Mgt Chapter 1 PDF

Because learning changes everything. ® Chapter 1 Managing in a Global World © McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC.  Learning Objectives L O 1 Describe the four functions of...

Because learning changes everything. ® Chapter 1 Managing in a Global World © McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC.  Learning Objectives L O 1 Describe the four functions of management. L O 2 Understand what managers at different organizational levels do. L O 3 Define the skills needed to be an effective manager. L O 4 Summarize the major challenges facing managers today. L O 5 Recognize how successful managers achieve competitive advantage. © McGraw Hill 2  Management Management The process of working with people and resources to accomplish organizational goals. Efficiently. Effectively. © McGraw Hill 3  The Four Functions of Management Planning Systematically making decisions about which goals and activities to pursue. Leading Stimulating people to be high performers. Organizing Assembling and coordinating the resources needed to achieve goals. Controlling Monitoring and reacting to performance. © McGraw Hill 4  Planning Helps You Deliver Value Planning Sets the stage for action. Can also be described as delivering strategic value. Traditionally top-down, now a dynamic and continual process throughout the organization. Creating value requires considering a new and changing set of factors. © McGraw Hill 5  Exhibit 1.1 Examples of Planning Activities Access the text alternative for slide images. © McGraw Hill 6  Organizing Resources Achieves Goals Organizing Goal is to build a dynamic organization. Effective managers using new forms of organizing; consider people as their most valuable resource. Build organizations that are flexible and adaptive. © McGraw Hill 7  Leading Mobilizes Your People Leading Today’s leaders must be good at mobilizing and inspiring people to fully engage in work and contribute their ideas. Great work must be done via great teamwork. © McGraw Hill 8  Controlling Means Learning and Changing Controlling Must include monitoring performance and making necessary changes. Now and in the future, key challenges involve continually learning and changing. © McGraw Hill 9  Managing Requires All Four Functions Managing Today May involve all functions simultaneously on daily basis. Managers should develop abilities with all four functions. Beneficial to career and life. © McGraw Hill 10  Four Different Levels of Managers 1 Top-Level Managers Middle-Level Managers Senior executives Managers located in the responsible for the overall middle layers of the management and organizational hierarchy, effectiveness of the reporting to top-level organization. executives. Strategic managers. Tactical managers. © McGraw Hill 11  Four Different Levels of Managers 2 Frontline Managers Team Leader Lower-level managers Employees who are who execute the responsible for facilitating operational activities of successful team the organization. performance. Link between Also creates and supports management and a positive social climate, nonmanagement challenges the team and personnel. provides feedback. Serves as team’s liaison with other stakeholders. © McGraw Hill 12  Three Roles That All Managers Perform Three Types of Roles Interpersonal roles. Informational roles. Decisional roles. © McGraw Hill 13  Exhibit 1.3 Transformation of Management Roles and Activities Roles Team Leaders Frontline Middle-Level Top-Level Managers and Managers Managers Activities Changing From operational From operational From administrative From resource Roles implementer to implementers to controllers to allocators to facilitator of team aggressive supportive controllers. institutional leaders. effectiveness. entrepreneurs. Key Structuring teams Attracting and Linking dispersed Establishing high Activities and defining their developing knowledge and skills performance purpose. resources. across units. standards. Finding resources Creating and Managing the tension Institutionalizing a and removing pursuing new between short-term set of norms to obstacles so teams growth purpose and long- support cooperation can accomplish their opportunities for the term ambition. and trust. goals. business. Developing Creating an Developing team Managing individuals and overarching members’ skills so continuous supporting their corporate purpose teams can be self- improvement within activities. and ambition. Sources: F. P. Morgeson, managing.D.S. DeRue, and E.P. theKaram, unit. “Leadership in Teams: A Functional Approach to Understanding Leadership Structures and Processes,” Journal of Management 36, no. 1 (January 2010), pp. 5–39, J.R. Hackman and R. Wageman, “A Theory of Team Coaching,” Academy of Management Review 30, no. 2 (April 2005), pp. 269–87; and C. Bartlett and S. Goshal, “The Myth of the Generic Manager: New Personal Competencies for New Management Roles,” California Management Review, 40, no. 1 (Fall 19 97), pp. 92–116. © McGraw Hill 14  Managers Need Three Broad Skills 1 Technical Skills Ability to perform a specialized task involving a particular method or process. For example, web design. Conceptual and Decision Skills Ability to identify and resolve problems for the benefit of the organization and its members. For example, picking a location for a new office. © McGraw Hill 15  Managers Need Three Broad Skills 2 Interpersonal and Communication Skills Ability to lead, motivate, and communicate effectively with others. People skills. Successful managers often demonstrate high emotional intelligence (EQ). Understand yourself. Manage yourself. Deal effectively with others. © McGraw Hill 16  Exhibit 1.4 Skill Importance at Different Managerial Levels Title Technical Skills Conceptual/ Interpersonal/ Decision Skills Communication Skills Top manager. Low. High. High. Middle manager. Medium. High. High. Frontline manager. High. Medium. High. Team leader. High. Medium. High. © McGraw Hill Source: Adapted from R. Katz, “Skills of an Effective Administrator,” Harvard Business Review 52, no. 5 (September–October 19 74), pp. 90–102. 17  Major Challenges Facing Managers 1 1. Globalization. 2. Technological change. 3. The importance of knowledge and ideas. 4. Collaboration across organizational boundaries. 5. Increasingly diverse labor force. © McGraw Hill 18  Major Challenges Facing Managers 2 Business Operates on a Global Scale Today’s enterprises are global, with offices and production facilities all over the world. Globalization made possible by the Internet for both large and small firms. Technology Is Advancing Continuously Complicates things and creates new opportunities. Impact felt by businesses, individual employees, and managers. Online sites allow development of social capital. © McGraw Hill 19  Impact of Technology Reed Hastings, the Netflix chief, had a global vision that disrupted the television industry. © McGraw Hill Ethan Miller/Getty Images 20  Major Challenges Facing Managers 3 Knowledge Needs Managing Knowledge management is set of practices aimed at discovering and harnessing an organization’s intellectual resources. Collaboration Boosts Performance Collaboration requires communication among departments, divisions, or other subunits. Customers can also be collaborators. © McGraw Hill 21  Major Challenges Facing Managers 4 Diversity Needs to Be Leveraged Labor force becoming more diverse. Increase in diversity will accentuate differences in employees’ values, attitudes words work, and norms of behavior. Effective managers must also find ways to connect with diverse customers, suppliers, and government officials. © McGraw Hill 22  Sources of Competitive Advantage 1 Innovation. Quality. Service. Speed. Cost Competitiveness. Sustainability. © McGraw Hill 23  Sources of Competitive Advantage 2 Innovation Quality The introduction of new The excellence of your goods and services. product (goods or Often the most important services). innovation is not the Historically, quality product itself, but how it is referred to attractiveness, delivered. lack of defects, reliability, and long-term dependability. © McGraw Hill 24  Sources of Competitive Advantage 3 Service Speed The speed and Fast and timely execution, dependability with which response, and delivery of an organization delivers results. what customers want. Speed combined with Continually meeting the quality is a measure that a changing needs of company is operating customers to establish efficiently. mutually beneficial long- term relationships. © McGraw Hill 25  Sources of Competitive Advantage 4 Cost Competitiveness Sustainability Keeping costs low to Reducing resource use achieve profits and be and waste, especially for able to offer prices that polluting and are attractive to nonrenewable resources. consumers. Addressing sustainability Requires efficiency. issues often produces bottom-line benefits. © McGraw Hill 26  The Best Managers Deliver All Six Advantages All Six Advantages Don’t assume that you can settle for delivering just one source of competitive advantage. Trade-offs may occur among the sources of competitive advantage, but this doesn’t need to be a zero-sum game. © McGraw Hill 27  Group Challenge Moms and Dads as Managers How does a parent perform the functions of planning, organizing, leading and controlling? Develop 3 to 4 specific examples for each management function. © McGraw Hill 28  Chapter Review 1 Four functions of management. Planning, organizing, leading, controlling. Four different levels of managers. Top, middle, frontline, team leader. Three broad skills that managers need. Interpersonal, informational, decisional. © McGraw Hill 29  Chapter Review 2 Major challenges facing managers. Globalization, technological change, importance of knowledge and ideas, collaboration across organizational boundaries, diverse labor force. Sources of competitive advantage. Innovation, quality, service, speed, cost competitiveness, sustainability. © McGraw Hill 30  Because learning changes everything. ® www.mheducation.com Copyright 2022 © McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC. © McGraw Hill 32 © McGraw Hill 33 © McGraw Hill 34