Management Practices and Strategies in an Organization

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An organization is established in the market to make profit. But in the process, it has to comply with certain practices that are essential for an organization to be profitable.

Organization as a group of people:

An organization is a group of people working together in an organized manner to accomplish an overall goal or set of goals of the organization. The basic function of an organization is to make and maximize profits. To do so, there are certain fundamental practices that all the successful organizations follow. Some of these are as follows:

-A strong product portfolio, which could be sustained with competitive quality and pricing.
-Continuous focus on innovation for further fulfillment of the requirements.
-Keeping all the buyers, suppliers and other stake holders happy by maintaining good public relations.
-Keeping the employees happy by rewarding them for their performances.

These are some of the basic functions that organizations follow to live up to the customers' expectations. An organization has a common set of practices, which are followed by all the employees and the top management, which form the culture of an organization. Primarily an organization's top management is responsible for developing a culture and establishing organization's programs to perform routine checks and investigations of the events, which take place there. The management is responsible not only for all the activities happening in the organization but also for facilitating necessary actions to correct issues and to implement the ways that ensure prevention of any recurrence (Colley, 2007).

General Management Practices:

As mentioned above, an organization is established to create a market position by making and sustaining profit. To do so and to make it successful, every organization follows some general management practices or functions. All the successful multinational organizations are widely known because they follow these activities in a well manner. Some basic functions of an organization are: Planning, Organizing, Staffing, Leading and Controlling. These are explained further followed by their critique.

Planning:

Most of the time, an organization has to function in a market environment, which is very uncertain. To be successful in such an environment, an organization should anticipate changes and plan strategies accordingly to handling the situations in a way, which does not affect the ...