Notesale: Turn your study into money

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​ usiness and management are two
B
interconnected ideas that are vital for
every organization's success
...
It
encompasses all of the activities and
operations associated in the development,
promotion, and sale of goods or services to
clients
...
It
entails coordinating all resources,
including people, money, materials, and
equipment, to ensure their effective and
efficient utilisatioBusiness and
management go hand in hand since
competent management is critical to the
success of any business
...

Some essential areas of business and
management include:
1
...

Strategic planning is the process of
defining an organization's vision, mission,
goals, and objectives and developing a
plan to achieve those goals
...
Defining the mission and vision of the
organization: This includes defining the
purpose of the organization and the
desired results it aims to achieve
...
Carrying out a SWOT analysis: it
involves analyzing the strengths,
weaknesses, opportunities and threats of
the organization to identify areas of
improvement and areas of potential

growth
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Goal Setting: Based on a SWOT
analysis, organizations set specific,
measurable, achievable, relevant, and
time-bound (SMART) goals that align with
the mission and vision
...
Strategy: This involves developing a
strategy to achieve your goals, which may
include market expansion, product
development, or operational
improvement
...
Resource Allocation: The organization
determines the resources needed to
implement the strategy, including
financial, human and technical resources
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Implementation of the Plan: The
strategy is then implemented, with
responsibilities and clear deadlines
defined for each task
...
Monitoring and Evaluation: Monitor
and measure progress toward goals
periodically to identify areas for
adjustment
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Program Review and
Update: Based on the results of monitoring
and evaluation, the program is reviewed
and updated as necessary to ensure its
continued relevance and effectiveness
...
This
is an ongoing process that requires regular
reviews and adjustments to ensure that
the organization remains competitive and
successful
...
Operations management entails
overseeing the day-to-day operations of the
company, such as production, logistics, and
customer support
...
The primary goal of operations
management is to ensure the efficient and
effective use of an organization's resources
to produce goods and services that meet
customer needs
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Planning: This includes developing a
plan to achieve organizational goals and
objectives, including allocating resources,

scheduling tasks, and setting performance
goals
...
Process design: is the design of
processes required to produce goods and
services, including equipment selection,
facility planning, and the development of
procedures and standards
...
Quality Management: This includes
ensuring that the goods and services
produced meet the required quality
standards and using customer feedback to
continuously improve the organization's
operati

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