Business Management Report: Key Functions, Objectives, and Analysis

This report provides an overview of fundamental business management concepts, focusing on key functions such as operations and finance, the role of management in planning, organizing, leading, and controlling, and the ways in which businesses adapt to change. It compares the objectives of dif...Read More

Fundamentals Of Business
Management

Table of Content
 Introduction
 Porter‘s Five Forces Model Of Morison's
 Key functions of business
 Role of management in organization
 Ways in which businesses change
 Compare and objectives of different organizations
 PESTLE analysis of Morison's
 Conclusion
 References

Introduction
Business management basically refers to the organisation and
coordination of business activities. The managers of business
basically oversees the operations and support employees in
terms of reaching towards the top productivity levels as well.
Business management is important at the organisational level
which helps in terms of division of work and prevents the
employees from under performing.

Key functions of business
 There are four main business function within the organization which are
defined into the following manner:
 Operation: Operation function is also known as the production function
and the function is majorly responsible for activities of production of goods
and providing services as well.
 Finance and accounting: It is the department which majorly deals with
management of money within the organization. It basically includes the
outgoing and incoming of money which is out of the business.

Role of management in organization
Management plays a very significant role into the
context of organization and there are four main
functions of managers which includes planning,
organizing, leading and controlling as well. With
support of these dour main functions managers are able
to increase the efficiency level of work and effectiveness
as well. It basically include employees, processes,
organization and project into the whole manner.

Ways in which businesses change
According to the changing period of time there are lots of changes
in terms of growth and development of businesses. It has been
observed that the ways of doing business into this market has
totally changed due to technological changes on a larger scale.
With reference to pandemic situation, mostly businesses has
shifted on the online basis and introduce new technologies at the
organizational level in order to perform into effective manner.

Compare and objectives of different
organizations
At the organizational level, it has been observed that there are different objectives of
different organization which includes tactical objectives, operational objectives and
strategic objectives as well. Strategic objectives are those which is related to the
organization where they want to be in their future.

Porter‘s Five Forces Model Of
Morrison's
It is a concept in which there are five forces that determines the
competitive intensity and attractiveness in the market. It is a simple
framework for assessing and evaluating the competitive strengths and
position of business organization. Morrison's uses this model to
understand how the five competitive forces influences the profitability
and develop a strategy for enhancing its supermarkets competitive
advantage and long term profitability in the retail industry. The Porters
five force model of Morison's is discussed below:-

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 The bargaining power of customers (Low) :- This force examines
the power of the consumer, and their effort on pricing and quality.
Morrison had build a large base of customers due to providing
consistent good service to the customers. This helps the company to
reduce the bargaining power of customers as well as it also helps
them to maximize its profits and sales.


PESTLE analysis of Morrison's
 PESTLE analysis basically refers to the tool which is
used to gain a major picture of an industry
environment. It is basically stands for political,
economic, social, technological, legal and
environmental factors as well. It basically allows the
organisation to form an impression of the factors
which might impact the business or industry.

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 Environmental Factors: There are different markets which have different norms
or environmental standards that can impact the profitability of an organisation
into those markets. Within a country, it has been observed that there are different
environmental laws and liability laws as well. An organisation has to carefully
evaluate the standards of environment before entering into new market or
starting a new business as well.

Conclusion
The above stated report concludes that business management is very important at
the organisational level. It has been concluded that for taking decisions and for
future planning it is very important to consider certain frameworks into appropriate
manner. It has been determined that PESTLE analysis and porter's five forces have
their own significance according to changing requirements and needs as well.

References
 Buil, I., Catalán, S. and Martínez, E., 2018. Exploring students' flow experiences
in business simulation games. Journal of computer assisted learning, 34(2),
pp.183-192.
 Klun, M. and Trkman, P., 2018. Business process management–at the
crossroads. Business Process Management Journal.
 Mohammad Halim, M.A.F. and et. al., 2020. Fundamentals of Entreprenuership
ENT 300: Casa de Laundry dry cleaning service.

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