MANAGEMENT

DIRECTCONTROLCO-ORDINATE

MANAGEMENT FUNCTIONS

1. planning – making decisions / policy /

methods - to achieve the objectives

2. co-ordinating – integrating activities in order to form a

united strategy

3. motivating – encouraging

4. controlling – supervising and checking

STAKEHOLDER Free Currency Trading eBook From Forex.com Home > Dictionary Stakeholder What Does Stakeholder Mean?

A party that has an interest in an enterprise or project. The primary stakeholders in a typical corporation are its investors, employees, customers and suppliers. However, modern theory goes beyond this conventional notion to embrace additional stakeholders such as the community, government and trade associations.

Read more: http://www.investopedia.com/terms/s/stakeholder.asp#ixzz1cvAhXjGo

STAKEHOLDERS

ECONOMIC ENVIRONMENT

economic cycles, international competition

FINANCIAL ENVIRONMENT

banks, investors

REGULATORY ENVIRONMENT

government, legislation

SOCIAL ENVIRONMENT

welfare, ecology

BUSINESS ORGANISATION

MANAGERS ARE RESPONSIBLE TO THE FIRM’S:

owners - to achieve the best possible

return on the capital invested clients - to provide goods and services

of the specified quality, within the

agreed time, at a fair price employees – to provide the safest and most

comfortable working conditions,

to pay a fair wage

Two-tier corporate hierarchy

a) Board of directors

- elected by shareholders - internal – inside directors (executive) - external – outside directors (non-executive) - monitor managers (report to owners)

- make strategic decisions: which markets to enter/pull off how to finance expansion develop new products acquire / take over new products by buying other companies

b) Management team

- the CEO – the top manager - involved in day-to day operations - departmental managers (Finance, Production, Marketing, Legal, Research & Development, Distribution ........

HIERARCHY

superior = a person of higher rank or position

(a superior officer)

subordinate = lower in rank or position

MANAGERSo set objectiveso work out methods to achieve themo analyse the activitieso divide the work into individual jobso select peopleo form effective teamso motivate (pay, promotion)o measure the performance of the staffo train and develop their staff

1. MK: p: 13: 1,2

2. Make common business collocations:

1. set a) crises

2. allocate b) responsibility

3. take c) objectives

4. establish and maintain d) resources

5. deal with e) good relations

3. Use the following words to fill in the gaps:

officers, managing director (CEO), subordinates, non-executive directors, managers, superiors, authority, board

All the directors together are the ___________ .

_______________________________ are not managers of the company,

they are outsiders who give advice but are not responsible for making

decisions.

The CEO or MD is supported by various executive _________________

or senior _________________________each with clearly defined

___________________ and responsibility.

The __________________ is in charge of the way the company is

managed on a day-to-day-basis.

Management delegate responsibility to _________________________

and receive orders from ________________________ .

4. Who controls a PLC?

____________________________ (owners of the company)

________________________ (elected by the shareholders)

___________________________ (appointed by the board)

5. Who are “fat cats”?

http://www.investopedia.com/video/play/fat-cat-ceo

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________