Business, Management and Marketing
Today there is a large number of jobs specified as “management positions”. But what exactly does a manager do?
Management can be defined as the human action of accomplishing desired goals with the help of others and by efficiently and effectively using the resources available. Management is a broad area that involves forecasting, planning, organizing, staffing, leading, directing, coordinating and controlling a group of people. A manager also has to make the best use of human resources, financial resources, technological as well as natural resources. The most important skills managers need to have in order to manage others, is the ability to manage themselves first. A manager is by definition also a leader and a decision maker.
When managing a company, the manager’s primary focus should be on satisfying stakeholders. This is usually done by making profit for shareholders, developing estimated products and services at a reasonable price for customers and offering an attractive workplace to employees.
Apart from successful management, a business also needs good marketing in order to be generally successful. Marketing can be explained as the process of creating, communicating, delivering and exchanging products and services that are of value for costumers, clients, partners and the society as a whole. It can also be defined more specifically as a give and take relationship of value between businesses and customers or between businesses and other companies or brands. It can be said that marketing is the act of catching, satisfying and retaining a customer. Marketing is primarily concerned with the customers and their needs and wants, and not with production. This is because satisfied customers guarantee long-term success for a business in terms of profit.
In order to make and keep customers satisfied, specific marketing strategies are used. A marketing concept is needed in order to make out the needs and wants of the target market in question and consequently delivering the needed goods and services. If a company wants to find out what a customer wants or needs, it can use surveys to acquire the desired information. It has also become increasingly common to use bonus cards to gain information about customers’ shopping habits.