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

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: David Swanston

Document Summary

Lecture 2 introduction to management and business. 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. Star(cid:271)u(cid:272)ks sells (cid:373)ore tha(cid:374) just (cid:271)e(cid:448)erages, it started selli(cid:374)g (cid:373)usi(cid:272) (cid:272)d"s upon request of its customers: starbucks decided to enter the music retailing business as part of their strategy, organizing: 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. 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.