CHAPTER 1 The Exceptional Manager Section 1 1 The Multiplier Effect a Good managers create value b Your influence on the organization is multiplied far beyond the results that can be achieved by just one person acting alone 2 Financial Rewards of Being a Star Manager a 2007 median salary of a small business chief executive was 233 500 b Lower rung managers between 25 000 50 000 a year c Mid level managers 35 000 110 000 d Fringe benefits Range from health insurance to stock options 3 Rewards of practicing management a You and your employees can experience a sense of accomplishment b You can stretch your abilities and magnify your range c You can build a catalog of successful products and services Section 2 1 There are 6 Challenges to being a star manager a Managing for Competitive Advantage i Competitive Advantage is the ablilty of an organization to produce goods or services more effectively than competitors do thereby outperforming them ii This means an organization must stay ahead in four key areas Innovation 1 Being responsive to customers 2 3 Quality 4 Efficiency b Managing for Diversity The future won t resemble the past i In the next century the mix of American racial or ethnic groups will change considerably with the US becoming minority ii The challenge to the managers of the near future is to maximize the contributions of employees diverse in gender age race and ethnicity c Managing for Globilization The expanding management universe i Gestures and symbols don t have the same meaning to everyone throughout the world we must be aware of cultural differences ii New York Times columnist Thomas Friedman in his book The World Is Flat a phenomenon in which globalization has leveled the competitive playing field between industrial and emerging market countries 1 Foreigners actually send far more office work to the US than American companies send abroad d Managing for Information Technology i Most important is the internet ii Implications of E Business 1 According to the International Data Corp Internet trade between businesses will surpass 10 trillion worldwide 2 E Commerce is reshaping industries and revamping the very notion of what a company is and has facilitated e businesses 1 Far ranging e management and e communication use of project management software 2 Accelerated decision making conflict and stress a Use of databases much of which us useful but much of it isn t can be overwhelming 3 Changes in organizational structure jobs goal setting and knowledge management a Organizations and teams have become virtual no longer bound by time zones and locations b Employees can telecommute videoconference and use collaborative computing c Emphasis on knowledge management e Managing for Ethical Standards It is not just a nicety it is a very important part of doing business i ii Not since sociologist Edwin Sutherland invented the term White collar crime in the 1930s were so many top level executives being hauled to court 1 Example the executives of Enron Tyco WorldCom Adelphia etc that were paraded in handcuffs before television cameras f Managing for Your Own Happiness and Life Goals i Many people don t find being a manager fulfilling ii Some complain that they have too many meetings they can t do enough for their employees that they are caught in the middle between bosses and subordinates Section 3 1 Management has 4 functions called the Management Process i Abbreviation POLC b Planning setting goals and deciding how to achieve them c Organizing Arranging tasks people and other resources to accomplish work d Leading Motivate direct and influence people to work hard to achieve the e Controlling Monitor performance compare with goals and take corrective organization s goals action if needed Section 4 1 Three levels of Management a Top Managers i Have titles such as Chief Executive Officer CEO Chief Operating Officer COO President and Senior Vice President ii Great salaries and bonuses average 290 000 for CEO s and Presidents of small and mid sized companies iii Make long term decisions about the overall direction of the organization and establish the objectives policies and strategies for it iv Pay a lot of attention to the environment outside the organization being alert for long run opportunities and problems and devising strategies for dealing with them must be future oriented dealing with uncertain highly competitive conditions b Middle Managers i Implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first line managers below them ii Titles include Clinic Director Dean of Student Services Division Head Plant Manager Branch Sales Manager iii Salaries range from 50 000 110 000 c First Line Managers i Make short term operating decisions directing the daily tasks of non managerial personnel ii Titles include Department Head Foreman Forewoman Team Leader Supervisor Clerical Supervisor Production Supervisor Research Supervisor etc iii Supervisor is the name often given to first line managers as a whole d Levels of Management Pyramid Top Managers Middle Managers First line Managers Non Managerial Personal 2 Areas of Management Functional Managers versus General Managers a Functional Manager responsible for just one organizational activity i Ex Vice President of Production Director of Finance Administrator for Human Resources ii Leading a specialized sort of research and development activity b General Manager responsible for several organizational activities i Ex Executive Vice President ii Top of the pyramid generally the ones you see as the subject of news 3 Managers for Three Types of Organizations For Profit Nonprofit Mutual Benefit stories a For Profit Organizations For Making Money i For Profit or Businesses organizations formed to make money or profit by offering products or services ii Measure of success is how much profit or loss is generated 1 Ex Allstate Zenith Amway Zagat b Nonprofit Organizations For Offering Services i Managers in nonprofit organizations administrators ii Can be in the public sector or private sector 1 Ex University of California Public Stanford University Private iii Success is measured by the effectiveness of the services delivered iv Purpose is to offer services to some clients not to make money 1 One type of nonprofit is called the commonweal organization offer services to all clients within their jurisdiction a Ex The postal Service c Mutual Benefit Organizations For Aiding Members i
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