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UT Knoxville MGT 201 - Management 201 Exam 1 Review

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Management 201 Exam 1 ReviewChapter 1: Innovative Management of a Changing World Innovative Management- innovations in products, services, management systems, production processes, corporate values, and other aspects of the organization are what keep companies growing, changing, and thriving. Without innovation, no company can survive over the long run. Managers are responsible for helping their organizations navigate through the unpredictable with flexibility and innovationo Companies like Facebook are always investing in new ideas (people w/ new ideas)o Critical in today’s turbulent worldo Globalization Management- is the attainment of organizational goals in an effectiveand efficient manner through planning, organizing, leading, and controlling organizational resources. This definition includes two important ideas: the four functions of planning, organizing, leading, and controlling, and the attainment of organizational goals in an effective and efficient mannero Managers get things done through organization and coordinating,and motivating other people. The Four Management Functions:o Planning- identifying goals for future organizational performance and deciding on the tasks and use of resources needed to attain them. Managerial planning defines where the organization wants to be in the future and how to get there Example: Manager at General Electric (GE) have sold divisions such as plastics, insurance, and media to focus company resources on four key business areas: energy, aircraft engines, health care, and financial services. GE used to relocate senior executives every few years to different divisions so that they developed broad, general expertise. In line with the strategic refocusing, the company now will keep people in their business units longer so they gain a deeper understanding of products and customers within each of the four core businesseso Organizing- involves assigning tasks, grouping tasks into departments, delegating authority, and allocating resources across the organization. Example: Organizing is a key task for Oprah Winfrey as shestrives to turn around her struggling start-up cable network, OWN. She took over as CEO of the company, repositioned some executives and hired new ones, and cut jobs to reduce costs and streamline the company. She is hoping the structural changes will bring a lean, entrepreneurial approach that will get OWN on solid ground.o Leading- the use of influence to motivate employees to achieve organizational goals.  Creating a shared culture and values, communicating goalsto people throughout the organization, and infusing employees with the desire to perform at a high level Example: As CEO of Chrysler Group, Sergio Marchionne spends about two weeks a month in Michigan meeting withexecutive teams from sales, marketing, and industrial operations to talk about his plans and motivate people to accomplish ambitious goals. Marchionne, who spends half his time in Italy running Fiat, rejected the 15th-floor executive suite at Chrysler headquarters so he could provide more hands-on leadership from an office close to the engineering centero Controlling- monitoring employees’ activities, determining whether the organization is moving toward its goals, and making corrections as necessary Example: The U.S. Secret Service agency recently became embroiled in a public relations nightmare, partly due to a breakdown of managerial control. When news broke that members of the security team sent to prepare for PresidentBarack Obama’s visit to Cartagena, Colombia, engaged in anight of heavy drinking, visited strip clubs, and brought prostitutes to their hotel rooms, there was a public and legislative uproar. Several agents were fired, and director Mark Sullivan and other managers were called before a Senate subcommittee to explain the breakdown in control. The widespread investigation has brought other allegationsof agent misconduct and “morally repugnant behavior” to light. One response from managers has been to create stricter rules of conduct, rules that apply even when agentsare off duty. Organizational Performance:o Organization- social entity that is goal directed and deliberatelystructured.  Social entity means being made up of two or more people.  Goal directed means designed to achieve some outcome, such as make a profit (Walmart), win pay increases for members (AFL-CIO), meet spiritual needs (United MethodistChurch), or provide social satisfaction (a college sorority).  Deliberately structured means that tasks are divided, and responsibility for their performance is assigned to organization members. This definition applies to all organizations, including both profit and nonprofit.o Effectiveness- the degree to which the organization achieves a stated goal, or succeeds in accomplishing what it tries to do providing a product or service that customers valueo Efficiency- the amount of resources used to achieve an organizational goal It is based on how much raw material, money, and people are necessary for producing a given volume of output Can be calculated as the amount of resources used to produce a product or serviceo Example for both effectiveness and efficiency: Managers at Illumination Entertainment, the film production company behind Dr. Seuss’ The Lorax, continually look for ways to increase efficiency while also meeting the company’s goal of producing creative and successful animated filmso Performance- the attainment of organizational goals by using resources in an efficient and effective manner Consider what happened at music company EMI. Weak sales led managers to focus on financial efficiency, which successfully trimmed waste and boosted operating income.However, the efficiencies damaged the company’s ability to recruit new artists, which are vital to record companies, and also led to internal turmoil that caused some longtime acts like the Rolling Stones to leave the label. Thus, the company’s overall performance suffered. Managers are struggling to find the right balance between efficiency and effectiveness to get EMI back on the right track Management Skills- o The necessary skills for managing a department or an organization can be placed in three categories: conceptual, human, and technicalo Although the degree of each skill that is required at different levels of an organization may vary, all managers must possess some skill in each of these important areas


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