Management Principles Essay Example | Topics and Well Written Essays - 1750 words

Management Principles - Essay Example Businesses are the driving force behind an economy. In the United States there are nearly 29 million businesses operating. These businesses create nearly 120 million jobs. Business organizations are imperative towards the well being of a society. Not only do businesses provide jobs for people, but they also produce products and services that consumers desire. For instance Apple Computers is the top producer of smartphones in the world with its famous iPhone series. The business world has evolved in the 21st century with the arrival of e-commerce. There are millions of websites that offer products and services. The two largest online retail establishments are Amazon and EBay. The success of a business enterprise depends on the abilities of its managerial staff. The manager of an organization is responsible for the performance of the company as well as the performance of its employees. A good manager is able to motivate his staff to achieve higher levels of performance. There are different levels of management. Management is divided into three levels which are: upper level, middle management, and lower level. The lower level management positions are typically referred to as supervisors. An example of a middle level manager is the manager of a division of the company. In a publicly traded company the upper level management is the executive management team. The executive management team is led by the chief executive officer (CEO). The CEO of a firm is the most powerful and influential person within the company. The Sarbanes-Oxley Act made the CEO responsible for the content of the financial statements of a company. If fraud is detected in these statements the CEO could face jail time. CEOs have to establish both yearly operational plans as we ll as strategic plans for the long term. Some important skills and abilities that managers must possess are analytical abilities, leadership, superb verbal and