Key Management Skills required by Managers

Introduction

•A manager in a business or retail environment requires certain core skills.

•I have identified 9 core skills a retail manager needs possess in order to be successful.

KEY MANAGEMENT

SKILLS REGUIRED BY MANAGERS

PLANNING

ORGANISING

COORDINATING

CONTROLLING

MOTIVATING

COMMUNICATING

LEADING DECISION MAKING

FORECASTING

Presented by: Bright ChimaniRetail Management: Communications Module29/11/10

FORECASTING

It reduces risks surrounding decision making by managers

It calculates or predicts future events of conditions affecting businesses

SALES FORECASTINGBusinesses success is based on a healthy demand of its product from the market

TYPES OF FORECASTING

FINANCIAL FORECASTINGBusinesses success is based on a healthy financial position to meet its projected business needs

PLANNING

PLANNING INVOLVES

Evaluation Of Resources

Developing Alternatives

Evaluation of Plan

Creating Organisational Structure

Implementation of PlanCreating Forecasts

Planning prepares for and predicts future events affecting the business

It establishes objectives and creates strategies to achieve those objectives.It creates a step by step determination, activities and resources necessary to achieve those objectives.

CONTROLLING

QUALITY CONTROLSJudges a product or

services

COST CONTROLSuccess or failure of a business depends on

control of finances

QUANTITY CONTROLProduction Based

TIME CONTROL Timing of performance on quantity or quality

TYPES OF CONTROLLING

PLANNING AND CONTROL ARE INEXTRICABLY ENTWINED

Measures performance against pre-determined

standards

Evaluates progress and it steers the department in

the right direction

ADMINISTRATIVEDeals with company structureflow of informationcommunication etc.

Every day of our life each one of us makes decisions. It is the same with

businesses managers who need to make good decisions all the time.

TYPES OF DECISIONS

OPERATIONAL DECISIONSNormal day to day operational decisions which include:Resource allocationstaffingBudgets, etc.

STRATEGIC Deals with:Opportunitieschoice of productsMarketspromotional issues.

DECISION MAKING

COORDINATION

Its a process of ensuring that the interrelated activities in a business go as planned.

PRINCIPLES OF CREATING A GOOD

WORK CLIMATE

It is concerned with achieving harmony of individual efforts

achieving set organisational and group needs.

Be goals and resource centred

Inspire confidence and lend encouragement

Set a good example

Give credit and blame as needed, credit in public,

blame in private

Consciously seek participation

Be fair, consistent and honest

DIRECTING

COMMUNICATION

It is the attainment of organisational goals through

guiding and motivating subordinates

It includes issuing orders, instructions and enforcing

discipline.

IMPORTANT DIRECTING TOOLS

INCLUDE

MOTIVATIONLEADERSHIP

LEADERSHIP

Basic Leadership StylesAutocratic , Democratic, Laissez-Faire Style

Emotional stabilityRefrain from anger and bias

Good communication skills

Teaching Ability A leader must have the ability to

teach

Social skill: A leader must have the ability to socialize with others

Knowledge of Human Relations

Empathy: an understanding of human feelings

Discipline: A good leader must be well disciplined

A good leader must have technical ability

Energy: A good leader must have mental and physical energy required to accomplish his tasks.

MOTIVATION

MASLOW HIERACHY OF NEEDS THE HERZBERG HYGIENE THEORY

Popular Motivational Theories

“This is a process of creating organisational conditions that will

cause employees to strive for superior performance”

COMMUNICATION

This is a process through which ideas are transferred from the sender to the

receiver

It is a means through which plans are coordinated and implemented

All good managers encourage effective communication by establishing

channels through which information is transmitted to subordinates

It helps in motivating members of an organisation towards easy

execution of plans

Communication Functions

Bibliography

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2) Mary Ann Pezzullo, Marketing financial services, American Bankers Association, 1998

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Prentice Hall, 2000

4) R. Hisrich, The Woman Entrepreneur: Management Skills and Business Problems,

Thunderbird, School of Global Management - Walker Center for Global Entrepreneurship, 2009

5) J.F Hazucha, S. A. Hezlett, R. J. Schneider, The impact of 360-degree feedback on management

skills development, 2006