May 17, 2015
4 Ps of Management - 4 Essential Tasks in Business Management - Production or Service Businesses
Providing Value to Customers
Purchasing or Procuring Input Resources
Processing the Inputs into Outputs
Every business manager has to do these four essential tasks. Every MBA must learn these four tasks.
They are classified by some management scholars as conceptual skills (business conceptual skills), technical skills (process skills) and people skills.
This blog,"Management Theory Review" provides you knowledge in all the essential activities through subjects - Principles of Management, Marketing Management, Supply Chain Management, Operations Management, Industrial Engineering and Organizational Behavior.
In the blog, chapter summaries of chapters from world famous textbooks are provided. Additionally, important developments and articles of each subject are provided as subject updates of the year. Readers comments are invited as suggestion, feedback, questions etc. for improving the content to make it more useful to the readers to utilize the ideas in practice and increase production and profits for the organization and the society. Management as a profession must increase pleasure of the society and reduce pain of the society. Management as a profession has social purpose. But we need to fulfill organizational purpose and purposes of individuals working for the organization to fulfill the social purpose.
Business is done by people, Business is done for the people , Business is done with the people.
People dimension is important for business.
But there is no business is someone cannot find a business opportunity. Marketing is important.
If unfulfilled demand for a category is found, there have to be sources of inputs and a process to convert inputs into useful products. Supply chain and process are important.
Industrial engineering is profit engineering. Industrial engineers analyze systems and make them more productive and profitable,
An effective and efficient business organization or an industrial organization is created by managers or entrepreneur managers using multiple skills. Acquire the knowledge, use the procedures under guidance for some time and become proficient in them. Have a successful managerial career.