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Managing

Chapter 01

Copyri ght 2011 by the McGraw-H il l Companies, Inc. Al l r ights reserved.McGraw-Hill/Irwin

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Learning Objectives

LO 1Summarize the major challenges of managing in thenew competitive landscape

LO 2 Describe the sources of competitive advantage for a

companyLO 3 Explain how the functions of management are

evolving in todays business environment

LO 4 Compare how the nature of management varies atdifferent organizational levels

LO 5Define the skills you need to be an effectivemanager

LO 6Discuss the principles that will help you manageyour career

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Globalization

Todays enterprises are global, with offices

and production facilities in countries all over

the worldMeans that a companys talent can come

from anywhere

Internet makes globalization inevitable

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Technological Change: The Internet

Marketplace

Means for manufacturing goods and services

Distribution channel An information service

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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

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Knowledge Management

Knowledge

management

Practices aimed at

discovering andharnessing an

organizations

intellectual resources

Knowledge workers

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Collaboration across Boundaries

Requires productive communications among

different departments, divisions, or other

subunits of the organization

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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

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Managing for Competitive Advantage

Innovation

Quality

ServiceSpeed

Cost

Competitiveness

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Question

___________ is the fast and timely execution,

response, and delivery of results.

A. InnovationB. Quality

C. Speed

D. Service

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Quality

The excellence of your product (goods or services)

Historically, quality referred to attractiveness, lackof defects, reliability, and long-term dependability

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Today quality is about

preventing defects and

having continuous

improvement in howthe firm operates

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Service

The speed and dependability with which an

organization delivers what customers want

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Speed

Fast and timely execution, response, and delivery

of results.

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Cost

competitiveness

Keeping costs low to

achieve profits and

be able to offer

prices that are

attractive to

consumers.

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The Functions of Management

Management

The process of working with people and resources

to accomplish organizational goals

Efficient, effective

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Question

____________ is monitoring performance and

making needed changes.

A. PlanningB. Organizing

C. Leading

D. Controlling

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Leading

stimulating people to be high performers

Controlling monitoring performance and making needed

changes.

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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 spentdealing with interruptions, meetings, and

firefighting

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Performing All Four Management

Functions

Good managers

dont neglect any of

the four

managementfunctions

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Management Levels and Skills

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Top Level

Managers

Middle-Level

Managers

Frontline

Managers

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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.

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Frontline managers

Lower-level

managers who

supervise theoperational activities

of the organization

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Transformation of Management

Roles and Activities

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Managerial Roles: What

Managers Do

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Question

Which management skill is the ability to lead,

motivate, and communicate effectively with

others?

A. Technical

B. Conceptual

C. DecisionD. Interpersonal

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Management Skills

Technical skill

The ability to

perform a specialized

task involving aparticular method or

process

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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.

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Management Skills

Interpersonal and communication skills

People skills; the ability to lead, motivate, and

communicate effectively with others.

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You and Your Career

Emotional

intelligence

The skills of

understandingyourself, managing

yourself, and dealing

effectively with

others.

Social capital

Goodwill stemming

from your social

relationships

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You and Your Career

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Be both aspecialist and a

generalist

Be self-reliant Be connected

Actively manageyour relationship

with yourorganization

Survive andthrive

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Keys to Career Management

1-36Table 1.3

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Two Relationships:

Which Will You Choose?

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Figure 1.1

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Managerial Action Is Your

Opportunity to Contribute

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Figure 1.2

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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 dont just think, they

do, based on a sound, ethical plan.

They take responsibility for decisions.

They focus on opportunities rather than problems.

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Destination CEO: Darden Restaurants

What position did Otis

hold before being

named CEO of Darden

Restaurants?

What management

skills are you

developing in a job or

in college that will aidyou in your future

career?

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30092711Chap001 (1)