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Lecture 3

GMS 200 Lecture Notes - Lecture 3: Ert3, Midvale Steel, Pareto Principle


Department
Global Management Studies
Course Code
GMS 200
Professor
Shavin Malhotra
Lecture
3

Page:
of 30
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GMS
Week 3
1.) One details assignment should be done by today or tomorrow. Due week 4
2.) Glo-bus groups will be formed this week. Check black board by the end of the week
a. Check for your registration information (course code, e.t.c)
Camera
Situation
Cannot change the price
Think beyond promotions
How do you increase the sales
Solution
Changing the features of the second camera (design) maybe performance
o Changing the specs of Alt.B
Target another location for Alternative B
Research competition on why or how they are successful in terms of markets, specs and design
Also check other camera’s in the same price range. How do they differ? Is the product
competitive enough
Open a whole new high end market specially directed to the expensive higher end technology.
Compromise effect. Adding a third product with a higher price will drive consumers to buy the
next best thing if they cannot afford the latest one.
What is an organization?
Any Collection of people working together to achieve a common purpose or goal.
Organizations are an open system because it takes a lot of resources from outside.
o For an organization to work it needs resource inputs such as people, money, materials,
technology and obviously need information and all of this comes from outside. These
inputs go into an organization where they are collectively managed and converted into
final products and sold to consumers.
o Organization cannot survive without working with the outside faculties and resources.
As they take in from outside, they have to also give out something to people.
Productivity and dimensions of organization performance depend on two factors
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o Effectively reaching their goals.
o Efficiently using resources.
What is a manager?
A person who plans, directs people and resources
The person who directly supports and helps activate the work efforts and performance
accomplishments of others.
What are the Management levels in a typical organization?
In a Typical Business
Top Manager’s
o Board of Directors
o Chief executive officer
o President
o Vice president
Middle Managers
o Division manager
o Regional Manager
o Plant Manager
First-line Managers
o Department head
o Supervisor
o Team Leader
Non- managerial workers
Typical Non-profit
Top Manager’s
o Board of Trustees
o Executive Director
o President, Administrator
o Vice president
Middle Managers
o Division manager
o Regional Manager
o Plant Manager
First-line Managers
o Department head
o Supervisor
o Team Leader
Non- managerial workers
Essential Managerial Skills
Lower level managers
Strong Technical Skills
Human Skills
Fair conceptual skills
Middle Level managers
Stronger conceptual skills
Human Skills
Medium technical skills
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Top Level managers
Strongest conceptual skills
Human Skills
Don’t need much Technical skills
Managerial Work
The process
Planning
Organizing
Leading
Controlling
The Setting
Hectic pace
Interruptions
Interactions
Many tasks
Long hours
This results in Performance. Because of Uncertainty, management becomes very stressful. This is
because due to the involvement of risks. Environment uncertainty is a lack of complete information
regarding what exists and what developments may occur in the external environment.
Read about the “agency theory just in case” – How to design incentive
Two Dimensions of environmental uncertainty
Complexity
Rate of change
What constitutes the external environment of organization?
Economic
o Financial market
o Employment rate
o The GDP rate
o Inflation rate
o Interest rate (low or high)
Socio-cultural
Legal-political
o Governments
o Rules, policies
o The law, regulations
o Trade barriers
o Tariffs
o Ethics