Fundamentals of Business Management

This assignment delves into the core principles of business management, covering various aspects such as planning, organizing, directing, and evaluating organizational activities. It examines different types of management, including financial, human resource, risk, and production management, highlighting their roles in achieving business goals. The assignment also explores leadership styles and approaches, emphasizing their impact on team performance and organizational growth. Furthermore, it discusses market analysis, industry analysis, customer satisfaction, and macro-environmental factors, illustrating how businesses utilize these analyses for strategic decision-making and sustainable operations.

TASK 1
Management:- It is an approach to manage business activities of any organization. It includes
planning, organizing, directing and evaluating process of entity. Moreover, management is a
concept of formulating strategies and implementing action plan to reach out the set goals. It
influences development and effectiveness of company at high level. In this regard, optimum
utilization of resources and qualitative services of organization are determined (Amlod and et.al.,
2015). Therefore, management of business entity is useful for expansion and performing
qualitative services of firm to increase productivity and profitability.
Types of management:- There are various kinds of management for developing business
organization includes financial, human resource, risk and production management. Where,
financial management is related to funding and allocation of money to run entity. In accordance
to this, HRM is useful for better performance of company as well personnel. Including this, risk
management is related to overcome risks occurs at workplace. It generates idea for further
business activates.
Leadership:- It is an activity to accomplish any task to achieve growth of firm. Under this
activity, leader of team accepts challenge to reach out strategic targets. However, leader of the
group encourages members for good performance and contributing in work (Popescue, 2013). It
impacts to create positive environment of organization also helpful for development of company.
Approaches of leadership:- leader applies different approaches to manage team and taking work
from members. Approaches involves trait, democratic and autocratic for accomplishing task. In
trait leadership, leader discusses about issues to group members and determines solution.
Therefore, it is obtained that all employees perform their work effectively. Along with free
approach of leadership presents free style in which workers can choose their by own to
contribute for team building. Moreover, autocratic style of leadership leads to strict following
upon instructions. Hence, through this approach, leader directs members to perform (Solomon,
2014).
TASK 2
d) (weglarz and et.al., 2012)
e)
Market analysis:- Management and operations of business activities includes market analysis
under which value of product and company is determined. In accordance to this, position of
goods and services are recognized, It leads to generate innovative ideas for increasing in
productivity and profitability of organization. However, it also presents customer demand
regarding goods and services to be implemented (tano and Data, 2013).

Industry analysis:- Recognition of company’s profile in entire sectors including finance,
production, operation and human resource comes under industry analysis. In accordance to this,
past performance of business for production and distribution of goods are analyzed. On behalf of
which future trend for industry’s effectiveness is targeted.
Customer satisfaction:- Management and operation department of industry analyses customer
satisfaction and demand. In this way, evaluation of consumers’ attitude and perception is
identified. It creates innovation of new technologies for better quality services.
Evaluation of macro environmental analyses factors:- It includes environmental factors like
political, social, legal and technological. Therefore, manager of company analyses these factors
to implement action plans for further business operation (Tayor and et.al., 2013). Including this,
different strategies are prepared for sustainability of organization in market. However, it also
presents strengths and weaknesses of industry regarding all services of entity.