Managing Chapter 01 McGraw-Hill/Irwin

TRENDS: Globalization  Today’s enterprises are global, with offices and production facilities in countries all over the world  Means that a company’s talent can come from anywhere  Internet makes globalization inevitable

TRENDS: Technological Change & the Internet  Marketplace  Means for manufacturing goods and services  Distribution channel  Information media

TRENDS: Technological Change & the Internet  Drives down costs and speeds up globalization.  Improves efficiency of decision making.  Facilitates design of new products, from pharmaceuticals to financial services

TRENDS: Knowledge Management  Knowledge management  Practices aimed at discovering and harnessing an organization’s intellectual resources  Knowledge workers

TRENDS: Collaboration across “Boundaries”  Requires productive communications among different departments, divisions, or other subunits of the organization

TRENDS: Collaboration across “Boundaries”  Companies today must motivate and capitalize on the ideas of people outside the organization e.g. its consultants, ad agencies, and suppliers

Managing for Competitive Advantage InnovationQuality ServiceSpeed Cost Competitiveness

Question ___________ is the fast and timely execution, response, and delivery of results. A.Innovation B.Quality C.Speed D.Service

Managing for Competitive Advantage  Innovation  the introduction of new goods and services  often the most important innovation is not the product itself, but how it is delivered

Managing for Competitive Advantage  Quality  The excellence of your product (goods or services)  Historically, quality referred to attractiveness, lack of defects, reliability, and long-term dependability

Managing for Competitive Advantage  Today quality is about preventing defects and having continuous improvement in how the firm operates

Managing for Competitive Advantage  Service  The speed and dependability with which an organization delivers what customers want

Managing for Competitive Advantage  Speed  Fast and timely execution, response, and delivery of results.

Managing for Competitive Advantage  Cost competitiveness  Keeping costs low to achieve profits and be able to offer prices that are attractive to consumers.

The Functions of Management  Management  The process of working with people and resources to accomplish organizational goals  Efficient, effective

Question ____________ is monitoring performance and making needed changes. A.Planning B.Organizing C.Leading D.Controlling

The Functions of Management  Planning  Systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue  analyzing current situations, anticipating the future, determining objectives, deciding in what types of activities the company will engage

The Functions of Management  Organizing  assembling and coordinating the human, financial, physical, informational, and other resources needed to achieve goals  specifying job responsibilities, grouping jobs into work units, marshaling and allocating resources

The Functions of Management  Leading  stimulating people to be high performers  Controlling  monitoring performance and making needed changes.

The Functions of Management

Performing All Four Management Functions  A typical day for a manager is not neatly divided into the four functions  Days are busy and fractionated, and spent dealing with interruptions, meetings, and firefighting

Performing All Four Management Functions  Good managers attend to all four management functions!

Management Levels and Skills Top Level Managers Middle-Level Managers Frontline Managers

Management Levels and Skills  Top-level managers  Senior executives responsible for the overall management and effectiveness of the organization.  Middle-level managers  Managers located in the middle layers of the organizational hierarchy, reporting to top-level executives.

Management Levels and Skills  Frontline managers  Lower-level managers who supervise the operational activities of the organization

Transformation of Management Roles and Activities Table 1.1

Managerial Roles: What Managers Do Table 1.2

Question Which management skill is the ability to lead, motivate, and communicate effectively with others? A.Technical B.Conceptual C.Decision D.Interpersonal

Management Skills  Technical skill  The ability to perform a specialized task involving a particular method or process

Management Skills  Conceptual and decision skills  Skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members.

Management Skills  Interpersonal and communication skills  People skills; the ability to lead, motivate, and communicate effectively with others.

You and Your Career  Emotional intelligence  The skills of understanding yourself, managing yourself, and dealing effectively with others.  Social capital  Goodwill stemming from your social relationships

You and Your Career Be both a specialist and a generalist Be self-reliantBe connected Actively manage your relationship with your organization Survive and thrive

Keys to Career Management Table 1.3

Two Relationships: Which Will You Choose? Figure 1.1

Managerial Action Is Your Opportunity to Contribute Figure 1.2

Common Practices of Successful Executives  They ask “What needs to be done?” rather than “What do I want to do?”  They write an action plan. They don’t just think, they do, based on a sound, ethical plan.  They take responsibility for decisions.  They focus on opportunities rather than problems.