Management Strategy
The document states the plan of an organization in different phases. For each phase there will be a different management strategy. The document has described the management strategy and the effects that they will have on the performance of the business and why that particular management strategy has been chosen.
Management structure needs to be examined carefully when a new business venture is setup. In order to develop and build on the business plan a compact management structure is necessary. The managers are the people who are responsible for steering an organization towards achieving the business objectives. In the second phase the business plan will be implemented on the basis of geographical region and the management structure will be based accordingly.
The four key functions of management are planning, organizing, leading and controlling the business. The type of managers which are selected for the business venture must be appointed according to the management styles required and the organizational structure. Similarly the management structure also plays an integral part in a company's success. The management structure will consist of different kind of managers performing different functions. Since in the second phase the organization will be operating on a regional basis therefore regional managers will be appointed who will be held responsible for their respective regions. The functional managers will be setup in accordance with the split functions of the organization. The business will also be split in terms of different departments, for example a retailing outlet. The general managers will be responsible for managing the other managers as they will all report to him. It is the general manager's responsibility to make sure that the functional objectives are in line with the overall objectives of the company.
The management structure will make the managers responsible for establishing and prioritizing the objectives and make sure that they are achieved through proper management. The motivation of the employees is also an essential part of management and they need to ensure that the communication framework is well established. The budgets will be required to be monitored and all the administrative arrangements will be required to be done in advance in order to gain the finances for carrying out the business smoothly.
One of the most important parts of any management structure is to manage the resources of the business. This does not only refer to the financial resources; human resource is a vital component of a business. The human resource needs to be put in the correct structure according to the needs and wants of the organization and organizational culture should be built around in such a manner that the resources can be best utilized. The financial resources should be utilized in such a way that the organization can maximize their sales and profits through those finances. The new trend in the business is the proper utilization of the materials and to keep the waste materials to a minimum. Time management skills should be utilized to best of the abilities as time is money. One of the most important and expensive resource for any business is information. Information should be communicated to the relevant managers and communicated throughout the organization in order to get best results.
The organization will be based on a matrix structure which consists of two lines of communication. The first one is by product category and the second one is by geographical region. When the organization is based on the geographical region then it will require a lot of input from the regional managers and the regional managers must be given a higher level of authority.
Implementing the plan is an extremely critical phase. The management structure that has been planned, no matter how much efficient the planning process was will be of no use if the implementation of the plan is not managed properly. The implementation phase is hard to manage because there are a lot of constraints that come in the way during the course of time and remedial measures have to be taken which are different from the initial planning. A solid plan will actually minimize the risks but the remaining risks need to be managed and acknowledged. By making regional managers responsible for their respective areas, it helps in minimizing the risks and they get to know who is responsible for what and how things are required to be managed.
The management strategy chosen for them is the 3rd phase will be based on the product division management. This way it allows business can cut or increases pay every 6 months and review its bottom line. Employees can also...
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