MGMT 1 Chapter Notes - Chapter 8: It Follows, Morale, Outsourcing
Document Summary
Adjusting to changing markets: normal function in capitalist economy. Remain flexible enough to adapt to changing times. Organizing (structuring): begins with determining what work needs to be done, then dividing up tasks among the people division of labor. Identify each person"s strengths & assign right tasks to right person. Departmentalization : process of setting up individual departments to do specialized tasks. Assign authority and responsibility to people so that you can control whole process. Organizational chart : shows relationships among people: who is accountable for completion of specific work, who reports to whom. Monitor environment to see what competitors are doing & what customers demand adjust to new realities. Change due to evolving business environment: global competition, declining economy, faster tech change, pressure to preserve natural environment. The bigger the plant, the more efficient production became. Economies of scale : companies can reduce their production costs by purchasing raw materials in bulk.
