BNAD 302 8/29/13 Lecture 1 Outline of Last Lecture I. N/AOutline of Current Lecture I. ManagementII. Rewards of Studying ManagementIII. 7 challenges to being an exceptional managerIV. Managing for competitive advantageV. What managers doCurrent LectureI. Management- Managers operate within an organization- Organization: A group of people who work together to achieve some specific purpose- Every organization has a structure / hierarchyManagement is defined by:- The pursuit of organizational goals efficiently and effective by- Integrating the work of people througho Planningo Controlling the organizations resourceso Leadingo Organizing resources- To be efficient means to use resources – people, money, raw materials, and the like-wisely and cost effectively- To be effective means to achieve results, to make the right decisions and to successfully carry them out so that they achieve organizational goals.II. Rewards of studying management- Understand how to deal w/ organizations from the outside- Understanding how to relate to your supervisorsThese 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.- 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 servicesIII. 7 challenges to being an exceptional manager- Managing for competitive advantage- Managing for diversity- Managing for globalization – the expanding management universe- Managing for Information Technology- Managing for ethical standards- Managing for sustainability – the business of green- Managing for your own happiness and life goalsIV. Managing for competitive advantage- Competitive advantage: the ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming themo Being responsive to customerso Innovationo Qualityo Efficiency- Managing for information technologyo By 2015, consumers are projected to spend 1.4 trillion dollars online, a rise of13.5% annually: It has facilitated e-business- Managing for sustainabilityo Sustainability: economic development that meets the needs of the present without compromising the ability of future generations’ needs.V. What Managers Do- Planning Organizing Leading Controlling- P: Setting goals and achieving them- O: Arranging tasks and people- L: Motivating and directing and influencing others to achieve goals- C: Monitoring performance, comparing with goals, and taking corrective action as necessary- Hierarchy of Bureaucratic levels:o Top Managerso Middle Managerso First-Line Managerso Non-Managerial Personnel - Top Managers:o Make long-term decision about the overall direction of the organization and establish the objectives, policies and strategies for it.- Middle Managerso Implement the policies and plans of the top managers and supervise first line managers- First-Line Managerso Make decisions in the short-term and work with middle managers and non-managerial personnel - Functional Managero Responsible for one activity in an organizationo Functional Areas: Research and Development, Marketing, Finance, Production, HR- General Managero Responsible for many organizational