MGT100: - L4

Reading §

• Describe management
  • What is management?
    • Management is the process of achieving organizational goals through people and other resources. The manager’s job is to combine human and technical resources in the best way possible to achieve the company’s goals.
  • Describe the differences in the jobs of top managers, middle managers, and supervisory managers.
    • Top managers develop long-range plans, set a direction for their organization, and inspire all employees to achieve the company’s vision.
    • Middle managers focus their attention on specific operations, products, or customers. They develop plans and procedures to carry out the firm’s strategic plans.
    • Supervisory managers deal directly with nonmanagerial employees who produce and sell the firm’s goods and services. These managers are responsible for carrying out the plans developed by middle managers and for motivating workers to accomplish immediate goals.
  • What is the relationship between the manager’s planning and controlling functions?
    • Controlling is assessing an organization’s performance to decide whether it is achieving its goals.
    • The basic purpose of controlling is to assess the success of the planning function. Controlling also provides feedback for future rounds of planning
• Role of vision and ethical standards
  • What is meant by a vision for the firm?
    • Vision: the founder’s ability to perceive marketplace needs and what an organization must do to satisfy them. A vision is a focus for a firm’s actions.
    • Vision helps to direct the company toward opportunities and sets it apart from its competitors.
  • Why is it important for a top executive to set high ethical standards?
    • High ethical standards often result in a stable workforce, job satisfaction, and customer loyalty
• Types & Importance for planning

  • Outline the planning process. §

      ```text
      [Mission Statement] --> [Specific Objective] --> [Acition Items]
      ```
    

    • Some plans are very broad and long range. These plans focus on the main organizational goals.
    • Other plans are more detailed and show how particular goals will be met. Each planning step—from the mission statement to objectives to specific plans—must fit into an overall plan.
  • Describe the purpose of tactical planning.
    • The purpose of tactical planning is to decide which short-term activities should be carried out to meet the firm’s overall strategy.
  • Compare the types of plans made by top managers and middle managers. How does their focus differ?
    • Top managers focus on long-range, strategic plans.
    • In contrast, middle-level managers and supervisors focus on short-term, tactical planning.

• Strategic planning process §

    ```text
    [1. Vission] ---[Top-M.]--> [2. Mission Statement] ---[SWOT]-->
    [3. Competigive Position] ---[Middle-M.]--> [4. Specific Objectives] -->
    [5. Strategies] --> [6. Action Plan] --> [7. Assess Results]
    ```
  

  • What is the purpose of a mission statement?
    • Mission statement: is a public description of a firm’s purpose, the reason it exists, the customers it will serve, and the way it is different from competitors. A mission statement guides the actions of company managers and employees.
  • Which of a firm’s characteristics are compared in a SWOT analysis?
    • A SWOT analysis assesses a firm’s strengths, weaknesses, opportunities, and threats, compared with its competitors.
    • A SWOT analysis helps to decide on a firm’s competitive position in the marketplace.
  • How do managers use objectives?
    • Objectives result from the firm’s mission statement. They are used to set performance levels in areas such as profitability, customer service, and employee satisfaction.
• Business decisions and steps in decision making
  • Distinguish between programmed and nonprogrammed decisions.
    • Programmed decisions involve simple problems that occur frequently, such as reordering office supplies. The firm usually sets policies and procedures for dealing with these problems to make the process easier.
    • Nonprogrammed decisions require more individual evaluation. For example, buying real estate or equipment is a nonprogrammed decision that needs some research.

  • What are the steps in the decision-making process? §

      ```text
      [1. Seeing prob.] --> [2. Developing option] --> [3. Evaluting option] -->
      [4. Selecting/Carrying option] --> [5. Access outcome]
      ```
    

• Define leadership, compare different styles
  • How is leadership defined?
    • Leadership means the ability to direct or inspire people to reach organizational goals.
    • Effective leaders share several personal qualities, such as empathy, self-awareness, and objectivity in dealing with others.
    • Leaders also use the power of their jobs, expertise, and experience to influence others.
  • Identify the styles of leadership as they range from the least to the most amount of employee participation.
    • Autocrat < Democratic < Free-rein
    • Autocratic leaders make decisions on their own without consulting employees.
    • Democratic leaders who ask employees for suggestions and encourage participation.
    • Free-rein leaders leave most decisions to their employees.
• Meaning & importance of corporate culture
  • What is the relationship between leadership style and corporate culture?
    • The best leadership style to adopt often depends on the organization’s corporate culture: its system of principles, beliefs, and values.
    • Corporate culture is influenced by managers’ philosophies, the firm’s communications networks, its workplace environments, and its practices.
  • What is a strong corporate culture?
    • Corporate culture is an organization’s collection of principles, beliefs, and values.
    • In an organization with a strong culture, everyone knows and supports the same principles, beliefs, and values.
    • Corporate culture can influence a firm’s success by giving it a competitive advantage.
• 5 major forms of departmentalization and 4 main types of organization structures
  • What is the purpose of an organization chart?
    • An organization chart is a visual diagram of a firm’s structure that shows job positions, job functions, and the reporting hierarchy.
  • What are the five major forms of departmentalization?
    • departmentalization: the division of work activities into units within the organization
    1. Product departmentalization organizes units by the goods and services a company offers.
    2. Geographical departmentalization organizes units by geographical regions.
    3. Customer departmentalization organizes units by different types of customers.
    4. Functional departmentalization organizes units by business functions such as finance, marketing, human resources, and production.
    5. Process departmentalization organizes units by the steps or work processes needed to complete production or provide a service.
  • What does span of management mean? The span of management, or span of control, is the number of employees a manager supervises.
  • What are the 4 major organization structures
    1. Line
    2. Line-and-staff
    3. Committee
    4. Matrix structures

Lecture §

• PDF:
  • 100 - S4.pdf

• Management Functions §

    ```ad-example
    > How Starbucks went from one coffee bean store to an $80B business
    - How has good management contributed to the company’s success?
    - What challenges did Starbucks face and how did they respond to the challenges?
        - What is the potential impact of the extensive layoffs that occurred during store closings?
    - How is management responding to changing consumer preferences?
        - What is the Halo effect and what is Starbucks expecting from it?
    ```
  

  • What are the 4 key managerial functions
    1. Planning: setting performance objective and deciding how to achieve them
    2. Organization: arranging tasks, people, and other resources to accomplish the work
    3. Leading: inspiring people to work hard to achieve high performance
    4. Controlling: measuring performance and taking action to ensure desired results
• Leadership and Decision Making
• Leadership Style
• Organizational Structures
• Practical Examples

Active Studying §

Summarize today’s lecture §

• [::Most important/focused topic]
• [::Most difficult part, why, how to resolve]

What part I didn’t understand, next step actions? §