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The people who administer a company, create policies, and provide the support necessary to implement the owners' business objectives.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.


1. The persons or institutions that administer a company. That is, management has the responsibility to direct employees, set and enforce policies, and generally ensure that the company fulfills its goals (which management itself often sets). Management is responsible to the board of directors (of a publicly-traded company) and ultimately to the company's owners. In small companies, owners and managers are often the same people.

2. See: Asset management.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


The process of organizing and directing human and physical resources within an ORGANIZATION so as to meet defined objectives. The key management roles are:
  1. planning how to carry out the various activities which are required to achieve the objective. This involves establishing an action programme (see BUSINESS PLAN) and an appropriate organization structure within which tasks can be subdivided (for example into production, personnel, marketing and finance); RESPONSIBILITY for them delegated; and PAY and reward systems instituted (see JOB DESIGN AND REDESIGN, WORK ORGANIZATION);
  2. CONTROL, by comparing current performance with that planned in order to monitor progress of the work. Such comparisons reveal where additional resources may be needed to achieve desired performance or when plans may need to be modified in the light of experience;
  3. COORDINATION of the tasks being undertaken, which involves synchronizing and balancing work loads and ensuring effective collaboration between the various DEPARTMENTS and GROUPS within the organization;
  4. MOTIVATION of the members of the organization, encouraging them to work effectively in performing their assigned task.

CLASSICAL MANAGEMENT THEORY portrayed management as a rational activity largely concerned with establishing routines and procedures for administering the work. More recently this emphasis has been questioned in a number of respects. Research has shown that much of the manager's working day is spent on tasks other than those suggested in this approach, for example attending retirement presentations, responding to telephone enquiries etc. Much of the manager's job involves ad hoc reactions to events. Other research has shown that managers ‘muddle through’, aiming at achieving satisfactory rather than optimum outcomes (see SATISFICING).

Recent writing on management has emphasized the LEADERSHIP aspect of the managerial function. The key issue here concerns the means by which managers can achieve effective performance from their subordinates. Two basic approaches are identified in the literature (on MANAGEMENT STYLE):

  1. task orientation, where managers' relationship with their subordinates is essentially directive, being primarily focused on getting the job done;
  2. people orientation, where managers show a greater concern for their subordinates' well-being, on the grounds that a contented workforce performs effectively.

Some believe that good leaders are born with certain personal qualities whilst others believe that these can be instilled through MANAGEMENT DEVELOPMENT. Whatever perspective is taken it should be remembered that leadership involves more than a leader: it also involves subordinates and a context. Good leadership is that which produces appropriate behaviour from others in particular situations. See ORGANIZATIONAL ANALYSIS, BOARD OF DIRECTORS.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
To secure a clear direction for our efforts, our service leaders created a vision: "Mayo Clinic in Scottsdale aspires to provide the highest service to our patients, fellow employees, and other partners" and mission statement: "To build a culture of service excellence and mutual respect to facilitate service to patients, families, and staff."
"We want to be at the forefront of driving the culture of service excellence in the North-East, an area where we are proud to be based and which means a great deal to us," she says.
Pragati (International Service Excellence Awards & Summit 2019) is first of its kind that witnessed some of the finest minds from across the country who took the oath to always stand for a cause that would help uplifting the weaker sections and empowering them with basic fundamental rights.
'These welfare matters have a bearing on performance and service excellence. Your concerns are my concerns and rest assured that we shall deal with and address all complaints raised at previous fora since a generally happy and content staff will give all its focus to service delivery,' he said.
"It's an honor to be recognized by Skytrax for our commitment to innovation and service excellence. We always work hard to stay creative, relevant, and continue to build content that appeals to our multi-national and multi-cultural passengers.
Looking ahead, our strategy remains grounded in the same principles: continually enhance our operations to create more value for our stakeholders, while ensuring service excellence and the highest level of safety all around the dnata network.'
Established in 2002, the Dubai Service Excellence Scheme is aimed at promoting excellence in customer service standards in the private sector.
"The two indices complement each other and when adopted correctly and together, they help create and maintain your focus to ensure the successful execution of your business strategy, and eventually achieving service excellence." Abu-Ghazaleh added.
Results of this study shows that private banks are making their efforts to make their customers satisfied and further customer satisfaction plays the mediating role between service excellence and customer delight and customer delight is the next step after customer satisfaction.
Manama: Four CrediMax employees took part in the Fourth Customer Service Excellence Conference held at the Crowne Plaza Hotel.
The awards reward client service excellence and recognise businesses that go the extra mile for their customers, providing outstanding service and inspiring their customers to actively promote them.
Warid Telecom, an Abu Dhabi Group owned company, marks its 10th year of service excellence in Pakistan.

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