Theories in Business Management

The current business environment is highly competitive and without effective leadership skills and management strategies, securing a competitive advantage would not be realized. Based on the market scenario, various theories of management ought to be incorporated to meet the management objectives. Drucker’s theories, Follet’s theories, Taylor’s theories, and Weber’s theories of management are thus incorporated till date in business management.

  Drucker’s theories relate with current management circumstance as he argues that a manager cannot lead alone but should ensure a collaborative workplace. He coins out that powers should be delegated amongst all the employees for a more flexible and effective management strategy. The individual advocates for the involvement of workers in decision making process so that they also feel valued. According to Ducker, management by objectives, employing knowledgeable and creative workers is fundamental towards the achievement of effective management in the current circumstance. He encourages managers to apply the acronym ‘S.M.A.R.T’ (Specific, Measurable, Achievable, Relevant, and Time-oriented) for an efficient and effective management strategy in business.

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