Management 301 Chapter 1
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
