Business

Management is defined as the process of allocating resources and controlling activities within an organization so as to achieve the desired goals and objectives of the firm. It involves the activities of planning, organizing, directing, controlling, staffing and organizing all resources to achieve intended objectives. The success of any business depends on the management styles being employed. Good management enables an organization to accumulate wealth and to remain viable in a competitive market (Pidd, 2003).

New developments in management during last decade
Modern businesses have adopted the strategy of valuing the shareholders. The shareholders provide financial support to the organization. Businesses have adopted the strategy of attracting shareholders through increased interest, dividends and other benefits. The company must have adequate capital to finance its activities so as to remain competitive in the market (Witzel, 2003).

Development of information technology (IT). Organizations have adopted the modern technologies in management so as to keep an up-to-date technology. The use of modern machines in the companies is encouraged to create efficiency and effectiveness. Many organizations have developed Research and Development departments to research on the up coming technologies. Most modern businesses are entirely dependent on information technology. Changes in the market of IT can affect many companies. For an organization to overdo its competitors, it must embrace modern technology (Henderson, 1996).

Customer oriented management. The modern businesses are focusing on the customer as the main and most important aspect of the business. The customer is the buyer of the products of the company. The profitability of the business depends on the customer base and the loyalty that customers have towards the products of the company. Organizations have adopted the strategy of researching on customer needs so as to come up with customer oriented products. Market research has helped many organizations in developing products that display the taste of the customers (Witzel, 2003).

Risk management. The risk is a major component of the businesses. The risky the businesses, the higher the profits. The organization must do adequate analysis of the risks so as to avoid loss when the risk does not favor the company. Proper calculation of the risk before investing is very important. Organizations are employing personnel to research on the risks relating to ventures they are undertaking (Pidd, 2003).

Creative management. The organizations are allowing the employees to be creative in the management. Companies are avoiding bureaucracy in management so that workers can be creative. This strategy has made many organizations to come up with innovations in business. The employees should be set free to think and come up with new ideas. The managers should use this strategy to compete with competitors in a market which is dominated by the same product. Product differentiation is important in attracting new customers in a business since it creates a variety of products (Witzel, 2003).

Privatization. Public organizations are opting going private since the private sector has efficient management. Governments are involving the private sector in provision of many services. The management of public organizations has been deteriorating and this has caused the governments to adopt the strategy of privatization as a means of improving service delivery (Pidd, 2003).

Conclusion
Good management should be the main objective of the organization. The use of modern Management styles is essential to ensure the organization keeps up to date skills. The company must do research on the most recent management styles to ensure competitors do not overtake them.