Name:___________________________ Class:________________ Date:________________

Business Management Introduction & Functions Notes

What is Business Management?

• A Manager is a person who is a professional in their field of work and is responsible for
administering all or parts of a business _____.

• ____manageent ___ is the problem solving process of using resources to achieve goals through
planning, organizing, staffing, directing, and evaluating.

• Managers must be able to ______mske good decisions _______, respond to competition,

___come up with new strategies __, solve problems, and know how to work well with others.

• When it comes to business management a person must be ____educated____ in not only

management but also business. Therefore business management is not only a course, but even a
field of study.

• For example, taking a class like this.

Why is it important to learn about Business Management?

• __Business Management education can help you understand basic management functions

• and will help you understand different management theories and how to analyze them___.

• Business Management education will also help you __grow as an individual and as a

• professional____ as you will gain a broad understanding of specific business-related aspects and
be able to apply them to the workplace.

• __ lot of people go into business management because it’s a career that lets you

• experience all aspects of business, the rewards and the risks___.

Think about it…

• With a partner, on a document, I want you to type as many tasks that you think a business
manager would be in charge of.

• ___the prophet's margin,see what food is selling better and worse,salaries ,hours,sales,layout
of the store ___.

• Managers can either make a business ____suceed________or they can make it ____fail___, as
their decisions impact others and the outcome of a business.

• __Managers are given many different tasks and goals to accomplish and when they are
completed they are rewarded. If the task and goals are not completed the managers will be
held accountable__.
 Name:___________________________ Class:________________ Date:________________

Business Management Functions

• Management duties are always continuous.

• These constant duties can be organized into these main functions:

• Planning

• Organizing

• Leading

• Controlling

Management Function- Planning

• Planning ___is creating a detailed plan to meet goals by analyzing information, setting

• timelines, and making decisions.

• Planning is essential in business management because it helps facilitate progress.

• There are many benefits to planning:

• Gives direction and helps focus on goals.

• Reduces the risk of uncertainties.

• Provides commitment and drive.

• Promotes innovative ideas.

• Allows Flexibility.

• Improves resource utilization.

Decision Making Process

• Planning involves decision making and the best way to do that is by using the Decision Making
Process.

• Decision Making Process is a series of steps to help an individual make the best possible choice
to meet their needs.

Decision Making Process:

1. Identify the Problem.

2. Gather Information.

3. Consider all Options and their Effects.

4. Choose an Option and Follow Through.

5. Evaluate your Decision and Learn from it.

Types of Planning
 Name:___________________________ Class:________________ Date:________________

https://www.youtube.com/watch?v=gbuJXAD9lBk

• Strategic: __Blue print,vision and mission,The CEO the other top level authorities ___.

• Tactical: ___medium/ short term goals____.

• Operational: ____single use plan,standard plan is a not fixed plan ____.

Vision, Mission, Goals, and Objectives

__Part of planning well is knowing what your vision and mission statements are, having

set goals and defined objectives__.

• So what is the importance of each of these?

Vision Statement

• Vision Statement: _____Is an inspirational statement that describes what a company wants to
become__.

• Helps define direction for planning.

• Vision statements help attract like-minded employees.

• Should say a lot, but with few words.

Mission Statement

• Mission Statement: ___Is a statement that describes the company's reason for existing
now____ Should be a sentence or short paragraph.

• Mission statement should answer what your company does and ___how___ the
company does it.

(Mission statement focuses on the present while Vision Statement focuses on the future)

Goals

• Goals ____are a desired result that must be accomplished over a period of time. _____.

• There are ____are a desired result that must be accomplished over a period of time.
_____ which is something the business wants to accomplish in the near future.

• Takes less than __12__months to achieve.

• And then there are Long-Term Goals which is something the business wants to
accomplish in the future.

• Takes at least ___1-10__years to achieve.

Objectives

• Objectives _____are something that one’s effort can accomplish to help reach a goal_____.

• These help expectations, measure progress, and are a great way to offer a sense of
achievement.

• Keep these simple and attainable.

 Name:___________________________ Class:________________ Date:________________

• Having vision and mission statements, and goals and objectives ________________ businesses
tremendously.

Management Function- Organizing

• ___organizing____is the process of establishing orderly uses of all resources and activities to
work toward the set goals.

• __Organizing involves creating an organizational structure and delegating the

• responsibilities to the appropriate employees, in order to make sure to achieve goals_.

• Organization structure ____is a system created, through a chart, to show the primary

• reporting relationships that exist within a company____.

• The chart created is to give a visual representation of the chain of command.

• This way everyone knows who to report to, whom they can take instructions from, who
they can delegate to, etc.

Think about it…

Businesses have to make sure they organize all their resources effectively but there are always emerging
trends when it comes to organizational structures. How do you think businesses handled staying
organized while going remote during the most recent pandemic?

Management Function- Leading

• Managers should feel ___confident_____ leading their staff for daily tasks and long-term goals.

• ______leading______ involves projecting a strong sense of motivation and direction for

employees, to help encourage high performance.

• ___Successful leaders are known for their interpersonal skills, as they are able to connect with

• others, show compassion, give encouragement, and positive feedback___.

 Name:___________________________ Class:________________ Date:________________

• Another part of leading is knowing how to handle conflict fairly, be able to communicate new
processes, etc.

Leadership Styles

• There are many different types of leadership styles:

• ____democratic_____

• Autocratic

• ____ Laissez-Faire ______

• Strategic

• _____Transformal_______

• Transactional

Management Function- Controlling

• Controlling ____ is a process that regulates the business’s activities to ensure the goals that
were set, are getting accomplished.______.

• During the controlling stage of management, managers will perform many different tasks:

• _____managing deadlines_____

• _____training employees ______

• Monitoring employees

• ____Giving Feedback_________

• Making Adjustments and Changes to:

• _____Timelines, Budgets, and Staffing._____

• Evaluating employees performance

Controlling: Employee Evaluations

• It’s important to have ____clear standards of perormance___ and have a way to measure
employee’s performance. This way you can compare performance with the standards you have
set, through employee evaluations.

• ___Evaluations are crucial for managers and the employees, as it’s a time to get feedback, talk

• about things going well and areas that they could improve on_____.

• Managers can also give pay raises to high-performing employees.

 Name:___________________________ Class:________________ Date:________________

Think about it…

• Take a minute to go online and look up some employee evaluation forms. Notice what all is
evaluated.

In our constantly changing society, especially with technology, it’s important in Business Management to
understand the four essential functions that we have gone over: Planning, Organizing, Leading, and
Controlling As the most successful businesses have managers who successfully complete each of the
management functions exceptionally_____.