Assignment subject principle of management

lOMoARcPSD|17343589 UEH UNIVERSITY SCHOOL OF FOREIGN LANGUAGES ASSIGNMENT Subject: Principle of Management Lecturer: Nguyễn Thị Diễm Em Course code: 23D1MAN50200201 Student name: Nguyễn Lâm Gia An Class: K48 - AV001 Student code: 31221020469 TP Hồ Chí Minh, April 6th 2023 lOMoARcPSD|17343589 TABLE OF CONTENTS INTRODUCTION CONTENT Plan for supermarket chain in Vietnam Content learned from Principle of Management 3 The art and science nature of management 3.1 Management as a science 3.2 Management as an art CITATIONS lOMoARcPSD|17343589 INTRODUCTION The subject of Principle of Management is an introductory course that provides students with a fundamental understanding of the basic principles and practices of management The course covers a range of topics related to managing organizations, including planning, organizing, leading, and controlling Students learn about the different roles of managers, the organizational environment, and the various activities involved in managing an organization effectively Whether you are interested in pursuing a career in management or simply want to understand the fundamentals of effective management, Principle of Management is an essential course that will provide you with a strong foundation for success In this essay, I will be presenting and putting my cultivated knowledge of the subject into practice which I have learned throughout the course of Principle of Management lOMoARcPSD|17343589 CONTENT Plan for supermarket chain in Vietnam Management has four widely accepted functions: planning, organizing, leading, and controlling These functions collaborate to create, execute, and realize organizational goals The four management functions can be thought of as a process, with each function building on the previous function Management must perform the four management functions in the correct order to succeed - Planning involves setting goals and developing strategies to achieve them When opening a supermarket chain, I need to define its business objectives, identify the target market, choose the right location, and develop a comprehensive business plan Factors such as product range, pricing, staffing needs, and marketing strategies will need considering - Organizing involves creating a structure to support the business goals and strategies Creating an organizational structure that includes departments such as finance, operations, marketing, and human resources is another essential as well as establishing policies and procedures for managing the inventory, ordering supplies, and managing the staff - Leading involves guiding and motivating employees to achieve the goals of the organization I will make sure to hire the right people, provide them with training and support, and create a positive work culture The goal is to build a team of highly motivated workforce through staff training and development, staff motivation initiative, and coaching and mentorship More importantly, effective communication channels and employee feedback is crucial for me to establish as well - Controlling involves monitoring and adjusting performance to ensure that goals are being met Key performance indicators (KPIs) will definitely be used to measure the progress against the objectives of the supermarket chain I will implement effective financial management systems and establish a system of checks and balances to ensure that the operations run smoothly SWOT analysis is the next step to any managers to take as it provides insight into the internal and external forces that influence the development of a supermarket's strategy in the retail industry Despite its flaws and threats, its strengths and opportunities are far more important factors to consider The Supermarket can also use its advantages to counteract the threats to its retail business The supermarket chain's strengths, weaknesses, opportunities, and threats in the Vietnam market are summarized below - Strengths: + Growing middle class: Vietnam's growing middle class is increasing demand for highquality products, which can benefit a supermarket chain + Strong economic growth: Vietnam's strong economic growth provides a favorable business environment for a supermarket chain to operate and expand lOMoARcPSD|17343589 + Government support: The Vietnamese government is supportive of foreign investment and has made efforts to improve infrastructure, which can benefit a supermarket chain + Large population: Vietnam has a large population, which provides a large potential customer base for a supermarket chain - Weaknesses: + Intense competition: The Vietnam market is highly competitive, with a large number of domestic and international supermarket chains, which can put pressure on pricing and profitability + Limited brand recognition: A new supermarket chain may face challenges in establishing a strong brand reputation in the Vietnamese market + Limited supply chain infrastructure: Vietnam's supply chain infrastructure is still developing, which can result in delays or quality issues with products + Cultural differences: Cultural differences can create challenges for a foreign supermarket chain in understanding and meeting the needs of Vietnamese consumers - Opportunities: + Online shopping: The Vietnamese market is increasingly adopting online shopping, providing an opportunity for a supermarket chain to offer delivery or pickup services + Private label products: A supermarket chain can increase profitability by offering its own private label products, which can be sold at a higher margin than branded products + Expansion into rural areas: There is potential for a supermarket chain to expand into rural areas of Vietnam, where there may be limited access to high-quality products + Health and wellness: The demand for health and wellness products is increasing in Vietnam, providing an opportunity for a supermarket chain to offer a range of organic, nonGMO, and other specialty products - Threats: + Economic downturns: A supermarket chain operating in the Vietnam market is vulnerable to economic downturns, as consumers may cut back on spending on non-essential items + Political instability: Political instability in Vietnam can disrupt business operations and negatively impact a supermarket chain's profitability + Regulatory changes: A supermarket chain must comply with changing regulations, such as food safety standards and labor laws, which can increase costs and reduce profitability + Disruptive competition: A supermarket chain faces disruptive competition from new entrants, such as online retailers and discount stores, which can disrupt the traditional supermarket model Downloaded by v? ngoc (vuchinhhp10@gmail.com) lOMoARcPSD|17343589 Content learned from Principle of Management Throughout the course, I have had the opportunity to learn about basic management knowledge and have gained a clearer understanding of the subject itself The subject is focused on providing a basic understanding of the fundamental principles and practices of management It covers topics such as planning, organizing, leading, and controlling, as well as the roles of managers, the organizational environment, and management activities Through this subject, I have learned about the key concepts and theories that underpin effective management, and how these concepts can be applied in various organizational settings Principle of Management to me is a foundational course for those who are interested in pursuing careers in business, management, or related fields Another crucial part of this subject that I have learned is that understanding the impact of the environment on organizations is a key component of Principle of Management Organizations operate within a complex external environment that can have a significant impact on their success In addition to managing the external environment, Principle of Management also covers the role of business ethics and corporate social responsibility (CSR) in business activities Business ethics refers to the principles and values that guide the behavior of individuals and organizations in the business world CSR refers to the idea that businesses have a responsibility to operate in a way that benefits society as a whole, not just their shareholders By understanding the impact of the environment on organizations and the role of business ethics and CSR, I have gained a holistic view of the challenges and opportunities facing modern organizations Making decisions is also another critical aspect of management, and Principle of Management provides us students with tools and strategies for making effective decisions Effective decision-making involves a combination of analytical and creative thinking Analytical thinking involves gathering and analyzing data to identify options and evaluate potential outcomes In addition to learning how to make effective decisions, I also have the opportunity to learn how to avoid common mistakes that can lead to poor decision-making These mistakes include biases, groupthink, and overconfidence By understanding these potential pitfalls, it is possible for me to develop strategies for avoiding them and making more effective decisions Overall, Principle of Management provides us with a comprehensive set of tools and strategies for making effective decisions By combining analytical and creative thinking, and avoiding common mistakes, I can develop their decision-making skills and become more of an effective manager The Art and Science nature of Management 3.1 The Science nature of Management Downloaded by v? ngoc (vuchinhhp10@gmail.com) lOMoARcPSD|17343589 To begin, we must understand the definitions in order to gain a better understanding of the science nature of management In layman's terms, science is the systematic and evidence-based pursuit and application of knowledge and understanding of the natural and social worlds Science is a methodical body of knowledge Its principles are founded on the concept of cause and effect All scientific principles are derived from observations and then evaluated through repetitive experiments under controlled circumstances Science is also founded on causes and their consequences Its principles have universal applicability and can be practiced in any situation or time period Management is a structured body of knowledge comprised of basic principles and concepts It draws on not only time-tested theories and principles, but also other disciplines such as Economics, Sociology, Psychology, and Mathematics Management has a vocabulary of terms and concepts, similar to that of any organized activity Extensive observation and experimentation have resulted in management knowledge The knowledge was developed by management experts and practitioners through extensive analysis, investigation, and experience The scientific method of observation and analysis is used in management principles Management observation methods are not completely objective because they deal with human behaviors that cannot be predicted with science Management principles are not generalizable because they are not identical to scientific principles; only the fundamental Principle of Management are widely applicable These insights can be tested and confirmed The management principle is modified based on the situation Managers, on the other hand, are taught certain fundamental techniques that can be applied in a variety of situations Therefore, it is safe to conclude that management is a science, as it can be classified as a social science 3.2 The Art nature of Management The term "arts" refers to the practical use of skills and knowledge to accomplish desired outcomes It is the use of one's own knowledge to achieve results through research, observation, and practice The practice of conceptual understanding is what art is all about Each art has its own set of fundamental principles and theory The application of fundamental knowledge varies from person to person Even how different artists approach their problems in order to achieve the desired result or goal varies That is personal skill Art is made up of a lot of creative thinking To become more creative and achieve the desired outcome, knowledge and understanding should be practiced and applied differently To achieve mastery in the arts, continuous practice is required Artists perfect their skills by repeating the task Management can be seen as an art according to the following features Many texts in the form of academic concepts are available for various areas of management, such as marketing, finance, and human resources, in which the manager must specialize Based Downloaded by v? ngoc (vuchinhhp10@gmail.com) lOMoARcPSD|17343589 on these studies, observations, and experience, a manager applies the art of management in his or her day-to-day job of managing a business Every manager has his or her own style of operation They approach myriad problems with their own perspectives and comprehension of the circumstances There are numerous management theories proposed by various management thinkers that describe specific universal principles In various situations and problems, a manager applies universal principles and theoretical knowledge in order to solve them Thus, management is a personal skill Management is inventive in the way it transforms inputs into outputs A manager applies his or her acquired knowledge in a personal and skilled manner to the challenges of a given circumstance Management is results-oriented and goal-oriented Its goal is to achieve maximum productivity and profitability at the lowest possible cost Management also requires regular practice Through consistent decision-making and leadership, an effective manager can turn a challenge into an opportunity The majority of management practices are based on the same set of principles and theories The ability to put these principles into practice distinguishes a successful manager from a less successful manager Hence why management is an art as well Downloaded by v? ngoc (vuchinhhp10@gmail.com) lOMoARcPSD|17343589 CITATIONS Nature of Management as a Science, Art and Profession (2022), article: https://www.geeksforgeeks.org/nature-of-management-as-a-science-art-and-profession/ Richard L Daft (2014), New era of management, 11th edition, Cengage Schermerhorn (2012), Management, 11th edition, Wiley Downloaded by v? ngoc (vuchinhhp10@gmail.com)