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Chapter 1- The Exceptional Manager

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by: Stephanie De Angelis

Chapter 1- The Exceptional Manager MGT 250

Marketplace > Pace University - New York > Business, management > MGT 250 > Chapter 1 The Exceptional Manager
Stephanie De Angelis

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These notes cover all of chapter one, although we have not finished the chapter in class yet.
Managerial and Organizational Concepts
Professor Bhandari
Class Notes




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Kellie Wolff

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This 7 page Class Notes was uploaded by Stephanie De Angelis on Saturday January 23, 2016. The Class Notes belongs to MGT 250 at Pace University - New York taught by Professor Bhandari in Winter 2016. Since its upload, it has received 59 views. For similar materials see Managerial and Organizational Concepts in Business, management at Pace University - New York.


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Date Created: 01/23/16
Chapter 1 – The Exceptional Manager What You Do, How You Do It Vocabulary Artificial Intelligence­ the discipline concerned with creating computer systems that simulate  human reasoning and sensation Big Data­ stores of data so vast that conventional database management systems cannot handle  them Cloud Computing­ the storing of software and data on gigantic collections of computers located  away from a company’s principal site Collaborative Computing­ using state­of­the­art computer software and hardware, will help  people work better together Competitive Advantage­ the ability of an organization to produce goods or services more  effectively  Conceptual Skills­ the ability to think analytically, to visualize an organization as a whole and  understand how the parts work together Controlling­ monitoring performance, comparing it with goals, and taking corrective action as  needed Databases­ computerized collections of interrelated files Decisional Roles­ managers use information to make decisions to solve problems or take  advantage of opportunities E­business­ using the Internet to facilitate every aspect of running a business E­commerce­ the buying and selling of goods or services over computer networks E­mail­ electronic­mail messages and documents transmitted over a computer network Effective­ to achieve results, to make the right decisions and to successfully carry them out so  that they achieve the organization’s goals Efficient­ to use resources – people, money, raw materials, and the like – wisely and cost­ effectively Entrepreneur­ someone who sees a new opportunity for a product or service and launches a  business to try and realize it Entrepreneurship­ the process of taking risks to try to create a new enterprise First­line Managers­ make short­term operating decisions, directing the daily tasks of  nonmanagerial personnel Four Management Functions­ also known as management process, planning, organizing, leading, controlling. Functional Managers­ responsible for just one organizational activity General Managers­ responsible for several organizational activities “High­touch” Jobs­ dealing with people rather than computer screens or voice­response system Human Skills­ the ability to work well in cooperation with other people to get things done Informational Roles­ as monitor, disseminator, and spokesperson – managers receive and  communicate information with other people inside and outside the organization Innovation­ finding ways to deliver new or better goods or services Internal Locus of Control­ the belief that you control your own destiny Internet­ the global network of independently operating but interconnected computers, lining  hundreds of thousands of smaller networks around the world Chapter 1 – The Exceptional Manager What You Do, How You Do It Interpersonal Roles­ managers interact with people inside and outside their work units Intrapreneur­ someone who works inside an existing organization who sees an opportunity for a  product or service and mobilizes the organization’s resources to try and realize it Knowledge Management­ the implementing of systems and practices to increase the sharing of  knowledge and information throughout an organization Leading­ motivating, directing, and otherwise influencing people to work hard to achieve the  organization’s goals Management­ (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 Management Process­ also known as four management functions, planning, organizing, leading,  controlling. Mentor­ an experienced person who provided guidance to someone new to the work world Middle Managers­ implement the policies and plans of the top managers above them and  supervise and coordinate the activities of the first­line managers below them Organization­ a group of people who work together to achieve some specific purpose Organizing­ arranging tasks, people, and other resources to accomplish the work Planning­ setting goals and deciding how to achieve them Project Management Software­ programs for planning and scheduling the people costs, and  resources to complete a project on time Social Media­ internet­based mobile technologies such as Facebook and Twitter for generating  interactive dialogue with others on a network Soft Skills­ the ability to motivate, to inspire trust, to communicate with others Start­up­ a newly created company designed to grow fast Sustainability­ economic development that meets the needs of the present without compromising  the ability of future generations to meet their own needs Team Leaders­ a manager who is responsible for facilitating team activities toward achieving  key results Technical Skills­ job­specific knowledge needed to perform well in a specialized field Telecommute­ work from home or remote locations using a variety of information technologies Texting­ quick text messages exchanged among smart phones Top Managers­ long­term decisions about the overall direction of the organization and establish  the objectives, policies, and strategies for it Videoconferencing­ using video and audio links along with computers to let people in different  locations see, hear, and talk with one another Chapter 1 – The Exceptional Manager What You Do, How You Do It 1.1 Management: What It Is, What Its Benefits Are The Art of Management Defined o Management is “the art of getting things done through people” o Managers should be task oriented, achievement oriented, and people oriented o Good managers always strive to achieve efficiency and effectiveness (the means  and the ends) Why Organizations Value Managers: The Multiplier Effect o Some great achievements have been accomplished by individuals working quietly by themselves; but so much more has been accomplished by people who were  able to pull their talents and abilities by being managers o Good managers create value o The multiplier effect – your influence on the organization is multiplied far beyond the results that can be achieved by just one person acting alone o Managers have a lot more influence and can earn two to seven times more than a  salesperson The Financial Rewards of Being an Exceptional Manager This section is just a whole bunch of numbers and statistics as to what you could  possibly make as a manager or higher. What Are the Rewards of Studying & Practicing Management o The rewards of studying management o You will understand how to deal with organizations from the outside  May give you some defensive skills for dealing with a customer or  investor o You will understand how to relate to your supervisors  Help understand the pressures managers deal with and why and  how they respond to you in the way they do o You will understand how to interact with coworkers  Management policies affect how everyone acts in the workplace o You will understand how to manage yourself in the workplace  You come to realize your personality, emotions, values,  perceptions, needs, and goals o The rewards of practicing management o You and your employees can experience a sense of accomplishment  Successful goals give you a personal satisfaction as well as your  employees that you directed to help with the process o You can stretch your abilities and magnify your range  Every promotion stretches your abilities, challenges your talents  and skills, and magnifies the range of your accomplishments o You can build a catalog of successful products or services Chapter 1 – The Exceptional Manager What You Do, How You Do It  Every product becomes a testimonial to your accomplishments o You can become a mentor and help others  Mentors can help others advance in their careers 1.2 What Managers Do: The Four Principal Functions Planning: Discussed in Part 3 of This Book o You set goals and decide how to achieve them Organizing: Discussed in Part 4 of This Book o You arrange tasks, people, and other resources to accomplish the work Leading: Discussed in Part 5 of This Book o You motivate, direct, and otherwise influence people to work hard to achieve the  organization’s goals Controlling:  Discussed in Part 6 of This Book o You monitor performance, compare it with goals, and take corrective action as  needed 1.3 Seven Challenges to Being an Exceptional Manager Challenge #1: Managing for Competitive Advantage – Staying Ahead of Rivals o Organization must stay ahead because of competitive advantage through o Being responsive to customers  The first law of business is to always take care of the customer o Innovation  No organization, for­profit, or nonprofit can allow itself to become  satisfied o Quality  If it’s a one­of­a­kind company, customers will put up with less  than extraordinary products o Efficiency  Companies strive to produce goods or services as quickly as  possible using as few employees and raw materials as possible Challenge #2: Managing for Diversity – The Future Won’t Resemble the Past o One in six American workers are foreign­born o In the years to come, there will be a different mix of women, immigrants, and  older people in the workforce Challenge #3: Managing for Globalization – The Expanding Management Universe o Verbal expressions and gestures don’t have the same meaning to everyone  throughout the world Challenge #4: Managing for Information Technology – Dealing with the “New Normal” o Other technologies as well as how well your own works affects your business o E­commerce has reshaped how industries are run. Chapter 1 – The Exceptional Manager What You Do, How You Do It o The internet can radically alter activity on the flow of information.  This can lead  through a ranges of effects such as: o Far­ranging electronic management: e­communication all the time o More and more data: the challenges to decision making o The rise of artificial intelligence: more automation in the workforce o Organizational changes: shifts in structure, jobs, goals, and knowledge  management Challenge #5: Managing for Ethical Standards o There’s always pressures to meet sales, production, and other targets o Ethical behavior is not just a nicety; it is a very important part of doing business Challenge #6: Managing for Sustainability – The Business of Green o Our economic system has brought success, but it has also led to unmanageable  business practices because it has assumed that natural resources are limited when  in fact they are not. Challenge #7: Managing for Happiness & Meaningfulness o Happiness is getting what you want, of having your desires fulfilled. o Meaningfulness is achieving a valued sense of one’s self and one’s purpose within the larger context of life and community.  This may not always give people  happiness o Research has shown that meaningfulness gives people a better work and life  satisfaction as well as performance 1.4 Pyramid Power: Levels & Areas of Management Four Levels of Management o Top Managers: Determining Overall Direction o Consists of the CEO, COO, President, and Senior Vice President o They need to pay a lot of attention to the outside environment o They must be future oriented o Middle Managers: Implementing Policies and Plans o Consists of plant manager, district manager, and regional manager o In nonprofits, they consist of clinic direction, dean of student services, etc. o They implement the strategic plans created by the top managers o First­Line Managers: Directing Daily Tasks o Tends to have the title of department head, foreman, or freewoman, or  supervisor o Team Leaders: Facilitating Team Activities o Teams and teamwork are a typical standard of operations in a company o They report to the first­line managers Areas of Management: Functional Managers versus General Managers o There are many departments to a company  o For Profit Chapter 1 – The Exceptional Manager What You Do, How You Do It  Research & Development  Marketing  Finance  Production  Human Resources o Nonprofit  Faculty  Student Support Staff  Finance  Maintenance  Administration o Functional Managers: Responsible for One Activity o General Managers: Responsible for Several Activities Managers for Three Types of Organizations: For Profit, Nonprofit, Mutual­Benefit o For­Profit Organizations: For Making Money o Nonprofit Organizations: For Offering Services o Mutual­Benefit Organizations: For Aiding Members Different Organizations, Different Management? o You would be still doing the four management functions o However, in a for­profit organization, they measure the success by finding out  how much profit, or loss, it generates throughout the year o In nonprofit and mutual­benefit, it is the effectiveness of services delivered 1.5 The Skills Exceptional Managers Need Technical Skills – The Ability to Perform a Specific Job o Having technical skills is most important for lower management jobs Conceptual Skills – The Ability to Think Analytically o As you move up in management, these skills become more important o Most important to top managers Human Skills – “Soft Skills,” the Ability to Interact Well with People o Human skills are important in teams o Soft skills are important to all levels of management The Most Valued Traits in Managers o Chief skills companies want in top managers o Be able to engage and motivate other workers o Be able to communicate o Work experience outside the US o High levels of energy. This helps them to meet the demands of traveling  constantly 1.6 Roles Managers Must Play Successfully The Manager’s Roles: Mintzberg’s Useful Findings Chapter 1 – The Exceptional Manager What You Do, How You Do It o A manager relies more on verbal than on written communication o A manager works long hours at an intense pace o A manager’s work is characterized by fragmentation, brevity, and variety Three Types of Managerial Roles: Interpersonal, Informational, & Decisional  Look at Table 1.1 For More In­depth Information on This o Interpersonal Roles­ figurehead, leader, and liaison o Informational Roles­ monitor, disseminator, and spokesperson o Decisional Roles­ entrepreneur, disturbance handler, resource allocator and  negotiator  1.7 The Link between Entrepreneurship and Management Starting Up a Start­up: From Hats to Hamburgers o Some remain small while others prosper at an increasing rate. Entrepreneurship Defined: Taking Risks in Pursuit of Opportunity o What Entrepreneurship Is o Entrepreneurs have a business with less than 100 employees o Intrapreneurs tend to be researchers or scientists o How do Entrepreneurs & Managers Differ? o Entrepreneurs are not always the inventor but they search for an opportunity until they find it and then take it o Entrepreneurs are what it takes to start a business while managers are what it takes to grow and maintain the business o As both, you create new goods and services  Characteristic of both­ high need for achievement  Also the belief in personal control of destiny  Also a high energy level and action orientation (especially for  entrepreneurs)  Also a high tolerance for ambiguity (especially for entrepreneurs)  Also self­confidence and tolerance for risk (especially for managers) o There are necessity entrepreneurs, who have been laid­off, discharged,  immigrants, or divorce people who are just trying to make a living o There are opportunity entrepreneurs, who are people who have a drive in  them to start their own business


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