1. Managing and Performing Chapter One Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

2. 1-2 Learning Objectives LO 1 Summarize the major challenges of managing in the new competitive landscape LO 2 Describe the sources of competitive advantage for a company LO 3 Explain how the functions of management are evolving in today’s business environment LO 4 Compare how the nature of management varies at different organizational levels LO 5 Define the skills you need to be an effective manager LO 6 Discuss the principles that will help you manage your career

3. 1-3 Knowledge Management  Knowledge management  Practices aimed at discovering and harnessing an organization’s intellectual resources

4. 1-4 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

5. 1-5 Managing for Competitive Advantage  Service  giving customers what they want or need, when they want it  focused on continually meeting the needs of customers to establish mutually beneficial long- term relationships.  Speed  Fast and timely execution, response, and delivery of results.

6. 1-6 Managing for Competitive Advantage  Cost competitiveness  Keeping costs low to achieve profits and be able to offer prices that are attractive to consumers.

7. 1-7 Managing for Competitive Advantage  Sustainability  The effort to minimize the use of resources, especially those that are polluting and nonrenewable.

8. 1-8 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

9. 1-9 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, and creating conditions so that people and things work together to achieve maximum success

10. 1-10 The Functions of Management  Leading  stimulating people to be high performers  Controlling  monitoring performance and making needed changes.

11. 1-11 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.

12. 1-12 Management Levels and Skills  Frontline managers  Lower-level managers who supervise the operational activities of the organization

13. 1-13 Management Skills  Technical skill  The ability to perform a specialized task involving a particular method or process

14. 1-14 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.

15. 1-15 Managerial Action Is Your Opportunity to Contribute Figure 1.2