What are the 7 m's of management?

1. MAN Man in management is referred to as a human resource. It is the recruitment, selection, training,
promotion, and grievances handling personnel. Payment of compensation gratuity, termination of services are
the few issues that have to be dealt effectively to retain the talent within an organization.
2. MATERIAL Material is a basic ingredient in management be it a service industry or a product industry. Most of
the industries locate themself nearby to the availability of material.
3. MACHINE Machine are the basic tools to provide goods or to generate services. Selection of an appropriate
machine not only enhances efficiency but also saves times and increases revenue. Tailoring the recruitment of
the organization, Selection of a right technical machine and equipment, availability of spare parts, evaluation of
after sales services, substitutes and technology and the organization budget are the crucial criteria while
purchasing a machine. Maintenance and overhauling issues along with its life span also cannot be overlooked. In
service industry, technology matters a lot these days we are having computers & peripherals as a major machine
to serve the service clients.
4. MONEY Management is done to meet day to day business requirements and the funds involved in meeting
those requirements are known as working capital.
5. METHOD Everything has a right way to do and this right way is known as a Method in management. In short it
means, an art of doing. A set of procedures and instructions is known as a method. The visible method of a
company include: Plans, Policies, Procedures, and Data. The less visible ones include a companys norms and its
culture, and the norms and culture of the society around it and the methods of its customers, suppliers,
associates, and competitors.
Methods determine how people work and their work priorities. Methods link people to each other and
link people to materials.
The Scientific Method is a method for solving complex problems. GAAP is a method for evaluating
financial performance. ISO 9000 is a method for evaluating quality performance. ISO 9000 Quality assurance
standards have as much to do with improving quality as GAAP has to do with improving profits
A popular method of management is referred to as management by objectives. This involves setting
objectives and targets for different aspects of the organisation.
The managers job is then to make sure that these objectives are achieved given an allocated amount of
resources.
The objectives will either be achieved, exceeded, or fallen short of requiring remedial action where
appropriate.
Another form of management is an autocratic approach where managers set targets and objectives for
others and supervise the performance of their work. The problem with them is that they can be intimidating and
often fail to encourage employees so that they do not use the human resource as well as possible.
Consultative managers consult with others to find out their views and ideas before making decisions.
Democratic managers encourage others to make decisions for themselves. Self managing teams are
ones where management is developed to members of a team, which does not have to wait for instructions from
above.
The style of management that is most appropriate is often dependent on the situation e.g. the nature of
the industry, the speed with which decisions need to be made, the familiarity of managers and others with the
management style etc.
6. MEASUREMENT Measurements are quantified observations of some aspect or attribute of a process, product
or project. Measurements enhance our ability to understand things not accessible to our native abilities and
intelligence.
 Ten Precepts of Measurement
1. Measure what the customer cares about Measurements should have focus, based on goals and models.
2. Measure the process, not the person The goal of a measurement program must be improvement, never
evaluation.
3. Set goals Know what the results of measures should be, before you measure.
4. Know what to do about the results you get Use measures to manage effort more successfully.
5. Anticipate the results of your intervention Get feedback, from all participants.
6. The process itself should yield measues Dont create a separate system to gather measures, they should
be a natural by-product of performing the process.
7. Measures should be numerical and objective Measurement is not done well subjectively.
8. Publish and publicize measurement results Provide feedback to the source both of measures to be
taken and the results of those measurements.
9. Ensure comparability of measures Without stable processes and standards, measures are meaningless.
10. What you measure is what you get people respond to whatever they are asked to do.
7. MARKETING Marketing management is the process allocating the resources of the organization toward mktg.
activities.

The Marketing Management/planning Cycle

1. Planning
2. Implementation
3. Monitoring
4. Correction

Definition of Policy
- A policy is a broad guideline for decision - making that links the formulation of strategy with its
implementation. Companies use policies to make sure that employees throughout the firm make decisions and
take actions that support the corporation's mission, objectives, and strategies
- Policies may be defined as "the mode of thought and the principles underlying the activities of an organization
or an institution." Policies are plans in they are general statements of principles which guide the thinking,
decision making and action in an organization. Business policy as a principle or a group of related principles,
along with their consequent rule (s) of action that provide for the successful achievement of specific
organization / business objectives. Accordingly, a policy contains both a "principle" and a "rule of action." Both
should be there for the maximum effectiveness of a policy.
- Policy is a blueprint of the organizational activities which are repetitive/routine in nature. While strategy is
concerned with those organizational decisions which have not been dealt/faced before in same form.
Policy formulation is responsibility of top level management. While strategy formulation is basically done by
middle level management.
Policy deals with routine/daily activities essential for effective and efficient running of an organization. While
strategy deals with strategic decisions.
Policy is concerned with both thought and actions. While strategy is concerned mostly with action.
A policy is what is, or what is not done. While a strategy is the methodology used to achieve a target as
prescribed by a policy.
- Policy is a one time standing decision in the light of which so many routine decisions are made. Policies
provide the broad framework within which decisions are to be made. In the absence of a sound policy the
managerial decisions may become directionless and the organizational functions would end up in chaos. Thus
policies help in taking decisions based on the declared goals and avoid wastage of time and resources.
Moreover, Policies fill the gaps in the Plans of the Organization.
5 Classifications of Policies

Originated Policies. These policies are formulated by the managers. They tell subordinates how to act in a given
situation and the subordinates are expected to follow them strictly. They are the basic policies and they have the
support of organisational authorities.

Appealed Policy. If, on any matter, the subordinate is not clear and doubt about his authority to handle a
situation and if that subject matter is not already covered by the existing policies, he may refer the matter for his
superior's verdict. Superior's verdict generates appealed policy and thus becomes a guide for the future action of the
subordinates.

External or Imposed Policy. Sometimes, outside agencies like government, trade associations, trade unions etc.
may also be instrumental in the formulation of a policy by the enterprise. For example, if the government imposes a
condition on the enterprises to reserve a certain percentage of jobs for the backward sections of society or for persons
within the state, it becomes an external or imposed policy.

Functional Policies. Policies which are formulated for various functional areas of management are known as
functional policies. Some examples of functional policies are: financial policy, production policy, marketing policy and
personnel policy.

Policies on the basis of levels. Policies formulated on this basis may be basic policies meant to be used by top
managers, general policies meant to be used normally by middle managers and departmental policies meant to be used
by the departmental managers.
distributive, redistributive, regulatory and constituent

What are the Levels of Management?

Top-level managers
The board of directors, president, vice-president, and CEO are all examples of top-level managers.
These managers are responsible for controlling and overseeing the entire organization. They develop
goals, strategic plans, company policies, and make decisions on the direction of the business.
In addition, top-level managers play a significant role in the mobilization of outside resources.
Top-level managers are accountable to the shareholders and general public.
Middle-level managers
General managers, branch managers, and department managers are all examples of middle-level
managers. They are accountable to the top management for their department's function.
Middle-level managers devote more time to organizational and directional functions than top-level
managers. Their roles can be emphasized as:
Executing organizational plans in conformance with the company's policies and the objectives of the top
management;
Defining and discussing information and policies from top management to lower management; and most
importantly
Inspiring and providing guidance to low-level managers towards better performance.
Some of their functions are as follows:
Designing and implementing effective group and intergroup work and information systems;
Defining and monitoring group-level performance indicators;
Diagnosing and resolving problems within and among work groups;
Designing and implementing reward systems supporting cooperative behavior.
 Low-level managers
Supervisors, section leads, and foremen are examples of low-level management titles. These managers
focus on controlling and directing.
Low-level managers usually have the responsibility of:
Assigning employees tasks;
Guiding and supervising employees on day-to-day activities;
Ensuring the quality and quantity of production;
Making recommendations and suggestions; and
Upchanneling employee problems.

Also referred to as first-level managers, low-level managers are role models for employees. These managers
provide:
Basic supervision;
Motivation;
Career planning;
Performance feedback; and
Staff supervision.

Characteristics of a Good Policy

The characteristics of a good policy are:

(a) Policy should help in achieving the enterprise's objectives.

(b) It should provide only a broad outline and leave scope to subordinates for interpretation so that their
initiative is not hampered.

(c) Policies should not be mutually contradictory and there should not be inconsistency between any two
policies which may result in confusion and delay in action.

(d) They should be sound, logical, flexible and should provide a guide for thinking in future planning and action.
Further, they should provide limits within which decisions have to be made.

(e) Policies should reflect the internal and external business environment.

(f) Policies should be in writing and the language of the policies should be intelligible to the persons who are
supposed to implement them and to those who are to be affected by them.

Importance of good policy

The Purpose & Value Of Policies: Organizations Have Policies in Place To Help
1. Convey the organizations mission and enable the execution of its strategy
2. Ensure employees clearly understand expectations and consequences for misconduct
3. Influence employee behavior and support ethical, compliant decision-making
4. Create a positive and respectful workplace and organizational culture
5. Foster credibility and trust with customers and business partners
6. Improve productivity and business performance
7. Meet all legal standards required to operate
8. Protect the organizations people, reputation and bottom line
9. Avoid litigation and mitigate risk
10. Prevent, detect and respond to criminal conduct

What are the purposes of Policies for Formulation