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MGT 230 Week 1 Chapter 1
Transcript of MGT 230 Week 1 Chapter 1
Week 1/Chapter 1 McGraw-Hill/Irwin Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved. Chapter 01 Managing LO 1 Summarize the major challenges of managing in the new competitive landscape
LO 2 Describe the sources of competitive advantage for a company
LO 3 Explain how the functions of management are evolving in today’s business environment
LO 4 Compare how the nature of management varies at different organizational levels
LO 5 Define the skills you need to be an effective manager
LO 6 Discuss the principles that will help you manage your career Learning Objectives Today’s enterprises are global, with offices and production facilities in countries all over the world
Means that a company’s talent can come from anywhere
Internet makes globalization inevitable Globalization Marketplace
Means for manufacturing goods and services
An information service Technological Change: The Internet Drives down costs and speeds up globalization.
Improves efficiency of decision making.
Facilitates design of new products, from pharmaceuticals to financial services Technological Change: The Internet Knowledge management
Practices aimed at discovering and harnessing an organization’s intellectual resources
Knowledge workers Knowledge Management Requires productive communications among different departments, divisions, or other subunits of the organization Collaboration across “Boundaries” Companies today must motivate and capitalize on the ideas of people outside the organization e.g. its consultants, ad agencies, and suppliers Collaboration across “Boundaries” Managing for Competitive Advantage ___________ is the fast and timely execution, response, and delivery of results.
Service Question Innovation
the introduction of new goods and services
often the most important innovation is not the product itself, but how it is delivered Managing for Competitive Advantage Quality
The excellence of your product (goods or services)
Historically, quality referred to attractiveness, lack of defects, reliability, and long-term dependability Managing for Competitive Advantage Today quality is about preventing defects and having continuous improvement in how the firm operates Managing for Competitive Advantage Service
The speed and dependability with which an organization delivers what customers want Managing for Competitive Advantage Speed
Fast and timely execution, response, and delivery of results. Managing for Competitive Advantage Cost competitiveness
Keeping costs low to achieve profits and be able to offer prices that are attractive to consumers. Managing for Competitive Advantage Management
The process of working with people and resources to accomplish organizational goals
Efficient, effective The Functions of Management ____________ is monitoring performance and making needed changes.
Controlling Question Planning
Systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue
analyzing current situations, anticipating the future, determining objectives, deciding in what types of activities the company will engage The Functions of Management Organizing
assembling and coordinating the human, financial, physical, informational, and other resources needed to achieve goals
specifying job responsibilities, grouping jobs into work units, marshaling and allocating resources, The Functions of Management Leading
stimulating people to be high performers
monitoring performance and making needed changes. The Functions of Management The Functions of Management A typical day for a manager is not neatly divided into the four functions
Days are busy and fractionated, and spent dealing with interruptions, meetings, and firefighting Performing All Four Management Functions Good managers don’t neglect any of the four management functions Performing All Four Management Functions Management Levels and Skills Top-level managers
Senior executives responsible for the overall management and effectiveness of the organization.
Managers located in the middle layers of the organizational hierarchy, reporting to top-level executives. Management Levels and Skills Frontline managers
Lower-level managers who supervise the operational activities of the organization Management Levels and Skills Table 1.1 Transformation of Management
Roles and Activities Table 1.2 Managerial Roles: What
Managers Do Which management skill is the ability to lead, motivate, and communicate effectively with others?
Interpersonal Question Technical skill
The ability to perform a specialized task involving a particular method or process Management Skills Conceptual and decision skills
Skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members. Management Skills Interpersonal and communication skills
People skills; the ability to lead, motivate, and communicate effectively with others. Management Skills Social capital
Goodwill stemming from your social relationships Emotional intelligence
The skills of understanding yourself, managing yourself, and dealing effectively with others. You and Your Career You and Your Career Table 1.3 Keys to Career Management Figure 1.1 Two Relationships:
Which Will You Choose? Figure 1.2 Managerial Action Is Your
Opportunity to Contribute They ask “What needs to be done?” rather than “What do I want to do?”
They write an action plan. They don’t just think, they do, based on a sound, ethical plan.
They take responsibility for decisions.
They focus on opportunities rather than problems. Common Practices of Successful Executives What management skills are you developing in a job or in college that will aid you in your future career? What position did Otis hold before being named CEO of Darden Restaurants? Destination CEO: Darden Restaurants