BA 101 Introduction to Business 7. The Functions of Management

Managerial Functions Planning Controlling Organizing Leading

Roles of Management InformationalInformationalInterpersonalInterpersonalDecisionalDecisional

The Planning Function Develop Strategies for Success Set Goals and Objectives Develop Action Plans

2 Write Mission Statement 3Perform SWOT Analysis 7Develop Action Plans 6 Set Goals And Objectives 1Develop A Vision 4DevelopForecasts5AnalyzeCompetition Strategic Planning Process

Clarity of Vision Development Execution Modification Communication

Mission Statement ObjectivesGoalsPhilosophies Product or Service Primary Market Survival, Growth, Profitability Managerial Philosophy Level of Quality Social Responsibility

WeaknessesStrengths OpportunitiesThreats SWOTAnalysis

Managerial Forecasts QualitativeForecastingQualitativeForecastingQuantitativeForecastingQuantitativeForecasting StatisticalComputationsStatisticalComputationsIntuitiveJudgmentsIntuitiveJudgmentsConsumerResearchConsumerResearchHistoricalDataHistoricalData

Competitive Analysis Differentiation Cost Leadership Focus

Company Goals and Objectives Sets Standards Boosts Motivation Guides Activity Clarifies Expectations Broad, Long-Range Target or Aim Broad, Long-Range Target or Aim Goals ObjectivesObjectives Specific, Short-Range Target or Aim Specific, Short-Range Target or Aim

Tactical Plans Operational Plans One-Three Years Less Than a Year Middle Managers First-Line Managers Management Time Frame

Crisis Management MaintainOperationsMaintainOperationsMinimizeDamageMinimizeDamage OpenCommunicationOpenCommunicationContingencyPlansContingencyPlans

The Organizing Function Employee Activities Facilities and Equipment Decision Making Supervision Resource Distribution

The Management Pyramid First-lineManagers MiddleManagers TopManagers

First-lineManagers MiddleManagers TopManagers President, CEO, VP Make long-range plans Establish policies Represent the company

The Management Pyramid First-lineManagers MiddleManagers TopManagers Implement goals Make decisions Direct first-line managers Controller, Marketing Manager, Sales Manager

The Management Pyramid First-lineManagers MiddleManagers TopManagers Implement plans Oversee workers Assist middle managers Office Manager, Supervisor, Foreman, Department Head

The Leading Function ManagersLeaders Position Power Intellectual Rational Practical Visionary Inspirational Emotional Personal Power

Leadership Qualities Social Quotient (SQ) Change Quotient (CQ) Intelligence Quotient (IQ) Emotional Quotient (EQ)

Leadership StylesAutocraticAutocratic Laissez-Faire DemocraticDemocraticContingencyContingency

Leader Behavior Continuum Management-CenteredLeadershipEmployee-CenteredLeadership Authority of Manager Freedom For Workers ManagerMakesDecisionManager“Sells”DecisionManagerPresentsIdeasManagerMakesTentativeDecisionManagerPresentsProblemManagerSetsDecisionLimitsEmployeesMakeDecision

Types of Leaders TransactionalTransformational Meeting Established Goals Clarifying Organizational Roles Securing Correct Resources Inspiring Employees Finding Creative Solutions Promoting Success

Additional Leadership Functions CoachingMentoring Meeting with employees Meeting with employees Discussing problems Discussing problems Offering suggestions Offering suggestions Encouraging solutions Encouraging solutions Guiding employees Guiding employees Explaining office politics Explaining office politics Serving as role models Serving as role models Providing valuable advice Providing valuable advice

Managing Change Present Situation Process of Change New Situation Identify What Needs to Change Identify Forces For and Against Change Select the Best Approach Reinforce and Monitor Behavior

Organizational Culture EmployeeInteractionsEmployeeInteractionsCommunicationPatternsCommunicationPatternsBusinessConductBusinessConduct Attitudes About Work Attitudes AppropriateAttireAppropriateAttire

The Controlling Function Monitoring Progress Resetting The Course Correcting Deviations

The Quality Control Cycle 4. Adequate No Action 4. Adequate No Action 3. Compare To Standard 3. Compare To Standard 4. Inadequate Take Action 4. Inadequate Take Action 1. Set Standards Standards 2. Measure Performance Performance ReevaluateStandardsReevaluateStandardsCorrectPerformanceCorrectPerformance Set Strategic Goals Goals

ManagementSkills Interpersonal Technical Administrative Conceptual Decision-Making

The Decision-Making Process Recognize and Define the Situation Recognize and Define the Situation Identify Options Analyze Options Select the Best Option Select the Best Option Implement the Decision Implement the Decision Monitor and Evaluate the Results Monitor and Evaluate the Results