237

Ethics Tip 214, 242

Career Tip 202, 223, 247

Technology Tip 220, 225

Facts & Figures 192, 194, 198, 215, 228,

240, 255, 257

Focus On... 199, 221, 251

Net Bookmark 200, 217, 250

Winning Edge Event Prep 267

CHAPTER 8Technology and Information Management 189

8.1 Electronic Technology Fundamentals 190

8.2 Managing Technology 197

8.3 The Effects of Technology on Work and

Workers 203

Chapter 8 Assessment 207

Case in Point 210

Project: My Business, Inc. 212

CHAPTER 9E-Commerce 213

9.1 Business and the Internet 214

9.2 Stages of E-Commerce

Development 219

9.3 Establishing an E-Commerce

Business 226

Chapter 9 Assessment 231

Case in Point 234

Project: My Business, Inc. 236

CHAPTER 10 Organizational Communications 238

10.1 The Communication Process 239

10.2 Corporate Communications 246

10.3 Organizational Communication 252

Chapter 10 Assessment 260

Case in Point 263

Project: My Business, Inc. 265Chapter 6 Assessment 155Case in Point 158Project: My Business, Inc. 160

CHAPTER 7Legal Aspects of Business 161

7.1 Regulations Maintaining

Competition 162

7.2 Regulations Protecting Business

and the Public 167

7.3 Business Taxes 174

Chapter 7 Assessment 180

Case in Point 183

Project: My Business, Inc. 184

vi

Unit 4 Management Responsibilities 268

Unit 5 Financial Management 386

Features in Unit 4

Business Note 279, 304, 371

Career Cluster 294

Success Tip 284, 357

Technology Tip 310, 326

Teamwork Tip 271, 296, 344

Facts & Figures 275, 276, 308, 314, 335,

362, 375

Focus On... 281, 307, 341, 367

Net Bookmark 273, 301, 345, 364

Winning Edge Event Prep 385

CHAPTER 11Management Functions and Decision Making 269

11.1 The Role and Work of Managers 270

11.2 Effective Supervision 275

11.3 Managing with Information 282

Chapter 11 Assessment 288

Case in Point 291

Project: My Business, Inc. 293

CHAPTER 12The Manager as Leader 295

12.1 The Importance of Leadership 296

12.2 Developing Leadership Skills 30212.3 Leadership Styles 30612.4 Dealing with Employee Problems 312

Chapter 12 Assessment 316

Case in Point 319

Project: My Business, Inc. 321

CHAPTER 13Planning and Organizing 322

13.1 The Planning Function 323

13.2 Using Planning Tools 328

13.3 The Organizing Function 333

13.4Developing Effective Organizations 342Chapter 13 Assessment 348Case in Point 351Project: My Business, Inc. 353

CHAPTER 14 Implementing and Controlling 354

14.1 The Implementing Function 355

14.2 Motivation and Change Management

360

14.3 The Controlling Function 368

14.4 Gathering and Using Performance

Information 373

Chapter 14 Assessment 378

Case in Point 381

Project: My Business, Inc. 383

Features in Unit 5

Business Note 390, 434, 456

Career Cluster 507

Career Tip 451

Success Tip 462

Technology Tip 396, 427, 476, 492 Teamwork Tip 410, 482Facts & Figures 392, 403, 404, 423, 436,450, 457, 465, 490, 496 Focus On... 408, 431, 460, 488Net Bookmark 412, 424, 459, 498

Winning Edge Event Prep 509

vii

CHAPTER 15 Business Financial Records 387

15.1 Types of Financial Records 388

15.2 Budgets and Budgeting 395

15.3 Financial Reports 401

15.4 Analyzing Financial Data 409

Chapter 15 Assessment 414

Case in Point 417

Project: My Business, Inc. 419

CHAPTER 16 Financing a Business 420

16.1 Types of Business Capital 421

16.2 Raising Capital Through Stock Sales

426

16.3 Short- and Long-Term Debt

Financing 432

Chapter 16 Assessment 440

Case in Point 443

Project: My Business, Inc. 445

Unit 6 Production and Marketing Management 510

Features in Unit 6

Business Note 522, 545, 566, 586

Career Cluster 583

Ethics Tip 544, 568, 587

Career Tip 590

Success Tip 522

Technology Tip 519, 549, 573

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