BNAD 302 Lecture 1, Chapter 1The Exceptional Manager; Chapter 1I. Managers operate within an organization-Organization: a group of people who work together to achieve some specific purposeII. Management is defined as:1. The pursuit of organizational goals to efficiently and effectively by2. Integrating the work of people through3. Planning, organizing, leading, and controlling the organization’s resources-GAANT chart to help controlling/monitoring (use date and time)-To be efficient: to use resources and people, money, raw materials, and the like-wisely and cost effectively -To be effective: to achieve results, to make the right decisions and to successfully carry them out so that they achieve organizational goals III. Rewards of studying management:-Understanding how to deal with organizations from the outside-Understanding how to relate to your supervisors-Understanding how to interact with co-workers-Understanding how to manage yourself in the workplace-You and your employees can experience a sense of accomplishment-You can stretch your abilities and magnify your range-You can build a catalog of successful products or servicesIV. 7 challenges to being an exceptional manager:1. Managing for competitive advantage- staying ahead of rivals2. Managing for diversity- the future won’t resemble the pastThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.3. Managing for globalization- the expanding management universe 4. Managing for information technology5. Managing for ethical standards6. Managing for sustainability- the business of green7. Managing for your own happiness and life goals V. Competitive advantage: the ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them -Managing for competitive advantage: being responsive to customers, innovation (think outside the box), quality, and efficiency -Managing for Information technology:-By 2015, consumers are projected to spend $1.4 trillion online, a rise of 13.5% annually-Information technology has facilitated e-business, using the internet to facilitate every aspect of running a businessVI. Managers Four Principal Functions:1. Planning: set goals and decide how to achieve them2. Organizing: arrange tasks, people, and other resources to accomplish the work3. Leading: motivate, direct, and otherwise influence people to work hard to achieve the organization’s goals4.Controlling: you monitor performance, compare it with goals, and take corrective action as neededVII. Levels and areas of management:- Top managers: make long-term decisions- Middle managers (decreasing because of span of control- cost saving)- First-line manager: short-term operating - Nonmanagerial personnel-Functional managers: responsible for just one organizational activity-General manager: responsible for several organizational activities-Roles managers must play in order to be successful according to Mintzberg: 1. A manager relies more on verbal than on written communication2. A manager works long hours at an intense pace3. A manager’s work is characterized by fragmentation, brevity, and variety - Interpersonal roles: managers interact with people inside and outside their work units (figurehead, leader, liaison)- Informational roles: managers receive and communicate information (monitor, disseminator, and spokesperson)- Decisional roles: managers use information to make decisions to solve problems to take advantage of opportunities (entrepreneur, disturbance handler, resource allocator, and negotiator) -Entrepreneurship: process of taking risks to try to create a new empire-Intrapreneur: works within