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Chapter 7 Notes (class 2).docx

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Patrick Woodcock

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Intro to business management : Chapter 7 Notes GOOD MANAGEMENT characteristics VIDEO: Business school of London : • Often promoted pple are the most routy, colourful pple that don’t necessarily need that to be leaders (personality traits) • Humility and letting innovation happen by not be too overpowering are ideal characteristics of a good boss • The Queen of England used to say: “the world smells like fresh paint”  image explaining how a boss sees the employees in a polished perspective where nobody is there to tell him to change and he can’t see his corporation and the state it really is in. • People are naturally bad managers and they are promoted for their technical skills that doesn’t really help being a boss and people skills – at top management you need both : people skills and conceptual skills • We already know how to be good managers, we just don’t know why we don’t do it – must know how to do it – infiltrate in the workers environment to see what they actually need and how they actually work Steps in the strategic planning process: Define the organisation’s mission (what do I want) Assess the organisations competitive position (what is the competitive market like?) Set objectives for the organisation Create strategies for competitive differentiation (what makes you particularly better?/more chances) Turn strategy into action … (last one) Plan types: Strategic: the whole entire company long term Tactical: annual / semi annual Operational: short term employee organisation Contingency : put in place when things screw up (plan B) should have it before the emergency happens The higher the level, the more the uncertainty there is (long term is harder to plan) SWOT Analysis: how businesses asses their strategic position – are we competitive? Management: Process of achieving organizational goals through people and other resources. Managers job: To combine human and technical resoucres in the best way to achieve companies goals. Management Hierarchy TOP -Chief exec -Chief financial -premier, mayor MIDDLE -Regional manager -Division Head -Director, Dead SUPERVISORY(FIRST LINE) -Supervisor -Department chairperson -Program manager Managers at every level use 3 basic skills -technical: Ability to understand and use the techniques, knowledge, tools, and equipment of a specific department or area of study. Especially important to first line managers. -HUMAN Interpersonal skills that help manafers to work effectively with people. Incluling ability to communicate, motivate, and lead employees to complete assigned tasks. -CONCEPTUAL -help a manager to see the organization as a single unit and to understand how each part of the overall organization interacts with other parts. This is especially important for top level managers. Managerial Functions Planning: The process of looking forwards to future eents and conditions and deciding on the courses of actions for achieving organizaationa goals. This helps a business focus its vision, avoid costly mistakes and seize opportunities. Involves managers from all levels. Organizing: -process of blending human and material resouces through a formal structure of tasks and authority (arranging work, dividing tasks, coordinating them to ensure plans are carried out and goals are met.) Controlling: 4 steps- setting performance standards, monitoring actual performance, comparing actual performance with the standards, and making corrections if needed. Vision -Founders abiliy to perceive marketplace needs and what an organization must do to satisfy them. A companies vision must be focused. It must be flexible enough to adapt to changes in the business environment. Types of Planning Strategic: The process of deciding on the primary objectives of an organization and then taking action and setting aside resources to achiece those objectives. It is generally done by TOP EXECS. Tactical: Involves carrying out the activities set out in the strategic plan. -Guide the current and short-term activities required to carry out the overall stratagies. Generally middle management. Operational: Sets the detailed standards that help to carry out tactical plans. -Choosing specific work targets and assigning employees and teams to carry out plans. -Focuses on the organization as a whole, but operational planning develops and carries out tactics in specific functional areas. Generally supervisory management Contingency: This type of plan helps firms to resume operations as quickly and as smoothly as possible after a crisis. (Ex. Major accidents, natural disasters, rapid economic downturns, etc.) Involves two components: Continuing the business and communicating with the public. Usually outlines a chain of command for crisis management and assigns specific emergency functions to some or all managers and employees. Generally top management, but all levels contribute. Six steps in the Strategic Planning Process: 1. Defining a mission statement. Written description of an organizations overall business purpose and aims. 2. Assessing the organizations competitive position SWOT is used here. Using this a firm can then develop the best strategies for gaining a competitive advantage. (See below for swot description)
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