Basic concepts of management
Olugbemiga T. Williams
The basic legal environment of business is governed by state, country and international laws. This includes laws on what can or cannot be formed or sold, consumer and employee protection laws, tax and other financial laws, as well as many rules and protocols with respects to business ethics, when and how to seek legal assistance in case of differences. The production or sale of a certain goods is illegal or at least strictly regulated in many countries. This includes, among others, selling of dangerous drugs, guns and explosives. Employee protection protects laws against unfair perception based on race, color, religion, ...view middle of the document...
A business has much more control over its internal social environment than it does with its external social environment.
Economic Environment refers to all those economic factors, which have a way on the functioning of a business. Business depends on the economic environment for all the needed contributions. It also depends on the economic environment to sell the finished goods. Naturally, the dependence of business on the economic environment is total and is not surprising because, as it is rightly said, business is one unit of the total economy.
Management structure refers to the organization of the order of power, which defines responsibility and communication channels within an organization and with its external environment. Each organization has its single management structure based on its operations, but the common denominator present in every organization's management structure is that it defines the flow of accountability within an organization. It also defines who is accountable for each role in an organization. The management structure of an organization clearly plans the roles of the top management, which consists of the CEO and the board, the middle management, which is made up of the department heads and heads of divisions, and the lower management, which is comprised of the line managers, team leaders and supervisors. Managers are people who pilot an organization towards meeting it business objectives. Management is also described as the process of planning, organizing, leading and controlling the efforts of organization members and of using all structural means to achieve stated organizational goals. A manager's job is to maintain control over the way an organization does things, and at the same time to lead, encourage and direct the people under them. As an organization advances plans and strategies to deal with the opportunities and challenges that arise in its particular operating environment, it should design a system that is...