Management in Action

​Let's revise last week lesson...

​​STAKEHOLDER

Multiple Choice

Who are the individuals or entities that purchase goods or services from a business?

• Employees

• Suppliers

• Customers

• Owners

Multiple Choice

What stakeholder group is concerned with workplace safety and opportunities for advancement?

• Employees

• Suppliers

• Customers

• Owners

Multiple Choice

Creditors are only concerned with the business's creditworthiness and do not care about its financial stability.

• True

• False

​Let's Start...

refers to the practical application of
management theories, principles, and
techniques in real-world situations. It

involves the process of planning, organizing,
leading, and controlling resources to achieve

specific goals and objectives.

Multiple Choice

What does management in action refer to?

• Theoretical knowledge of management

• The process of planning and organizing only

• The practical application of management theories in real-world settings

• The process of leading and controlling a company's resources

Multiple Choice

What skills are required for effective management in action?

• Strong technical skills only

• Good communication skills only

• A combination of knowledge, skills, and experience

• Leadership skills only

MANAGEMENT IN ACTION

Marketing

Production

Financial

Management

Personnel

Open Ended

In your opinion, what is marketing?

MARKETING

Marketing is the
process of
communicating
the value of a
product or service
to customers.
Marketing might
sometimes be
interpreted as the
art of selling
products/services.

The management
process
responsible for
identifying,
anticipating and
satisfying
customer
requirements
profitability.

The successful
business
organization is
one which sets
out to discover
what the
customer wants
and how to best
provide it.

In practice, this
can only be
achieved
through
‘marketing
research’

Multiple Choice

What is the main objective of marketing in management in action?

• To develop products that meet customer needs

• To promote and sell products effectively to target audiences

• To conduct market research to identify trends and opportunities

• To analyze competitor data and behavior

“the systematic and objective search for,
and analysis of, information relevant to

the identification and solution of any

problem in the field of marketing”

Aims to provide

management with

information on which to

base its decisions

regarding the

organization’s future

activities.

Examples: analysis of trends
in the market, analysis of
strength and weaknesses of
product offering, analysis of
effectiveness of advertising
and so forth

Such information is vital
to the success of the
organization. Failure to
provide such information
leads to an inefficient use
of the organization’s
limited resources.

Multiple Choice

What is the purpose of marketing research?

• To increase brand awareness

• To evaluate customer satisfaction

• To inform marketing strategy and decision-making

• To develop new products and services

Multiple Choice

Why is marketing research important for businesses?

• It helps businesses develop new products and services

• It enables businesses to evaluate customer satisfaction

• It provides valuable insights into customer needs and behaviors

• It helps businesses increase their advertising and PR efforts

Primary Research

Involves the firm
generating its
own market
research
information.

Secondary Research

A research information
which is not obtained
by the firm undertaking
a market research
project but by using
other sources of
information already in
existence.

Sometimes referred to
as desk research.

To gather
information by
individual
samples so as
to learn about
the whole
thing.

Examples:
A detailed study of a
market or
geographical area to
gather data on
attitudes, impression,
opinions, satisfaction
level, etc., by
sampling a section of
the population

The aim is to
establish from
their answers the
reaction of
consumers
generally to new
or modified
products.

Surveys

Observation
can be broken
down into
direct
observation
and participant
observation
(Yin, 2003).

The first type requires
the investigator or
the observer to make
a personal visit to the
setting under
investigation to get a
better understanding
of the setting.

The second type, on
the other hand,
requires the
investigator or the
observer to
participate actively
in the situation under
investigation while at
the same time
making observation.

Observational

methods

​direct observation

participant observation

The
study of
course
and
effect.

The most
common
application
are in test
marketing
and control
market.

Experimental

methods

Test markets are then
established in which one
of the variables (e.g.
price, product,
promotional activity,
distribution) is varied.

It is then
possible, by
comparing
sales in the
test and
control
markets, to
see what
effect the
change in
variables has
had.

A control market is
established in which a
product is marketed as
before.

Multiple Choice

Which of the following is a primary research method?

• Analyzing sales data

• Conducting a literature review

• Conducting a survey

• Watching a competitor's advertisements

Multiple Choice

Which of the following primary research methods involves watching and recording behavior or interactions without directly asking questions?

• Surveys

• Observation

• Experiment

Multiple Choice

Surveys are a type of secondary research method.

• True

• False

Multiple Choice

Observation is a primary research method that involves asking questions to participants.

• True

• False

Internal
sources

There is a wealth of
information with
the firm which may
be used for
marketing research
purposes.

Examples:
product sales trends
(forecasts of sales)
product profit
margins
product stock levels

​location of customers

​relative importance of customers

External
sources

Most advanced
nations have the
benefit of a well-
developed store of
information
external to the firm.

Examples:

the domestic
economy

​number of companies

​market surveys

​the world economy

​social trends

​international trade

​markets and market trends

Multiple Choice

Which of the following is an example of external secondary research?

• Financial reports

• Internal records

• Customer data

• Industry reports

Multiple Choice

Which of the following is an example of internal secondary research?

• Industry reports

• Academic research

• Sales data

• News sources

A planned mix of the controllable elements of a product's

marketing plan commonly termed as 4Ps: product, price, place, and

promotion.

These four elements are adjusted until the right combination is found
that serves the needs of the product's customers, while generating

optimum income.

Multiple Choice

Which of the following is an example of a promotional activity?

• Choosing a distribution channel

• Setting a price

• Developing a product design

• Advertising in a magazine

Multiple Choice

The marketing mix is made up of four Ps: product, price, place, and promotion.

• True

• False

Multiple Choice

The marketing mix is made up of four Ps: product, price, place, and promotion.

• True

• False

PRODUCTION

The process by

which we
produce a
finished

product from
raw material.

The role is to
ensure that

this

transformation

process is
carried out
efficiently.

It falls into 3
categories:

• The

manufacturing
process

• Service activities
• Advisory

activities

The production

function

PRODUCTION

The

manufacturing

process

Service
activities

Advisory
activities

Place location
Production
methods
Place layout

Production
planning and
control
Maintenance
Purchasing
Stock control
Distribution

Work study
Quality control

Activities undertaken

by a typical production

department

Multiple Choice

Which of the following is an example of a production resource?

• Advertising

• Legal services

• Raw materials

• Sales promotions

Multiple Choice

Production is the process of creating goods or services using various resources.

• True

• False

FINANCIAL MANAGEMENT

The art of

bookkeeping –

that is, the
recording of

financial

transactions.

Typical accountant in
business was employed
to:

 Establish a sound system of

bookkeeping.

• Establish a system of

internal check (audit).

• Prepare the final accounts

(profit and loss account,
balance sheet).

Multiple Choice

What is the purpose of the balance sheet?

• To report revenues and expenses

• To report cash inflows and outflows

• To report the financial position of an organization

• To report changes in equity over time

Work typically

undertaken within

the finance function.

FINANCIAL MANAGEMENT

Financial

Accounting

Raising of

finance

Preparation of
final accounts

Record-

keeping and

auditing

Management
Accounting

Control

accounting

Standard
costing

Budgetary

control

Decision

accounting

Investment
appraisal

Breakeven
analysis and

marginal
costing

FINANCIAL MANAGEMENT

FINANCIAL MANAGEMENT

FINANCIAL MANAGEMENT

Bookkeeping and

internal audit

The recording of all

transactions entered by
an organization lies at

the heart of the

accounting process.

Details of sales, purchases and
expenses are required so that
bills may be paid on time, debts
can be collected, the values of
assets recorded as well as to be
used in the control of business

activities and relating expenditure

to income.

FINANCIAL MANAGEMENT

Internal auditing of the
bookkeeping system is
undertaken to test the

efficiency of that

system.

Internal audit seeks to ensure

that transactions are

processed quickly and cheaply,
that a high level of accuracy is
maintained, and lastly that

fraud, theft or other

irregularities are minimized.

FINANCIAL MANAGEMENT

Checks undertaken will fall into one

of the following categories:

Analysis of the accounting system

Verification of records

FINANCIAL MANAGEMENT

 Has the aim of improving efficiency

through revision of procedures
and training of staff.

• Seek to ensure that the system is

proof against fraud or theft on the
part of staff operating the system.

Analysis of

the

accounting

system

 It is obviously impossible to verify

the accuracy of all transactions
recorded by the business.

• Instead, a small number of

transactions will be selected at
random and checked for accuracy.

Verification
of records

Multiple Choice

What is the role of internal auditing in financial management?

• To prepare financial statements

• To provide assurance on the effectiveness of internal controls and risk management processes

• To manage an organization's financial resources

• To maximize profits

PERSONNEL

The

of

an organization
depends upon
the effort of its

employees.

PERSONNEL

People are

doing the right

job

People are

trained to do

their job
efficiently

People are paid
according to their
contribution and

effort

People are

protected from

danger and
unnecessary

hazards

People are
motivated in

their job

People are

satisfied with
their employer

People remain

with the
business

Multiple Choice

The effective personnel functions will ensure ...

• People are trained to do their job efficiently

• People are demotivated in their job

• People are unprotected from danger and unnecessary hazards

• People are unpaid according to their contribution and effort

PERSONNEL

The work of a

typical personnel

department.

Multiple Choice

Which of the following is NOT an activity typically included in the personnel function?

• Recruitment

• Sales

• Training

• Performance appraisal

PERSONNEL

Determining the
training process.

Multiple Choice

Refer to the previous slide, what we should do once we've found the training gap.

• Implement training programme

• Establish who needs training

• Evaluate programme

• Devise programme to meet the gap

Open Ended

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