Critical Factors Influencing Corporate Management A corporate management is said to be capable only if it is able to integrate, coordinate and direct the functional capabilities towards overall objectives and common goals of a firm, that have a bearing on an organization’s capacity and ability to implement its strategies. Multitudinous factors affect the functioning of corporate general management system. It differs with each organization with differing objectives and mode of operations. Key Factors or Contributors: The firms must evolve an effective system for corporate planning. The objectives must be realistic and achievable and clear and complete communication of plans to various levels of organization helps in execution of action plans by the respective departments.   A pucca management information system is necessary that integrates all the levels through a network of computers, facilitating information processing and task implementation.   If the firm is oriented towards a god deal of risk-propensity, chances of rewards are also quite high. You cannot beat your competitors unless you possess a better shade of entrepreneurship in you than others.   Competency development backed up by strategy formulations, in the wake of challenges and opportunities in the external environment is well appreciated. Why everybody always talk about strategy? It is one thing that warrants for a sure success, it implies that you are smart enough to think ahead of time, what others have failed to. Don’t you want to set a path forward for the future generations to come?   Values that are unique to your organization add to the image of your company. Say, if you project “quality”, as your prime value system, definitely it is going to attract consumers who are very particular about quality unmindful of the price. Slowly the idea gathers momentum and your company’s image gets a boost. But don’t forget that you have to fulfill your commitments in terms of quality without any compromise.   Reward systems must be worked out to gear up the morale of top managers who are the achievers of your management objectives. Their track records and degree of commitment should be analyzed to decide on pay and promotions.   A favorable organizational climate is inevitable for the organization to progress in the desired direction without any internal politics and power struggles. The role of top management is very crucial in that, it has to identify people with vested interests and bring them back into the groove by making necessary changes in the organization structure or go for weeding out actions if things go out of control. Ultimately, the overall objectives of the organization is what that matters, and people must be trained to accept the organizational changes which form a part of the developmental procedures of management.   Social responsibility is much talked about these days, and the corporate firms are in a position to discharge their duties pertaining to social welfare, as part of their corporate management programme.It has become a regular feature of the management process to part with a share of their profit towards a social cause. Corporate management is a comprehensive process that covers all aspects of the management with growth as its motto and social conscience as its...

A Process of Intelligence Effective Decision making is a process of Intelligence, Design and choice activities and “is a central part of the management process”. Decisions are hard to make but once decided there should be no second take.   The following steps are involved in the process of Decision-making: 1. Recognizing the problem 2. Deciding priorities among problems 3. Diagnosing the problem 4. Developing alternative courses of action 5. Evaluating alternatives 6. Selecting the best alternative 7. Effective implementation and follow-up action. Recognizing the Problem– Herbert A Simon calls this step as an “intelligent activity“. It is important to find out whether there is any deviation from the past experience. For e.g. Sales might decrease, expense might decrease, sometimes there might be deviations from the plan, sales budget, and competitors may outperform by improved systems. Deciding priorities among the problems: A manager would face many problems at the same time. He should not be bogged down with small and unimportant problems. Some problems can be easily solved by the sub-ordinates. Some may not be important. A manager must see that – he selects carefully the most important problem. Peter Drucker says that “once the right problem is perceived then half of the problem is solved”. A manager must diagnose carefully by asking the following questions. a. What is the real problem? b. What are the causes and effects of the problem? c. Is this problem very important? d. Can they be solved by sub-ordinates? e. Which is the right and most important problem to be solved? Diagnosing the Problem: After choosing the right problem the manager must now start diagnosing the problem. There is no simple answer to the question of how to diagnose the problem, because every individual differs in his or her own way of diagnosing the problem depending on the different background orientations and training. A manager must systematically analyze the problem for identifying the alternative causes of action. Developing Alternative Courses of Action: This step is creative and innovative where a manager analyzes from all perspectives Sometimes a manager can also use a technique called “brainstorming” where a few individuals discuss at length the various possible available alternatives. First of all, a manager must be thoroughly familiar with the problem. This is called saturation. Later, he must think about the problem from several view-points which is called deliberation. Sometimes the manager may not get into the crux of the problem, i.e. there may not be any fruitful result of deliberation, and then the manager might temporarily switch off his conscious search and relax. This process of realization is called incubation. Then after sometime, a flash of light may occur, and the manager may get some insights and ideas. This stage is called illumination. In the last stage, which is called accommodation, the manager resynthesises his ideas into a usable proposal. Evaluating the Alternatives: The manager must now give proper weightage to the positive and negative aspects of the alternatives and evaluate by using some criteria like (a) time; (b) cost; (c) risk; (d) results expected; (e) deviations anticipated; (f) resources available for implementation. Selecting the Best Alternative: This is the most important step where the manager selects the best alternative that will yield maximum profits or results with minimum cost, input or resources. To put it in simple terms, the solution should be able to solve the problem in the best possible way. Effective Implementation and Follow-up Action: Any decision without proper implementation becomes futile and hence proper care must be taken by the manager to pool resources and start implementing the decision taken. In large organizations, follow-up procedures are available in the system...

Management styles vary by company, level of management, and even from person to person. Let us see the different management styles practised in different parts of the world for your better understanding. Elevate your brand’s presence by featuring your post on Managementguru! With over 13 years of trust and expertise, our business blog is the perfect platform for collaboration. Contact us Managerial practices in Asian countries  The managerial practices in Asian countries like Japan, China and India are quite different from that of economically advanced countries in the west. Industrial nations are in a position to adopt managerial approaches that suits their mode of operations and nature of labor force. In Asian countries, a paternalistic or participative leadership style is followed while directive style of leadership pattern suits the west. Basically, this difference arises due to the cultural background of people influenced by their tradition. Japanese management East Asian countries like Japan have a set of cultural norms that cannot be overlooked or sacrificed for the sake of business.  Their cultural instincts are very strong and they believe in life long employment. Japanese management practice lays emphasis on seniority and shows great concern for each and every employee.  The objectives are set by the lower-level employees and it is passed on to the top-level management for approval.  These proposals are scrutinized by the supervisors who tactfully suggest the necessary changes, instead of simply accepting or rejecting the proposed objectives. This creates a sense of belonging and the employees identify themselves with the goals of the company. Participative Style  You cannot assure that a participative style of decision making always proves beneficial. Sometimes, managers have to show their individualism by taking tough decisions, when the situation warrants for such an action. Here the leader also becomes the firm decision maker. This is quite common in the west, where the leaders identify themselves with the profession rather than the company. Such solo decision making sometimes result in sub-optimal decisions. We are not going to compare and contrast between the various management approaches and which is better. The discussion aims at throwing light on different approaches and styles of management and how it affects the productivity of an organization. Collective Decision Making Japanese management relies on collective decision making (consensus), where the decision making might take time, but it is implemented quickly. The Japanese management is highlighted in this discussion to demonstrate the effectiveness of their approach which is followed by many western nations to ensure success. The novelty is in the fact that they treat people as human beings and not just another factor in production. The communication flows from bottom to top and back. Care is taken to define the problem with clarity before going for a decision. In the west, managers are criticized to come to conclusions even before defining the problem. Bureaucracy Bureaucracy still prevails in most of the Asian countries hindering the progress of business communities. What started as an amazing administrative legacy has now turned authoritarian. Even if the employee knows what the manager says is incorrect; he has to obey the instructions, just because it is issued by his superior. The people are expected to follow the instructions provided and not to question or suggest. Collective Responsibility  Collective responsibility and accountability, an informal organizational structure, common organizational culture and competitive spirit makes participative management approach distinct and successful. When the leader acts as a facilitator and not a dictator, naturally the employees will try to give their best shot. Collective responsibility might sometimes lead to ambiguity of decision responsibility. But individual responsibility and accountability vouches for clear and specific decision responsibility. Quality control circle Quality control circle is another feature that distinguishes Japanese management from others. Workshops are organized in a periodic fashion to arrive at solutions for problem...

Synergy in Management Synergy: The interaction of two or more agents or forces so that their combined effect is greater than the sum of their individual effects. Synergy is the latest BUZZ WORD in the corporate business world. Synergy is the sum total of individual resources that which creates an enhanced effect greater than that of the sum total. Shall I simply say “1+1>2”! It is really amazing how much you can accomplish when it doesn’t matter who gets the credit. Teamwork divides the task and doubles the success. Unity is Strength: Synergy unites the people of an organization as a team and it serves like “BLINKERS FOR HORSES” to reach the goal of the firm without any conflicts amongst the team members. It is a managerial science and the role of top management in synergizing the employees plays a vital role in the success of the organization. As the old saying goes “Unity is Strength” and the new world aspires “Sky is the Limit”. By integrating the team members, having a smooth relationship with labor unions and management staff, a firm can achieve its overall objectives and mission in a very short span of time. Cordial Industrial Relation paves the way for the functioning of the firm without a hitch. Developing Systems for all core areas: The top management has to create “SYSTEMS” for all the core areas; Policies, procedures, rules and regulations, norms etc.,shall serve the common purpose of controlling and guiding all the employees of a firm creating a perfect ambience for efficient performance. The general managers should be the pillars of a firm who shoulder the responsibility of implementing these systems in an objective manner and not in a subjective manner. Scope: Synergy also has its scope outside the organization. The managers should be able to connect themselves with customers, banks, trade associations and also the government with ease. The weather of your firm depends on the psychology of your persona and the collective efforts of your team. If you want your firm to be SUCCESSFUL and UNIQUE, you have to POOL ALL YOUR RESOURCES, be it human, physical, financial or intangible. The competitiveness enjoyed by your firm to capture and win the market marks your strength; the limitations or restrictions that mar the growth of your firm can be overcome by the SYNERGISTIC BOOSTER that you administer into the minds of your employees. Integration is the key word that leads to DISTINCTIVE COMPETENCE, a strength that cannot be copied by other organizations which helps you to make your organization more productive and...

Integrated Marketing: Strategy aimed at combining different marketing methods such as mass marketing, one-to-one marketing, and direct marketing. Marketing in simpler terms means “to take your product to the customers in a convincing manner and coax them to buy it”. And not only that, you need to retain your old customers and lure new customers to your niche. How is that possible! Marketing is a concept that works magic when you project your product in such a way as to attract the customer and also your product should have an edge over that of your competitors’. Many new channels of marketing have flooded the market; the evergreen being advertisements in radio and televisions. The audio visual of your product that is being telecast in a span of thirty seconds to one minute should capture the attention of the viewers and you should see to it that the benefits of your product is communicated to the viewers in a precise manner. The questions that are inevitable to the sales force are, What is your product’s unique selling proposition? What is your distinctive competence? Are you motivating the target audience? Does your product have a brand image? So many things have to be taken into consideration and here comes the word integrated marketing. The exclusive sales force you own is your strength, without which you cannot succeed in the market. Whatever strategies you formulate, action plans you correlate, it is in the hands of your sales team that you are going to capture the market. The marketing plan and ideas have to be communicated to them from the point of conception and the innovative ideas generated from your team can be definitely put into use. Integrated marketing operates on two levels. First the various disciplines of the marketing department that includes, sales force advertising product management new product launch Marketing research, must work in tandem. Secondly, coordination with all the other departments in the firm. After all, business is done for profit. But even then there are some etiquettes to be followed when you are planning to introduce your product into the market. customer satisfaction quality quantity eco friendly Competitive price, are some of the basic principles that go without saying. Besides, the producer also should not deceive the customer or take advantage of the ignorance of the consumer while campaigning for his products. A product should reap you profit and at the same time the customer should get the value for the money paid. A satisfied customer can bring in hundred more customers; it is part of your marketing plan. If you lose one customer then you have lost thousand customers. You cannot bring back a dissatisfied customer into your groove. So the sociology and psychology which you have read only in literature will give you a helping hand in times of need, when you want to satisfy a customer. Integrated marketing combines all the marketing plans; it is a marketing mix that makes a customer happy with the product’s price, availability, promotion and the product as a whole. Hotels and restaurants Hospitals Malls and Departmental stores, are some of the ventures to be mentioned that stands as a testimony for integrated marketing, as they talk about “feasible packages for different classes of economy”. Ultimately marketing can be defined as a network that starts with the customer and ends with the customer in its supply chain...