MGM101H5 Lecture 2: MGM101 LECTURE 2- INTRODUCTION TO MANAGEMENT AND BUSINESS

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September 19, 2018
MGM101
PROFESSOR DAVE SWANSTON
LECTURE 2 INTRODUCTION TO MANAGEMENT AND BUSINESS
What is management?
Management is the art of getting things done through people
Managers give the organisation a sense of purpose and organisation
They think of new ways of producing the things in a different and creative manner
Describe functions of management?
PLANNING AND STRATEGIZING:
Planning is a formal process in which managers choose goals, identify the
resources needed, allocate these resources and get the work done
It takes place at all levels in the organisation
Overall strategies for organisation are developed by top level managers
Strategy is an action that managers use to achieve the organisational goals
Strategizing is the process where managers think on a continuous basis the
means to attain the goals
Eg. Starbucks sells more than just beverages, it started selling music cd’s
upon request of its customers.
Starbucks decided to enter the music retailing business as part of their
strategy
ORGANIZING:
It is a process that defines what work will be done by whom in the
organization, who will make the decisions, who will report to whom and
how to coordinate all these activities to attain the common goal
Under organizing usually the enterprise is divided in different levels and
units
Each unit have their individual goal and all the units need to work
together to attain the common goal of the company
This is done through communication and coordination
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CONTROLLING:
Controlling measures the performance against the goals, measures
deviations from the set standards and take corrective action if the goals
are not being fulfilled
It is also linked to other functions of management as without planning
being made controlling is nit useful
Incentives are introduced to keep people motivated to achieve the
goals
Incentive can be a monetary benefit.
What is meant by leading?
Leading means motivating, guiding, influencing and directing the people in the
organization towards the common goals of the company
Hiring, training, mentoring and rewarding the employees is an important part of
leading because without a good a team, a leader can’t achieve the goals
Human capital is the most important resource in the organization
Human capital refers to the knowledge, skills and capabilities of the individuals
A good leader:
Make detailed strategies and revise them periodically
Have a plan for achieving the goals
Use right kind of incentives
Get best out of people
TYPES OF MANAGERS:
General managers: Responsible for overall performance of the organization
Functional managers: lead a particular unit or subunit within a function
Frontline managers: manage employees who are themselves not managers
CORPORATE LEVEL GENERAL MANAGERS
CEO is the principal general manager at the corporate level
He is responsible for formulating overall business strategies
BUSINESS LEVEL GENERAL MANAGERS
Division head comprise of the business level managers
They are responsible for activities of their division such as food , medicine etc.
They perform tasks such as motivating, coordinating, strategizing, planning,
controlling their own divisions
They make sure their plans comply with the overall organization’s plan
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