MODERN MANAGEMENT THEORIES AND PRACTICES

Introduction

Managing is one of the most important human activities. From the time human beings began forming social organizations to accomplish aims and objectives they could not accomplish as individuals, managing has been essential to ensure the coordination of individual efforts. As society continuously relied on group effort, and as many organized groups have become large, the task of managers has been increasing in importance and complexity. Henceforth, managerial

theory has become crucial in the way managers manage complex organizations. The central thesis of this paper is that although some managers in different parts of the world could have achieved managerial success without having basic theoretical knowledge in management, it has to be unequivocally emphasized that those managers who have mixed management theory in their day-to-day practice, have had better chances of managing their organizations more efficiently and effectively to achieve both individual and organizational objectives. Therefore, managers of contemporary organizations ought to appreciate the important role they play in their respective organizations if they are to achieve set goals. Secondly, there is need to promote excellence among all persons in organizations, especially among managers themselves. To address these concerns, the paper will proceed along the following spectrum: management will be defined for purposes of conceptual clarity; management objectives, functions, goals, and essentiality, will be highlighted; the importance of managerial skills and the organizational hierarchy will be sketched; the importance of women in the organizational hierarchy will be emphasized; reasons for studying management theory will be enumerated; the different management theories, the core of the paper, will be discussed at length; the  significance of management as a practice will be contextualized; and ‘the way forward’ in form of a conclusion will be offered.

Definition of Management

Management is the art, or science, of achieving goals through people. Since managers also supervise, management can be interpreted to mean literally “looking over” – i.e., making sure people do what they are supposed to do. Managers are, therefore, expected to ensure greater productivity or, using the current jargon, ‘continuous improvement’. More broadly, management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims (Koontz and Weihrich 1990, p. 4). In its expanded form, this basic definition means several things. First, as managers, people carry out

the managerial functions of planning, organizing, staffing, leading, and controlling. Second, management applies to any kind of organization. Third,  management applies to managers at all organizational levels. Fourth, the aim of all managers is the same – to create surplus. Finally, managing is concerned with productivity – this implies effectiveness and efficiency. Thus, management refers to the development of bureaucracy that derives its importance from the need for strategic planning, co-ordination, directing and controlling of large and complex decision-making process. Essentially, therefore, management entails the acquisition of managerial competence, and effectiveness in the following key areas: problem solving, administration, human resource management, and organizational leadership. First and foremost, management is about solving problems that keep emerging all the time in the course of an organization struggling to achieve its goals and objectives. Problem solving should be accompanied by problem identification, analysis and the implementation of remedies to managerial problems. Second, administration involves following laid down procedures (although procedures or rules should not be seen as ends in themselves) for the execution, control, communication, delegation and crisis management. Third, human resource management should be based on strategic integration of human resource, assessment of workers, and exchange of ideas between shareholders and workers. Finally, organizational leadership should be developed along lines of

interpersonal relationship, teamwork, self-motivation to perform, emotional strength and maturity to handle situations, personal integrity, and general management skills.

SRI LANKAN ACTOR NADEESHA ACTING IN INDIAN FILM (IMPROVEMENT OF SRI LANK'S ECONOMY)

Sri Lankan cinema encompasses the films made in Sri Lanka. It is a fledgling industry that has struggled to find a footing since its inauguration in 1947 with Kadawunu Poronduwa produced by S.M.Nayagam of Chitra Kala Movietone.Sri Lankan films are usually made in the Sinhalese language, the language of the majority Sinhala people..

WHAT IS MANAGEMENT?

Definition of Management The term ‘management’ encompasses an array of different functions undertaken to accomplish a task successfully. In the simplest of terms, management is all about ‘getting things done’. However, it is the way and the process of how one achieves ones target or goals and it is in this respect that management is considered an art and a science as well.  The term management may be recently defined, but it existed at a time when men started learning the art of organizing, strategizing (during wars) and/or simply planning. At the core of it, management was quintessentially considered as an art of ‘managing men’ and hence the term “manage-men-T.” At the roots, management evolved when the definition of knowledge became practically skewed rather than being plain ‘rational’. In some way, Rousseau (1972) pointed out “A real knowledge of things may be a good thing in itself, but the knowledge of men and their opinions is better, for in human society.” And much later, management scholar, Peter Drucker (1993) defined management as “Supplying knowledge to find out how existing knowledge can best be applied to produce results is, in effect, what we mean by management. But knowledge is now also being applied systematically and purposefully to determine what new knowledge is needed, whether it is feasible, and what has to be done to make knowledge effective. It is being applied, in other words, to systematic innovation.” (Drucker, 1993)  From the above two definitions, it is clear that management is a creative as well as a systematic flow of knowledge that can be applied to produce results by using human as well as other resources in an effective way. Management has not been limited to managing human resource; management today has been segregated into various branches like financial management, strategic management, operations management, time management, crisis management, marketing management etc. Each of these is a separate branch that is being handled by managers who specialize in these fields.  Today the importance of management from an organization’s point of view has increased multifold. It is only through effective management that companies are developing and executing their business’s policies and strategies to maximize their profits and provide with the best of products and services.  Management today combines creative, business, organizational, analytical and other skills to produce effective goal-oriented results! Some of the key functions in management includes learning to delegate, planning and organizing, communicating clearly, controlling situations, motivating employees, adapting to change, constantly innovating and thinking of new ideas, building a good team and delivering results which are not just figure -bound but results that also focus on overall growth and development. Management focuses on the entire organization from both a short and a long-term perspective. Management is the managerial process of forming a strategic vision, setting objectives, crafting a strategy and then implementing and executing the strategy. Management goes beyond the organization’s internal operations to include the industry and the general environment. The key emphasis is on issues related to environmental scanning and industry analysis, appraisal of current and future competitors, assessment of core competencies, strategic control and the effective allocation of organizational resources.

In general terms, there are two approaches to management:
-The Industrial Organization Approach: This approach is based on economic theory which deals with issues like competitive rivalry, resource allocation, economies of scale. This approach to management assumes rationality, self interested behavior, profit maximization.

- The Sociological Approach: This approach deals primarily with human interactions. It assumes rationality, satisfying behavior, profit sub-optimality.

What is COMPONENTS OF THE RECRUITMENT POLICY

In today’s rapidly changing business environment, a well defined recruitment policy is necessary for organizations to respond to its human resource requirements in time. Therefore, it is important to have a clear and concise recruitment policy in place, which can be executed effectively to recruit the best talent pool for the selection of the right candidate at the right place quickly. Creating a suitable recruitment policy is the first step in the efficient hiring process. A clear and concise recruitment policy helps ensure a sound recruitment process. 

It specifies the objectives of recruitment and provides a framework for implementation of recruitment programs. It may involve organizational system to be developed for implementing recruitment programs and procedures by filling up vacancies with best qualified people.

COMPONENTS OF THE RECRUITMENT POLICY

• The general recruitment policies and terms of the organization

• Recruitment services of consultants

• Recruitment of temporary employees

• Unique recruitment situations

• The selection process

• The job descriptions

• The terms and conditions of the employment

A recruitment policy of an organization should be such that:

• It should focus on recruiting the best potential people.

• To ensure that every applicant and employee is treated equally with dignity and respect.

• Unbiased policy.

• To aid and encourage employees in realizing their full potential.

• Transparent, task oriented and merit based selection.

·         Weight age during selection given to factors that suit organization needs. ·         Optimization of manpower at the time of selection process. ·         Defining the competent authority to approve each selection. ·         Abides by relevant public policy and legislation on hiring and employment relationship. ·         Integrates employee needs with the organizational needs. FACTORS AFFECTING RECRUITMENT POLICY Organizational objectives. Personnel policies of the organization and its competitors. Government policies on reservations. Preferred sources of recruitment. Need of the organization. Recruitment costs and financial implications.

The Importance of Marketing

Financial success often depends on marketing ability. Finance, operations, accounting, and other business functions will not really matter if there is not sufficient demand for products and services so the company can make a profit. There must be atop line for there to be a bottom line. Many companies have now created a Chief Marketing Officer, or CMO, position to put marketing on a more equal footing with other C-Level executives such as the Chief Executive Officer (CEO) and Chief Financial Officer (CFO). Press releases from organizations of all kinds-c-from consumer goods makers to health care insurers and from non-profit organizations to industrial product manufacturers-trumpet their latest marketing achievements and can be found on their Web sites. In the business press, countless articles are devoted to marketing strategies and tactics.

Importance of Marketing in Business

The first importance of marketing and that is self evident is that the consumers get an opportunity to know about various products that are available in the market. Due to marketing they may have to pay a higher price but in case, there was no marketing or advertising, how would the consumers know about the products? The importance of marketing industry, that employ a large number of people, is in itself a crucial factor as it sustains economic balance. 

Marketing fosters healthy competition among brands and this increases the level of competence among firms. Consumers are able to enjoy better products and they are at affordable prices. Marketing helps in earning and revenue generation of many companies, either directly or indirectly. For example, consider advertising, which can be considered to be a subset of marketing, influences television, newspapers and hoardings. 

With the internet writing a new chapter in the history of marketing, online marketing has evolved to be a multi-billion dollar industry. The importance of marketing can be best understood when we consider the competition in the market. If there is no marketing, only the dominant companies will exist in the market and they can move on to dominate the prices and establish monopoly over the product. 

With large number of companies fighting for quality, the consumer can demand low price and high quality. In other words, a balanced market is created due to healthy competition. Marketing also helps in innovation of new products, designs and quality so that consumers buy only the latest products. This drives the firms to focus on the research and development areas. Not surprising hefty amounts are invested in the R & D of products.

Importance of Marketing Strategy

The importance of marketing plans outweighs any other decision that can be taken in the realm of marketing strategies. Yes, marketing plan is essential to grab the market segment before any other player captures the market. What are the target groups? Which segment of the market presents higher revenue generating opportunities? These are some of the questions that marketing teams ponder over, in the pursuit of achieving a good plan. This is where the importance of marketing research comes into picture. The market research team analyzes and understands the requirements of the consumers. Conducts polls and researches and comes up with data and statistics that help to logically target a market. Another factor that governs the marketing plans is the marketing mix elements. Marketing mix elements are the sets of factors that help firms to achieve their targets of reaching the products to the consumers and also achieve organizational objectives. The importance of marketing mix is, that it takes into account the four P's of marketing, that are Product, Price, Promotion and Place of distribution.

Importance of Developing a Marketing Strategy Plan

A business idea usually stems from creating a product or service as a solution to a problem and filling an existing unmet demand. Every business success plan requires a marketing strategy. Certain elements of a business need to be researched before launching the initial business venture. 

Not all businesses are alike, so a marketing strategy that works for one business may not necessarily work for the other. Therefore, every business has to create a marketing strategy that is specific to its audience, product and service.

1 

   Market Research

o    One of the main reasons for researching the market is to find out what is current, what the future holds and how to create a strategy for success. A marketing strategy allows you to use market research you have collected to send a clearer message to your targeted prospects that shows them that you know what they want. Pursuant to the market research, a marketing strategy helps a business to identify, package and showcase all the benefits of the product and services to the prospect.

Creating Tactics

o    A marketing strategy allows you to create tactics better than those of your competition. You would study the competition through market research to find out what is being done and how you can do it better. You will be able to develop your own innovative techniques that give you an edge over your competitors who may have been in the market longer than you have and have not revised their marketing strategy to fit the current changes in the market.

Communication

o    Without customers, a product or service cannot exist for long. A marketing strategy helps a business to reach its targeted audience. It allows the business to effectively communicate to the prospective consumer. It is a way to announce and inform the public of a product or service and show consumers how they will benefit from what you are selling.

Opportunties for Market Positioning

o    A market strategy will provide opportunities to position your business in the marketplace, which means that since you cannot be all things to everyone, you can commit your product or service to a small group of people in an attempt to create a brand. You will be able to better examine the response to your strategy and be able to fine-tune it by possible conducting surveys using those same small groups.

Sustaining a Business

o    A marketing strategy will contribute to the sustenance of a business even during market volatility, market changes and economic downturns. You will be able to measure your success better when there is an implemented strategy. It also allows you to be more customer-focused, be able to create a unique selling point and value as well as to remain consistent and goal oriented.

The Effect of Motivation on Employee Performance

The performance of employees will make or break a company; this is why it is important to find a variety of methods of motivating employees. "Motivation is the willingness to do something," wrote Stephen Robbins and David A. DeCenzo in their book "Supervision Today." "It is conditioned by this action's ability to satisfy some need for the individual." The most obvious form of motivation for an employee is money; however, there are other motivating factors that must be considered.

1. Employee Differences

   • Every employee within a company is different and, therefore, is motivated to perform well for different reasons. Due to the differences within an organization, it is important for a manager to get to know her employees and understand what motivates their performance. "If you're going to be successful in motivating people, you have to begin by accepting and trying to understand individual differences," Robbins and DeCenzo report in their book "Supervision Today."

   The Job

   • One motivator for employees is a feeling that the job itself is worthwhile. According to Dr. Sunil Ramlall in his article "A Review of Employee Motivation Theories and their Implications for Employee Retentions with Organization", these employees feel personally responsible for their work and believe that is a meaningful job. Employees who take personal responsibility for their work and believe that it is making a positive impact will strive hard to perform very well.

   Work Environment

   • Employees have a desire to be part of a company with a positive and encouraging work environment. Motivating input and strong working relationships during the workday will provide an environment that employees will want to be a part of. According to "Supervision Today," this involves focusing employees on achievement and maintaining equity in the workplace. This idea of equity has to do with the perception employees have of their importance in relation to others within the company. If employees do not believe they are treated with equity they will not perform well.

     

     
     

   Public Recognition

   • Sandy Smith, in "Motivating Employees in Tough Times," points out the importance of recognizing employees who work daily to live out the values of a company. Employees like to receive acknowledgment and praise from managers of a job well done. Companies that make public recognition a part of their normal protocol will create an environment for employees to perform well. Praise is an excellent motivator.

   Conclusion

   • Money is the most important motivator for employee performance but it is important for companies to find other ways to motivate. This involves getting to know their employees and what drives them, then making sure managers utilize appropriate motivational techniques with each employee. When appropriate motivation techniques are used, employee performance will improve.