Intro to Business Week 5
Intro to Business Week 5 BUSN 3304
Ivy Tech Community College
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This 4 page Class Notes was uploaded by Carmyn L Watkins on Tuesday September 20, 2016. The Class Notes belongs to BUSN 3304 at Ivy Tech Community College taught by Brandon Houston in Fall 2016. Since its upload, it has received 10 views. For similar materials see global business in Business Administration at Ivy Tech Community College.
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Date Created: 09/20/16
Chapter 5 Management Week 5 Management- process of planning, organizing, leading, and controlling an organization’s resources to achieve its goals. Planning- management process of determining what an organization needs. Organization- determining how best to arrange an organization’s resources and activities into a coherent structure. Leading- guiding and motivating employees to meet an organizations objectives. People skills Controlling- monitoring an organizations performance to ensure that it is meeting its goals External environment, laws, other businesses. Internal environment, skills with staff, firms operations. Prepare you internal for the external Figure 5.1 in the book gives a good description of the control process Types of Managers Top Managers- responsible for a firms overall performance and effectiveness. Middle Managers- responsible for implementing the strategies toward goals set by top managers. First Line Managers- responsible for supervising work training and the employees of the smaller stores. Areas of Management Human Resources- hire and train employees, evaluate employee performances, and determine compensation. Operations Managers- responsible for production, inventory, and quality control Marketing Managers- getting products from producers to consumers, getting to market, and product development. Information Managers- IT, design and implement systems to gather, organize, and distribute. Financial Managers- accounting functions and financial resources. Management Roles and Skills Interpersonal Roles- figurehead, leader liaison. Informational Roles- monitor, disseminator, spokesperson Decisional Roles- a category of managerial roles including entrepreneur, disturbance handler, resource allocator, and negotiator. Skills Technical Skills- computer, java script, Microsoft office. Human Resources- getting along with other people Conceptual Skills- think in abstract ways, diagnose and analyze different situations, and see beyond the present situation. Decision Making Skills- defining problems and selecting the best course of action. Time Management- having a productive use of time Top Causes of Wasted time 1) Paperwork 2) Telephone Calls 3) Meetings- some managers spend as much as 4 hours a day in meetings 4) E-mail Global Management skills- Manager need to understand foreign markets, cultural differences, and the motives and practices of foreign rivals. Need to understand how to collaborate with other on and areal time basis Management Technology skills- new forms of technology as they are added Strategy Strategic Movement- process of helping an organization maintain an effective alignment with its environment. Strategy- broad set of organizational plans for implementing the decisions made for achieving organizational goals. Goals- means by which organizations and their managers measure success or failure at every level Objective that a business hopes and plans goals. S-specific=objective is clear M- measurable A- attainable, achievable, actionable R- Reasonable, Realistic T- time bound Mission Statement- how a firm will achieve its purpose in the environment in which it conducts its business. Corporate Strategy- firms overall attitude toward growth and the way it will manage its business or product lines Business Strategy- unit of product line level, focusing on improving a firm’s competitive position Functional Strategy- managers in specific areas decide how best to achieve corporate goals through productivity. Formulating Strategy- 1) Setting strategic goals 2) Analyzing the organization and the environment SWOT analysis Strengths Weaknesses Opportunities Threats 3) Matching the organization and its environment Strategic Planning- resource allocating, company priorities and steps needed to meet goals Tactical Planning- short term plan concerned with implementing specific aspects of a company’s plans Operational- short-term targets, daily, weekly or monthly performance Contingency Planning- identifying aspects of a business or its changes in strategy Crisis Management- methods for dealing with emergencies Corporate Culture- shared experience, stories, beliefs, and norms that characterize an organization Helps define the work and business climate that exists in an organization
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