Business Management Approaches - March 5, 2009
We have already discussed about functions of management later. I would like to share few approaches of business management with you.
I study on the McKinsey’s 7-S framework, basically this management model describes how to effectively manage a company. According to this model, there are 7 factors that decide company’s operations.
Shared value – It’s the interconnecting centre of the model. It states the purpose of the organization’s reality.
Strategy – Refers to planning for allocation of firm’s fright resources.
Structure – The way of organization’s units relate to one another.
System – It gives an understanding of how procedures, processes, routines are performed.
Staff – no. of employee working in organization.
Style – Cultural styles in the organization and what managers do to achieve goals.
Skill – Refers to the capabilities of different personnel in the organization.
Other approaches:
- Empirical approach
- Interpersonal behavior approach
- Group behavior approach
- Decision theory approach
- Contingency approach
- Managerial roles approach
Hope you are enjoying with business management funda. Please stay with me for better tips and tricks for management and marketing.