Management 301 Chapter 1

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leading

stimulating people to be high performers, includes motivating and communicating with employees individually and in groups, involves close day-to-day contact with people, helping to guide and inspire them toward achieving team and organizational goals

types of frontline managers

supervisors, team leader, assistant manager

being self reliant

take full responsibility for yourself and your actions, find ways to make your overall performance better, don't be afraid of change, be an innovator, look to contribute in new ways, be willing to work hard, look at results and see where you need improvement

critical management skills

technical, conceptual and decision, and interpersonal and communication

technical skill

the ability to perform a specialized task that involves a certain method or process, most important early in your career

the key to understanding the success of a company

the competitive advantage a particular company holds and how well it can sustain that advantage

sustainability

the effort to minimize the use of resources, especially those that are polluting and nonrenewable, avoiding wasteful use of energy can bolster a company's financial performance while being kind to the environment, long-term perspective on sustaining the natural environment and building tomorrow's business opportunities while managing today's

quality

the excellence of your product, the importance of quality and the standards for acceptable quality have increased dramatically in recent years

planning

the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals, sets the stage for action and for major achievements

social capital

the goodwill stemming from your social relationships, can be mobilized on your behalf, aids career success, compensation, employment, etc.

Innovation

the introduction of new goods and services, a firm must adapt to changes in consumer demands and new competitors, a firm must innovate or it will die

management

the process of working with people and resources to accomplish organizational goals, good managers do those things both effectively and efficiently

Challenges with technology come from

the rapid rate at which communication, transportation, information, and other technologies change

top-level managers (strategic managers)

the senior executives of an organization and are responsible for its overall management, supposed to focus on long-term issues and emphasize the survival, growth, and overall effectiveness of the organization, concerned not only with the organization as a whole but also with the interaction between the organization and its external environment, called on to be strategic architects and organizational leaders, articulate broader corporate purpose so people can relate

Knowledge management

the set of practices aimed at discovering and harnessing an organization's intellectual resources- fully using the intellects of the organization's people its about finding, unlocking, sharing and capitalizing on the most precious resources of an organization: people's expertise, skills. wisdom, and relationships

emotional intelligence

the skills of understanding yourself, managing yourself, and dealing effectively with others

to be efficient

to achieve goals with minimal waste of resources, to make the best possible use of money, time, materials, and people

to be effective

to achieve organizational goals

knowledge workers

workers whose primary contributions are ideas and problem-solving expertise

Can collaborators be located outside of an organization?

yes. companies today must motivate and capitalize on the ideas of people outside of their company, customers, for example, can be collaborators, companies must realize that the need to serve the customer drives everything else

being a specialist and a generalist

you should be an expert in something useful while knowing enough about a variety of disciplines so that you can think strategically and work with different perspectives

top management team includes

CEO, COO, chief information officer, and other chiefs (ethics, knowledge, technology, strategy, corporate development, marketing/branding)

CEO of Virgin

Sir Richard Branson, encourages world government officials to set the ambitious goal of reaching net zero CO2 or greenhouse gas emissions by 2050

company that most efficiently distributes its products

Walmart

delivering strategic value

a continual process in which people throughout the organization use their brains and the brains of their customers, suppliers, and other stakeholders to identify opportunities to create, seize, strengthen, and sustain competitive advantage

planning activities include

analyzing current situations, anticipating the future, determining objectives, deciding on what types of activities the company will engage on, closing corporate and business strategies, determining the resources needed to achieve the organization's goals

Fortune magazines 2014 number 1 company for quality of products

apple (Starbucks was 2)

Fortune magazines 2014 number innovative company

apple (amazon was 2)

survive and thrive

ask what needs to be done not just what do I want to do write an action plan take responsibility for decisions focus on opportunities rather than problems

organizing

assembling and coordinating the human, financial, physical, informational, and other resources needed to achieve goals

organizing activities include

attracting people to the organization, specifying job responsibilities, growing jobs into work units, marshaling and allocating resources, and creating conditions so that people and things work together to achieve maximum success

tools needed for a successful career

be both a specialist and a generalist, be self-reliant, connect with people, actively manage your relationship with your organization, survive and thrive

does globalization affect small or large companies?

both

role of middle-level management

break down corporate objectives into business unit targets, put together separate business unit plans from the units below to give to higher levels, translate internal communication

T-Shaped managers

break out of the traditional corporate hierarchy to share knowledge freely across the organization (the horizontal part of the T) while remaining committed to the bottom-line performance of their individual business units (the vertical part)

types of top-level managers

chief executive officer (CEO): the primary strategic manager of a large firm and has authority over everyone else chief operating manager (COO): company presidents and other members of top management teams (TMT)

quality is further provided when

companies customize goods and services to the wishes of the individual customer

Companies should worry about costs because

consumers can easily compare prices on the internet from thousands of competitors, if you can't cut costs and offer attractive prices, you can't compete

Roles of managers

decisional, informational, interpersonal

value

describes the monetary amount associated with how well a job, task, good or services meets a users' needs, the better you meet those needs (in terms of quality, speed, efficiency etc.) the more value you deliver

organization now and in the future

effective managers will be using new forms of organizing and viewing their people as perhaps their most valuable resources, they will build organizations that are flexible and adaptive, particularly in response to competitive threats and customer needs

decisional roles

entrepreneur: searching for new business opportunities, creating new projects disturbance handler: taking corrective action during conflicts resource allocator: providing funding and other resources to units or people, making organizational decisions negotiator: engaging in negotiations with parties outside the organization as well as inside

W. Edward Deming, J.M. Juran

examples of quality gurus who convinced managers to take a more complete approach to achieving total quality

Innovation and globalization

facilities in other countries can manufacture appliances or write software code at a lower cost than facilities in the United States, U.S. facilities are therefore at a disadvantage, they must in turn provide something their foreign competitors cannot

knowledge managers

find human assets, help people collaborate and learn, generate new ideas, and harness those ideas into successful innovations

Service

giving customers what they want or need, with speed and dependability, focused on continually meeting the needs of customers to establish mutually beneficial long-term relationships, making it easy and enjoyable for customers to an experience or buy and use products

connecting with people

have good working relationships and interpersonal connections, be a team player, have a strong network

achieving total quality

includes preventing defects before they occur, achieving zero defects in manufacturing and designing product for quality, the goal is to solve and eradicate from the beginning all quality-related problems and to live a philosophy of continuous improvement in the way the company operates

interpersonal and communication skills (people skills)

influence the manager's ability to work well with people, the ability to lead, motivate and communicate effectively with others, important throughout your managerial career

fundamental success drivers to performance

innovation, quality, service, speed, cost competitiveness and sustainability

intangible services

insurance, hotel accommodations, medical care and haircuts

conceptual and decision skills

involve the ability to identify and resolve problems for the benefit of the organization and everyone concerned, used when managers consider the overall objectives and strategy of a firm, interactions in the organization, and the role of the business in its external environment, higher levels=more conceptual and decision skills needed

why is the internet so important

it is a marketplace, a means for manufacturing goods and services, a distribution channel, an information service, it drives down costs and speeds up globalization, it improves efficiency of decision making, obtain information on competition

cost competitiveness

keeping costs low so that the company can realize profits and price its products (goods and services) at levels the are attractive to consumers, if you can offer a desirable product at a lower price it is more likely to sell

interpersonal roles

leader: staffing, developing, and motivating people liaison: maintaining a network of outside contacts that provide information and favors figurehead: performing symbolic duties and serving other social and legal demands

frontline managers (operational managers)

lower-level managers who supervise the operations of the organization, directly involved with non management employees, implementing the specific plans developed with middle managers, called on to be entrepreneurial, crucial to creating and sustaining quality

job category that has declined the most in recent years

manufacturing

actively managing your relationship with your organization

mindset 1: view yourself as an employee and expect your employer to tell you what to do and give you pay benefits mindset 2: instead of doing what you are told, think about how you can contribute and act accordingly

informational roles

monitor: seeking information to understand the organization, center of communication disseminator: transmitting information from source to source, interpreting and integrating diverse perspectives spokesperson: speaking on behalf of the organization

Controlling

monitoring performance and implementing necessary changes, managers make sure the organization's resources are being used as planned and that the organization is meeting its goals such as quality and safety

companies that want to grow...

often need to tap international markets, where incomes are rising and demand is increasing

The best managers and companies

perform on all 6 levels of delivery performance

old quality

pertained primarily to the physical goods that customers bought, and it referred to attractiveness, lack of defects, reliability, and long-term dependability, traditional approach to quality was to check work after it was completed and then eliminate defects, using inspection and statistical data to determine whether products were up to standards

fundamental management principles

planning, organizing, leading, and controlling

measuring quality

quality can be measured in terms of product performance, customer service, reliability (avoidance of failure or breakdowns), conformance to standard, durability, and aesthetics

Speed

rapid execution, response and delivery, often separates winners from losers, how fast can you develop a new product?, how quickly can you respond to customers requests?, better off if you are faster than the competition, don't be sloppy

middle-level managers (tactical managers)

responsible for translating the general goals and plans developed by strategic managers into more specific objectives and activities, to be an administrator who bridges the gap between higher and lower levels, close to day-to-day operations, have good operating and problem solving skills

fastest growing job categories in recent years

services and retailing jobs


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