Ch. 1 Managing and Performing

Challenges that Characterize the Current Business Landscape

• Globalization

• Technology Change

• Collaboration

• Knowledge Management

Globalization

Corporations operate worldwide, transcending national borders by tapping international markets.

Technology Change

Engagement in artificial intelligence (AI) and machine learning, data protection, 5G etc. The internet can be a threat and business opportunity. AI can interfere between humans and technology and society.

Collaboration

• Requires productive communications among different departments, divisions, or subunits of the organization.

  • Coopetition: simultaneous competition and cooperation among companies with the intent of creating value.

Knowledge Management

The set of practices aimed at discovering and harnessing an organization’s intellectual resources – finding , unlocking, sharing, and capitalizing on people expertise, skills, wisdom and relationships.

Managing for Competitive Advantage

A key to understanding the success of a company is how well it both creates
and sustains competitive advantage.

The Functions of Management

Management

• Is the process of working with people and resources to accomplish organizational goals efficiently and effectively.

Gina, a sales manager, has increasing pressure from other vendors who have shifted production of their parts overseas. She calls one of his customers who normally buys at least once a month, but hasn’t placed an order with Gina in three months. Thecustomer states that they are buying from an alternate supplier based on price. Gina is competing for orders with companies who have reduced costs by shifting production overseas. Gina faces the management challenge involved with

A. Globalization

The FOUR Functions of Management

1. Planning

2. Organizing

3. Leading

4. Controlling

Planning: Delivering Strategic Value

Systematically making decisions about goals and activities to be pursued.

Organizing: Building a Dynamic Organization.

Assembling and coordinating resources needed to achieve goals.

Leading: Mobilizing People

Efforts to stimulate high performance by employees.

Controlling: Learning and Changing

Monitoring performance and making needed changes.

Through careful monitoring of the financial budgets of a firm, managers can detect
potential problems in reaching their financial goals and take actions to reverse the
problem. This is an example of the ________ function of management.

A: planning

B: controlling

C: leading

D: organizing

E: staffing

B. Controlling

The Three Levels of Management

• Top-level managers

• Middle-level managers

• Frontline managers

Top-level managers

The senior executives of an organization and are responsible for its overall management. Often referred to as strategic managers.

Middle-level managers

Located in the organization’s hierarchy below top-level management and above the frontline managers. Sometimes called tactical managers, they are responsible for translating the general goals and plans developed by strategic managers into more specific objectives and activities.

Frontline managers

Also known as operational managers, are lower-level managers who supervise the operations of the organization. These managers often have titles such as supervisor, team leader, or assistant manager.

Roles of an Effective Manager

• Decisional Roles

• Informational Roles

• Interpersonal Roles

Decisional Roles

• Entrepreneur: search for new business, initiate new projects

• Disturbance handler: take corrective action during crises

• Resource allocator: provide funding and other resources, make significant organizational decision

• Negotiator: negotiate with internal and external parties

Informational Roles

• Monitor: seek information, serve as the center of communication

• Disseminator: transmit information from source to source

• Spokesperson: speak on behalf of organization

Interpersonal Roles

• Leader: staffing, developing, motivating people

• Liaison: maintain network of outside contacts

• Figurehead: perform symbolic duties

Must-Have Managment Skills

• Technical: ability to perform a specialized task involving a particular method or process

• Conceptual and Decision: skills related to abilities that help identify and resolve problems

• Interpersonal and Communication: people skills that represent the ability to lead, motivate, and communicate effectively with others

What is your Emotional Intelligence?

The skills of understanding yourself (including strengths and limitations), managing yourself (dealing with emotions, making good decisions, seeking and using feedback, exercising self-control), and dealing effectively with others (listening, showing empathy, motivating, leading, and so on.

Two Relationships: Which Will You Choose

1. You as a passive employee

2. You as an active contributor in a mutually beneficial relationship

Managerial Action Is Your Opportunity to Contribute

You → Your Organization → Managerial Actions

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

    • Be both a specialist and a generalist.

    • Be self-reliant.

    • Connect with people.

    • Actively manage your relationship with your organization.

    • Survive and thrive.

Which of the following job titles indicates that a person is a frontline manager?

A: Vice President

B: Chief Financial Officer

C: Human Resources Manager

D: Team Leader

E: Executive Assistant

D. Team Leader

T/F Emotional intelligence should be viewed as something you inherit and cannot change.

False