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Management
Chapter 1
| Term | Definition |
|---|---|
| Organization | a group of people who work together to achieve some specific purpose |
| Management is defined as | 1. The pursuit of organizational goals efficiently and effectively by 2. Integrating the work of people through 3. Planning, organizing, leading, and controlling the organization’s resources |
| Efficient | means to use resources -people, money, raw materials, and the like -wisely and cost-effectively |
| Effective | means to achieve results, to make the right decisions and to successfully carry them out so that they achieve the organization’s goals |
| The management process | Planning, organizing, leading, and controlling |
| Competitive advantage | the ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them |
| Managing for Competitive Advantage | Being responsive to customers, Innovation, Quality, Efficiency |
| Sustainability | economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs. |
| Levels & Areas of Management | 1. Top manager 2. Middle manager 3. First-line manager 4. Non managerial personnel |
| Top managers | make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it |
| Middle managers | implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them |
| “High touch” jobs | dealing with people rather than computer screens or voice-response systems |
| First-line managers | make short-term operating decisions, directing the daily tasks of nonmanagerial personnel |
| Team leader | a manager who is responsible for facilitating team activities toward achieving key results |
| Functional manager | responsible for just one organizational activity |
| General manager | responsible for several organizational activities |
| For-Profit Organizations: | For Making Money |
| Nonprofit Organizations: | For Offering Services |
| Mutual-Benefit Organizations: | For Aiding Members |
| Technical skills | the job-specific knowledge needed to perform well in a specialized field |
| Conceptual skills | the ability to think analytically, to visualize an organization as a whole and understand how the parts work together |
| Human skills | the ability to work well in cooperation with other people to get things done |
| Soft skills | the ability to motivate, to inspire trust, to communicate with others |
| The Most Valued Traits in Managers | 1. The ability to motivate and engage others 2. The ability to communicate 3. Work experience outside the United States 4.High energy levels to meet the demands of global travel and a 24/7 world |
| The manager’s roles: | 1. A manager relies more on verbal than on written communication 2. A manager works long hours at an intense pace 3. A manager’s work is characterized by fragmentation, brevity, & variety |
| Interpersonal roles | managers interact with people inside and outside their work units, ex.. figurehead, leader, liaison |
| Informational roles | managers receive and communicate information, ex. monitor, disseminator, spokesperson |
| Decisional roles | managers use information to make decisions to solve problems or take advantage of opportunities, ex. entrepreneur, disturbance handler, resource allocator, negotiator |
| Entrepreneurship | process of taking risks to try to create a new empire |
| Entrepreneur (start a business) | someone who sees a new opportunity for a product or service and launches a business to try to realize it |
| Intrapreneur (maintain a business) | someone who works inside an existing organization who sees an opportunity for a product or service and mobilizes the organization’s resources to try to realize it |
| Necessity entrepreneurs | people who suddenly must earn a living and are simply trying to replace lost income and are hoping a job comes along |
| Opportunity entrepreneurs | those who start their business out of a burning desire rather than because they lost a job |
Created by:
Josefine Hippi