Managing a Business
1
Module 4 Learning Objectives
Explain the basic functions performed by managers in an organization.
2
Cocktail Party facts:
Only 10 corporations control almost everything we buy…..
3
1 hour
4
1 hour
Functions of Management
Planning
Organizing
Directing
Controlling
5
Management Functions
Management is the process of planning for, organizing, directing, and controlling a company’s resources to achieve specific goals.
We will reflect on your group assignment experience to provide context to these functions…..
6
Management Functions & Planning
In employee surveys, this was the number one contributor to morale & retention:
Your Manager
Think of a manager you liked or disliked in the past. What qualities made them effective or ineffective?
7
Managers vs. Leaders
Manager: people in the organization assigned to responsibilities of planning, organizing, directing, and/or controlling
e.g. Sales manager, marketing director, HR manager, controller, etc.
Leader: anyone, regardless of position, who inspires others to follow (how many movies can you name?)
8
Managers vs. Leaders
Manager/leader self-assessment
# of leader responses
# of manager responses
9
1 hour
Management: Planning
10
Types of Business Planning
Feasibility Study
Formal Business Plan
Strategic Plan
Other tactical plans
“The key in business is planning, planning, planning….”
- Daniel Bresca
11
Management Function: Planning
Strategic planning is ongoing, and involves:
Mission statement
Core values or beliefs
SWOT: strengths, weaknesses, opportunities and threats
Goals, objectives or performance targets
Tactical or operational plans
12
Management Function: Planning
In planning, managers set goals and determine the best way to achieve them
What should be done?
Who will do it?
How should it be done?
13
Management Function: Planning
Goals and Objectives:
Goals—major accomplishments over a long period of time
Objectives—short-term performance targets that direct efforts toward goal
Example: Apple Inc.
Describe Apple Inc.’s possible:
Goals
Objectives
14
Management Function: Planning
Goals and Objectives:
Apple’s goal is to define the future of mobile media and computing devices
Apple’s shorter term objective is their profit target this quarter
What would your student goals and objectives be?
15
Management Function: Planning
Strategic/Tactical/Operational Plans:
Strategic plans are usually developed by top-level managers.
Tactical plans specify the allocation of resources to execute the strategic plan
Operational plans are detailed action steps to complete the tactical plans
16
Strategic
Plan
Top level
Tactical
Plan
Resources
Operational
Plan
Detailed
Management Function: Planning
Tactical/Operational Plans:
Can you describe your strategic, tactical, and operational plans for your own academic career? How would this look? What about for the Farm & ...
Managing a Business1Module 4 Learning ObjectivesEx.docx
1. Managing a Business
1
Module 4 Learning Objectives
Explain the basic functions performed by managers in an
organization.
2
Cocktail Party facts:
Only 10 corporations control almost everything we buy…..
3
1 hour
4
1 hour
Functions of Management
Planning
Organizing
Directing
2. Controlling
5
Management Functions
Management is the process of planning for, organizing,
directing, and controlling a company’s resources to achieve
specific goals.
We will reflect on your group assignment experience to provide
context to these functions…..
6
Management Functions & Planning
In employee surveys, this was the number one contributor to
morale & retention:
Your Manager
Think of a manager you liked or disliked in the past. What
qualities made them effective or ineffective?
3. 7
Managers vs. Leaders
Manager: people in the organization assigned to
responsibilities of planning, organizing, directing, and/or
controlling
e.g. Sales manager, marketing director, HR manager, controller,
etc.
Leader: anyone, regardless of position, who inspires others to
follow (how many movies can you name?)
8
Managers vs. Leaders
Manager/leader self-assessment
# of leader responses
# of manager responses
9
1 hour
Management: Planning
4. 10
Types of Business Planning
Feasibility Study
Formal Business Plan
Strategic Plan
Other tactical plans
“The key in business is planning, planning, planning….”
- Daniel Bresca
11
Management Function: Planning
Strategic planning is ongoing, and involves:
Mission statement
Core values or beliefs
SWOT: strengths, weaknesses, opportunities and threats
Goals, objectives or performance targets
Tactical or operational plans
12
Management Function: Planning
In planning, managers set goals and determine the best way to
achieve them
What should be done?
Who will do it?
5. How should it be done?
13
Management Function: Planning
Goals and Objectives:
Goals—major accomplishments over a long period of time
Objectives—short-term performance targets that direct efforts
toward goal
Example: Apple Inc.
Describe Apple Inc.’s possible:
Goals
Objectives
14
Management Function: Planning
Goals and Objectives:
Apple’s goal is to define the future of mobile media and
computing devices
Apple’s shorter term objective is their profit target this quarter
What would your student goals and objectives be?
15
6. Management Function: Planning
Strategic/Tactical/Operational Plans:
Strategic plans are usually developed by top-level managers.
Tactical plans specify the allocation of resources to execute the
strategic plan
Operational plans are detailed action steps to complete the
tactical plans
16
Strategic
Plan
Top level
Tactical
Plan
Resources
Operational
Plan
Detailed
7. Management Function: Planning
Tactical/Operational Plans:
Can you describe your strategic, tactical, and operational plans
for your own academic career? How would this look? What
about for the Farm & Wild group project?
17
Strategic
Plan
Top level
Tactical
Plan
Resources
8. Operational
Plan
Detailed
Management Function: Planning
Contingency/Crisis/Exit Plans:
Contingency planning—identify aspects of the business possibly
affected by change, and developing courses of action
Group project – did they exist?
Crisis planning—creating a structure to deal with emergencies
IKEA scandal
Exit planning—developing plans for turning over the business
or winding it down if it does not succeed
Financing, sell, go public, retire
Example: Flickr to Yahoo for $35M, now worth over $1B
18
9. Management: Organizing
19
End of hour 1 – start Thursday
Management Function: Organizing
A manager engages in organizing allocates resources (people,
equipment, and money) to achieve a company’s plans
20
Management Function: Organizing
Reporting relationships
Lines of authority
Looking at the Durham College organizational chart…
21
President
Director, Human Resources
VP, Marketing
10. VP, Finance
VP, Operations
Marketing Manager
Financial Analysis
Research Analyst
Research
Assistant
Sales Manager
Sales Reps (5)
Sales Assistant
11.
12. Management Function: Organizing
The Organization Chart
A diagram showing relationships of positions within the
organization
Reporting Relationships
Lines of authority
Delegating authority
Managers:
Would it have helped to have a chart showing this for your
group?
22
Management: Directing
23
Management Function: Directing
The management process that provides focus and direction to
others and encourages them to achieve organizational goals
Influenced by key leadership styles:
Autocratic – decisions on their own
Democratic – seek input
13. Laissez-Faire – hands-off
Team Members:
What style did your managers use?
Was it the right one for the task at hand?
24
Management: Controlling
25
Management Function: Controlling
Controlling
The management process of comparing actual to planned
performance and taking corrective action when necessary
Group managers:
How would you evaluate your team’s performance vs.
expectations?
What corrective action would you take for next time?
Other examples of controlling?
26
Management Function: Controlling
Answer: A Budget!
14. 27
Management: Self-test
Daniel Bresca needs your help. An original dinner of 300 in 2
days has now grown to a party of 500 people.
There are only 2 employees.
How can Daniel use (or could have used) the 4 basic functions
of management to accommodate the party?
28
Management: Putting it Together
Planning
Organizing
Directing
Controlling
29
Management: Putting it Together
15. Examples:
Planning – rely on core values/mission statement, new
objectives, tactical planning, relying on a contingency plan
Organizing – clear definition of roles, specialization, delegate
authority
Directing – autocratic style
Controlling – rework on the budget, sensitivity analysis
30
Reminder: Midterm Test #2
Midterm Test #2 is next week (week 9)
It will cover Modules 3 & 4 only
Similar in format to Midterm Test #1
Details/review to follow
Review notes are available on DC Connect
31
Online this Week
32
16. Managing a Business
1
Module 4 Learning Objectives
Explain the basic functions performed by managers in an
organization.
2
Cocktail Party facts:
Only 10 corporations control almost everything we buy…..
3
1 hour
4
1 hour
Functions of Management
Planning
Organizing
Directing
Controlling
17. 5
Management Functions
Management is the process of planning for, organizing,
directing, and controlling a company’s resources to achieve
specific goals.
We will reflect on your group assignment experience to provide
context to these functions…..
6
Management Functions & Planning
In employee surveys, this was the number one contributor to
morale & retention:
Your Manager
Think of a manager you liked or disliked in the past. What
qualities made them effective or ineffective?
18. 7
Managers vs. Leaders
Manager: people in the organization assigned to
responsibilities of planning, organizing, directing, and/or
controlling
e.g. Sales manager, marketing director, HR manager, controller,
etc.
Leader: anyone, regardless of position, who inspires others to
follow (how many movies can you name?)
8
Managers vs. Leaders
Manager/leader self-assessment
# of leader responses
# of manager responses
9
1 hour
Management: Planning
10
19. Types of Business Planning
Feasibility Study
Formal Business Plan
Strategic Plan
Other tactical plans
“The key in business is planning, planning, planning….”
- Daniel Bresca
11
Management Function: Planning
Strategic planning is ongoing, and involves:
Mission statement
Core values or beliefs
SWOT: strengths, weaknesses, opportunities and threats
Goals, objectives or performance targets
Tactical or operational plans
12
Management Function: Planning
In planning, managers set goals and determine the best way to
achieve them
What should be done?
Who will do it?
How should it be done?
20. 13
Management Function: Planning
Goals and Objectives:
Goals—major accomplishments over a long period of time
Objectives—short-term performance targets that direct efforts
toward goal
Example: Apple Inc.
Describe Apple Inc.’s possible:
Goals
Objectives
14
Management Function: Planning
Goals and Objectives:
Apple’s goal is to define the future of mobile media and
computing devices
Apple’s shorter term objective is their profit target this quarter
What would your student goals and objectives be?
15
Management Function: Planning
21. Strategic/Tactical/Operational Plans:
Strategic plans are usually developed by top-level managers.
Tactical plans specify the allocation of resources to execute the
strategic plan
Operational plans are detailed action steps to complete the
tactical plans
16
Strategic
Plan
Top level
Tactical
Plan
Resources
Operational
Plan
Detailed
22. Management Function: Planning
Tactical/Operational Plans:
Can you describe your strategic, tactical, and operational plans
for your own academic career? How would this look? What
about for the Farm & Wild group project?
17
Strategic
Plan
Top level
Tactical
Plan
Resources
23. Operational
Plan
Detailed
Management Function: Planning
Contingency/Crisis/Exit Plans:
Contingency planning—identify aspects of the business possibly
affected by change, and developing courses of action
Group project – did they exist?
Crisis planning—creating a structure to deal with emergencies
IKEA scandal
Exit planning—developing plans for turning over the business
or winding it down if it does not succeed
Financing, sell, go public, retire
Example: Flickr to Yahoo for $35M, now worth over $1B
18
24. Management: Organizing
19
End of hour 1 – start Thursday
Management Function: Organizing
A manager engages in organizing allocates resources (people,
equipment, and money) to achieve a company’s plans
20
Management Function: Organizing
Reporting relationships
Lines of authority
Looking at the Durham College organizational chart…
21
President
Director, Human Resources
VP, Marketing
25. VP, Finance
VP, Operations
Marketing Manager
Financial Analysis
Research Analyst
Research
Assistant
Sales Manager
Sales Reps (5)
Sales Assistant
26.
27. Management Function: Organizing
The Organization Chart
A diagram showing relationships of positions within the
organization
Reporting Relationships
Lines of authority
Delegating authority
Managers:
Would it have helped to have a chart showing this for your
group?
22
Management: Directing
23
Management Function: Directing
The management process that provides focus and direction to
others and encourages them to achieve organizational goals
Influenced by key leadership styles:
Autocratic – decisions on their own
Democratic – seek input
Laissez-Faire – hands-off
28. Team Members:
What style did your managers use?
Was it the right one for the task at hand?
24
Management: Controlling
25
Management Function: Controlling
Controlling
The management process of comparing actual to planned
performance and taking corrective action when necessary
Group managers:
How would you evaluate your team’s performance vs.
expectations?
What corrective action would you take for next time?
Other examples of controlling?
26
Management Function: Controlling
Answer: A Budget!
29. 27
Management: Self-test
Daniel Bresca needs your help. An original dinner of 300 in 2
days has now grown to a party of 500 people.
There are only 2 employees.
How can Daniel use (or could have used) the 4 basic functions
of management to accommodate the party?
28
Management: Putting it Together
Planning
Organizing
Directing
Controlling
29
Management: Putting it Together
30. Examples:
Planning – rely on core values/mission statement, new
objectives, tactical planning, relying on a contingency plan
Organizing – clear definition of roles, specialization, delegate
authority
Directing – autocratic style
Controlling – rework on the budget, sensitivity analysis
30
Reminder: Midterm Test #2
Midterm Test #2 is next week (week 9)
It will cover Modules 3 & 4 only
Similar in format to Midterm Test #1
Details/review to follow
Review notes are available on DC Connect
31
Online this Week
32
31. Business Description & Mission Statement
Mission Statement
Industry Analysis
Competitor Analysis
SWOT Analysis
Recommendations
Introduction to Business Management
MGMT 1209
Assignment #3 & #4 (Group) – Business Planning & Analysis
Please complete this assignment in your GROUPS and have
ONE group member submit the Powerpoint slides Project
32. Outline:
Your group will create a presentation of no more than 10
minutes and present to Daniel Bresca. Be sure to focus only on
the 5 main categories of analysis:
1. Business Description and Mission Statement
2. Industry definition and analysis
3. Competitor Analysis
4. SWOT Analysis
5. Recommendations for the future
See Modules 3 & 4 class notes for details about each point.
No individual submissions will be accepted.
Assignment Rubric:
CATEGORY
Exemplary
5
Proficient
3-4
Partially Proficient
2
Incomplete
1
Not
Present or Acceptable
0
Score
33. Research, analysis, and professionalism
(group mark)
Clear evidence that responses are well researched, analyzed,
and spelling and grammar reflects a professional submission.
Adequate evidence that responses are well researched, analyzed,
and spelling and grammar reflects a professional submission.
Little evidence that responses are well researched, analyzed,
and spelling and grammar reflects a professional submission.
No evidence that responses are well researched, analyzed, and
spelling and grammar reflects a professional submission.
/5
Participation and contribution to group (individual mark)
Clear evidence that student was in attendance for group
meetings, participated, and contributed to group output.
Adequate evidence that student was in attendance for group
meetings, participated, and contributed to group output.
Little evidence that student was in attendance for group
meetings, participated, and contributed to group output.
No evidence that student was in attendance for group meetings,
participated, and contributed to group output.
/5
Comments
Grand Total
/10