Principles of Management - Introduction to Management

social

These factors include demographics like population growth, age distribution, and attitudes toward safety and health consciousness.

Tactical plan

Translate strategic plan into specific actions. Who, what. When, where, etc.

Factor or Management: Leading

Uses knowledge, character and charisma to generate enthusiasm to achieve goals. By communicating goals effectively throughout the organization. Building common vision and creating shared values and culture.

environmental

Weather, climate change, air quality, and natural disasters.

strategy

a comprehensive plan to achieve its goals in the face of these conditions. Strategy defines how a firm will achieve long-term success.

environmental scanning.

a high level, broad based process of gathering, analyzing, and dispensing information to develop strategies. process includes getting both factual data and qualitative opinions. Organizations also scan when they are considering whether to enter a particular industry.

industry analysis

a method for a company to assess its market position relative to its competitors. it's meant to help a company review various market and financial factors in its industry that affect the business, including evaluating the competition.

value proposition

a statement a company uses to convince customers that its product or service provides more value to them than its competitors. communicates to the customer the main reason a product or service is the one best suited to their needs.

First-line Managment

close contact with workers. Responsible for organizational objectives and plans. Focuses on internal issues, must communicate. Assistant managers, shift managers, foremen, section chiefs, and officer managers.

synergy

concept that the pieces of the organization support each other so that the total output is greater than the individual outputs.

5 key components of situational analysis

customers, competitors, suppliers, government, and legal issues.

what does PESTEL do and what is it?

it organizes the framework that allows decision makers to understand and make connections with a mass amount of information. it examines 6 key macro-environmental factors to understand their interactions with the organization. it gives an overview of the different macro-environmental factors that the company has to take into consideration.

The bargaining power of buyers

refers to the amount of pressure customers can put on a seller. The buyer wants to lower prices, increase service, or improve the quality of the product.

The bargaining power of suppliers

shapes the competitive measure of an industry because it limits the ability of the seller to make a profit. Powerful suppliers can pressure buyers by raising prices, lowering quality, or reducing the availability of the supply.

Organizational culture

shared values and beliefs that guide individual behaviors in the organization.

economic

start with indicators for the U.S. economy as a whole. These are growth, employment, inflation, and interest rates. Companies with foreign operations will worry about exchange rates.

culture of excellence

supervisory system that encourages and recognizes behaviors that support the strategy.

leadership

the ability to communicate a vision and inspire people to embrace that vision.

Competitive advantage

the business outperforms its rivals in the market because customers prefer its products or services.

sustainable competitive advantage.

the goal of companies is to create competitive advantage in ways that are difficult or costly for competitors to copy.

Competitive rivalry within the industry

the intensity or the level of competition in an industry is one of the main forces that determines the profitability of that industry. A highly competitive market suggests that the competitors are aggressively trying to take market share from their rivals. Intensity can be affected by the number of competitors, the size of the market, the growth of the industry, and how difficult it is to differentiate your product

strategic management

the process of integrating all the functions and activities in an organization as a whole. is the "glue" that holds these processes together. considers entire organization and how pieces fit together. best fit for planning function

The threat of new entrants

the threat that new competitors pose to the existing businesses in an industry.

Porter's Five Forces

use the tool to examine opportunities and threats and to facilitate decision-making. measures competitiveness, attractiveness, or potential profitability. The threat of new entrants, The threat of substitute products or services, competitive rivalry within the industry, The bargaining power of buyers, The bargaining power of suppliers

Decisional Roles

• All managers • Entrepreneur- top-level managers. - economic opportunities, lead change initiative. • Disturbance handler- top and middle managers. - react to problems in organization (internal/external)- decide what actions should be taken. • Resource allocator - depending on whether decisions affect whole company or not. • Negotiator- top and middle-level managers. - top- negotiators about what company ( contracts or agreements ) - middle- negotiate salary and hiring.

Factor of Management: Controlling

The process of monitoring activities, measuring performance, comparing results, making corrections. observing and responding to what happens.

The threat of substitute products or services

A substitute product is not a similar product from a competitor, but rather a different product or service altogether but that performs the same purpose in the mind of the consumer.

business strategy

AKA "doing the right things." everyone must be focused on being successful at the things that create competitive advantage, make sure resources are given to departments that create competitive advantage, and control activities that create competitive advantage.

In most cases, the management function includes which of the following? A) applying and distributing organizational resources effectively. B) acquiring new resources when necessary. C) analyzing, and adapting to the ever-changing environment in which the organization operates. D) complying with legal, ethical, and social responsibilities of the community. E) developing relationships with and among people to execute the strategies and plans. F) all the above.

F) all the above

CEO

CEO - Chief Executive Officer

CCO

Chief Compliance Officer

CFO

Chief Financial Officer

CMO

Chief Marketing Officer

COO

Chief Operating Officer

CTO

Chief Technology Officer

Factor of Management: Organizing

Decides how to best implement the plans and how an organization is structured. Assigns authority and responsibility, works to acquire resources and Decides coordination.

Factor of Management : Planning

Defining performance goals for the organization, and determining what actions and resources are needed to achieve the goals.

Middle Management

Department heads, directors, chief supervisors, Links between top and first-line managers.

What makes a good manager?

Effectiveness, Efficiency, Sustainable, Competitive SEEC

Strategic Plan

Long term, affects entire organization. Bridges gap between what the organization is and what it wants to be

The 2 Aspects of Managment

People, with responsibility and authority to determine the overall direction of the organization and Process, decide what goals should be and define them for the organization.

what does PESTEL stand for

Political, economic, social, technological, environmental, and legal

Define Management

Process of planning, organizing, leading, and controlling people in organization- effectively use resources to meet goals.

Team Leaders

Reports to first-line or middle managers, Develops timelines, specific work assignments, provides training to team, and communicates clear instructions.

Top-level management

Responsible for long-term success, set goals and pay careful attention to external environment.

Vertical Management

aka top-down management, refers to the various levels of management within an organization. Managers at different levels focus on different aspects of the business.

Competitive Analysis

allow you to focus on those companies that will compete for customers in your target market. A competitive analysis looks at competitors and tries to answer such questions as these in the following categories: general background, financial, products, customers, advertising and sales, and personnel.

business ethics

ethics as it relates to the conduct or behavior of the members of a business organization.

Political

how much the government intrudes or is involved in an organization's operations. Particulary looks at taxation and tariffs, regulations, political stability, and elections.

legal

include discrimination laws, consumer protection laws, and employment, health, and safety policies. Antitrust, piracy and copyright laws, as well as immigration issues are also of growing importance in the business environment.

Technological

include research and development (R&D), automation and robotics, and technology incentives.

informational roles

involve receiving and sending information

Types of Management Roles

• Leadership and Interpersonal and Decisional Roles