Management Chapter 1

organization

(mangers operate within) a group of people who work together to achieve some specific purpose

What are the rewards of being an exceptional manager?

1. "the art of getting things done through people" through efficiency and effectiveness

The Four Principal Functions

1. Planning (you set goals and decide how to achieve them)-What are you going to do? 2. Organizing (You arrange tasks, people, and other resources to accomplish the work)-What do you need to do it? 3. Leading (you motivate, direct, and otherwise influence people to work hard to achieve the organizations goals)-How are you going to do it? 4. Controlling (you monitor performance, compare it with goals, and take corrective action as needed)-Did you do it?

4 ways for managing for competitive advantage

1. being responsive to customers (amazon) 2. innovation (google) 3. quality (chipolte) 4. efficiency (more goods less cost;walmart)

implications of e-business

1. far-ranging e-management and e-communication 2. accelerated decision making, conflict, and stress 3. changes in organizational structure, jobs, goal setting, and knowledge management

seven challenges to being an exceptional manager

1. managing for competitive advantage-staying ahead of rivals 2. managing for diversity-the future won't resemble the past 3. managing for globalization-the expanding management universe 4. managing for information technology 5. managing for ethical standards 6.managing for Sustainability-The Business of Green 7. Managing for your own happiness&life goals

the most valued traits in managers

1. the ability to motivate and engage others 2. the ability to communicate 3. work experience outside the United States 4. High energy levels to meet the demands of global travel and a 24/7 world

management is defined as (3)

1. the pursuit of organizational goals efficiently and effectively by 2. integrating the work of people through 3. planning, organizing, leading, and controlling the organization's resources

rewards of studying management

1. understanding how to deal with organizations from the outside 2. understanding how to relate to your supervisors 3. understanding how to interact with co-workers 4. understanding how to manage yourself in the workplace

rewards of practicing management

1. you and your employees can experience a sense of accomplishment 2. you can stretch your abilities and magnify your range 3. you can build a catalog of successful products or services

roles managers must play successfully

Mintzberg's useful findings 1. A manager relies more on verbal than on written communication 2. A manager works long hours at an intense pace 3. a manager's work is characterized by fragmentation, brevity, & variety

soft skills

affective "how you feel" behavior (you can illustrate) ex. create a customer relationship

managing for information technology

by 2015, consumers are projected to spend 1.4 trillion online, a rise of 13.5% annually -information technology has facilitated e-business, using the internet to facilitate every aspect of running a business

hard skills

cognitive and psychomotor "what you think and do" tasks (you can demonstrate) ex. handle a customer transaction

managing for sustainability

economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs -raw materials and practices

middle managers

implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them *both general and specific *subjective/objective *conceptual/technical *in the short and long term

Directive model

implies: those at top are more important suggests: what can you employees do for us managers?

tangible vs intangible resource

labor workers, capital, machine, equipment skills, education, time, emotion

top managers

make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it *general *subjective *conceptual

first-line managers

make short-term operating decisions, directing the daily tasks of non-managerial personnel (supervisor/manager) *specific *objective *technical

interpersonal roles

managers interact with people inside and outside their work units (stakeholders) figurehead, leader, liaison

informational roles

managers receive and communicate information monitor, disseminator, spokesperson

decisional roles

managers use information to make decisions to solve problems or take advantage of opportunities -entrepreneur, disturbance handler, resource allocator, negotiator

similarities manager/entrepreneur

need achievement, high energy, action orientated, tolerate ambiguity, risk tolerate, self-confidence

necessity entrepreneurs

people who suddenly must earn a living simply trying to replace lost income and are hoping a job comes along

entrepreneurship

process of taking risks to try to create a new empire -entrepreneur, intrapreneur

functional manager

responsible for just one organizational activity

general manager

responsible for several organizational activities

entrepreneur

someone who sees a new opportunity for a product or service and launches a business to try to realize it -is what it takes to start a business

intrapreneur

someone who works inside an existing organization who sees an opportunity for a product or service and mobilizes the organization's resources to try to realize it

supportive model

suggests: what can you managers do for us employees? implies: those at front are more important than those at back

managing for competitive advantage

the ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them

conceptual skills

the ability to think analytically, to visualize an organization as a whole and understand how the parts work together

human skills

the ability to work well in cooperation with other people to get things done

technical skills

the job-specific knowledge needed to perform well in a specialized field

opportunity entrepreneurs

those who start their business out of a desire rather than because they lost a job

effective

to achieve results, to make the right decisions and to successfully carry them out so that they achieve organizational goals

efficient

to use the resources-people, money, raw materials, and like-wisely and cost-effectively (improve output/input ratio; get more using less)