The guidelines for actions and decisions of managers are management principles. Over time, management professionals have derived these principles through in-depth analysis and observation of events that businesses face in actual practices. They constitute the underlying and essential factors that form successful management foundations. These management principles are used in initiation as well as aiding of change, decision-making, organization, and skill management principles (Mullins, 2005). Management principles provide the framework that guide organizations in improving their performance. Customer focus is important since organizations usually depend on customers to understand future and current customer needs in meeting customer requirement. It constitutes a major principle utilized by the management in striving to exceed their customers' expectations. Management principles help in enhancing the effectiveness of organizational resources as far as customer satisfaction, corporate goals, and management as a whole is concerned.
To assist inform research related to management principles especially, a review on literature is integral. This literature review will primarily focus the postulation that Taylorism as a fundamental system premeditated to make best use of management control over employees. This paper will examine how this position has been in use to-date. However, recent systems of management are focusing especially on promoting and empowering employee initiatives. This paper will seek to examine what management professionals and consultants have come to consider as significant management principles. This will provide a conceptual framework in the examination of the key benefits accruing from management principles. Further, this paper will examine the relevance of management principles in increasing market share and revenue through fast and flexible responses towards market opportunities.
