MANA3319 1st EditionExam # 1 Study Guide Lectures: 1 - 4Lecture 1 (August 21) Chapter 1: Managing and PerformingManaging in the New Competitive LandscapeGlobalization: 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: Techhelps 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 problem-solving 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 AdvantageGain 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 agoal. 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'tbe competitive with just one advantage. Must use a combo.The Functions of ManagementManagement: 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 andChanging: 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 FourManagement Functions: Day won't be neatly divided into 4 functions. Do many things simultaneously. Devote to all four functions. Management Levels and Skills3 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-levelmanagers 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 CareerEmotional 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