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Intro to Business Chap. 6

Management
a process designed to achieve an organizations objectives by using its resources effectively and efficiently in a changing enviromnent
Managers
those individuals in organizations who make decisions about the use of resources and who are concerned with planning, organizing, staffing, directing and controlling the organization’s activities to reach its objectives
3 resources organizations must acquire to meet their objectives
Employees, suppliers, financial resources
What do managers do?
Plan activities to achieve objectives, organize resources, staff, direct employees activities to achieve objectives, control the organizations activities to keep it on course
planning
the process of determining the organization’s objectives and deciding how to accomplish them; the first function of management
What is a mission statement?
an organization’s fundamental purpose and basic philosophy
What are goals?
the results the company wants to achieve
What are objectives?
measurable statements on common issues such as profit, competitive advantage, efficiency and growth
What are plans?
Specify what should be done, by whom, where, when and how
What are strategic plans?
Establish long-range objectives and overall strategy or course of action by which a firm fulfills its mission
What are tactical plans?
Short-range plans designed to implement the activities and objectives specified in the strategic plan
What are operational plans?
very short-term plans, specify actions individuals, work groups, or departments must accomplish to achieve the tactical plan and ultimately the strategic plan
What is crisis management or contingency planning?
an element in planning that deals with potential disasters
Organizing
the structuring of resources and activities to accomplish objectives in an efficient and effective manner
Why is organizing important?
helps create synergy where the effect of the whole system equals more than that of its parts, establishes lines of authority, improves communication, helps avoid duplication of resources, improves competitiveness by speeding up decision making
Staffing
hiring of people to carry out the work of the organization
What do managers duties include?
recruiting, determining what skills are needed for specific jobs, motivating and training employees, determining pay and benefits
Downsizing
the elimination of a significant number of employees from an organization
Downsizing has helped companies ______
reduce costs quickly
Directing
motivating and leading employees to achieve organizational objectives
Directing also involves….
determining and administering rewards and recognition
What is the best kind of incentive?
Recognition and appreication
Controlling
the process of evaluating and correcting activities to keep the organization on course
5 Activities of control
measuring performance, comparing performance with standards or objectives, identifying deviations from the standards, investigating the causes of deviations, taking corrective action when necessary
3 levels of management
top management, middle management, first-line management
Top managers
the president and other top executives of a business, such as the CEO, CFO, and COO, who have overall responsibility for the organization
Who is the CEO’s boss in publicly owned corporations?
the board of directors
What do compensation committees do?
work with boards of directors and CEOs to try and keep pay in line with performance
Middle managers
those members of an organization responsible for the tactical planning that implements the general guidelines established by top management
Do middle managers have more focused responsibilities and spend less time organizing than other managers?
yes
Who makes up middle management?
Plant managers, division managers and department managers
Ranks of middle managers have been ____?
shrinking as more companies downsize to be more productive
First-line managers
those who supervise both workers and the daily operations of an organization
What are first-line managers responsible for?
implementing plans established by middle management and directing workers’ daily performance
What do middle managers spend most of their time doing?
directing and controlling
What are first line managers usually called?
foreman, supervisors, and office service managers
Financial managers
focus on obtaining needed funds for the successful operation of an organization and using those funds to further organizational goals
What do financial managers do?
project income and expenses, determine financing needs, investing extra funds, protecting and monitoring the money flow
Productions and operations managers
develop and administer the activities involved in transforming resources into goods, services and ideas ready for the marketplace
What are productions and operations managers typically involved in?
planning and designing production facilities, purchasing raw materials and supplies and managing inventory, scheduling processes to meet demand, ensuring products meet quality standards
Human resource managers
handle the staffing function and deal with employees in a formalized manner
What do human resource managers do?
determine the human resource needs, recruit and hire new employees, develop and administer employee benefits, training and performance appraisal programs, del with government regulations
Marketing managers
responsible for planning, pricing, and promoting products and making them available to customers
Specific marketing manager jobs found in areas such as
marketing research, advertising, personal selling, retailing, digital marketing
Information Technology (IT) Managers
responsible for implementing, maintaining, and controlling technology applications in business, such as computer networks
What are IT managers tasked with?
securing computer systems, protecting the systems’ data, staff training and support
Administrative managers
manage an entire business or a major segment of a business; they are not specialists but coordinate the activities of specialized managers
Administrators are often called_____?
general managers because their responsibilities are so broad
Leadership
the ability to influence employees to work toward organizational goals
Autocratic leaders
make all the decisions then tell employees what must be done and how to do it
democratic leaders
involve their employees in decisions
free-rein leaders
let their employees work without much interference; setting performance standards and letting employees find their own ways to meet them
technical expertise
the specialized knowledge and training needed to perform jobs that are related to particular areas of management. Needed most by first-line managers and least critical to top-level managers
Conceptual skills
the ability to think in abstract terms and see how parts fit together to form the whole. Needed most by top level managers
Analytical skills
the ability to identify relevant issues, recognize their importance, understand the relationships between them and perceive the underlying causes of a situation. Most important to the success of top level managers
Human Relation SKills
the ability to deal with people, important in organizations that provide services (hospitals, airlines, banks)
How do organizations acquire managers?
promoting employees from within (increases motivation), hiring from other organizations (expensive to relocate people), hiring straight out of universities (look for people who are trainable and a good fit with their corporate culture)
Situations calling for small-scale decisisions_____
occur without warning
Large scale decisions general occur____?
after some warning signs
Agenda
a calendar containing both specific and vague items, that covers short-term goals and long-term objectives
Networking
the building of relationships and sharing of information with colleagues who can help managers achieve the items on their agenda

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