We have studied different theories about management that how they’ve evolved with time and that is the reason principles of management are subject to change and can be altered and improved with time which is totally dependent on different external and internal factors affecting such as a business has to face different consequences in different situations which can be related to internal factors such as employees, money, resources and company’s culture, etc. and some external factors such as economy, customers, suppliers, and our competitors, etc. Now when it comes to choosing the best management theory people tend to select theories according to the nature of their business and employees as a certain style of management can be appropriate for one business or employee but at the same time it may not suit other businesses or employee so in order to be successful we have to use different points in different management theories in order to cope with business nature and different employees, or we can use a combination of two, three or even more than three theories. Modern management theory by Fayol involves many important management factors from previous theories as well and if we take a real-life example for it then we can say Coca-Cola has applied modern management theory Five rules of management by Fayol are foresight, organization, bid, coordination, and control. Conferring to the first rule Coca-Cola presented a clear and appropriate style for its foresight for instance according to Industry week (2010) Coca-Cola has boosted its net income by 55% and their drastically rise in sales in counties like India and China by the thought of making new works which need more bottles for their drinks. The second rule is the corporation, which refers to flexibility in utilizing resources, and Coca-Cola assembles diverse information based on economic and social aspects and gathers to offer a certain level of flexibility by making changes in their selling and production strategies. The third rule ‘bid’ is related to the appropriate allotment of staff to attain justifiable and excellent work, for example, 5 executive presidents of Coca-Cola are responsible for different subcontinents and each staff member working under them is allotted different roles to fulfill the goal of the finest and effective work environment. Fourth is coordination; this company's leaders focus on two key parts of the procedures. First is coordination with one another in the roles to rise the business volume. In another, the staff is persuaded to provide innovative concepts to fuel customer satisfaction. The last one is control, and the controlling function in this company is performed through seasonal assessments of supervisory and salesmen's performance. In the end, a grading system relies on an impartial assessment of whether the employee evaluated has reached goals. The crucial fact to note about Coca-Cola is that it sticks to a Wide-reaching approach where they measure performance according to the local circumstances of the marketplaces in which it works.
As explained earlier how all of these theories evolved over time, so it depends on us how to manage any business by using a theory or combination of different theories and being creative as well.
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