Thursday, 9 March 2017

Concept of Management and its Principles

What is management?

What is media Management

Management in all business and organizational activities is the act of coordinating the efforts of people to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources.
Since organizations can be viewed as systems, management can also be defined as human action, including design, to facilitate the production of useful outcomes from a system. This view opens the opportunity to 'manage' oneself, a prerequisite to attempting to manage others.
The word manage comes from the Italian maneggiare (to handle, especially tools), which derives from the Latin word manus (hand) which influenced the development in meaning of the English word management in the 17th and 18th centuries.

What are the principles of Management?

What are the principles of Management

Management principles are statements of fundamental truth. These principles serve as guidelines for decisions and actions of managers. They are derived through observation and analysis of events which managers have to face in practice.
The Principles of Management are the essential, underlying factors that form the foundations of successful management. According to Henri Fayol in his book General and Industrial Management , there are fourteen 'principles of management'. These can be used to initiate and aid the processes of change, organization, decision making, skill management and the overall view of the management function.

Management Principles developed by Henri Fayol:

  1. DIVISION OF WORK: Work should be divided among individuals and groups to ensure that effort and attention are focused on special portions of the task. Fayol presented work specialization as the best way to use the human resources of the organization.
  2. AUTHORITY: The concepts of Authority and responsibility are closely related. Authority was defined by Fayol as the right to give orders and the power to exact obedience. Responsibility involves being accountable, and is therefore naturally associated with authority. Whoever assumes authority also assumes responsibility.   
  3. DISCIPLINE: A successful organization requires the common effort of workers. Penalties should be applied judiciously to encourage this common effort.       
  4. UNITY OF COMMAND: Workers should receive orders from only one manager.              
  5. UNITY OF DIRECTION: The entire organization should be moving towards a common objective in a common direction.             
  6. SUBORDINATION OF INDIVIDUAL INTERESTS TO THE GENERAL INTERESTS: The interests of one person should not take priority over the interests of the organization as a whole.        
  7. REMUNERATION: Many variables, such as cost of living, supply of qualified personnel, general business conditions, and success of the business, should be considered in determining a worker’s rate of pay.         
  8. CENTRALIZATION: Fayol defined centralization as lowering the importance of the subordinate role. Decentralization is increasing the importance. The degree to which centralization or decentralization should be adopted depends on the specific organization in which the manager is working.                                                      
  9. SCALAR CHAIN: Managers in hierarchies are part of a chain like authority scale. Each manager, from the first line supervisor to the president, possesses certain amounts of authority. The President possesses the most authority; the first line supervisor the least. Lower level managers should always keep upper level managers informed of their work activities. The existence of a scalar chain and adherence to it are necessary if the organization is to be successful.     
  10. ORDER: For the sake of efficiency and coordination, all materials and people related to a specific kind of work should be treated as equally as possible.        
  11. EQUITY: All employees should be treated as equally as possible.                 
  12. STABILITY OF TENURE OF PERSONNEL: Retaining productive employees should always be a high priority of management. Recruitment and Selection Costs, as well as increased product-reject rates are usually associated with hiring new workers.
  13. INITIATIVE: Management should take steps to encourage worker initiative, which is defined as new or additional work activity undertaken through self-direction.               
  14. ESPIRIT DE CORPS: Management should encourage harmony and general good feelings among employees.

 What is Media Management?And its importance.

Media management is a general job title that describes people who manage talent for media professionals like those who work in photo, sound, and video. It is a form of entertainment management, a field that manages talent in show business. Professionals in the media management field work with many types of media-related talent, including actors, artists, writers, and musicians. Media management in business differs from media management in computers because the computer term refers to activities that involve processing computer media files like music, video, and picture files.
Managers of this type are common in entertainment and print media because they facilitate contact between those seeking talent and those providing media talent. The media management field can include many types of management, including managing the finances of a popular band or controlling the royalties in the estate of a deceased movie star. A media manager might also work as an agent for a writer of books or magazines, contacting publishers who might want to buy clients' writing work.A large part of the job of a media management professional is to promote and control the media image of managed talent. To do so you require the best insider marketing in order to communicate your message to obtain supporters, advocates and allies in the institution and the entire community. By means of the right press exposure, you can even seek the services of people to help you in boosting the image of your company and in improving your organization’s image in the unique internet.
However, if you will work with several funding organizations, you will know that you can actually obtain the result that you have always wanted. True enough, it is not that easy for any one to build a company name especially in these modern times when several organizations are currently improving their own reputation so as to convince the group that they have the most popular and top quality offers.
True enough, the best press exposure can also help in the growth of any company and getting it connected to the right establishments as well as economical aid from various departments. The fact remains that press release is not simple advertising or marketing; you also have to include exposing the company to various special events, community relations, social networking, blogging, internal relations, and other important works that are geared towards achieving the best media exposure.
Media management and economics as a subfield of the mass communication field is, by any measure, young. Moreover, as a specialized area within a much larger discipline, media management is the focus of only a small group of scholars when compared to mass communication as a whole or to organizational studies.

Nevertheless, it has made remarkable progress in the development of theory in several areas. The strategic management of media companies has drawn the most consistent attention from scholars, resulting in the development of a strong body of research on the structures of media markets and the strategic management of the resources that media companies control.