Business Management: Functions, Theories and Organizational Structures (FY001) Assignment Sample

Introduction to Management FY001 Assignment

One of the main purposes behind conducting this study is to illustrate the comprehension of the various types as well as function of business management. With this a discussion on various administrative function along with in what manner they assist in administering a business will also be discussed.

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As defined by Henri Fayol, management is a type of technique which includes work to design, form, assemble human asset as well as conduct command to attain the business objectives (Fayol,Henri , 2022).

Management structure and Business functions

Organizational structure can be defined as the technique through which the work moves by a company and which permits teams work mutually (Ahmady, 2016).

Figure 1:General Picture of Organizational Structure

Source: (Ahmady, 2016)

In general terms, management can be defined as the organization of an association, whether it is a business, a non-benefit association, or an administrative body.

The two selected management theories are discussed in detail below:

McGregor’s Theory X	McGregor’s Theory y
McGregor’s Theory X describes the significance of elevated oversight, outside remunerations, and punishments	Although McGregor’s Theory y provides focuses on the inspiring function of job of occupation fulfillment and urges laborers to move toward assignments without direct management (Lawter, 2016).

Types of Organizational Structure	Meaning	Benefits	Drawbacks	Example
Flat	It fits organizations with few degrees among upper administration and employee-level representatives (Montana, 1993)	ü Provides employee with additional accountability ü Foster additional open interaction	ü Might generate ambiguity within the organization ü Might offer workers with additional basic level aptitudes and intellect (Williams,Shannon , 2015)	Example of this will be Google.
Tall	A tall organizational structure represents a hierarchical design with many degrees of ordered progression.	ü Provides extra open doors for promotion that might give generation to better employee motivation. ü Employees get additional help from their respective executives	ü Flow of information might be complex due to various layers ü Inferior quickness (Williams,Shannon , 2015)	Company example will be McDonald's

Business Functions

Business capabilities are the exercises done by an endeavor; they can be partitioned into center capabilities and backing capabilities (Wind, 1981).

Business Functions	Roles and Responsibilities
Research and Development	To carry out statistical surveying, industry correlations, pattern ID, item advancement, and business trial and error to assist organizations with deciding new items, administrations
Manufacturing &Product	The main roles and responsibilities mainly include keeping an eye as well as checking measurement of the unfinished products, facilitating that machines are working in a proper manner, upkeeping a safe environment for production of goods running quality checking, accumulating, packaging as well as labelling the product.
Sales & Marketing	To advertise an organization to interface with expected financial backers, clients, clients or supporters determined to fabricate brand mindfulness and create income
Human Resources	To provide focal point on operations associated to workers like hiring, monitoring the interviews, recruiting staffs, discussing the perks as well as company culture.
Finance & Accounting	The main roles and responsibilities is to manage transaction-associated facets for example subsidizing, spending plans, bookkeeping, and monetary oversight (Wind, 1981).

Management Functions

The five functions of Management by Henry Fayol are as follows:

1. Planning: It is the process of determining how to transition an organization to this new state by predicting the future.
2. Organizing: An organization is responsible for ensuring that all the raw materials, tools, capital, and personnel required for an operation are available to the organization.
3. Commanding: The third function of management is a command. In the interest of the organization as a whole, the order aims at maximizing the effects of workers' efforts (Wren, Bedeian, and Breeze, 2002).
4. Coordinating: The purpose of coordination is to ensure that the activities of the organization are coordinated in a harmonious manner.
5. Controlling: With predefined plans, principles, and standards, control ensures compliance with all activities inside the organization.

The explanation of the roles and responsibilities of all five functions is given below:

Roles and responsibilities of planning

• Setting goals and objectives for the company.
• The process involves assigning resources, delegating responsibilities, and establishing realistic timelines and standards.

Roles and responsibilities of Organizing:

• It is imperative that managers properly allocate workers and resources so that an organizational plan can be carried out successfully
• The process of designing, structuring, and aligning an organization's internal environment so that its goals can be achieved (Rahman, 2012).

Roles and responsibilities of Commanding

• Ensure that the organization undergoes periodic inspections
• Organize meetings with senior associates to discuss company priorities and give directions for action;

Roles and responsibilities of Coordinating

• Assigning proportional expenditures based on available financial resources, production requirements, stocks, and market demand.

Roles and responsibilities of Controlling:

• Supervision is the process of comparing effectiveness the with industry's set standards to determine regardless of whether targets were also encountered.

Interrelation of Management Functions

A proactive approach to planning, establishing priorities, and allocating resources constitute the process of planning, organizing, and coordinating. As a result, increasingly complex plans are developed and implemented (Feng, Morgan, and Rego, 2015). As part of the process, work is monitored and adjusted in order to achieve organizational goals and meet mandates. Planning, Organizing, and coordinating are interrelated as each other is dependent on the process of work. For instance, if a company plans something and needs to establish priorities for getting things done and will be helpful or handling the success of the business.

Marketing Function

Marketing's role is to draw customers and pique their interest in the company's products. Branding also will help make sure that the sales force is going to sell services and goods that clients need and desire. To guarantee a sufficient spending plan for investigation, publicity, and dispersion, the marketing team will need to communicate and cooperate with the financial department. To meet current and future buyer requirements, the production concept is started planning. The item can be produced to the user's quality of the manufactured specs. Marketing people may collaborate with a wide range of many other departments on issues such as spending plans, photos, and timeframes (Engelen, and Brettel, 2011). Sales, R&D, manufacturing, and bookkeeping are likely to be among the departments with which they will collaborate closely. The marketing will assist in determining who the targeted audience is, the great way to achieve those, the price level where the product or service must be sold, and how the corporation will way of measuring its endeavors.

The marketing function is likely to set timelines that would put the production process to the test. Advertising agencies will wish to bring orders delivered as early as possible to keep their advantage, whereas manufacturing will want to thoroughly test and produce materials to ensure that they do not need to replace or repair faulty goods and also that those who meet health and safety regulations. In addition to this, the marketing departs of any business-like Tesco needs to have appropriate communication with another department for arranging different activities related to the process of marketing (Verhoef, and Leeflang, 2010). Marketing also will focus on ensuring that the sales force is selling services and goods that clients need and desire. It will be beneficial for the success of any company where different departments come together to achieve a common goal and that is highly preferable for performance. The HR division will face numerous recruiting and training requests from throughout the organization. It will be required to control its advertising responsibilities with those of the other depts.

HR and Talent Management

The major role and responsibilities of HR usually includes talent administration, offering proper training and development to the employees, managing the compensation and other perks related works for the employees, maintaining HR compliances and last but not the least looking after the place of work safety (Inc, Paycor, 2022).

Talent management means by which managers select along with foster a labor force that is essentially as useful as could be expected and liable to remain with their association long haul. When carried out in an intelligent way, Talent management might assist with working on the general execution of the business and guarantee that it stays cutthroat t(Inc, Paycor, 2022).

• Organizational Culture

Organizational culture is defined as the assortment of worth, anticipations as well as exercises which helps in guiding as well as inform the action of the entire of the group associates. (Bamidele, 2022). The four different types of organizational culture include:

Types of organizational culture	Description
Bureaucratic	IT is a formal organizational structure in which associates disburse performances, worth, belief, orientation as well as opinions which are different from other people in the organization.
Competitive	Competitive organizational culture is that kind of culture that depends on individual prizes and acknowledgment.
Community	Community culture is that kind of organizational culture in which team are bound by communion mutual objectives as well as common worth (Inc, Paycor, 2022).
Entrepreneur	Entrepreneurial culture can be portrayed as a business ecology where somebody is propelled to advance, make and face challenges (Bamidele, 2022).

Considering the consequences of strong and weak organization culture it can be said that both results in a very different way. For example, within a strong organizational culture it is complex to make modification within a company and also give generation to smother creativity. However weak culture results to be more beneficial for the company because of its independent ideas as well as creativity by their associates (Bamidele, 2022)

Conclusion

So, it can be concluded from the overall study that business management considered to be an important segment of management study. It can also be identified from the overall study the proper business functions and maintaining an organizational culture is not an easy task and its needs vigorous research to maintain both.

Reference list

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Bamidele, R., 2022. ORGANIZATIONAL CULTURE. ndustrial Sociology, Industrial Relations and Human Resource Management (pp.284-292)Chapter: 1Publisher: Fab Educational Books.

Fayol,Henri , 2022. Definition and Functions of Management According to Henri Fayol. [Online]

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Hussain, N., 2019. Management Theories: The Contribution of Contemporary Management Theorists in Tackling Contemporary Management Challenges. Journal of Ya?ar University, Volume 14, pp. 156-169.

Engelen, A. and Brettel, M., 2011. A cross-cultural perspective of marketing departments’ influence tactics. Journal of International Marketing, 19(2), pp.73-94.

Feng, H., Morgan, N.A. and Rego, L.L., 2015. Marketing department power and firm performance. Journal of Marketing, 79(5), pp.1-20.

Lawter, L., 2016. McGregor's Theory X/Y and Job Performance: A Multilevel, Multi-source Analysis. Journal of Managerial Issues.

Rahman, M.H., 2012. Henry Fayol and Frederick Winslow Taylor’s contribution to management thought: An overview. ABC Journal of Advanced Research, 1(2), pp.94-103.

Verhoef, P.C. and Leeflang, P.S., 2010. Getting marketing back into the boardroom: The influence of the marketing department in companies today. NIM Marketing Intelligence Review, 2(1), p.34.

Wren, D.A., Bedeian, A.G. and Breeze, J.D., 2002. The foundations of Henri Fayol’s administrative theory. Management Decision.

Inc, Paycor, 2022. The 5 Main Roles in HR. [Online]

Available at: https://www.paycor.com/resource-center/articles/the-5-main-roles-in-hr/

[Accessed 06 December 2022].

Montana, P., 1993. Chapter 11: ORGANIZATIONAL STRUCTURES: CONCEPTS AND F0RMATS, s.l.: Barron’s Business Review Series,.

Williams,Shannon , 2015. 7 types of organizational structures (+ org charts for implementation). [Online]

Available at: https://www.lucidchart.com/blog/types-of-organizational-structures

[Accessed 06 December 2022].

Wind, J., 1981. Marketing and the Other Business Functions, s.l.: University of Pennsylvania.