Understanding business management course
Courses are understood by understanding their objectives. Course objectives guide the development of the contents that is set to be covered in the course. Course contents or materials form the main course and should thus be comprehensive enough to cover all that appertain to the goals and objective of the course. Management is a wide field of study that covers diverse societal aspects of administration in organizations. It deals with the general shaping of the course of events in diverse constituents of the society which are found in both active business and passive institutional environment. Management forms the core of activities that propel all kinds of organizations or institutions in the society whether they are profit oriented or whether are not working (Nickels, McHugh and McHugh 1). Therefore, management studies carries materials that help students in understanding different organizational setups and how they operate in the general environment. The understanding of management begins with the understanding of the types or categories in which organizations can be placed. Thus, this course seeks to enhance the ability of students to study and easily categories organizations. The course covers information and qualities that can be used in categorizing institutions of organizations. The content of this course also opens students into research to identify and develop best models of categorizing and managing organizations.
Business management entails the understanding of the entire business organizations, processes, styles, models systems, stakeholders and the general environment in which business firms prevail. The environment is denoted by the economy. The materials discussed in the course have to be derived from authentic academic sources like book. Such sources contain complete and detailed information which has a strong empirical basis. Such materials present facts and ideas in an analytical manner give those people using them a change to form analytical conclusions and develop further interest in research. This easily leads to the development of new information which is attained through analytical findings from research that’s inspired by the information.
Business management – An introduction to business management concepts
The course has to be introduced by assessing the basic concepts that will give the student a good basis for developing further understanding of the detailed concepts. Of great importance in the introductory materials of first chapter for this course is the differentiation between business and entrepreneurship. The differentiation has been done through the explanation of the concepts. These concepts have to be covered in the first or the introductory chapter of the course. The general concept of study id defined and sets a ground for the introduction of other contents as the course progresses. As expected, the first chapter of this course carries information on the basic terminologies to be used in the course. These terms keep recurring in the course and it is best if they are understood from the beginning of the course. Different possible definitions are given and the concept of application of the definitions given so that they can be understood from the different contexts in which they will be used. The definition of business and management has been given backed by examples in the course. A historical analysis of business management is also given so that the modern business practices can be understood from the historical inclination. Applicable terminologies in business management like business trends, technology, business demographics and stakeholders have also been introduced. All these have a more direct effect on business management and understanding them is a priority to any student of business management. They can also affect business indirectly.
Business and economics
The second chapter is transitory in nature and is composed of information that seeks to bring a clear view of business in the context of the entire economy. Business is pictured from the entire economy by the explanation and analysis of how the economy impacts on business management and vice versa. Business occurs within an economy and thus it is an important part of the economy. Therefore, it is worthwhile for people studying business management to understand economics and how the economy works so that they can fully understand what business and business management is. The economy has to be understood from both the internal and external outset. This begins with the simple explanation of economics followed by the types of economies or economic systems and the policies and indicators that determine and drive economics. The course materials used in this course gives a detailed coverage that can help the learner to fully understand and put business in the context of the economy. Economics has been explained from an evolutionary point of view by exploring the work done by renowned theorists in the field of economics. Economic theories and theorists have also been covered because they provide a basis for understanding the economic systems that are existent in the contemporary world. Therefore the leaner can easily build from these theories to interpret and make logical explanations of the current economy which hosts businesses. Therefore business management is understood from different dynamics which is the best way to attain complete learning.
Understanding business from the global context
Today’s courses have to be put in the global context because the modern economy is closely knit by forces of globalization. Business management is thus studied in relation to the patterns or trading activities in global trade. Students have to understand the global business environment because forces that often affect the business climate emanate from the global trading arena. Understanding the global market is a first step and pointer to understanding how to conduct business in the global environment. As the global business environment is studies, the learners will be able to understand all the factors that play out in the global market and import this knowledge to the local business scene. The course contains materials that expound on what global trade is and how global trade affects business on other scales. There is literature on the way of the strategies that can be used by business firms to enter and sustains themselves in the global markets. Brands and benchmark in global business are discussed in this course. Business benchmarks are a basis on which good business practices are enhanced in the managerial practices of business organizations. Aspects of trading that position countries and business organizations that are now considered as business benchmarks have been covered in the material. For trade to be understood in terms of the benefits, the tools of measuring trade have to be discussed.
Generally, all the standards of doing global trade are discussed from the strategies to the measurement tools, to the factors or forces that impact on global business. This is a convergent way of learning this course as the learning materials in this chapter cover the global business aspects that have to be narrowed down to other levels.
There are modes or standards of doing business which help business organizations to be adaptive and have a strong and more competitive position in the industry or sector inn which they operate. Businesses have dos and don’ts which are stipulated in the ethical standards of doing business. This course covers business ethics which is a set of standards that define the acceptable actions and activities for doing business. Business ethics defines the principles of doing business and connects them to the real practices taking place in the real business world. The concept of business ethic is best defined and understood by observing and analyzing the real examples from the business environment. Aspects that have close relations to business ethics have to be discussed to help business management learners to picture business ethics from a wide setup. These include corporate social responsibility in business as well as sustainable practices in business development. Materials containing such information are easily found as there are many cases on these topics.
The other important thing to note is that sustainable development has come to be an important contemporary issue which must be observed in all managerial studies. Sustainable management practices are thus a critical area of learning for people who aspire to be managerial practitioners. The materials containing the essence of ethical behavior for business managers have been presented from the outset and addressed all pointers to ethical modes and standards in business. Causal and effect relations to cases of ethical breaches in business have been covered in order to provide first hand concrete information to the learners. Therefore, it can be easily said that the material on business ethics in this course are explicit and can help students in getting real incites on business ethics.
Entrepreneurship and micro enterprise management
Of importance to the study of business management is the gaining of knowledge on how to start and successfully run a business. This goes with one of the important goals of this course which are equipping students with skills of establishing and running businesses successfully. Therefore the course has information and materials on entrepreneurship. It also has a lot of information on small businesses; their definition, how to start then and the strategies that can lead to the growth of small businesses into medium and even global corporations. Almost all the large multinational corporations dominating in global business began as small business and attained growth through the employment of entrepreneurial skills. This is what forms the core of the information or academic materials that are covered in this section of the course.
Business management has to help in creating a new stream of entrepreneurs who will help in the creation of jobs which is the greatest concern in the society. The course has sufficiently carried information on how to start a small business; what is required to start a business. The material goes further to cover the information on the risks or constraints in starting a business which is very important for investment minded individuals. This section of the course cannot also be complete without discussing the factors of success in entrepreneurship. This has been covered by looking at successful young entrepreneurs in the business world. Also the steps of venturing into entrepreneurship have been discussed in this course. To a certain extent, this course acts as a manual for people who have the aspiration to be successful entrepreneurs.
Human resource management practices
Managing a business involves the management of both the physical and human assets and resources. To be precise, the physical assets and the human assets are the key factors of business success. As far as the physical assets in business management are important in business management, human resources are also of equal importance. Research has been pointing to the importance of human resource management because the effective management of people often leads to business success. This emanates from the simple thesis that is people who translate physical assets of a business into real business outcomes. Therefore this course has to include sufficient information and coverage of human resource management. As observed, there is a section that has information on human resource management. In human resource management, there are different subject that have to be covered so as to fully equip learners on how to perform human resource management roles. Human resource development is one of the main areas of coverage in human resource management. It entails the understanding of human resource planning and the performance and how to conduct the recruitment and sustainable training of employees.
The importance thing to cover human resource management concerns the means of ensuring that the productivity levels of employees are kept high. The study of employee motivation is thus essential and one of the basic areas of coverage. All the important areas of employee motivation like administering compensation, appraisal, rewards as well as benefits have been included in the course materials. The different modes of application of human resource management practices have also been enlisted and represented in the study materials. Theoretical concepts underlying the development of human resource management practices in organizations are also covered to give a strong basis of reasoning for learners and researchers. These include the principle of scientific management as explored by Henri Fayol and the theory of hierarchy of needs by Abraham Maslow.
Business management can never be complete without studying how to administer marketing functions of organizations. Marketing is one of the main components of a business as through marketing, the firm sells its products and services which generate income that sustains the business. Good marketing management practices have been argued to be behind the success of many organizations in the world today. Poor marketing practices are replicated in low sales and a minimal number of customers hence low or poor performance of a firm. The course content has materials on marketing which denoted the recognition of this most important activity for business practitioners or managers. The course materials on marketing introduce marketing as a management component of marketing. The explanation of this management exercise is given from a historical point of view which is important as highlighted earlier. Of great importance and relevance to business management in the prevailing business era is market research and strategies that are used in marketing. As highlighted in the course materials, marketing research is important since it hatches findings that enable the selection of best strategies of marketing products and services of organizations.
The main strategies of modern marketing are built around what is known as the four Ps of marketing which are contained in the course content fir this course. The four Ps strategies are comprised of product, place, pricing as well as promotional strategies. Market segmentation which helps in categorizing markets and understanding the kind of markets in which the products of a firm can perform well is well discussed. The course goes further in explaining how the marketing strategies can be applied to different courses. In essence, most of the relevant information in marketing management has been included in this course.
Of interest to the coverage of this course is the explanation of marketing from the outset of the modern business marketing enhancers. Marketing is explained from the modernistic point of view. This is applauded as marketing is a very dynamic activity and marketing practices keep changing with changes in the manner in which is conducted. With the introduction of information technology into business, business practices have changed by virtue of adapting technological practices. Business to business and business to consumer practices are increasingly used in business to enhance marketing practices. E-business practices have been found to be the man enhancers of marketing. They are employed in most if not all the marketing practices of renowned companies in the world. Marketing is also seen as a business opportunity in itself because of the emergent of many marketing firms. Most of these firms help other firms in marketing their products and services using the e-marketing platform. Emergent companies in e –marketing practices have been discussed which gives insights of just how marketing has come to dominate business management practices. The process of procuring supplies and distribution of goods and services of a company is a factor in the success of a business. Students thence practitioners of business management have to understand the way to procure supplies and how they should develop distribution channels that are effective and efficient. Supply chain management and all the basic concepts in the supply chain like transport and logistics are covered in the course.
Finance and investment management
Businesses can hardly succeed without proper management and use of financial resources of the business. Most businesses fail because of the lack of proper accountability of financial resources that are born or made out of the business. All these point to finance management. Finance management is one of the most delicate yet an important component of business investment and development. Business success starts with proper planning and investment of business finances in worthwhile or paying ventures. Finance management studies entail a deep understanding of how to prepare budgets and all the details of planning and expending funds for business ventures. Finance management is often linked to investment decisions that are made by entrepreneurs or business managers. Finance management and investment is part of the information that has been given attention and included in this course. There are many resource materials on finance management which can be used in expounding of knowledge on the best practices in financial management in firms. Finance management features in all the other aspects of management in business.
Business managers have to know how to acquire funds for starting a business and how to account well for business funds. The means of investing business finances in order to generate more finances have also been included in the course materials. These include trading and investment in bonds and stocks in the security and bond markets. In order for learners to understand how financial and investment markets work, the course supplies adequate information on these. It could be said with precision that this course has all the tangible materials for students.
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