Slide 1Management is like Chicken SexingManagement: What It Is, What Its Benefits AreEfficiency and EffectivenessExample – Efficiency versus EffectivenessSeven Challenges to Being an Exceptional ManagerSeven Challenges to Being an Exceptional Manager (cont.)Managing for Competitive AdvantageSlide 9Managing for DiversityManaging for GlobalizationManaging for Information TechnologyManaging for Ethical StandardsManaging for SustainabilityManaging for YouWhat Managers Do: The Four Principal FunctionsPyramid Power: Levels & Areas of ManagementPyramid Power: Levels & Areas of ManagementPyramid Power: Levels & Areas of ManagementPyramid Power: Levels & Areas of ManagementRoles Managers Must Play SuccessfullyThree Types of Managerial RolesThree Types of Managerial RolesThe Entrepreneurial SpiritEntrepreneursHow Do Entrepreneurs & Managers DifferThe Entrepreneurial SpiritThe Skills Exceptional Managers NeedThe Most Valued Traits in ManagersChapter OneThe Exceptional Manager: What You Do, How You Do ItMcGraw-Hill/IrwinCopyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.1-2Management is like Chicken SexingDirty Jobs99.7% Accurate://www.youtube.com/watch?v=1tmEO9xRqvo1-21-3Management: What It Is, What Its Benefits AreManagement is defined as1. The pursuit of organizational goals efficiently and effectively by2. Integrating the work of people through3. Planning, organizing, leading, and controlling the organization’s resources1-4Efficiency and EffectivenessTo be efficient means to use resources -people, money, raw materials, and the like -wisely and cost-effectivelyTo be effective means to achieve results, to make the right decisions and to successfully carry them out so that they achieve organizational goals1-5Example – Efficiency versus EffectivenessMany companies now use a recorded “telephone menu” of options to answer customer callsThis is efficient for the companies, but not effectiveMost consumers prefer a live agent1-6Seven Challenges to Being an Exceptional Manager1. Managing for competitive advantage – staying ahead of rivals2. Managing for diversity – the future won’t resemble the past3. Managing for globalization – the expanding management universe1-7Seven Challenges to Being an Exceptional Manager (cont.)4. Managing for information technology5. Managing for ethical standards6. Managing for Sustainability— The Business of Green7. Managing for your own happiness & life goals1-8Managing for Competitive AdvantageCompetitive advantage  the ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them1-9Example – Losing Competitive Advantage: How Did Newspapers Lose Their Way?First: Giving Away the Productnewspaper proprietors, decided to promote their product by giving it away for free to various Web sitesSecond: Relying Too Much on Advertising for Revenuefor decades publishers relied for revenues more on advertising than on readers willing to payBoston Globe and Washington Post1-10Managing for Diversityhttp://www.census.gov/how/infographics/foreign_born.htmlChallenge to manage people of different ages, genders, races, and ethnicities.Example: Percentage of non-Hispanic Whites expected to decline as percentage of voting population beyond 2012 electionExample: Current Immigration Bill1-101-11Managing for GlobalizationExpansion from local to global marketsGlobal employment marketsOutsourcing, Offshoring, onshoring, Maquiladoras, Auto FDI in the US SouthExample: Ebay makes its possible for small businesses to sell globallyCulture differencesAvoiding prolonged direct eye contact in JapanUsing left hand to eat1-111-12Managing for Information TechnologyImplications of e-businessFar-ranging e-management and e-communicationAccelerated decision making, conflict, and stressChanges in organizational structure, jobs, goal setting, and knowledge managementExample: Using Skype to conference or customer feedback on store websites1-13Managing for Ethical StandardsEthical dilemmas about in businessOffer traditional gifts to prospective clients to win a contract Recent Business ScandalsBernie Madoff’s $50 Billion Ponzi SchemeFraud at HealthSouth & EnronInsider trading at Galleon and Goldman SachsExample: AACSB focus on ethical education in business schools1-131-14Managing for SustainabilityBeing GreenManaging company to respect the natural environment and rights of future generationsExample: WalMarthttp://corporate.walmart.com/global-responsibility/environment-sustainability1-141-15Managing for YouNot everyone wants to be a manager or leaderDo you want autonomy? Security? Be own BossWhere is your passion?Fitting into the job and organization is keyhttp://highered.mcgraw-hill.com/sites/0077526651/student_view0/chapter1/_videos.html#1-151-16What Managers Do: The Four Principal FunctionsFigure 1.11-17Pyramid Power: Levels & Areas of ManagementFigure 1.21-18Pyramid Power: Levels & Areas of ManagementTop managers  make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it1-19Pyramid Power: Levels & Areas of ManagementMiddle managers  implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below themFirst-line managers  make short-term operating decisions, directing the daily tasks of nonmanagerial personnel1-20Pyramid Power: Levels & Areas of ManagementFunctional manager  responsible for just one organizational activityGeneral manager  responsible for several organizational activities1-21Roles Managers Must Play SuccessfullyThe manager’s roles: Mintzberg’s useful findings1. A manager relies more on verbal than on written communication2. A manager works long hours at an intense pace3. A manager’s work is characterized by fragmentation, brevity, & variety1-22Three Types of Managerial RolesInterpersonal roles  managers interact with people inside and outside their work units  figurehead, leader, liaisonInformational roles  managers receive and communicate information  monitor, disseminator, spokesperson1-23Three Types of Managerial RolesDecisional roles  managers use information to make decisions to solve problems or take advantage of opportunities