Management, Leadership and the Internal Organization
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| Management | The process of achieving objectives 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.
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| Top Management | The highest level of management including such positions as CEO, CFO and Executive Vice President. Top managers spend most of their time developing long-range plans for their organizations.
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| Middle Management | The second tier of the management hierarchy, includres positions such as general managers, plant managers, division managers and branch managers. Middle managers' attention focus on specific operations, products or customer groups within an organization.
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| Glass ceiling | invisible barrier that resists the efforts of women in moving up the corporate hierarchy beyond a certain point
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| Supervisory management | first-line management – includes positions such as supervisor, line manager, and group or team leader. Directly responsible for assigning nonmanagerial employees to specific jobs and evaluating their performance every day
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| Technical skills | ability to understand and apply the techniques, knowledge, and tools and equipment of a specific discipline or department
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| Human skills | interpersonal skills that enable a manager to work effectively with and through people
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| Conceptual skills | ability to see the organization as a unified whole and to understand how each part of the overall organization interacts with other parts
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| Special Skills for Overseas Managers | Must learn local languages, cultural customs, and practices and expectations of foreign business environments - Awareness of differences among cultures - Able to handle culture shock
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| Planning | process of anticipating future events and conditions and determining courses of action for achieving organizational objectives
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| Organizing | means by which managers blend human and material resources through a formal structure of tasks and authority
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| Directing | guiding and motivating employees to accomplish organizational objectives
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| Controlling | evaluating an organization’s performance and determining whether it is accomplishing its objectives
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| Vision | perception of marketplace needs and the methods an organization can use to satisfy them - Helps to direct the company toward opportunities . . . and differentiates it from competitors - Helps unify the actions of far-flung divisions, keep customers satis
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| Business plan | takes the firm’s objectives and specifies the activities and resources required to achieve them
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| Strategic planning | process of determining the primary objectives of an organization and adopting courses of action in allocating resources to achieve these objectives
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| Tactical planning | involves implementing the activities specified by strategic plans - Guides the current and near-term activities required to implement overall strategies
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| Operational planning | creates the detailed standards that guide implementation of tactical plans - Involves choosing specific work targets and assigning employees and teams to carry out plans
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| Adaptive planning | developing courses of action that are fluid and forward-looking enough to adapt to changes in the business environment - Emphasizes focus and flexibility
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| Contingency planning | allows a firm to resume operations as quickly and as smoothly as possible after a crisis while openly communicating with the public about what happened - Usually designates a chain of command for crisis management
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| Mission statement | written explanation of an organization’s business intentions and aims
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| Assessing Competitive Position | Involves an examination of the factors that may help or hinder the organization in the future
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| SWOT analysis | organized method of assessing a company’s internal strengths and weaknesses and its external opportunities and threats
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| Forecasting | process of estimating or predicting a company’s future sales or income - Can focus on Short-Term, Intermediate term or Long Term
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| Objectives | guideposts by which managers define the organization’s desired performance in such areas as profitability, customer service, growth, and employee satisfaction
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| Competitive differentiation | unique combination of a company’s abilities and approaches to place it ahead of competitors
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| Sources of competitive differentiation include | Human resources, Product Innovation, Technology and Financial Management
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| Implementation | Turning Strategy Into Action - Strategy put into action by identifying the specific methods and deploying the resources needed to implement the intended plans
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| Decision making | process of recognizing a problem or opportunity, evaluating alternative solutions, selecting and implementing an alternative, and assessing the results
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| Programmed decision | involves simple, common, and frequently occurring problems for which solutions have already been determined
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| Nonprogrammed decision | involves a complex and unique problem or opportunity with important consequences for the organization
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| Making good decisions... | ...involves taking risks
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| Leadership | ability to direct or inspire people to attain organizational goals: Empathy, Self-awareness, Objectivity
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| Other traits of a good leader may include: | Courage, Ability to inspire, Passion, Commitment, Flexibility, Innovation, Willingness to experiment
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| Autocratic leadership | boss makes decisions on their own without consulting employees
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| Democratic leadership | involves subordinates in making decisions
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| Free-reign leadership | leader believes in minimal supervision, leaving most decisions to subordinates
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| Empowerment | practice in which managers lead employees by sharing power, responsibility, and decision making with them
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| Which Leadership Style is Best? | Depends on function of the leader, subordinates, and situation
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| Corporate culture | organization’s system of principles, beliefs, and values
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| Organization | structured grouping of people working together to achieve common goals
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| Organization chart | visual representation of a firm’s structure that illustrates job positions and functions
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| Departmentalization | process of dividing work activities into units within the organization
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| Major forms of departmentalization subdivide work by: | Product, Geographic Area, Customer, Function, Process
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| Product departmentalization: | Organizes work units based on the goods and services offered
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| Geographic departmentalization: | units organized by geographic region within a country - For a multinational firm, units organized by regions throughout the world
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| Customer departmentalization: | organization that offers a variety of goods and services targeted to different types of customers might structure itself based on customers served
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| Functional departmentalization: | work units organized according to business functions such as finance, marketing, human resources, and production
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| Process departmentalization: | units organized by work processes required to complete production of goods
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| Delegation | act of assigning activities to subordinates
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| Span of management (span of control): | number of subordinates a manager can supervise effectively
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| Centralization: | retains decision-making at the top of the management hierarchy
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| Decentralization: | locates decision-making at lower levels
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| Line organization: | establishes a direct flow of authority from the chief executive to subordinates
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| Chain of command: | set of relationships that indicates who directs which activities and who reports to whom
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| Line-and-staff organization: | combines the direct flow of authority of a line organization with staff departments that serve, advise, and support the line departments
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| Line manager: | interacts directly with the functions of production, finance, or marketing – the functions needed to produce and market goods and services
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| Staff manager | provides information, advice, or technical assistance to aid line managers
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| Committee organization | structure that places authority and responsibility jointly in the hands of a group of individuals rather than a single manager
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| Matrix, or project management, structure: | links employees from different parts of the organization to work together on specific projects
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