Business Management - Managers and Management

Business Management - Managers and Management

• Learning Objectives:
  • Identify managers and their work environments.
  • Define management.
  • Detail manager responsibilities.
  • Explain the importance of studying management.
  • Describe current trends reshaping management practices.

Myth vs. Truth

• Myth: Only aspiring managers need management training.
• Truth: All employees within an organization benefit from studying management.

Summary

• People often assume they know what makes a good leader, but this is not common knowledge.
• Management courses provide a valuable framework for improving organizational leadership, regardless of managerial aspirations.

Who are Managers? Where do they work?

• Managers work within organizations.
• An organization is a structured group of people working toward common goals.
• Organizations possess distinct characteristics: goals, people, and structure.

Characteristics of Organizations

• Goals: Every organization has a purpose, often defined as a specific goal or set of goals.
• People: Achieving organization goals depends on individuals.
• Structure: Organizations use systems to define and control member behaviors.

Managers vs. Non-managerial Employees

• Non-managerial employees directly perform tasks related to organizational goals
• Managers oversee and direct the actions of others.
• Managers might also have individual responsibilities unrelated to supervision.

Manager Titles

• Top Managers: Set organizational direction and policies affecting all members; titles include vice president, managing director, etc.
• Middle Managers: Represented between the top and front-line supervisors; responsible for translating organizational goals into workable details.
• First-Line Managers: Directly supervise non-managerial staff; titles include supervisor, shift manager, etc.
• Team Leaders: Manage a specific work team; report to first-line managers.

What is Management?

• Management is the process of efficiently and effectively achieving organizational objectives through people.
• Efficiency: Doing things right while minimizing expenses and achieving the intended goal.
• Effectiveness: Doing the correct things towards achieving goals.

Efficiency vs. Effectiveness

• Efficiency focuses on resource utilization and cost reduction.
• Effectiveness focuses on achieving goals.

What Do Managers Do?

• The job of a manager varies by organization, but they share common components.
• Management researchers use functional, role, and skill-based approaches to describe management.

Four Management Functions

• Planning: Defining goals, establishing strategy, coordinating activities.
• Organizing: Determining tasks, grouping tasks, assigning responsibilities, and allocating resources.
• Leading: Motivating, directing, communicating, and resolving conflicts.
• Controlling: Monitoring performance, comparing with standards, correcting deviations.

Factors Influencing Management Practices

• Level within an Organization: Top managers focus more on planning, while others focus more on direct oversight.
• Organization Size: In smaller organizations, managers wear many hats (generalists) while larger organizations necessitate more specialization (specialists).
• Profit vs. Non-profit: Both focus on goals, but the measure of success differs (profit-based vs. impact or service-based).
• National Borders: Management practices vary across cultures and countries.

Management Roles

• Interpersonal roles: Manager relationships with subordinates and external individuals.
• Decisional roles: Manager decision-making and problem-solving.
• Informational roles: Manager gathering, receiving, and transmitting data within the organization.

Management Skills

• Conceptual skills: Analysis and understanding of the overall organizational structure.
• Technical skills: Deep knowledge of specific tasks/job responsibilities within the organization.
• Interpersonal skills: Effective communication, motivation, and collaborative capabilities.
• Political skills: Establishing relationships to gain access to resources efficiently.

Why Study Management?

• Understanding management is essential for personal career development.
• Managers play a key role in shaping organizational performance and effectiveness.
• Studying modern management practices is crucial in today's changing world.

Factors Reshaping Management

• Changing Workplaces: Dynamic work environments present various challenges.
• Changing Workforce: Diverse teams demand adaptability and flexibility in communication and teamwork.
• Changing Technology: Technological advances necessitate upskilling and ongoing learning for managers.
• Economic Uncertainties: Global uncertainties and volatility alter organizational priorities.

Customer Importance

• Customers are vital to organizational survival.
• Employee attitudes impact customer satisfaction.
• Managers need to create responsive customer-centric organizations.

Innovation Importance

• Innovation is a crucial aspect, not optional, within organizational operations.
• Managers should actively seek, facilitate, and support innovation within the organization.