Management Of Business

Selecting a course of action among several alternatives

Step 1: Decision making involves having multiple options or choices available. Step 2: The mental process requires analyzing these different alternatives or courses of action. Step 3: The manager must evaluate each option and choose the best one. Step 4: This selection process is what defines decision making in business context. Step 5: Planning, organizing, and controlling are separate management functions, while decision making is the process of choosing among alternatives.

Individual decisions

Step 1: In sole trading concerns, there is only one owner who makes all decisions. Step 2: Since only one person is involved in the decision-making process, these are called individual decisions. Step 3: The capability and judgment of this single individual determines the quality of decisions. Step 4: Group decisions occur in partnerships and companies where multiple people participate. Step 5: Board and committee decisions are specific types of group decisions found in larger organizations.

Marketing

Step 1: The functional areas of management are the core activities that all managers perform. Step 2: According to the text, there are six main functional areas: Planning, Organizing, Staffing, Directing, Co-ordinating, and Controlling. Step 3: Marketing is a specialized business function but not a core managerial function. Step 4: Planning involves setting objectives and strategies for the future. Step 5: Organizing and Controlling are fundamental management activities that apply to all areas of business.

Future course of operation for a given period

Step 1: Planning is always about the future - it's forward-looking in nature. Step 2: It involves determining what the organization wants to achieve in a specific time period. Step 3: Planning includes setting objectives, making policies, strategies, programs, procedures, and schedules. Step 4: Recruitment is part of staffing function, not planning. Step 5: Supervising is part of directing, while measuring performance belongs to controlling function.