BMGT364 Midterm Study Guide Chapter 1 Management is Getting work done through others o Determining the organizations goals and developing ways to meet them o Companies that have plans do better than those who don t o Ex Statewide national global o Who will do what jobs o Who will work best with who o Inspiring and motivating workers to meet the goals pre o Treating each company dollar as if it were your own o Monitoring progress towards a goal or achievement and taking corrective action when needed o Paying money to cut costs is an example Planning Organizing Leading Controlling Kinds of managers Top Managers o Higher ups Ex Ceo cfo president o Responsible for direction of organization o Reasons for firing ceo s stop changing with the company you need a fresh outlook every day starts the company over keep changing Middle Managers o Managers responsible for setting objectives consistent with tip managements goals and for planning and implementing sub unit strategies for achieving those goals o Sometimes store or regional managers with small groups to manage keep their region market consistent or above others First Line Manager o Managers who train and supervise the performance of non managerial employees who are directly responsible for producing the company s product or services o Make sure new workers are started with the right attitude and good direction Team Leaders o Managers responsible for facilitating team activities toward accomplishing a goal o Just above the lower level employees like a shift supervisor o Responsible for getting groups to accomplish goals o Like a kitchen manager under the restaurant manager Managerial Roles Interpersonal Roles o Figurehead Role o Leader Role free food o Liaison Role Informational Roles o Monitor Role The interpersonal role managers play when they perform ceremonial roles Ground breaking ribbon cutting The interpersonal role they play when they motivate and encourage workers to accomplish goals RedPeg Mktg offers incentives like beer in the office beach house and The interpersonal role managers play when they deal with people outside their units o Spend most of their time in face to face contact with others but they spend most of it obtaining and sharing information The info role managers play when they scan their environment for information Receiving first hand info as well as scanning newspapers and other secondary sources such as reports from suppliers and shit like that o Disseminator Role o Spokesperson Role Decisional Roles o Entrepreneur Role The informational role managers play when they share information with others in their departments Sharing info using Facebook social networks and a bunch of other means The informational role managers play when they share info with people outside their departments Pretty self explanatory Adapting themselves and subordinates to change o Disturbance handler role Solve the problem at hand Katrina Wal Mart managers o Resource Allocator Role Who gets what resources and how much o Negotiator Role Negotiate schedule projects goals outcomes resources and employee o The specialized procedures techniques and knowledge required to get the job o Ability to see the organization as a whole understand how the different parts affect each other and recognize how the company fits into its environment What Companies Look for in Managers Technical Skills done Human Skills Conceptual Skills o The ability to work well with others Mistakes managers can make Doing too much work yourself Too much delegating Burned to many bridges Failure to establish friendship or trust with workers Competitive Advantage through Good Managing Employment Security Selective Hiring Self Managed Team Decentralized High Wages based on team company performance Training and Skill development Reduction of status differences Sharing info Chapter 3 External Environments everything outside a business that has the potential to have an effect on it Environmental Change o The rate at which a company general and specific environnemtns change o Stable environment Environmental Complexity Resource Scarcity o Uncertain amounts of resources or limited gold oil Uncertainty o THE Extent to which managers can predict which environmental factors will change the trends of their business General Environment o General environment The economic technological sociocultural or political trends that affect all organizations o Specific environment The customers competitors suppliers industry regulations and advocacy groups that are unique to an industry and directlyaffect how a company does business Economy o How the current state of an economy could affect the company o Recession obviously bad expansion good o How changes in technology can help a company more efficient planes cost less Technological Component to run more profit Sociocultural Component o Demorgraphic changes how a new type of worker or new type of customer affects the way you manage Higher paying customer buys more luxurious cars Political and Legal Component o Many strict laws and regulations that restrict business and managers including laws against firing hiring and recruiting Specific Environment Customer Component o Learning what theyre buying o How they can buy more o Staying in constant contact o Either a reactive stanc or a proactive stance Competitor Component o Concentrate on potential competitors o New ones can arise from anywhere Honda makes a thousand different thing so It has a competitior or multiple ones in every different facet of manufacturing Supplier Component o Supplier dependence when a business relies on a certain supplier to maintain its business and really has no choice other than that o Buyer dependence when the supplier needs the business of a big firm to continue Industry Regulation Component drilling Advocacy Groups o Regulations that oversee a companies work such as the financial industry or oil o Groups of concerned citizen who for some reason make it their job to influence industry businesses and profession o Start boycotts of certain products like fish dolphinsafe tuna Making Sense of a changing Business Environment Environmental Scanning Interpreting Environmental Factors Acting on threats and opportunities o Searching an environment for important factors that could influence a business o Seeing threats arise and either market or plan to efficiently block a threat o Acting on a threat nipping it in the bud tackling a big issue early to make it less of one
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