Management is factor of mind. Each and every decision is made by many contributing factors. Those are in terms of Micro and Macro economic factors. An organisation will reach its success with strongly responding to such micro and macro factors. Being well prepared to tackle the certainty and uncertainty make its business run for long term.
Micro Economic Factors
Micro economic factors are controllable. They are internal strength of company. How does it prepare for capturing market, harnessing competitors, dealing with customers, ethical and social responsibility.
5 P’s in Management
Dr.Mildred Golden Pryor, J.Chris White and Dr.Lesile A Toombs coined the term “5 P’s in Management”. It includes purpose, principles, processes, people, perform as terms which predominantly support an organisation to sustain long term growth. With defined purpose and principles the firm inculcate best culture and belief system in organisation. Process portrays the competitiveness of the firm. People are company’s assets, making the best use of human resources brings higher productivity. Final step will be performance. Performance will be result of factors which constituted by above 4 factors.
1. Purpose:
2. Principles
3. Process
4. People
5. Performance
Purpose:
Vision, Mission, Goals, Objective and Strategies
Principles:
Guiding philosophies, assumptions or attitudes about how the organisation should conduct its business.
Process:
Organisational structures, systems, procedure and people
People:
Resources which yields productivity
Performance:
Encompasses all the metrics, measurements, expected results that indicate status of the organization and are used as criteria for decision making.
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