5 elements of management

Management items change from time to time. The basic elements, however, have not changed for a long time. Recently, even these basic elements have been affected due to the development of Internet communication.

If one has been involved in the management of the company, he may have learned that there are 3 important resources in the management of the company. i) People (basically employees, or Human Resources), ii) Products, and iii) Money (Fund, Capital, Expenses or Expenses)

The resource can be seen as a triangle. They are interactive with each other. It goes without saying how important people are to business. It is a self-explanatory model, including money and products. Now these Management Items are changing to be “5 Management Items” instead of the basic 3.

It seems that the importance of these 3 elements has not changed much in the Internet age. One can call them classic management elements. They are there in the new model. What are 5 elements, then? Due to the change of the media, centered on the Internet, people’s minds, trading behavior, available trading tools, market elements or management resources are no longer 3.

One needs to understand the following 5 elements of management and make use of them, in addition to the 3 legacy elements. The fourth is “Information”. The fifth is “Mark”. Now the elements look like a satellite system. The center, like the Sun, is “People”. The satellite planets that revolve around “People” are “Information”, “Brand”, “Products” and “Money”.

Obviously, the 5 element model replaced 3 elements, since no one can ignore the power of “Information”, through the Internet. Branding is no longer just for a big organization with a lot of money. People can easily join themselves through streaming tools on the internet. In this way, the importance of the “Elements of People”, that is, Information and Brand, are increasing in management and marketing models. People don’t have to spend a lot of money on Information and Branding. Those who can handle the information and the brand will win the next game.

Business is a series of actions that help others. Still, “People” is always at the center of these elements or any other factor in business. This basic is immutable. The business or the sale is a regulated mechanism or game. Who makes this mechanism move? Who participates in the game? People do it. The Idea was that People being the center of the entire operation managing “Information” and “Brand” favors the flow of “Products” and “Money”.

The difference, compared to the traditional 3 element model, is that “People” does not sit on top of other elements, but instead accesses and uses the other 4 elements. “People” is not necessarily the teacher. They remain the center of all elements. Instead of “People” being equally positioned in the legacy 3-item model, in the new model “People” is the center and accesses all other items. In the period of change, the “People” item increases in value and importance, gaining more tools and resources.