MANA3319 1st Edition Exam 1 Study Guide Lectures 1 4 Lecture 1 August 21 Chapter 1 Managing and Performing Managing in the New Competitive Landscape Globalization More corporations are global Companies that want to grow must become global Globalization has changed the face of the workforce Management in this new competitive landscape will need to attract and effectively manage a talent pool from all over the globe Many small companies export their goods Many domestic firms assemble goods in other countries Technological Change Tech helps and complicates things Rapid rate of tech change is challenging The internet is important to business because it s a marketplace It drives down cost speeds up globalization improves efficiency of decision making facilitates design of new products However competitors can also capitalize on it more Knowledge Management Knowledge workers are workers who mainly contribute ideas and problemsolving expertise Knowledge management practices aimed at discovering and harnessing an organization s intellectual resources Knowledge managers harness ideas into innovations Collaboration across Boundaries Ensure people in different parts of an org collaborate effectively with each other Customers can also collaborate Managing for Competitive Advantage Gain advantage being better than competitors by delivering performance Innovation Innovation the introduction of new goods and services Must adapt to changes in consumer demands and new competitors Be ready with new ways to communicate with customers Driven by globalization Facilities in other countries can operate at a lower cost so US facilities must innovate Quality Quality the excellence of your product goods or services Importance of quality has dramatically increased Total quality is preventing defects achieving zero defects and designing products for quality Continuous improvement Customizing goods for individual customers Quality can be performance customer service reliability conformance to standard durability and aesthetics Service Service the speed and dependability with which an organization delivers what customers want Constantly meeting needs of customers and making mutually beneficial long term relationships Speed Speed fast and timely execution response and delivery Be fast but not sloppy Speed is not a strategic imperative instead of a goal Cost Competitiveness Cost competitiveness keeping costs low to achieve profits and be able to offer prices that are attractive to consumers Customers can easily compare prices on the internet Sustainability Sustainability the efforts to minimize the use and loss of resources especially those that are polluting and nonrenewable Being energy efficient Delivering All Types of Performance Can t be competitive with just one advantage Must use a combo The Functions of Management Management the process of working with people and resources to accomplish organizational goals Good Managers are effective and efficient Effective is achieving organizational goals efficient is using minimal resources 4 traditional functions of management planning organizing leading controlling Planning Delivering Strategic Value Planning the management function of systematically making decisions about the goals and activities that an individual a group a work unit or the overall organization will pursue Value the monetary amount associated with how well a job task good or service meets users needs Planning van be analyzing current situations anticipating the future determine objectives choosing strategies and determining resources needed ect Organizing Building a Dynamic Organization Organizing the management function of assembling and coordinating human financial physical informational and other resources needed to achieve goals Includes attracting ppl to org specifying job responsibilities grouping jobs into work units allocating resources ect Leading Mobilizing People Leading the management function that involves the manager s efforts to stimulate high performance by employees Motivating communicating with employees Controlling Learning and Changing Controlling the management function of monitoring performance and making needed changes Making sure resources are being used as planned and org is meeting goals Performing All Four Management Functions Day won t be neatly divided into 4 functions Do many things simultaneously Devote to all four functions Management Levels and Skills 3 levels top middle and frontline Top Level Managers Top level managers senior executives responsible for the overall management and effectiveness of the organization Also called strategic managers Focus on long term issues like survival growth and effectiveness Deal with org and external environment CEOs ect Middle Level Managers Middle level managers managers located in the middle layers of the organizational hierarchy reporting to top level executives Also called tactical managers Translate generic goals and plans developed by strategic managers into specific objectives Admin who bridges gap between top and bottom Frontline Managers Front line managers lower level managers who supervise the operational activities of the organization Also called operational managers Link between management and non management Innovative and entrepreneurial Working Leaders with Broad Responsibilities Managers have strategic tactical and operational responsibilities Complete businesspeople 10 roles in 3 categories interpersonal informational and decisional Management Skills 3 categories technical conceptual and decisional interpersonal and communication Technical the ability to perform a specialized task involving a particular method or process Such as accounting and finance Conceptual and decision skills skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members Strategic Interpersonal and communication skills people skills the ability to lead motivate and communicate effectively with others Interpersonal skills important at every level You and Your Career Emotional intelligence the skills of understanding yourself managing yourself and dealing effectively with others Empathy is important Be Both a Specialist and a Generalist Be an expert in something useful and know enough about a variety of disciplines to think strategically and work with different perspectives Be Self Reliant Find new ways to make your performance better take responsibility and be innovative Connect Have