Managment Theories and Tools
Whitney Simonsen Edison State College

This class has made me realize how businesses function and the various strategies involved in helping a business succeed. People have been managing work for hundreds of years. The fastest growth occurred in the 20th century due to theorist and their interest in how to best conduct business. Learning these strategies will push a organization to its full potential.
Michael porters five focuses was something I never really took into consideration. When thinking of competition I always referred to the external variable not internal threats. When applying this tool to a business such as Wal-mart I find that they have few competition due to cost advantage over competition. Also, Wal-marts suppliers bargaining power is low because Wal-mart hold the power to switch to another supplies. Having control over your supplies bargaining is just as important as having domination over customers.
When it come to social responsibility I am easily swayed to buy from a company that gives back. Giving back to the community is a tool used to profit but also helps our environment and community. A supplier at target is now marketing the feed project by creating quality products that help feed the childern in need. The company has now raised over 60million dollars to feed children in the U.S.
The most important information I feel is the planning process. Planning gives everyone a clear vision of what to accomplish and the steps to get there. Using the formal planning steps sets a long term direction. This process is apart of every organization, without it there is no organization. Without organization you will not have a business for long. Good business management is the key to success. Effective management starts with setting goals. A business is an ongoing activity that doesn't run itself. As the manager you