Management
Process of planning, organizing, leading, and controlling an organization's resources to achieve its goals
Planning
management process of determining what an organization needs to do and how best to get it done
Organizing
management process of determining how best to arrange an organization's resources and activities into a coherent structure
Leading
Management process of guiding and motivating employees to meet an organization's objectives
Controlling
Management process of monitoring an organization's performance to ensure that it is meeting its goals
Three Levels of Management
Top Managers, Middle Managers, First Line Managers
Middle Manager
manager responsible for implementing the strategies and working toward the goals set by top managers
First-Line Manager
manager responsible for supervising the work of employees
Human Resource Managers
hire and train employees, evaluate performance, and determine compensation.
Operations Managers
responsible for production, inventory, and quality control. Manufacturing companies such as Texas Instruments, Ford, and Caterpillar have a strong need for operations managers at many levels.
Marketing Managers
responsible for getting products from producers to consumers.
Information Managers
design and implement systems to gather, organize, and distribute information.
Financial Managers
plan and oversee its accounting functions and financial resources
Technical Skills
skills needed to perform specialized tasks
Human Relations Skills
skills in understanding and getting along with people
Conceptual Skills
abilities to think in the abstract, diagnose and analyze different situations, and see beyond the present situation
Decision-Making Skills
skills in defining problems and selecting the best courses of action
Time Management Skills
skills associated with the productive use of time
4 Leading Causes of Wasted Time
1. Paperwork
2. Telephone Calls
3. Meetings
4. E-Mail
Global Management Skills
Managers will need to understand foreign markets, cultural differences, and the motives and practices of foreign rivals
Management and Technology Skills
With e-mail, videoconferencing, and other forms of communication, neither time nor distance�nor such corporate boundaries as departments and divisions�can prevent people from working more closely together
Strategic Management
process of helping an organization maintain an effective alignment with its environment
Goal
objective that a business hopes and plans to achieve
Strategy
broad set of organizational plans for implementing the decisions made for achieving organizational goals
Purposes of Goal Setting
1. broad set of organizational plans for implementing the decisions made for achieving organizational goals
2. Goal setting helps firms allocate resources.
3. Goal setting helps to define corporate culture.
4. Goal setting helps managers assess performanc
Mission Statement
organization's statement of how it will achieve its purpose in the environment in which it conducts its business
Long-Term Goal
goal set for an extended time, typically five years or more into the future
Intermediate Goal
goal set for a period of one to five years into the future
Short-Term Goal
goal set for the very near future
Corporate Strategy
strategy for determining the firm's overall attitude toward growth and the way it will manage its businesses or product lines
Hierarchy of Strategy
1. Corporate Strategy
2. Business or Competitive Strategy
3. Functional Strategy
Business (or Competitive) Strategy
strategy, at the business-unit or product-line level, focusing on improving a firm's competitive position
Functional Strategy
strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Strategy Formulation
creation of a broad program for defining and meeting an organization's goals
1. Setting Strategic Goals directly from a firm's mission statement.
2. Analyzing the Organization and the Environment: SWOT Analysis
3. Matching the Organization and Its environ
Strategic Goal
goal derived directly from a firm's mission statement
SWOT Analysis
identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Environmental Analysis
process of scanning the business environment for threats and opportunities
Organizational Analysis
process of analyzing a firm's strengths and weaknesses