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Managing
Chapter 01
Copyri ght 2011 by the McGraw-H il l Companies, Inc. Al l r ights reserved.McGraw-Hill/Irwin
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Learning Objectives
LO 1Summarize the major challenges of managing in thenew competitive landscape
LO 2 Describe the sources of competitive advantage for a
companyLO 3 Explain how the functions of management are
evolving in todays business environment
LO 4 Compare how the nature of management varies atdifferent organizational levels
LO 5Define the skills you need to be an effectivemanager
LO 6Discuss the principles that will help you manageyour career
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Globalization
Todays enterprises are global, with offices
and production facilities in countries all over
the worldMeans that a companys talent can come
from anywhere
Internet makes globalization inevitable
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Technological Change: The Internet
Marketplace
Means for manufacturing goods and services
Distribution channel An information service
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Technological Change: The Internet
Drives down costs and speeds up
globalization.
Improves efficiency of decision making. Facilitates design of new products, from
pharmaceuticals to financial services
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Knowledge Management
Knowledge
management
Practices aimed at
discovering andharnessing an
organizations
intellectual resources
Knowledge workers
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Collaboration across Boundaries
Requires productive communications among
different departments, divisions, or other
subunits of the organization
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Collaboration across Boundaries
Companies today must motivate and
capitalize on the ideas of people outside the
organization e.g. its consultants, ad agencies,and suppliers
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Managing for Competitive Advantage
Innovation
Quality
ServiceSpeed
Cost
Competitiveness
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Question
___________ is the fast and timely execution,
response, and delivery of results.
A. InnovationB. Quality
C. Speed
D. Service
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Managing for Competitive Advantage
Quality
The excellence of your product (goods or services)
Historically, quality referred to attractiveness, lackof defects, reliability, and long-term dependability
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Managing for Competitive Advantage
Today quality is about
preventing defects and
having continuous
improvement in howthe firm operates
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Managing for Competitive Advantage
Service
The speed and dependability with which an
organization delivers what customers want
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Managing for Competitive Advantage
Speed
Fast and timely execution, response, and delivery
of results.
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Managing for Competitive Advantage
Cost
competitiveness
Keeping costs low to
achieve profits and
be able to offer
prices that are
attractive to
consumers.
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The Functions of Management
Management
The process of working with people and resources
to accomplish organizational goals
Efficient, effective
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Question
____________ is monitoring performance and
making needed changes.
A. PlanningB. Organizing
C. Leading
D. Controlling
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The Functions of Management
Leading
stimulating people to be high performers
Controlling monitoring performance and making needed
changes.
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The Functions of Management
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Performing All Four Management
Functions
A typical day for a manager is not neatly
divided into the four functions
Days are busy and fractionated, and spentdealing with interruptions, meetings, and
firefighting
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Performing All Four Management
Functions
Good managers
dont neglect any of
the four
managementfunctions
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Management Levels and Skills
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Top Level
Managers
Middle-Level
Managers
Frontline
Managers
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Management Levels and Skills
Top-level managers
Senior executives responsible for the overall
management and effectiveness of the
organization.
Middle-level managers
Managers located in the middle layers of the
organizational hierarchy, reporting to top-level
executives.
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Management Levels and Skills
Frontline managers
Lower-level
managers who
supervise theoperational activities
of the organization
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Transformation of Management
Roles and Activities
1-28Table 1.1
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Managerial Roles: What
Managers Do
1-29Table 1.2
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Question
Which management skill is the ability to lead,
motivate, and communicate effectively with
others?
A. Technical
B. Conceptual
C. DecisionD. Interpersonal
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Management Skills
Technical skill
The ability to
perform a specialized
task involving aparticular method or
process
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Management Skills
Conceptual and decision skills
Skills pertaining to the ability to identify and
resolve problems for the benefit of the
organization and its members.
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Management Skills
Interpersonal and communication skills
People skills; the ability to lead, motivate, and
communicate effectively with others.
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You and Your Career
Emotional
intelligence
The skills of
understandingyourself, managing
yourself, and dealing
effectively with
others.
Social capital
Goodwill stemming
from your social
relationships
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You and Your Career
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Be both aspecialist and a
generalist
Be self-reliant Be connected
Actively manageyour relationship
with yourorganization
Survive andthrive
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Keys to Career Management
1-36Table 1.3
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Two Relationships:
Which Will You Choose?
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Figure 1.1
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Managerial Action Is Your
Opportunity to Contribute
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Figure 1.2
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Common Practices of Successful Executives
They ask What needs to be done? rather than
What do I want to do?
They write an action plan. They dont just think, they
do, based on a sound, ethical plan.
They take responsibility for decisions.
They focus on opportunities rather than problems.
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Destination CEO: Darden Restaurants
What position did Otis
hold before being
named CEO of Darden
Restaurants?
What management
skills are you
developing in a job or
in college that will aidyou in your future
career?
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