Management | Britannica

Alternative Titles:
administration, general administration, supervision

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  • major reference
    • Alexander Hamilton

      In business organization: Types of business associations

      …essential feature, a system of management, varies greatly. In a simple form of business association the members who provide the assets are entitled to participate in the management unless otherwise agreed. In the more complex form of association, such as

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An industry is a group of businesses that make or sell similar products or perform similar services. Farms are part of the agricultural industry. Factories are part of manufacturing industries. Schools are part of the educational services industry. Industries are important to every country’s economy.

The first human industry was agriculture. Most developing countries still depend on agriculture as their main industry.

Another early industry was mining, or the removal of metals and other materials from the earth. Since prehistoric times humans have mined metals to make tools and other goods.

Manufacturing industries make goods from the raw materials produced by agriculture and mining. Manufacturers make such everyday items as clothing, cars, computers, paper, and processed food. Another manufacturing industry is construction. Construction workers build houses, office buildings, roads, bridges, and sewers.

Service industries dominate the economies of developed countries. Workers in service industries do not provide actual goods. Instead

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No marketing process, even the most carefully developed, is guaranteed to result in maximum benefit for a company. In addition, because every market is changing constantly, a strategy that is effective today may not be effective in the future. It is important to evaluate a marketing program periodically to be sure that it is continuing to achieve its objectives.

Marketing control

There are four types of marketing control, each of which has a different purpose: annual-plan control, profitability control, efficiency control, and strategic control.

Annual-plan control

The basis of annual-plan control is managerial objectives—that is to say, specific goals, such as sales and profitability, that are established on a monthly or quarterly basis. Organizations use five tools to monitor plan performance. The first is sales analysis, in which sales goals are compared with actual sales and discrepancies are explained or accounted for. A second tool is market-share analysis, which compares

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