Management Chapter 7: What is Management?

Study Notes

Management Definition

Management is the process of accomplishing organizational goals through planning, organizing, leading, and controlling people and other organizational resources.

Characteristics of Today's Managers

Managers are becoming younger and more progressive.
There is a growing number of women in management positions.
Fewer managers are from elite universities.
Managers need to be skilled communicators and team players to effectively communicate strategy, prioritize projects, facilitate cooperation, and ensure alignment with company goals.

Four Functions of Management

Sharing the vision involves outlining the organization's purpose and values to unite workers in a common destiny.

Vision and Mission Statements

A vision statement is a broad explanation of why the organization exists and where it's trying to go.
A mission statement outlines the organization's fundamental purposes, including its self-concept, philosophy, long-term survival needs, customer needs, social responsibility, and nature of the product or service.
The key difference between vision and mission statements is that a vision statement describes the future goal, while a mission statement outlines the present actions to reach that goal.

Setting Goals and Objectives

Goals are the broad, long-term accomplishments an organization wishes to attain.

Description

Learn about the management process, its importance, and the role of today's managers in achieving organizational goals. Discover the skills required to be a successful manager, including communication and teamwork.