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MGT 161 Chapter 8

Management, Leadership and the Internal Organization

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.
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.
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.
Glass ceiling invisible barrier that resists the efforts of women in moving up the corporate hierarchy beyond a certain point
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
Technical skills ability to understand and apply the techniques, knowledge, and tools and equipment of a specific discipline or department
Human skills interpersonal skills that enable a manager to work effectively with and through people
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
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
Planning process of anticipating future events and conditions and determining courses of action for achieving organizational objectives
Organizing means by which managers blend human and material resources through a formal structure of tasks and authority
Directing guiding and motivating employees to accomplish organizational objectives
Controlling evaluating an organization’s performance and determining whether it is accomplishing its objectives
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
Business plan takes the firm’s objectives and specifies the activities and resources required to achieve them
Strategic planning process of determining the primary objectives of an organization and adopting courses of action in allocating resources to achieve these objectives
Tactical planning involves implementing the activities specified by strategic plans - Guides the current and near-term activities required to implement overall strategies
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
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
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
Mission statement written explanation of an organization’s business intentions and aims
Assessing Competitive Position Involves an examination of the factors that may help or hinder the organization in the future
SWOT analysis organized method of assessing a company’s internal strengths and weaknesses and its external opportunities and threats
Forecasting process of estimating or predicting a company’s future sales or income - Can focus on Short-Term, Intermediate term or Long Term
Objectives guideposts by which managers define the organization’s desired performance in such areas as profitability, customer service, growth, and employee satisfaction
Competitive differentiation unique combination of a company’s abilities and approaches to place it ahead of competitors
Sources of competitive differentiation include Human resources, Product Innovation, Technology and Financial Management
Implementation Turning Strategy Into Action - Strategy put into action by identifying the specific methods and deploying the resources needed to implement the intended plans
Decision making process of recognizing a problem or opportunity, evaluating alternative solutions, selecting and implementing an alternative, and assessing the results
Programmed decision involves simple, common, and frequently occurring problems for which solutions have already been determined
Nonprogrammed decision involves a complex and unique problem or opportunity with important consequences for the organization
Making good decisions... ...involves taking risks
Leadership ability to direct or inspire people to attain organizational goals: Empathy, Self-awareness, Objectivity
Other traits of a good leader may include: Courage, Ability to inspire, Passion, Commitment, Flexibility, Innovation, Willingness to experiment
Autocratic leadership boss makes decisions on their own without consulting employees
Democratic leadership involves subordinates in making decisions
Free-reign leadership leader believes in minimal supervision, leaving most decisions to subordinates
Empowerment practice in which managers lead employees by sharing power, responsibility, and decision making with them
Which Leadership Style is Best? Depends on function of the leader, subordinates, and situation
Corporate culture organization’s system of principles, beliefs, and values
Organization structured grouping of people working together to achieve common goals
Organization chart visual representation of a firm’s structure that illustrates job positions and functions
Departmentalization process of dividing work activities into units within the organization
Major forms of departmentalization subdivide work by: Product, Geographic Area, Customer, Function, Process
Product departmentalization: Organizes work units based on the goods and services offered
Geographic departmentalization: units organized by geographic region within a country - For a multinational firm, units organized by regions throughout the world
Customer departmentalization: organization that offers a variety of goods and services targeted to different types of customers might structure itself based on customers served
Functional departmentalization: work units organized according to business functions such as finance, marketing, human resources, and production
Process departmentalization: units organized by work processes required to complete production of goods
Delegation act of assigning activities to subordinates
Span of management (span of control): number of subordinates a manager can supervise effectively
Centralization: retains decision-making at the top of the management hierarchy
Decentralization: locates decision-making at lower levels
Line organization: establishes a direct flow of authority from the chief executive to subordinates
Chain of command: set of relationships that indicates who directs which activities and who reports to whom
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
Line manager: interacts directly with the functions of production, finance, or marketing – the functions needed to produce and market goods and services
Staff manager provides information, advice, or technical assistance to aid line managers
Committee organization structure that places authority and responsibility jointly in the hands of a group of individuals rather than a single manager
Matrix, or project management, structure: links employees from different parts of the organization to work together on specific projects
Created by: tmackay1