Management in the Marketplace

Overview Skills and competencies successful managers possess The importance the marketplace puts on managers Why management is worth studying How management relates to other disciplines of study Chapter 1 Lesson 2

Quick Write How would courses in such subjects as psychology or philosophy help you understand management? Chapter 1 Lesson 2 Courtesy of BananaStock Images

Skills and Competencies of Successful Managers Chapter 1 Lesson 2 Courtesy of Goodshoot Images

General Skills Conceptual Skills are the mental abilities to analyze and diagnose complex situations Interpersonal Skills are the abilities to work with, understand, mentor, and motivate people Chapter 1 Lesson 2

General Skills Technical Skills involve the ability to use tools, procedures, and techniques in the manager’s specialized field Political Skills are the abilities to build a power base and establish connections Chapter 1 Lesson 2

What Do You Think? How would a lack of interpersonal skills affect a manager’s ability to be successful? Are interpersonal skills more important than cognitive, technical, or political skills? Chapter 1 Lesson 2

Specific Skills Controlling the organization’s environment and resources Organizing and coordinating Handling information Chapter 1 Lesson 2 Courtesy of Clipart.com

Specific Skills Providing for growth and development Motivating employees and handling conflict Strategic problem solving Chapter 1 Lesson 2

Management Competencies Management competencies are a cluster of knowledge, skills, and attitudes related to effective managerial performance Chapter 1 Lesson 2

Management Competencies Initiate-implement change and improvement of services, products, systems Monitor-maintain and improve service and product delivery Monitor and control the use of resources Secure effective resource allocation for activities and projects Recruit and select personnel Develop teams, individuals, and self to enhance performance Plan, allocate, and evaluate work carried out by teams, individuals, and self Create, maintain, and enhance effective working relationships Seek, evaluate, and organize information for action Exchange information to solve problems and make decisions Adapted from Fundamentals of Management, 5th Ed. By Robbins/DeCenzo, p. 17 Pearson Prentice Hall, 2005 Chapter 1 Lesson 2

The Importance of Managers in the Marketplace Good managers can turn straw into gold Poor managers can ruin everything they touch Organizations are willing to spend a lot to get and keep good managers Chapter 1 Lesson 2

The Importance of Managers in the Marketplace Top executives can earn tens of millions of dollars a year in salary and other benefits. Taken from Fundamentals of Management, 5th Ed. By Robbins/DeCenzo, p. 18 Pearson Prentice Hall, 2005 Chapter 1 Lesson 2

The Importance of Managers in the Marketplace Ethical Dilemma Are US managers overpaid? The leaders of major corporations receive, according to one estimate, an average of more than $60 million a year. Is that fair? Is it right? Chapter 1 Lesson 2

What Do You Think? How will studying management help you better understand your organization, and maybe even your boss? Chapter 1 Lesson 2 Courtesy of Polka Dot images

Why Management is Worth Studying Everyone deals with organizations every day In your career, you will either manage or be managed Chapter 1 Lesson 2 Courtesy of Photos.com

How Management Relates to Other Disciplines of Study Anthropology is the study of societies Economics is about the allocation and distribution of scarce resources Philosophy looks into the nature of things, especially values and ethics Chapter 1 Lesson 2 Courtesy of Clipart.com

How Management Relates to Other Disciplines of Study Political science considers the behavior of individuals and groups within a political environment Psychology is the science that seeks to measure, explain, and sometimes change human or animal behavior Sociology is the study of people in relation to one another Chapter 1 Lesson 2

How Management Relates to Other Disciplines of Study Benefits of Studying Anthropology Understand cultures and civilizations Understand people better Sheds light on differences in values, attitudes, and behaviors between people in different countries and organizations Chapter 1 Lesson 2

How Management Relates to Other Disciplines of Study Benefits of Studying Economics Understand the changing economy Understand the role of competition Understand the free market Understand protectionism protecting American producers and manufacturers by limiting the import of foreign products Chapter 1 Lesson 2

How Management Relates to Other Disciplines of Study Benefits of Studying Philosophy Understand the nature of things, especially values and ethics John Locke proposed the liberty ethic that freedom, equality, justice, and private property are legal rights John Calvin proposed the Protestant work ethic that encouraged people to be frugal (thrifty), to work hard, and to attain success Adam Smith’s market ethic argued that competitive forces, not the government, should regulate the economy Chapter 1 Lesson 2

How Management Relates to Other Disciplines of Study Benefits of Studying Political Science Understand the structure of conflict Understand the allocation of power Understand the manipulation of power for individual self-interest Chapter 1 Lesson 2

How Management Relates to Other Disciplines of Study Benefits of Studying Psychology Understand motivation, leadership, and trust Understand employee selection Understand performance appraisal techniques Understand training techniques Chapter 1 Lesson 2

How Management Relates to Other Disciplines of Study Benefits of Studying Sociology Understand cultural diversity Understand changing gender roles Understand globalization Understand new forms of family life Chapter 1 Lesson 2

Review Successful managers develop cognitive, interpersonal, technical, and political skills. Good managers can turn straw into gold, but poor managers can ruin everything they touch Organizations are willing to spend a lot to get and keep good managers Studying management will help you better understand your organization, and maybe even your boss Chapter 1 Lesson 2

Review Studying anthropology, psychology, and sociology helps us understand culture and people better Studying economics helps us understand economies, competition, the free market, and protectionism Studying philosophy helps us understand the liberty ethic, the work ethic, and the market ethic Studying political science helps us understand conflicts, the allocation of power, and the manipulation of power for individual self-interest Chapter 1 Lesson 2

Summary Skills and competencies successful managers possess The importance the marketplace puts on managers Why management is worth studying How management relates to other disciplines of study Chapter 1 Lesson 2

What’s Next… Management Theories Chapter 1 Lesson 2 Courtesy of Polka Dot Images