Download to read offline
Uploaded byJohn Oliver Martos
Managing and Performing
This chapter discusses the evolving challenges of management in today's globalized and technology-driven business environment. It outlines the key sources of competitive advantage such as innovation, quality, speed, service, and cost competitiveness. It also describes the core management functions of planning, organizing, leading and controlling. Additionally, it compares management skills needed at different organizational levels and emphasizes interpersonal skills for effective management. Finally, it stresses the importance of self-management and social relationships for career success.
Managing and Performing
- 1. Managing and Performing Chapter One McGraw-Hill/Irwin Copyright ©2013 by The McGraw-Hill Companies, Inc. All rights reserved.
- 2. Learning Objectives LO 1Summarize 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 today’s 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
- 3. Globalization Today’s enterprises areglobal, with offices and production facilities in countries all over the world Means that a company’s talent can come from anywhere Internet makes globalization inevitable 1-3
- 4. Technological Change: The Internet Marketplace Meansfor manufacturing goods and services Distribution channel An information service 1-4
- 5. Technological Change: The Internet Drivesdown costs and speeds up globalization. Improves efficiency of decision making. Facilitates design of new products, from pharmaceuticals to financial services 1-5
- 6. Knowledge Management Knowledge management Practicesaimed at discovering and harnessing an organization’s intellectual resources 1-6
- 7. Knowledge Management Knowledge workers Workers whose primary contributions are ideas and problem-solving expertise Knowledge managers find these human assets, help people collaborate and learn, help people generate new ideas, and harness those ideas into successful innovations. 1-7
- 8. Knowledge Management Knowledge managementis about finding, unlocking, sharing, and altogether capitalizing on the most precious resources of an organization: people’s expertise, skills, wisdom, and relationships. 1-8
- 9. Collaboration across “Boundaries” Requiresproductive communications among different departments, divisions, or other subunits of the organization 1-9
- 10. Collaboration across “Boundaries” Companiestoday must motivate and capitalize on the ideas of people outside the organization e.g. its consultants, ad agencies, and suppliers 1-10
- 11.
- 12. Question ___________ is thefast and timely execution, response, and delivery of results. A.Innovation B.Quality C.Speed D.Service 1-12
- 13. Managing for Competitive Advantage Innovation the introduction of new goods and services A firm must: adapt to changes in consumer demands and to new competitors. be ready with new ways to communicate with customers and deliver the products to them. 1-13
- 14. 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 1-14
- 15. Managing for Competitive Advantage Todayquality is about preventing defects and having continuous improvement in how the firm operates 1-15
- 16. Managing for Competitive Advantage Service giving customers what they want or need, when they want it focused on continually meeting the needs of customers to establish mutually beneficial long-term relationships. Speed Fast and timely execution, response, and delivery of results. 1-16
- 17. Managing for Competitive Advantage Cost competitiveness Keeping costs low to achieve profits and be able to offer prices that are attractive to consumers. 1-17
- 18. Managing for Competitive Advantage Sustainability The effort to minimize the use of resources, especially those that are polluting and nonrenewable. 1-18
- 19. The Functions ofManagement Management The process of working with people and resources to accomplish organizational goals Efficiently, effectively 1-19
- 20. Question ____________ is monitoringperformance and making needed changes. A.Planning B.Organizing C.Leading D.Controlling 1-20
- 21. The Functions ofManagement 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 1-21
- 22. The Functions ofManagement 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, 1-22
- 23. The Functions ofManagement Leading stimulating people to be high performers Controlling monitoring performance and making needed changes. 1-23
- 24. Performing All FourManagement 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 1-24
- 25. Performing All FourManagement Functions Good managers devote adequate attention and resources to all four management functions. 1-25
- 26. Management Levels andSkills 1-26
- 27. Management Levels andSkills 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 toplevel executives. 1-27
- 28. Management Levels andSkills Frontline managers Lower-level managers who supervise the operational activities of the organization 1-28
- 29. Transformation of Management Rolesand Activities Table 1.1 1-29
- 30. Managerial Roles: What ManagersDo Table 1.2 1-30
- 31. Question Which management skillis the ability to lead, motivate, and communicate effectively with others? A.Technical B.Conceptual C.Decision D.Interpersonal 1-31
- 32. Management Skills Technical skill The ability to perform a specialized task involving a particular method or process 1-32
- 33. Management Skills Conceptual anddecision skills Skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members. 1-33
- 34. Management Skills Interpersonal andcommunication skills People skills; the ability to lead, motivate, and communicate effectively with others. 1-34
- 35. You and YourCareer Emotional intelligence The skills of understanding yourself, managing yourself, and dealing effectively with others. Social capital Goodwill stemming from your social relationships 1-35
- 36. You and YourCareer 1-36
- 37. Two Relationships: Which WillYou Choose? Figure 1.1 1-37
- 38. Managerial Action IsYour Opportunity to Contribute Figure 1.2 1-38
- 39. Common Practices ofSuccessful Executives They ask “What needs to be done?” rather than “What do I want to do?” They write an action plan. They don’t just think, they do, based on a sound, ethical plan. They take responsibility for decisions. They focus on opportunities rather than problems. 1-39
- 40. Video Case: AFLACand Dan Amos Why does AFLAC CEO, Dan Amos, want shareholders to vote on his compensation package? What are the consequences of paying an underperforming CEO an exorbitant severance package? 1-40
Editor's Notes
- #7 Knowledge management is about finding, unlocking, sharing, and altogether capitalizing on the most precious resources of an organization: people’s expertise, skills, wisdom, and relationships.
- #13 The correct answer is c – speed. See slide 1-15
- #21 The correct answer is D – controlling. See slide 1-21
- #32 The correct answer is D – interpersonal. See slide 1-32