Managing Chapter 01 Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

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 todays 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 1-2

Globalization Todays enterprises are global, with offices and production facilities in countries all over the world Means that a companys talent can come from anywhere Internet makes globalization inevitable 1-3

Technological Change: The Internet Marketplace Means for manufacturing goods and services Distribution channel An information service 1-4

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 1-5

Knowledge Management Knowledge management Practices aimed at discovering and harnessing an organizations intellectual resources Knowledge workers 1-6

Collaboration across Boundaries Requires productive communications among different departments, divisions, or other subunits of the organization 1-7

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 1-8

Managing for Competitive Advantage InnovationQuality ServiceSpeed Cost Competitiveness 1-9

Question ___________ is the fast and timely execution, response, and delivery of results. A.Innovation B.Quality C.Speed D.Service 1-10

Managing for Competitive Advantage 1-11 Innovation the introduction of new goods and services often the most important innovation is not the product itself, but how it is delivered

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 1-12

Managing for Competitive Advantage Today quality is about preventing defects and having continuous improvement in how the firm operates 1-13

Managing for Competitive Advantage Service The speed and dependability with which an organization delivers what customers want 1-14

Managing for Competitive Advantage Speed Fast and timely execution, response, and delivery of results. 1-15

Managing for Competitive Advantage Cost competitiveness Keeping costs low to achieve profits and be able to offer prices that are attractive to consumers. 1-16

The Functions of Management Management The process of working with people and resources to accomplish organizational goals Efficient, effective 1-17

Question ____________ is monitoring performance and making needed changes. A.Planning B.Organizing C.Leading D.Controlling 1-18

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 1-19

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, 1-20

The Functions of Management Leading stimulating people to be high performers Controlling monitoring performance and making needed changes. 1-21

The Functions of Management 1-22

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 spent dealing with interruptions, meetings, and firefighting 1-23

Performing All Four Management Functions Good managers dont neglect any of the four management functions 1-24

Management Levels and Skills 1-25 Top Level Managers Middle-Level Managers Frontline Managers

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. 1-26

Management Levels and Skills Frontline managers Lower-level managers who supervise the operational activities of the organization 1-27

Transformation of Management Roles and Activities 1-28 Table 1.1

Managerial Roles: What Managers Do 1-29 Table 1.2

Question Which management skill is the ability to lead, motivate, and communicate effectively with others? A.Technical B.Conceptual C.Decision D.Interpersonal 1-30

Management Skills Technical skill The ability to perform a specialized task involving a particular method or process 1-31

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. 1-32

Management Skills Interpersonal and communication skills People skills; the ability to lead, motivate, and communicate effectively with others. 1-33

You and Your Career Emotional intelligence The skills of understanding yourself, managing yourself, and dealing effectively with others. Social capital Goodwill stemming from your social relationships 1-34

You and Your Career 1-35 Be both a specialist and a generalist Be self-reliantBe connected Actively manage your relationship with your organization Survive and thrive

Keys to Career Management 1-36 Table 1.3

Two Relationships: Which Will You Choose? 1-37 Figure 1.1

Managerial Action Is Your Opportunity to Contribute 1-38 Figure 1.2

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. 1-39

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 aid you in your future career? 1-40

Managing Chapter 01 Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

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