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Does management come in one definition?

No, it has many

Goal of management

Right work, done well

The "what" a manager should do

Right Work

The "how" a manager should do it

Done Well

Does management only exist in a business context?

No

What determines the right work?

An organization's goals

A large part of done well is

Distributing tasks/assignments/roles

Done well involves

Employee motivation, progress monitoring, and efficiency

Done well takes tasks and

Breaks them into smaller, manageabel steps

Best way to practice management skills

Real scenarios

How does management differ to other studying fields?

Based less off research and more off emotions

Can management guarantee results?

No, it can only lead in the right direction

Management theories

Overall frameworks/ideas. Used as a reference-point for situations

Are theories universal?

No, every situation is different

4 Management Influences

Economic, Social, Political, Technological

Why is management history controversial?

Changing times, biases, lack of recorded data

5 Management Periods

Specialization of Labor, Systematic Management, Scientific, Administrative, Human Relations

Specialization of Labor

Focusing work effort on a particular product or a single task

Systematic Management

Had coordination of tasks with overseeers

Scientific Management

Focused on maximizing efficiency

Administrative management

Focused on managing entire organizations/groups, believed in good management techniques

Human relations management

focuses on people and sees them as valuable organizational resources in their own right

Management history

Study of past management practices and theories and how they've changed over time

Five elements to identifying the right work

Vision, mission, goals, strategy, plans

Vision

What the company wants to do

Mission

What they actually ARE doing and providing

Goals

Milestones they strive to reach

Strategy

How they intend to reach the goals

Plans

How they intend to go about the strategy

Goal balance

Should be a balance of short and long term goals, and all should be achieveable

Strategies of business

Differentiation, low-cost, combo, and focus

SWOT

strengths, weaknesses, opportunities, threats to goals

Differentiation

Making something new

Low-Cost

Providing the lowest cost service

Focus

Very specific target audience

Combo

Lower cost but also different

Porter's Five Forces

threat of entry, threat of substitute, supplier power, buyer power, and competitive rivalry

Industry Life Cycle

Embryonic, growth, shakeout, mature, decline

Macroenvironmental Analysis

• Macroeconomic

• Global

• Technology

• Demographics

• Social Values

• Political/Legal Forces

Internal Analysis

Quality, Efficiency, Innovation, Customer Engagement, Distinctive Competencies, Organizational Structure

Strategy Implementation

Structure, monitoring and control, and culture

Why are plans often revised?

Due to competitor reactions

Limited resources

Lack of support

Lack of employee effort

Strategy was ineffective

Different priorities

New information

Unexpected problems

4 Elements of Doing Right

Business Law, Ethical Decision Making, Core Values, Social Responsibility

Why is social responsibility important?

Improves your company brand, Builds customer relationships, Increases employee morale/retention , Differentiates you from your competition

What drives economic value for a business?

Profitability and growth

What controls loan premiums?

Profitability of a company

Growth occurs when

Expanding products to more customers to increase scope of the business

Gain new customers within a market

Trial a new market for selling

Make new products

Sell new products into new markets

Innovation

any idea that addresses a challenge and creates value for customers

Innovations tend to use

AI, technology platforms (e.g. social media), and collaboration with other organizations

Entrepreneurship

the process of starting, organizing, managing, and assuming the responsibility for a business

Entrepreneurs succeed when

There is good leadership

High levels of commitment

Start at a smaller target market

Being very specific

Overcome common obstacles that other entrepreneurs face when creating new ideas

Grow into new locations and markets

Using innovative tools

Learn from mistakes

Get rid of failed projects before wasting too much money on it

Why do big businesses need to focus on innovation?

Without innovation, even large organizations will fail to grow at a consistent rate. A competitor that DOES innovate will take over

Globalization is increased due to

Less trade barriers, technological advancements, multinational companies, and global institutions (e.g. World Trade Organization)

Political Economy is formed by

Political Climate, Economic Conditions, Legal System

Political Economy

The economic state of a country when it comes to foreign trade

Political Climate

the shared perceptions about the political nature of the country

Culture

Beliefs, attitudes, values, etc. that are shared by a large group of people within a country

Are countries multi-cultural?

Yes

Why is it important to understand culture?

Certain ideals may hurt or help trading, multiple cultures exist per country, and barriers may exist (e.g. language)

Global Standard

Products are standard in every country

Local customization

Products are different in each country

Combination

Products are different but share a standard in each country

Foreign Market entry strategies

Exporting

Licensing

Franchising

Joint Venture

Strategic Alliance

Do it yourself

Joint Venture vs. Strategic Alliance

Joint ventures involve the formation of a third-party legal entity where the two (or more) firms each contribute equity, whereas strategic alliances are simply a partnership between two firms

Strategy decision is done by

The level of control you wish to have over the international market in this country

How many business partners are available in this foreign market that we can work with

Which strategies are favored by the law

The type of product(s) being sold

How much time each strategy will require

How much risk you're willing to take