Conceptual Framework of Business Management

Since the evolution of this world, Trade, business, Commerce, Export, Import, retailing, gambling, buying and selling had been the leading entrepreneurs in all the development of the planet. Same as the management has become a big question mark before us. Many scientists like economists, sociologists, public administration experts, public policy analysts, business analysts, human resource developmental experts, philosophers, astrologists, political panels and religious practioners have defined the business management in their own observation. Where the majority of them characteristically elucidate the business management as the symbolic value of planning, organization, leadership, control, capital, financial, machinery and technologicalism, human being assets as well as the nature’s resources.

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Planning in simple words can be defined as formulating ways of proceedings or determining the tasks that need to be carried out. Planning involves a rational and orderly thinking of ways. It is a mean with the help of which desired goals can be achieved.

Strategic planning on the other hand is nothing different from planning but it is a series of lesser plans. For instance, plan for sales, plan for the products to be manufactured, plan for marketing, the required level of company’s profitability etc. Strategic planning does not trigger direct action but it is a process of deciding on objectives of the organization, determining policies to attain these objectives, how to arrange resources and alterations if required.

It is a long term planning and usually concerned with whole organization. Thus it involves divisions and sub divisions of the whole enterprise into departments, sections, jobs, positions and assignment of work according to the knowledge, skill and interest of individuals. …read the rest of this entry»