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Intro to Business Ch. 7

management
process of achieving organizational objectives through people & other resources. their job is to combine human & technological resources in the best way possible to achieve goals
what kinda of businesses to management principles & concepts apply to
– profit seeking companies
– non profit companies
what are the levels of management
(TOP)
1.) TOP MANAGERS: CEO / CFO / Governor / Mayor
2.) MIDDLE MANAGERS: Regional Manager / Division Head / Director / Dean
3.) FIRST LINE MANAGERS: Supervisor / Department Chairmen / Program Manager
(BOTTOM)
what do the types of managers do
1.) TOP MANAGERS: make long term decisions about overall direction of the company
2.) MIDDLE MANAGERS: implement policies of top managers, supervise and coordinate activities
3.) FIRST LINE MANAGERS: make short term decisions directing daily tasks
What 3 basic types of skills must all managers exercise
– techinal skills
– human skills
– conceptual skills
techinal skills
– the managers ability to understand & use the techniques, knowledge, & tools / equipment of a specific discipline / department
– most important to front line managers
human skills
– interpersonal skills
– enable managers to work effectively with & through employees
– includes the ability to communicate with, motivate, & lead employees to complete assigned activities
– needed to interact with people inside / outside the company
conceptual skills
– the managers ability to see the company as a unified whole & understand how each part of the overall company interacts with other parts
– includes the ability to see the big picture by acquiring, analyzing, & interpreting info
– important for top managers
what are the functions of management
1.) Planning
2.) Organizing
3.) Directing (Leading in the other class)
4.) Controlling
vision
– the founders perception of marketplace needs & the ways a company can satisfy them
– target for a companys actions
what are the types of planning
– Strategic Planning: determining primary objectives of a company & then acting / allocating resources to achieve those objectives
– Tactical Planning: implementing the activities specified by strategic plans to guide current & near-term activities required to impliment overall stratiges
– Operational Planning: creates the detailed standards that guide implementation of tactical plans by choosing specific work targets & assigning employees / teams to carry out plans
– Contingency Planning: allows a company to resume operations as quickly & smoothly as possible after a crisis while communicating with the public about what happened
which management level carries out each type of planning
– Strategic Planning: top management
– Tactical Planning: middle management
– Operational Planning: supervisory management
– Contingency Planning: top management but all levels can contribute
what often makes the difference between an organizations success and failure
strategic planning
what are the steps in the strategic planning process
1.) define companys mission
2.) assess companys competitive position
3.) set objectives for company
4.) create stratigies for competitive differentiation
5.) turn strategy into action
6.) evaluate results and refine the plan
(goes in a circle)
mission statement
written explanation of a companys business intention & aims
SWOT analysis
Strengths / Weaknesses / Opportunities / Threats
by systematically evaluating all 4 factors a company can develop the best strategies for gaining a competitive advantage
Leverage
Strengths & Opportunities
Vulnerability
Strengths & Threats
Constraints
Weaknesses & Opportunities
Problems
Weaknesses & Threats
objectives
guideposts by which managers define the companys desired performance in areas like:
– new product development
– sales
– customer service
– growth
– environmental & social responsibility
– employee satisfaction
what is the goal of strategy development
competitive differentiation
decision making
process of recognizing a problem or importunity, evaluating alternative solutions, selecting & implementing an alternative, & assessing the results
programmed decision
simple / common / frequently occurring problems where solutions have already been determined
non-programmed decision
complex & unique problem / opportunity with important consequences for the company
what are the steps in the decision making process
1.) recognize a problem / opportunity
2.) develop alternative courses of action
3.) evaluate alternatives
4.) select & implement chosen alternative
5.) follow up to determine effectiveness of decision
(go in a circle)
what are 3 important traits for leaders
– empathy
– self-awareness
– objectivity
what are the styles of leadership
– Autocratic Leadership: centered on the boss, they reach decisions, communicate them to subordinates, & expect automatic implementation
– Democratic Leadership: centers on employee contribution, delegate assignments, ask employees for suggestions, & encourage participation
– Free-Rein Leadership: minimal supervision, allow subordinates to make most of their own decisions
empowerment
giving employees shared authority / responsibility / decision-making with their managers
corporate culture
companys system of principles / beliefs / values that is shaped by leaders who founded / developed the company
what are the steps to the organizing process
1.) determine specific work activities necessary to implement plans & achieve objectives
2.) group work activities into a logical pattern / structure
3.) assign activities to specific positions & people & allocate necessary resources
4.) coordinate activities of different groups & individuals
5.) evaluate results of the organizing process
(goes in a circle)
organization
structured group of people working together to achieve common goals
what factors influence organizing
– company goals
– competitive strategy
– type of product offered
– the way technology is used to accomplish work
– company size
organization chart
helps clarify the structure of a company
departmentalization
process of dividing work activities into units within the company where employees specialize in certain jobs
what are the types of departmentalization
– Product Departmentalization: organizes work units bases on the goods & services a company offers
– Geographical Departmentalization: organizes work units by geographical regions within a country or throughout the world
– Customer Departmentalization: company offers a variety of goods & services targeted at different types of customers structures itself based on customer departmentalization
– Functional Departmentalization: organizes work groups according to business functions like finance / marketing / human resources / production
– Process Departmentalization: some goods & services need multiple work processes to complete their production
Departmentalization in a company
– CEO on top
– Functional Departmentalization: Production VP / Marketing VP / CFO
– Geographical Departmentalization: Domestic / international sales managers
– Customer Departmentalization: sales managers for consumer / business markets
Span of management (span of control)
number of employees a manager supervises
centralization
decision making is at the top of the management hierarchy
decentralization
decision making at lower levels
types of organization structures
– Line Organizations: oldest & simplest structure, establishes direct flow of authority from CEO to employees, uses chain of command
– Line & Staff Organizations: combines direct flow of authority with staff departments that support the line departments
– Committee Organizations: places authority on a group instead of 1 manager
– Matrix Organizations: links employees from different parts of the company to work together on specific projects
why do top executives need to set high ethical standards
they often result in
– job satisfaction
– a stable work force
– customer loyalty

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