Management Fundamentals and Practices
Management Fundamentals and Practices
Assignment Number : 04
Answer to the Question No. 01 (a)
Management as practice is an art, the organized knowledge underlying the practice is a science.
Managing, like all other practice – whether medicine, music composition, engineering, accountancy, or
even baseball – is an art. It is known-how. It is doing things in light of the realities of situation. Yet managers
can work better by using the organized knowledge about management. It is this knowledge that constitutes
a science. Science and art are not mutually exclusive, they are complementary.
As science improves, so should art, as has happened in the physical and biological sciences. To be sure, the
science underlying manage is fairly crude and inexact because the many variables that manager deal with
are extremely complex. Executives who attempt to manage without management science must be trust luck,
intuition, or do what they did in the past.
In managing, as in any other field, unless practitioners are to learn by trial and error, there is no place they
can turn to for meaningful guidance other than the accumulated knowledge underlying their practice.
Mintzberg’s Management Roles is a Guideline that describes what Roles Managers tend to play on a daily
basis. These Roles were established by Henry Mintzberg in 1990.
According to Mintzberg, there are 10 main Roles that Managers usually play.
• Interpersonal Roles.
• Informational Roles.
• Decisional Roles.
Interpersonal Roles
These Roles are those whose purpose is to Interact, Motivate and Improve Relationships between
employees.
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• Establishing alliances with third parties and other internal departments.
Example:
We don’t know if you know who Travis Kalanick is. He founded UBER.
However, due to different controversies, he had to stop being the CEO of UBER.
We don’t want to judge or evaluate his Political views or Personal life. We hardly know what happened
and, of course, we don’t know him in person.
We’re just saying that UBER’s image was (supposedly) in danger, and he had to leave the company he
had created.
• For the good of the Company.
If you are the CEO of a famous company, you must be especially careful with Interpersonal Roles:
• What you say and how you say it.
• How People regard you.
• etc.
Competitive Advantage can be described as something, that the competing firms are not able to do, or it is
something owned by the firm that the rivals firms wish to have. On the other extreme, Core competence is
the distinct proficiency of the company, which cannot be imitated by its rivals.
The two terms are closely related to one another, as these two, help in occupying a greater share of the
market, satisfying customer, building brand loyalty, and delivering high-quality products to the customers.
While core competence is unique to a particular business entity, competitive advantage can be easily
imitated by the rivals. The basic difference between competitive advantage and core competence is that
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core competence helps in the creation of continuous competitive advantage, and also helps the firm to enter
into new markets.
Let’s look at an example of competitive advantage, Apple products are known for having a differentiation
advantage over all its competitors. They have the highest quality, newest technology, strong brand name,
loyal customers, intuitive and interesting designs. Apple has always made a strong, impactful choice on all
its customers as well as its competitors by its impactful design and innovative structure. For this reason,
now its competitors have started making designs, features, and technology very similar to Apple. Apple can
also be considered as a luxury product. Apple invests a lot of revenue in research and development for
developing new products. One more factor which differentiates Apple from its competitors is they don’t
produce products in volumes as their competitors do. Their products are created carefully to provide the
This strategy has given them an edge over its competitors, and it lets them sell their products at a much
higher price than the same product made by the competitors in the market. They have been able to do this
over the years without taking a hit on the profit margins or market share.
All these factors make Apple the luxury brand that it is today
While any software and device manufacturing business would claim to be innovative, Apple has other
characteristics that distinguish it from the competition. This American conglomerate handles everything
from product design to sales of innovative products and services. As a result, when consumers invest in its
products, they know they are investing in a brand that never compromises customer benefits by outsourcing
production and sales to a third party.
• The core competencies of Apple include:
• Unique, innovative, and creative technology
• Integration of software and devices
• User-friendly interface
• Ergonomic and eye-catchy product designs
• Premium electronics brand
• Access to user data
• Artificial intelligence-enabled devices
• Worldwide sales and distribution channel
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Answer to the Question No. 02 (b)
Management by objectives (MBO) is a strategic management model that aims to improve the performance
of an organization by clearly defining objectives that are agreed to by both management and employees.
According to the theory, having a say in goal setting and action plans encourages participation and
commitment among employees, as well as aligning objectives across the organization.
Management by objectives (also known as management by planning) is the establishment of
a Management Information System (MIS) to compare actual performance and achievements to the defined
objectives. Practitioners claim that the major benefits of MBO are that it improves employee motivation
and commitment and allows for better communication between management and employees
MBO helps in implementing goal-oriented management. It can be applied in various areas of organization
such as performance appraisal, organizational development, long range planning, integration of individual
Benefits of MBO:
1. Better Managing:
MBO results in improved and better managing. Better managing requires setting goals for each and every
activity and individual and ensuring that these are achieved. MBO not only helps in setting objectives but
also ensures balancing of objectives and resources. For establishing objectives there is a need for better and
result oriented planning. Management by objectives forces managers to think about planning for results,
rather than merely planning activities or work. Managers will devise ways and means for achieving
objectives. The objectives also act as controls and performance standards. So MBO is helpful in improving
management.
2. Clarifying Organization:
MBO helps in clarifying organizational roles and structures. Responsibility and authority are assigned as
per the requirements of the tasks assigned. There is no use of fixing objectives without delegating requisite
authority. The positions should be built around the key results expected of people occupying them.
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3. Encouraging Personal Commitment:
The main benefit of MBO is that it encourages personnel to commit themselves for the achievement of
specified objectives. In a normal course people are just doing the work assigned to them. They follow the
instructions given by the superiors and undertake their work as a routine matter. In MBO the purpose of
every person is clearly defined with his or her own consent. People in the organization have an opportunity
to put their own ideas before superiors, discuss the pros and cons of various suggestions and participate in
setting the final objectives. When a person is a party for setting objectives then he will make honest
endeavor to achieve them. He will feel committed to reach the goals decided with his consent. A feeling of
4. Developing Controls:
MBO mechanism helps in devising effective controls. The need for setting controls is the setting of
standards and then finding out deviations if any. In MBO, verifiable goals are set and the actual performance
will help in finding out the deficiencies in results. Every person is clear about what is expected from him
and these standards act as clear-cut controls. So, controls can easily be devised when MBO is followed.
Weaknesses of Management by Objectives:
Despite of its acceptability in recent times, MBO technique has not yet acquired a final shape.
Weaknesses of MBO
The success of MBO will depend upon its proper understanding by managers. When managers are clear
about this concept only then they can explain to subordinates how it works, why it is being done, what will
be the expected results, how it will benefit participants, etc. This philosophy is based on self-direction and
If the goal setters are not given proper guidelines for deciding their objectives, then MBO will not be a
success. The managers who will guide in goal setting should themselves understand the major policies of
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the company and the role to be played by their activity. They should also know planning premises and
assumptions for the future. Failure to understand these vital aspects will prove fatal for this system.
The main emphasis in MBO technique is on set ting objectives. The setting of objectives is not a simple
thing. It requires lot of information for arriving at the conclusions. The objectives should be verifiable so
that performance may be evaluated. Some objectives may not be verifiable, precaution should be taken in
defining such objectives. The objectives should not be set casually otherwise MBO may prove liability for
the business.
In most of the MBO programs there is a tendency to set short-term objectives. Managers are inclined to set
goals for a year or less and their thrust is to give undue importance to short term goals at the cost of long-
term goals. They should achieve short term goals in such a way that they help in the achievement of long-
term goals also. There may be a possibility that short term and long-term objectives may be incompatible
because of specific problems. So proper emphasis should be given to both short term and long-term
objectives.
5. Danger of Inflexibility:
There is a tendency to strict to the objectives even if there is a need for modification. Normally objectives
will cease to be meaningful if they are often changed, it will also be foolish to strive for goals which have
Creating a strategic plan is a multi-step process in which one step builds off the other. Here are seven steps
to consider:
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1. Establish Your Strategic Position
Positioning is a fundamental step of the strategic planning process. Its purpose is to clearly define what sets
your organization—and the product or services it offers—apart from the competition.
Strategic positioning is a team effort that typically involves stakeholders of the organization’s finance,
marketing, and sales departments. It requires decision making about priorities, what value your products
and services offer customers, and how they'll be made and marketed by your company.
2. Identify Objectives
Strategic planning is all about establishing a roadmap for success, and objectives are the mileposts that
determine whether your organization is on the right path. Objectives are clear, measurable goals that are
communicated in terms of quantities and timelines. This can be part of a mission statement, a vision
statement, or a business plan.
There are multiple ways to set and measure goals. One popular way is using key performance indicators,
also known as KPIs. KPIs are measurable values that set a standard for success and track a company’s
effectiveness in achieving its objectives.
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The quickest way to sabotage your organization’s strategy is failing to communicate it. Research shows
that, on average, 95% of company’s employees don’t understand its strategy. To ensure your plan is
successful, everyone in your organization needs to be aware of the how and why of your goals and what
they can do to help reach them. This creates a united vision with everyone working together.
1. Efficiency: To determine how efficiently they are using organizational resources, managers must be able
to measure accurately how many units of inputs (raw materials, human resources, and so on) are being used
to produce a unit of output. They must also be able to measure the number of units of outputs (goods and
services) they produce.
2. Quality: Today, competition often revolves around increasing the quality of goods and services. In the
car industry, for example, with each price range, car competes against one another in terms of their features,
designs and reliability.
3. Innovation: strategic can help to raise the level of innovations in an organization. Successful innovation
takes place when managers create an organizational setting in which employees feel empowered to be
creative and authority is decentralized to employees so that they feel free to experiment and take risks.
4. Responsiveness to customers: Finally, strategic managers can help to make their organizations more
responsive to customers if they develop a control system that allows them to evaluate how well employees
with customer contact and performing their jobs. Monitoring employees’ behavior can help managers to
find the ways to increase employees’ performance level, perhaps by revealing areas in which skills training
can help employees or by finding new procedures that allow employees to perform their job better.
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Answer to the Question No. 06 (a)
It is important to understand communication in day-to-day communications in business operations.
Business communication typically includes everything from making or reading reports, giving instructions,
ideating, making suggestions, and even the way you feel about things. According to psychological experts,
people make most decisions based on how they feel and accordingly voice their opinions in team meetings.
Importance of Business Communication
Helps technological advancement:
In today’s fast-paced world, success is often dependent on technology. The popularity of celebrities is
based on their number of followers on social media, while that of a newly launched product or service
largely depends on its acceptance in the digital world.
One thing that works to gain more followers or to sell products or to strengthen a brand is effective
communication.
Clear
There are several stages to clarity.
Firstly, it’s important to be clear about the purpose of the message you’re delivering. The recipient should
be made aware of why they are receiving the message and what you’re trying to achieve by delivering it. If
there are multiple goals, each should be laid out separately.
Secondly, it’s essential that the content of the communication is itself clear. You should avoid jargon, use
simple language, use simple structures and focus on the core points of your message.
Correct
It’s essential that both the factual information and the language and grammar you use are correct. If your
audience spots errors in either, they will be distracted and your credibility will be greatly reduced. This will
reduce the effectiveness of your communication.
Complete
Completeness is often one of the most important of the 7 Cs of communication.
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When creating a message, it’s important to give the recipient all of the information they need to follow your
line of reasoning and to reach the same conclusions you have. This level of detail will be different in
different situations, and you should adjust your communications accordingly.
In addition, you should make things as easy as possible for the recipient. For example, if you are issuing a
“call to action”, provide explicit guidance on that action. Increasingly it’s common to include things like
hyperlinks in written communications or to attach FAQs, both of which help audiences access a complete
set of information while also ensuring that core communications focus on core messages.
Concrete
When shaping your communication, you must ensure that you are specific and that the logic and messages
that you’re using fit together, build on each other and support each other. Your arguments should be based
on solid facts and opinions from credible sources and you should share irrefutable data to support your
argument.
It may be important to help bring the solid nature of what you’ve created to life for your audience through
examples that show the relevance of your messages for them as individuals.
Concise
When communicating messages of this nature it’s important to stick to the point and keep your messages
short and simple. Don’t use 10 words if you can use five. Don’t repeat your messages.
The more you say, the more risk there is of confusion. Avoid that risk by focusing solely on the key points
you need to deliver.
Courteous
People are not always courteous.
You can increase the effectiveness of your communications by being polite and showing your audience that
you respect them. Your messages should be friendly, professional, considerate, respectful, open and honest.
To help ensure you are courteous, you should always use some empathy and consider your messages from
the point of view of the audience.
Gesture
Gesture refers to a movement of part of the body, especially a hand or the head, to express an idea or
meaning. Gestures are a major component in nonverbal communication. We use many gestures when we
speak although we might not be aware of using them. For example, when you are describing how you threw
a ball, you might be unconsciously making a gesture that depicts the act of throwing
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Sometimes we also use gestures to replace words and phrases. Shaking someone’s hand to congratulate,
waving your hand to say goodbye, nodding your head to indicate approval and shrugging your shoulders to
indicate that you don’t know are some examples of gestures.
The meaning of gestures can also vary depending on the culture and religion. What is considered as positive
gestures in some cultures and countries may be considered as rude and offensive in one culture.
Posture
Posture refers to a particular position of the body. It is the way in which your body is positioned when you
are sitting or standing. A person’s posture can reveal many things. A person’s confidence, mood, attitude,
and alertness can be determined by looking at the posture.
Sometimes our posture may reflect our state of mind. For example, hunched shoulders and downturned face
may indicate that someone is sad and upset. Sitting up straight with your shoulders pulled back
indicates self-confidence and strength.
Good posture or neutral posture can be attained when the joints are not bent, and your spine is aligned and
not twisted. This position enables to gain balance. Good posture has a lot of benefits such as optimizing
breathing and affecting the circulation of bodily fluids.
To: rao1155@[Link]
From: fahim_salesmanager@[Link]
Yours sincerely,
Fahim Muntasir
Sales & Marketing Manager
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Answer to the Question No. 07 (b)
Reports Minutes
To relate details of an event or incident; to Plural of minute.
recount, describe something.
To repeat (something one has heard), to retell; to The official notes kept during a meeting.
pass on, convey (a message, information etc.).
To take oneself (to someone or something) for A written account of what transpired at a meeting.
guidance or support; to appeal.
Formally to notify someone of (particular Minutes, also known as minutes of meeting
intelligence, suspicions, illegality, misconduct (abbreviation MoM), protocols or, informally,
etc.); to make notification to relevant authorities; notes, are the instant written record of a meeting
to submit a formal report of. or hearing. They typically describe the events of
the meeting and may include a list of attendees, a
statement of the issues considered by the
participants, and related responses or decisions for
the issues.
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Difference between Horizontal and diagonal communication:
Workplace: More and more managers are seeing problems within their own workplace because of a lack
of understanding of other cultures. It simply involves two people of a different ethnic background who do
not understand the other culture well enough to effectively communicate with each other.
Lack of communication: This most often occurs when managers and upper-level management do not
feel the need to communicate with their workers because they do not know how.
Use of jargons: Workers do not mean to injury anyone when they choose hurtful words, but the damage
can often times be irreparable. In this case, it is always better to be safe than to be sorry.
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Answer to the Question No. 10 (a)
Technology is the mechanical application of the rules of science in performing human activities.
Technological development has changed the human lives dramatically. It brings dynamism, happiness and
prosperity in human lives and makes their lives easy and simple.
Recent development in business is the gift of technological advancement. Information technology has
turned the whole world into a single family and has opened a new horizon in business. The role of
technology in business communication is discussed below:
Quick transmission of information: The greatest advantage of electronic communication is the quick
transmission of information. With the help of electronic media, one can send information to a distant
receiver just within a few seconds.
Transmitting large volume of information: People can send large volume of information with the help
of electronic devices. Through e-mail, one can attach writings of hundred pages easily.
Making instant business decision: With the help of electronic communication, managers can take instant
or quick decisions. With a click of computer, they can obtain information at anytime from anywhere in the
world. This helps in making quick decision and ensures better management of business.
Lowering communication cost: Electronic communication not only saves time but also money. Electronic
communication such as e-mail requires less cost than the traditional means of posting a letter.
Wide coverage: Through electronic communication, one can transmit information to many receivers who
are located in different places. With the help of electronic devices like satellite, people conquered distance
and the whole world has now turned into a global village.
Communication with distant people: Electronic communication provides the opportunity of interactive
communication with distant people. Video conferencing, for example, allows interactive communication
even though the participants are geographically dispersed. It saves travel cost, time, and energy.
Easy preservation of information: Electronic devices can store huge volume of information that can be
used in time of need. As a result, the use of manual files is decreasing day by day.
Managing operations globally: In modern days, businesses are becoming global. More and more
businesses are dispersing their operations across the globe. Management of geographically dispersed
business operations is possible only through electronic communication.
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Answer to the Question No. 10 (b)
Depending on the focus of your blog and your personality, your approach may be slightly different, but I've
observed that the most powerful blog posts typically have four important elements.
1. An attention-grabbing headline
A good blog post is about one topic, one story, one idea. Not 57. Not 101. Just one.
Before you begin blogging, figure out what you want to write about. Choose a mock headline to give
yourself some structure (you can always change it later), and start writing.
Good titles are interesting, descriptive, and engaging. It should read like a magazine headline or a TV
newsflash.
This is the first thing your readers see — and the only thing, if you don't do it right. Take time crafting a
great headline. This is the first step (and the last) before you hit “publish.”
You know how much first impressions matter, right? So why aren't you writing like it? Why are you wasting
readers' time with frivolous details and silly little anecdotes?
When it comes to the Internet — when people's attention spans are even more limited than with print —
your opening paragraph is crucial. Don't blow it. Journalists know this. It's ingrained in them. “Don't bury
the lade,” they say. If you don't hook your readers immediately, you will lose them forever.
Start off with a quote, a question, or a bold, audacious statement. You only have one shot. Make it count.
This is the body of the article. It's the “meat” of the post — what will back up your main topic or argument.
Every story you tell or idea you share needs to have supporting rationale, something the readers can sink
their teeth into. They don't all need to neatly fit into a three-point argument or a seven-step process, but you
can't be all over the place.
Consider what you want to say and how you will back it up. A great way to organize is to make a list of
bullet points. Then, write the body of the post using these as your main sections (if appropriate turn the
points into subheads, like I did with this post).
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If your blog post is a road, these points are the street signs leading your reader to the end.
4. A compelling call-to-action
If you've hooked your readers' attention with a good title, drawn them in with an interesting lead paragraph,
and then led them through with compelling points, now you need to wrap it up.
Don't be vague. You don't want your audience wondering why they bothered reading your post in the first
place, do you? Give them something to take away.
Want your audience to reflect on a particular idea? To do something? Respond somehow? Whatever it is,
be clear about it. It will not just happen. You will get what you ask for. This is the part of the post where
you invite your readers to answer a question, leave a comment, or share your post. Make it clear and
actionable.
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