Introduction To Business Management - Funky Monkey

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Introduction to BusinessManagementC COBU211

Compiled by Pierre DietrichsenQuality assured by Mariet DuvenhageEdited by Carol FofoVersion 2.0NQF Level 5Credit value 12 January 2016 CTI EDUCATION GROUP

TABLE OF CONTENTSINTRODUCTION . 1MODULE AIM. 1MODULE DESCRIPTION . 1LEARNING OUTCOMES AND ASSESSMENT CRITERIA . 2INFORMATION RESOURCES. 4Prescribed e-book . 4Recommended information sources. 4USING THE STUDY GUIDE . 4Structure . 5Glossary . 5Individual units . 5The use of icons . 6Alignment to prescribed e-book . 8CONCLUDING REMARKS . 9UNIT 1:1.11.21.31.41.5INTRODUCTION .TYPES OF BUSINESSES .ORGANISATIONAL PURPOSES OF BUSINESS .RESPONSIBILITIES OF THE BUSINESS .CONCLUDING REMARKS .UNIT 5.55.623232526282930ROLES AND QUALITIES OF MANAGERS. 33INTRODUCTION .TYPES OF MANAGERS .MANAGERIAL ROLES .MANAGEMENT AND COMPETITIVE ADVANTAGE .MANAGERIAL COMPETENCE .CHALLENGES OF THE NEW MANAGER.CONCLUDING REMARKS .UNIT 5:1718192021THE NATURE OF MANAGEMENT . 23INTRODUCTION .THE HISTORICAL CONTEXT .TRADITIONAL APPROACHES TO MANAGEMENT .CONTEMPORARY APPROACHES TO MANAGEMENT .THE IMPORTANCE OF MANAGEMENT .ORGANISATIONAL BEHAVIOUR AND MANAGEMENT .CONCLUDING REMARKS .UNIT 4:1112131416ENTREPRENEURSHIP AND THE SMALL BUSINESS. 17INTRODUCTION .THE NATURE OF ENTREPRENEURSHIP .SMALL BUSINESS .CORPORATIONS AND SMALL BUSINESSES .CONCLUDING REMARKS .UNIT 3:3.13.23.33.43.53.63.7THE NATURE OF ORGANISATIONS AND BUSINESSES . 1133333536373839PLANNING AS A MANAGEMENT TASK . 43INTRODUCTION .ORGANISATIONAL STRATEGY .PLANNING AS A MANAGEMENT TASK .THE PLANNING PROCESS .THE INTERRELATIONSHIP OF TASKS.DECISION-MAKING AND PLANNING .434345464647

5.7CONCLUDING REMARKS . 48UNIT 6:6.16.26.36.46.56.6INTRODUCTION .THE NATURE OF ORGANISING .ORGANISATIONAL DESIGN .ORGANISATIONAL STRUCTURE.THE NATURE OF CONTROL AS A MANAGEMENT TASK .CONCLUDING REMARKS .UNIT UNCTIONS OF BUSINESS . 73INTRODUCTION .THE KEY FUNCTIONS OF BUSINESS .INTEGRATING FUNCTIONS AND THEIR INTERRELATIONSHIP .MANAGING THE BUSINESS OPERATION .CONCLUDING REMARKS .UNIT 10:596061626364DIMENSIONS AND ENVIRONMENTS OF BUSINESS . 67INTRODUCTION .THE ENTERPRISE .NON-GOVERNMENTAL ORGANISATIONS .THE BUSINESS ENVIRONMENT .CONCLUDING REMARKS .UNIT 9:494951525456LEADING AS A MANAGEMENT TASK . 59INTRODUCTION .DIMENSIONS OF LEADING .Motivation .Communication .DEVELOPING LEADERSHIP POTENTIAL .CONCLUDING REMARKS .UNIT 8:8.18.28.38.48.5ORGANISING AND CONTROL AS MANAGEMENT TASKS . 497374767879GOVERNANCE, COMPLIANCE AND SUSTAINABILITY . 8110.1 INTRODUCTION .10.2 THE REGULATORY ENVIRONMENT .10.3 CORPORATE SOCIAL RESPONSIBILITY .10.4 CONTEMPORARY CSR ISSUES IN SOUTH AFRICA .10.5 SUSTAINABILITY AND ECOLOGY .10.5.1 Sustainability .10.5.2 Ecology .10.5.3 The Green Movement .10.6 CONCLUDING REMARKS .818284868787878889GLOSSARY. 91BIBLIOGRAPHY . 95

IntroductionPage 1IntroductionWelcome to Introduction to Business Management. The main sources ofinformation for the module are a prescribed e-book and a Study Guide. TheStudy Guide should not be seen as a replacement for the prescribed e-book.You must use it in conjunction with the e-book, which contains the actuallearning content of the module. You are expected to work independentlythrough the relevant sections of the e-book. The Study Guide facilitates thisprocess by means of references to relevant sections in the e-book.In this introductory unit, we provide you with the following information onIntroduction to Business Management: A brief description of the moduleThe learning outcomes and assessment criteria involved in the moduleAn outline of the module structureAn explanation of the purpose, design and the proper use of the StudyGuide and the e-bookModule aimThe primary aim of Business Management is to introduce students to thefundamentals of business and key management practices in organisations andbusiness enterprises. The concept of business management refers to theactivities that a manager needs to undertake to operate a business enterprisesuccessfully. The module provides students with essential information andskills to understand and engage in management activities and business.Module descriptionModern businesses are facing numerous challenges, ranging from globalisationof the marketplace to intense competition, the digitisation of technologies andcomplex regulatory environments. Managers have to strive to maximiseprofits, in order to keep shareholders happy, while, at the same time,considering the long-term interests of the company, so as to ensure positivefuture survival prospects. There are also external stakeholders, such ascommunities and regulatory bodies in government, which need to be satisfiedwith the policies and practices of the firm.This module, which prepares the student for other modules, introducesbusiness processes and functional areas in the business to familiarise thestudent with the operational dimensions for which managers are responsible.The core elements of a business are: marketing of products and services;financing operations and expansion; appointing suitable members of staff andproducing what the market wants. CTI EDUCATION GROUP

IntroductionPage 2The tasks, roles and responsibilities of managers will receive attention, whichwill enhance an understanding of management in the generic sense of theconcept – i.e. also in non-business organisations – with the focus on themanagement of business enterprises. These essential management tasksinclude the planning the allocation of resources, organising people to performwork, leading and motivating staff, quality control and performance control.A range of issues and challenges faced by managers also form part of thecontent of Introduction to Business Management. Day-to-day operationalissues – such as communication, government regulatory compliance,improving the quality of products and services – are key concerns of allmanagers. From a management perspective, other important issues include:managing growth, formulating and conveying the business vision to fellowmanagers and to employees, training, maintaining, motivating and retainingemployees, managing customer services and customer relationships, reducingoperational costs and communicating with suppliers.A shortage of key people in a business means that individual employees havenumerous responsibilities and they are expected to handle a wide spectrum offunctions for which they may not have the required expertise or time. Timemanagement then becomes a critical factor of day-to-day business operations.The module also highlights the situation in small enterprises. The major issueaffecting small businesses, in particular, is that of limited resources such asfinance, people and time. Small businesses also face other challenges such asa shortage of capital or overworked managers and owners.Learning outcomes and assessment criteriaOn successful completion of this module, students will be able to:1.Distinguish between various business types and ownership forms andexplain the way in which these link with the business purpose2.Discuss the theory and practice of management comprehensively3.Discuss management functions and tasks and the application of these in abusiness4.Analyse the main functional areas of business5.Assess contemporary aspects of governance and compliance in themanagement of a businessThe following table outlines the assessment criteria that are aligned to thelearning outcomes. CTI EDUCATION GROUP

IntroductionPage 3Summary of learning outcomes and assessment criteriaLearning outcomesAssessment criteria for passOn successful completion of thismodule, the student will be able to:The student can:1.11. Distinguish between variousbusiness types and ownership formsand the way in which these link withthe business purpose1.21.31.41.52.12.22. Discuss the theory and practice ofmanagement comprehensively2.32.42.53.13.23. Discuss management functions andtasks and the application of these ina business3.33.44.14. Analyse the main functional areas ofbusiness4.24.34.45. Assess contemporary aspects ofgovernance and compliance in themanagement of a businessIdentify the various types of organisationsand businesses, the forms of ownership andstakeholdersExplain the organisational purposes ofbusinessDefine entrepreneurship and the businessmindsetDifferentiate between corporations andsmall businessesExplain the responsibilities of a businessOutline the main historical developments ofmanagementExplain the fundamentals of the theory andpractice of managementDiscuss organisational behaviour as a factorin managementIdentify the competencies, roles, skills andlevels of line and staff managers in anorganisationDiscuss the challenges associated withbecoming a managerExplain the interrelationship between thegeneric functions of management andorganisational strategyDiscuss the nature of planning in anorganisation and its application in abusinessDiscuss the organising and controlling tasksof management and their application inbusiness operationsExplore the task of leading in anorganisation and evaluate its place in abusinessDifferentiate between production, servicesand knowledge-based businesses and/ororganisationsAnalyse different business environmentsExplain the interrelationship between themain functions in a business such asproduction, finance, marketing and humanresource management, and supportfunctionsDiscuss the concepts and nature of corebusiness, operations and strategicmanagement5.1 Describe the regulatory environment, andthe concepts of good governance andcompliance5.2 Explain the contemporary issues ofsustainability and the ecological environment CTI EDUCATION GROUP

IntroductionPage 4and their impact on management andbusinessThese outcomes are covered in the module content and they are assessed inthe form of written or oral assignments and/or tests and in the examination, aswell as a range of self-assessment questions and exercises at the end of everyunit. If you comply with and achieve all the pass criteria that are related to theoutcomes, you will pass this module.Information resourcesYou should have access to a resource centre with a wide range of relevantresources. Resources can include newspaper articles, journals, organisationalpublications, etc. You are encouraged to read news media daily to improveyour knowledge of everyday business matters.Prescribed e-bookThe prescribed e-book for Introduction to Business Managements:Botha, S. & Musengi, S. (eds.) 2012. Introduction to Business Management:fresh perspectives. Cape Town: Pearson SA.Recommended information sourcesBovée, C.L. & Thill, J.V. 2013. Business in action. 6th edition. Upper SaddleRiver, N.J.: Prentice Hall.Du Toit, G.S.; Erasmus, B.J. & Strydom, J.W. 2010. Introduction to BusinessManagement. 8th edition. Cape Town: Oxford University Press Southern Africa.International journal of business and management. Canadian Center of Scienceand Education. [Online] Available ndexSloman, J. & Jones, E. 2011. Economics and the business environment.3rd edition. Harlow: Financial Times Prentice Hall.Using the Study GuideAs indicated earlier, the e-book is your main source of information forIntroduction to Business Management and the Study Guide serves as a guideto the prescribed e-book. CTI EDUCATION GROUP

IntroductionPage 5At the start of every unit in the Study Guide, there are specific assessmentcriteria listed, which form the focus of the unit. You should pay carefulattention to these assessment criteria, as you study each unit.There are also learning objectives listed in every chapter in the prescribed ebook. These give an indication of the scope of the chapter. They will assist youto read with purpose and to undertake the self-assessment questions at theend of the unit and those in the e-book. This is a good way to reinforcelearning and to prepare for assessments.In the Study Guide, references to ‘chapter’ and ‘section’ always refer to theprescribed e-book, while ‘unit’ refers to the parts of the Study Guide.StructureThe Study Guide is structured as follows:Unit 1The nature of organisations and businessUnit 2Entrepreneurship and small businessUnit 3The nature of managementUnit 4Roles and qualities of managersUnit 5Management tasks; planningUnit 6Management tasks; organising and controllingUnit 7Management tasks; leadingUnit 8Dimensions and environments of businessUnit 9Functions of businessUnit 10Governance, compliance and sustainabilityGlossaryPlease refer to the Glossary at the end of the Study Guide in order tofamiliarise yourself with the exact meaning of all the concepts and terms usedin the subject field of business management.Individual unitsThe individual units in the Study Guid

The primary aim of Business Management is to introduce students to the fundamentals of business and key management practices in organisations and business enterprises. The concept of business management refers to the activities that a manager needs to undertake to operate a business enterprise successfully.