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Lecture 10

MGTA01- Lecture 10 - Nov 18 .docx

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Fall

Description
Lecture 10- (ch 6 and 7) November 18 Not responsible for chapter 8, nor 9. Strategy & Management Strategy: a business must have a purpose Leaders: people who set goals and directions Leadership: communicating goals and direction Mission: where are we going? Environmental Analysis: where are we now? In-Class Exercise: Create a personal strategy “determining the organisation’s long term goals, and taking the actions necessary to achieve those goals  Business is formed for a purpose Sometimes, hard to see: what the purpose is how to accomplish that purpose Businesses need leadership  When you’re a leader, you must turn to everyone as say “this is my vision. This is the path we are on, and this is how you fit in, where we are going”  A “leader is: the individual who has the responsibility to determine an organization’s path into the future.  Ghandi’s vision (Prime Minister): In a few years time, we will no longer be a colony of the UK. We will become an independent public. By non-violent passive-resistance. If you trust me and do as I say, we will attain freedom from imperial control.  Nelson Mandela (president): in 10 years time, we will have majority rue. We will not longer have apartheid.  Churchill (statesman): we’re going to win this war.  Leadership: The art of guiding or inspiring others to follow you into the future  In politics, “leaders” become presidents, prime ministers and statesmen.  In business, the responsibility of leader-ship goes to the Board of Directors and the CEO  i.e. People at the top of an organization  Why? They can see the big picture  Leadership and strategy are the responsibility of the people at the top of an organisation.  They can see the big picture. Determining what needs to be done. Showing people how they should act. Showing them how they can contribute. Getting them to want to…. Strategic management Boils down to 3 key questions: “Where are we going?” “Where are we now?” “How do we get there?” Where are we going? In business jargon, the term for “where are we going?” is called “Mission” Mission- Where are we going? A clearly articulated mission: Provides direction and guidance Help a business allocate resources Helps managers assess performance (“Am I doing the right thing?”) (“Is this helping us to go forward?”) Mission: The “3 Cs” If you want people to follow your lead, and work hard to achieve your common goal, the mission must be: Clear Communicated Credible You ask, what is our policy? It is to wage war, by sea, land and air, with all our might and with all the strength that God can give us; You ask, what is our aim? I can answer in one word: victory; victory at all costs, victory in spite of all terror, victory, however long and hard the road may be. Mission – Must Be Communicated There's nothing more demoralizing than a leader who can't clearly articulate why we're doing what we're doing. James Kouzes And Barry Posner Mission - Must Be Credible (believable) A plan cannot be divorced from the realities on the ground. In business jargon, the process for answering the question “Where are we now?” is call
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