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Lecture 6

BUS 201 Lecture Notes - Lecture 6: Firstline, Horizontal Integration, Swot Analysis


Department
Business Administration
Course Code
BUS 201
Professor
Peter Tingling
Lecture
6

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Chapter 6: Managing the
Business Enterprise
Week 6
1)The Management Process
Management
oThe process of planning, organizing, leading and controlling a
business’s financial, human and information resources in order to
achieve its goals
Efficiency
oAchieving the greatest level of output with a given amount of input
oDoing things right
oBeing efficient may or may not be effective
Effectiveness
oAchieving organizational goals that have been set
oDoing the right thing
oBeing effective will likely also be efficient
Planning
odetermining what the business needs to do and the best way to
achieve it
steps
1 – Goals are established for the organization
2 – mangers identify whether a gap exists between the
company’s desire and actual position
3 – managers develop plans to achieve the desired
objectives
4 – the plans that have been decided upon are
implemented
5 – the effectiveness of the plan is assessed
A hierarchy of plans:
Strategic plans
oPlans that reflect decisions about resource
allocations, company priorities and steps needed
to meet strategic goals
Tactical plans
odeveloping specific short-run strategies about what
needs to be done, who will do it, and how it will be
accomplished
Operational plans
oThat portion of a manager’s job concerned with
mobilizing the necessary resources to complete a
particular task
Organizing
odetermining how to use existing resources to implement the plan
oarranging jobs in a structure to create an efficient task system

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Leading
oguiding and motivating subordinates to meet objectives
omanagers have various responsibilities with regard to their employees
Authority to give orders
Ability to guide employees
Power to motivate subordinates
Controlling: managers monitor the firm’s performance
2)Types of Managers
Levels of Management
oTop Management
responsible for overall performance of the firm and effectiveness
and for developing long-range plans for the company
oMiddle Management
responsible for implementing decisions of top managers
oFirst-line Management
responsible for supervising employees
Areas of Management
oMarketing Managers
Responsible for developing, pricing, promoting and distributing
goods and services to buyers.
oFinancial Managers
Responsible for planning and overseeing the financial resource
of a firm
oOperations Managers
Responsible for controlling production, inventory and quality of a
firm’s products
oHuman Resource Managers
Responsible for hiring, training, evaluating and compensating
employees
oInformation Managers
Responsible for the design and implementation of systems to
gather, process and disseminate information
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