Management

:Manager redirects to here. For use in sports, see coach (sport).

Nature of the work

In for-profit work, the primary function of management is satisfy a range of stakeholders. This typically involves making a profit (for the shareholders), creating valued products at a reasonable cost (for customers), and providing rewarding employment opportunities (for employees). In nonprofit work it is also important to keep the faith of donors. In most models of management, shareholders vote for the board of directors, and that board then hires senior management. Some organizations are experimenting with other methods of selecting or reviewing managers senior managers (such as employee voting models) but this is very rare.

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In the public sector of countries constituted as representative democracys, politicians are elected to public office. They hire many managers and administrators, and in some countries like the United States a great many people lose jobs during a regime change. 2500 people serve "at the pleasure of the President" including all the top US government executives.

Related Topics:
Public sector - Representative democracy - United States - Regime change - At the pleasure of the President

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Public, private and voluntary sectors place different demands on managers, but all must retain the faith of those who select them (if they wish to retain their jobs), retain the faith of those people that fund the organization, and retain the faith of those who work for the organization. If they fail to convince employees that they are better off staying than leaving, the organization will be forced into a downward spiral of hiring, training, firing, and recruiting.

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Management also has a responsibility to innovate and improve the functioning of the organization.

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In all but the smallest organizations, achieving these objectives involves a division of management labour. People specialize in a limited range of functions so as to more quickly gain competence and expertice. Even in employee managed workplaces such as a Wobbly Shop, where managers are elected, or where latitude of action is sharply restricted by collective bargaining or unions, managers still take on roughly the same functions and job descriptions as in a more traditional command hierarchy.

Related Topics:
Wobbly Shop - Collective bargaining - Union - Job description - Command hierarchy

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CEO

Chief executive officer (CEO) - The CEO is ultimately responsible for the success or failure of the business. He or she provides overall strategic direction for the firm, often with the assistance of a team of vice presidents. Strategic management decisions like what products to market, what market segments to target, what functions to outsource, what business model to employ, and what geographical areas to operate in are the responsibility of the CEO. The CEO is accountable to the board of directors. Typically a CEO will delegate many responsibilities to one or more executive vice presidents.

Related Topics:
Strategic management - Market segment - Business model

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In small firms, the owner, president, or chief executive officer typically assume many roles and responsibilities.

Related Topics:
Owner - President - Chief executive officer

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Vice president, Marketing - An executive vice president of marketing might direct overall marketing strategies, advertising, promotions, sales, product management, pricing, and public relations policies. The direct reports of the EVP oversee advertising and promotion. In a small firm, they may serve as a liaison between the firm and the advertising or promotion agency to which many advertising or promotional functions are contracted out. In larger firms, advertising managers oversee in-house account, creative, and media services departments.

Related Topics:
Marketing strategies - Advertising - Promotion - Sales - Product management - Pricing - Public relations - Agency

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Marketing managers - Marketing managers develop the firm's detailed marketing plans and procedures. With the help of subordinates, including product development managers and market research managers, they determine the demand for products and services offered by the firm and its competitors. In addition, they identify potential markets?for example, business firms, wholesalers, retailers, government, or the general public. Marketing managers develop pricing strategy with an eye towards maximizing the firm's share of the market and its profits while ensuring that the customers are satisfied. In collaboration with sales, product development, and other managers, they monitor trends that indicate the need for new products and services and oversee product development. Marketing managers work with advertising and promotion managers to promote the firm's products and services and to attract potential users.

Related Topics:
Marketing plan - Procedures

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Promotions managers - Promotions managers supervise sales promotion specialists. They direct promotion programs that combine advertising with purchase incentives to increase sales. In an effort to establish closer contact with purchasers?dealers, distributors, or consumers?promotion programs may involve direct mail, telemarketing, television or radio advertising, catalogs, exhibits, inserts in newspapers, Internet advertisements or Web sites, instore displays or product endorsements, and special events. Purchase incentives may include discounts, samples, gifts, rebates, coupons, sweepstakes, and contests.

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Public relations managers - Public relations managers supervise public relations specialists. These managers direct publicity programs to a targeted public. They often specialize in a specific area, such as crisis management or in a specific industry, such as healthcare. They use every available communication medium in their effort to maintain the support of the specific group upon whom their organizations success depends, such as consumers, stockholders, or the general public. For example, public relations managers may clarify or justify the firms point of view on health or environmental issues to community or special interest groups.

Related Topics:
Public relations - Publicity - Crisis management - Industry - Healthcare

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They also evaluate advertising and promotion programs for compatibility with public relations efforts and serve as the eyes and ears of top management. They observe social, economic, and political trends that might ultimately affect the firm and make recommendations to enhance the firm's image based on those trends.

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They may also may confer with labor relations managers to produce internal company communications?such as newsletters about employee-management relations?and with financial managers to produce company reports. They assist company executives in drafting speeches, arranging interviews, and maintaining other forms of public contact; oversee company archives; and respond to information requests. In addition, some handle special events such as sponsorship of races, parties introducing new products, or other activities the firm supports in order to gain public attention through the press without advertising directly.

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Sales managers - Sales managers direct the firm's sales program. They assign sales territories, set goals, and establish training programs for the sales representatives. Managers advise the sales representatives on ways to improve their sales performance. In large, multiproduct firms, they oversee regional and local sales managers and their subordinates. Sales managers maintain contact with dealers and distributors. They analyze sales statistics gathered by their staffs to determine sales potential and inventory requirements and monitor the preferences of customers. Such information is vital to develop products and maximize profits.

Related Topics:
Sales - Dealer - Distributor - Inventory - Profit

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Account executive - The account executive manages the account services department, assesses the need for advertising, and, in advertising agencies, maintains the accounts of clients.

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Creative director - The creative services department develops the subject matter and presentation of advertising. The creative director oversees the copy chief, art director, and associated staff.

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Media director - The media director oversees planning groups that select the communication media?for example, radio, television, newspapers, magazines, Internet, or outdoor signs?to disseminate the advertising.

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