Fundamentals Of Economics And Management Page

| Function | Definition | Key Activities | | :--- | :--- | :--- | | | Setting goals and deciding how to achieve them. | Vision, mission, SWOT analysis, strategy, budgeting. | | Organizing | Arranging tasks, people, and resources. | Departmentalization, span of control, delegation, structure (functional, divisional, matrix). | | Leading | Motivating, directing, and influencing people. | Communication, motivation (Maslow, Herzberg), leadership styles, team building. | | Controlling | Monitoring performance and taking corrective action. | Set standards → measure actual → compare → take action. |

The fundamental law that determines market prices. Understanding how a price change affects your sales (Elasticity) is crucial for revenue management. fundamentals of economics and management