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Gavin Walton
- July 22, 2024
Hey there, future business moguls! Greetings, As you plan on facing the Principles of Management course in Study.com, let me present you with your one-stop study companion! Whether you are fresh to management with no prior experience at all or you have been away from the managerial line for some time, this is the best course to help you remember how management really functions.
From this course, one is able to gain an understanding of what is involved in Management and the various theories and practices that are used in organizations apart from other areas such as human resources, financial management, etc. By the end of this course, you will be able to work while preparing for exams and have a general understanding of the management concepts that may be helpful in your career. So, buckle up, sharpen your pencils, and let us start this exciting journey in the ocean of business management!
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What to Expect from Business 101 Class 📖
Okay, here is what is awaiting you in the “Business 101: Principles of Management” class on study.com. This course is aimed at explaining and enabling you with the principles and techniques of management for you to be able to solve trade tests as well as business-related challenges.
- Schools of Management Theory
- Key Concepts: Neoclassical Theory, Behavioral Management Theory, Hawthorne Effect, Maslow’s Hierarchy of Needs, McGregor’s Theory X & Theory Y.
- Why It Matters: Understanding these theories will help you grasp how different management styles can impact employee motivation and organizational success. Expect questions on how these theories apply to various business scenarios.
- Organizational Change and Management
- Key Concepts: Concepts such as the internal and external change factors of the change process, steps involved in the planned change process, Lewin’s change theory model, and Kotter’s eight-step change model.
- Why It Matters: Business is dynamic in nature and this means that different changes are bound to occur. This knowledge of how to manage change is a positive factor that can shape the fortunes of an entity positively. Be ready to speak about various change models and how they can be used.
- Work Teams
- Key Concepts: Types of Teams, Group Development Stages, Group Cohesion, Team Conflict.
- Why It Matters: Teams are the backbone of any organization. Understanding team dynamics and how to manage conflicts will be crucial. Look out for questions on team-building strategies and conflict resolution.
- Leadership Theory and Organizational Leadership
- Key Concepts: Fiedler’s Contingency Theory, Situational Leadership, Path-Goal Theory, and Leader-Member Exchange Theory.
- Why It Matters: Leadership styles can significantly influence organizational performance. Expect to analyze different leadership scenarios and their outcomes.
- Communication in the Workplace
- Key Concepts: Communication Process, Types of Communication, Organizational Communication, Conflict Resolution.
- Why It Matters: Effective communication is key to successful management. You’ll need to demonstrate an understanding of various communication styles and their impact on workplace dynamics.
- Motivation in the Workplace
- Key Concepts: Needs-Based and Behavior-Based Theories, Pygmalion Effect, Herzberg’s Two-Factor Theory, Equity Theory.
- Why It Matters: Motivated employees are productive employees. Be ready to explore different motivational strategies and their effectiveness.
- Financial Controls in Organizations
- Key Concepts: Financial Statements, Budget Controls, Financial Planning.
- Why It Matters: Financial acumen is critical for any manager. You’ll be tested on your ability to analyze financial statements and make budgetary decisions.
- Human Resources
- Key Concepts: Hiring and Staffing, Job Orientation, Training Needs, Employee Rights.
- Why It Matters: Human resources management ensures that the right people are in the right roles. Expect to discuss HR processes and legal considerations.
- The management strategy and the decision-making process
- Key Concepts: SMP, DM Process, Quantitative Decision-Making Tools..
- Why It Matters: This implies that the main activities in management revolve around strategic planning and decision-making. It means that you will have to use the above-specified ideas in hypothetical business scenarios.
- Production and Quality Assurance
- Key Concepts: Organizational output, total quality, management, ISO 9000 accreditation.
- Why It Matters: It is quality and efficiency which determines the profitability of the organization. Expectations should be made in terms of reviewing the quality management methods and their application.
- International Management and Contemporary Issues
- Key Concepts: Managing International Companies, Cultural Dimensions, and Business Ethics.
- Why It Matters: Global business requires an understanding of diverse cultural, legal, and ethical issues. You’ll explore how these factors influence international management.
By the end of this course, you’ll be well-versed in these key areas and ready to ace your exams. Remember, each of these topics is not just theoretical; they have practical applications that can be crucial in real-world business scenarios.
Week-by-Week Study Plan to Ace Business 101 Exam 📝
Below is a detailed outline study plan in a structured weekly format you can use to pass the Business 101: Principles of Management course on study.com. This approach makes it easy to understand that there is enough ground to cover as well as gives enough time for review in case you need more time before the exam is due.
Week 1: Introduction and Schools of Management Theory
- Objectives: Understand various management theories and their applications.
- Tasks:
- Day 1-2: Read and take notes on the Neoclassical Theory and Behavioral Management Theory.
- Day 3-4: Study Maslow’s Hierarchy of Needs and McGregor’s Theory X & Theory Y.
- Day 5-6: Watch YouTube videos on the Hawthorne Effect (e.g., Hawthorne Effect Explained).
- Day 7: Review notes and complete related quizzes on study.com.
- Resources: Quizlet flashcards on Management Theories (Quizlet).
Week 2: Organizational Change and Management
- Objectives: Learn how to manage change within organizations.
- Tasks:
- Day 1-2: Study internal and external factors driving organizational change.
- Day 3-4: Read about Lewin’s Change Theory and Kotter’s 8-Step Change Model.
- Day 5-6: Watch YouTube videos on change management models (e.g., Lewin’s Change Management Model).
- Day 7: Review notes and complete quizzes.
- Resources: Additional reading on change management from reliable sources like Harvard Business Review.
Week 3: Work Teams and Leadership Theory
- Objectives: Understand team dynamics and various leadership theories.
- Tasks:
- Day 1-2: Study types of work teams and stages of group development.
- Day 3-4: Explore Fiedler’s Contingency Theory and Situational Leadership.
- Day 5-6: Watch YouTube videos on leadership theories (e.g., Leadership Theories Explained).
- Day 7: Review and quiz.
- Resources: Team-building exercises and leadership theory flashcards on Quizlet.
Week 4: Communication in the Workplace
- Objectives: Master the basics of effective workplace communication.
- Tasks:
- Day 1-2: Study the communication process and types of communication.
- Day 3-4: Learn about organizational communication and conflict resolution.
- Day 5-6: Watch videos on effective communication strategies (e.g., Effective Communication Skills).
- Day 7: Review and quiz.
- Resources: Articles on communication strategies from MindTools.
Week 5: Motivation in the Workplace
- Objectives: Understand what motivates employees and how to enhance motivation.
- Tasks:
- Day 1-2: Study needs-based and behavior-based motivation theories.
- Day 3-4: Learn about Herzberg’s Two-Factor Theory and Equity Theory.
- Day 5-6: Watch YouTube videos on motivation theories (e.g., Herzberg’s Two-Factor Theory).
- Day 7: Review and quiz.
- Resources: Quizlet flashcards on motivation theories (Quizlet).
Week 6: Financial Controls and Human Resources
- Objectives: Gain a solid understanding of financial controls and HR management.
- Tasks:
- Day 1-2: Study financial statements and budgeting techniques.
- Day 3-4: Learn about hiring processes and employee rights.
- Day 5-6: Watch videos on financial management (e.g., Understanding Financial Statements).
- Day 7: Review and quiz.
- Resources: Articles on HR management from SHRM.
Week 7: Management Strategy and Decision-Making
- Objectives: Master strategic management and decision-making processes.
- Tasks:
- Day 1-2: Study the strategic management process and decision-making models.
- Day 3-4: Learn about quantitative decision-making tools like decision trees.
- Day 5-6: Watch YouTube videos on decision-making strategies (e.g., Decision Making Models).
- Day 7: Review and quiz.
- Resources: Strategy and decision-making resources on MindTools.
Week 8: Production and Quality Assurance
- Objectives: Understand the principles of production and quality management.
- Tasks:
- Day 1-2: Study productivity, quality, and profitability.
- Day 3-4: Learn about Total Quality Management (TQM) and ISO 9000 certification.
- Day 5-6: Watch videos on quality management (e.g., What is TQM?).
- Day 7: Review and quiz.
- Resources: Articles on quality management from ASQ.
Week 9: International Management and Contemporary Issues
- Objectives: Explore the challenges of managing international organizations.
- Tasks:
- Day 1-2: Study managerial functions in international settings.
- Day 3-4: Learn about cultural dimensions and business ethics.
- Day 5-6: Watch YouTube videos on international management (e.g., Hofstede’s Cultural Dimensions).
- Day 7: Review and quiz.
- Resources: Global management articles from Harvard Business Review.
Week 10: Review and Practice Tests
- Objectives: Solidify your understanding and prepare for the exam.
- Tasks:
- Day 1-3: Review all notes and key concepts.
- Day 4-6: Take practice quizzes and tests on study.com.
- Day 7: Identify weak areas and review those topics again.
- Resources: Study guides and practice tests on study.com.
At the end of this course, you will be very conversant with these areas and prepare adequately for any test. Remember, each of these topics is not just theoretical; these concepts exist to be used in the current business setting and may at times determine the fate of a business.
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Free External Resources to Study📂
While study.com provides a comprehensive resource for your Business 101: Principles of Management course, supplementing your studies with external resources can deepen your understanding and help you grasp difficult concepts. Here are some valuable and free resources available on the internet:
YouTube Channels and Playlists
CrashCourse
- Playlist: CrashCourse Business
- Description: CrashCourse offers engaging and informative videos that cover various business topics, including management, leadership, and organizational behavior. The videos are concise and easy to understand, making complex concepts more accessible.
Khan Academy
- Playlist: Khan Academy Entrepreneurship
- Description: Khan Academy provides detailed explanations on business and management topics. Their Entrepreneurship playlist includes valuable insights into strategic management, decision-making, and organizational change.
Tutor2u
- Playlist: Tutor2u Business
- Description: Tutor2u offers a series of videos that delve into various business theories and models. Their clear explanations and real-world examples help reinforce your understanding of management principles.
Articles and Blogs
MindTools
- Link: MindTools Business Articles
- Description: MindTools also gives users a multitude of resources such as articles on management, leadership, and self-enrichment. These articles provide guidelines and systematically structured solutions in regard to how the principles of management can el for appropriate application.
Harvard Business Review (HBR)
- Link: HBR Management Articles
- Description: Some of the topics that are covered in the Harvard Business Review Special Issues include management subjects to mention but a few. Though a few articles may be paid, there are a lot of articles out there that are free to access yet rich in information on current issues affecting managerial practices.
Inc.com
- Link: Inc. Business Articles
- Description: Inc.com features articles on leadership, management, and entrepreneurship. Their content is geared towards business professionals and provides real-world examples and practical tips.
Online Courses and Lectures
Coursera
- Link: Foundations of Business Strategy
- Description: Coursera offers free courses from top universities. The Foundations of Business Strategy course by the University of Virginia provides a solid foundation in strategic management and decision-making.
edX
- Link: Introduction to Business
- Description: edX offers a range of business courses, including Introduction to Business, which covers fundamental business concepts and practices. Many courses are free to audit.
Utilizing these external resources will also help you get more information concerning the subject areas that you study under your Business 101: Principles of Management course. These can offer you side information, examples, and more explanations to help you in terms of your learning process.
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Key Topics to Focus On 🔑
It is very important for anyone to be familiar with key topics to pass the Business 101: Principles of Management examination. Now, let us deploy several tables, comparisons, and examples to make the underlined concepts easier to understand.
Schools of Management Theory
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School of Management
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Key Focus
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Example
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|---|---|---|
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Classical Management
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Efficiency and productivity through formal structure and control
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A factory assembly line with clearly defined roles and procedures
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Behavioral Management
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Understanding human behavior to improve productivity
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Google’s emphasis on employee well-being and team collaboration
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Quantitative Management
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Use of statistical and mathematical models
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A logistics company using data analysis to optimize delivery routes
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Systems Management
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Viewing the organization as a system of interrelated parts
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An IT company integrating different software systems to improve performance
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Contingency Management
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Adapting management style to specific situations
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A retail manager adjusting their approach based on customer traffic patterns
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Organizational Change
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Type of Change
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Description
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Example
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|---|---|---|
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Structural Change
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Altering the organizational structure, such as mergers or acquisitions
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A company reorganizing its departments to streamline operations
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Strategic Change
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Modifying the overall strategy to adapt to market changes
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A tech firm shifting from hardware to software development
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People Change
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Focusing on employee behavior, skills, and attitudes
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Implementing a new training program to improve customer service
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Process Change
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Redesigning workflows and processes for efficiency
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A manufacturing plant adopting lean production techniques
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Leadership Theories
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Leadership Theory
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Description
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Example
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|---|---|---|
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Transformational Leadership
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Inspires and motivates employees to exceed expectations
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A CEO introducing a bold vision for the company’s future
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Transactional Leadership
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Focuses on supervision, organization, and performance
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A sales manager using performance-based rewards
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Servant Leadership
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Prioritizes the needs of employees and helps them develop
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A team leader who supports their team’s professional growth
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Laissez-Faire Leadership
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Provides minimal supervision and allows employees to make decisions
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A creative agency where designers have full autonomy
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|
Autocratic Leadership
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Centralized decision-making with little input from employees
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A military commander making quick decisions in critical situations
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Motivation in the Workplace
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Theory
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Description
|
Key Concepts
|
|---|---|---|
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Herzberg’s Two-Factor Theory
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Distinguishes between hygiene factors and motivators
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Job security vs. achievement
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Maslow’s Hierarchy of Needs
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Describes five levels of human needs
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Physiological, safety, social, esteem, self-actualization
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Vroom’s Expectancy Theory
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Focuses on the relationship between effort, performance, and reward
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Effort → Performance → Reward
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Equity Theory
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Employees are motivated by fairness
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Comparing own job input/output ratio to others
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Real-World Examples
- Total Quality Management (TQM) in Action: Toyota’s implementation of TQM principles led to its reputation for producing high-quality vehicles. They focus on continuous improvement, employee involvement, and customer satisfaction.
- Strategic Management: Apple’s strategy of innovation and design excellence has kept it at the forefront of the technology industry. Their continuous scanning of the environment for technological advancements and consumer preferences guides their strategic decisions.
- Organizational Behavior: Google’s use of data-driven decision-making to create a productive and satisfied workforce. They conduct extensive research on employee behavior and implement policies based on findings.
By understanding these key topics and using real-world examples, you’ll be better prepared to tackle your Business 101: Principles of Management course. Focus on these areas, and you’ll have a solid foundation for success.
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FAQ❓
As you delve into the Business 101: Principles of Management course, you might have a few questions. Here are some common FAQs to help you out:
- What is the best way to study for the Business 101: Principles of Management exam?
A: To study effectively, follow the week-by-week study plan provided earlier in this article. Focus on understanding key concepts, using flashcards, and taking practice quizzes. Make use of the external resources listed to reinforce your learning.
- How can I remember all the different management theories and models?
A: Using comparison tables, flashcards, and real-world examples can help. For instance, compare different leadership styles side by side or create flashcards for each theory with key points and examples.
- What are some tips for understanding complex concepts like TQM and strategic management?
A: Break down the concepts into smaller parts. For TQM, focus on understanding each of the eight principles and how they contribute to overall quality management. For strategic management, follow the steps of the strategic management process and use real-world examples to see how companies implement these strategies.
- How important is it to understand international management and cultural dimensions?
A: Very important! Understanding these concepts is crucial for today’s globalized business environment. Knowing how to manage diverse teams and adapt to different cultural contexts can set you apart in the business world.
- Are there any particular chapters that are heavily tested in the exam?
A: Yes, chapters on leadership theories, motivation in the workplace, and strategic management are often heavily tested. Make sure to pay extra attention to these areas.
- What should I do if I don’t understand a topic?
A: Don’t hesitate to reach out for help. Use the external resources listed in this article, ask questions in the study.com community, or join a study group. Sometimes discussing a topic with peers can provide new insights.
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Conclusion📄
Selecting Business 101: Principles of Management as the course under study.com is perhaps the best way of laying down strong fundamentals in management. With this comprehensive guide, you should by now have a ready blueprint of what is expected of you, how to manage your study time, and where to get more information for improved learning. As a final reminder, the key topics and concepts described in this guide should be your primary focus and the basis for your work; therefore, use the tables and examples given. Stay very organized, manage the external resources properly, and do not hesitate to check with the facilitator if you do not understand any point. If you put in the time and effort, along with the correct strategy, you will not fail in the exam and will be able to use these management principles in various organizations. Good luck, and happy studying!
