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CORPORATE MANAGEMENT STRATEGIES AND THE ROLE OF MANAGEMENT

Corporate management strategies and the role of management are essential elements in the management of organizations. These two elements provide a basis for direction and control within the firm. Consideration of various aspects is crucial before any organization develops corporate management strategies. These are the compatibility of businesses, the impact of these businesses on each other, and the parent company’s structure. As a result, optimization of capital and allocation of resources is simplified. Moreover, it ensures the streamlining of processes and centralization of governance. The components of corporate strategy are organizational design, portfolio management, strategic tradeoffs, and resource allocation. This paper also examines the functions of power, decision-making, and trust in organizations.

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THE ROLE OF MANAGEMENT

Management is a process that involves guiding growth, allocating resources, and attaining organizational goals and objectives. On the other hand, managers are the people responsible for ensuring the fulfillment of management goals and objectives. The process of management is dynamic hence keeps evolving. Its evolution ensures the meeting of needs and addressing arising issues. Moreover, it ensures that the external and internal is conducive for the operation of the firm. The role of management in any given company entails controlling, planning, leading, and organization. The management functions help managers improve efficiency and effectiveness in the organization. Incorporating corporate management strategies is essential for ensuring the smooth running of management roles.

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UNDERSTANDING THE FUNCTIONS OF POWER, DECISION-MAKING, AND TRUST

This section analyses the function of power, decision-making, and trust. There are four major types of decision making in an organization. These are authoritative, authoritarian, consultative, and consensual decision making. All leaders need to have at each aspect of these decision making types. This is because each situation requires a distinct manner of arriving at final decisions. For example, authoritarian applies to emergencies, while consultative aims to engage people in making decisions. Trust is essential for the running of an organization. It must run from managers to the junior employees. Otherwise, communication breaks down. Moreover, the company has to create trust with customers. Therefore, power, decision-making, and trust supplement the role of management.

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