MGTA02H3 Lecture Notes - Lecture 15: Ikea, Swoosh, Visible Minority
UTSC
MGTA02H3
FINAL EXAM
STUDY GUIDE
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MGTA02 – Chapter 1 – Managing & Managers: Working to accomplish a task
Working to accomplish a task
-A business is an organised effort, formed for a purpose.
-Responsibility for defining the purpose & setting the direction lies within the business
leaders
oTypically business owners are its leaders
-If a business has many owners, for example a partnership with many partners or a
corporation with many shareholders, the responsibility of leadership is typically
delegated to others, such as directors or senior employees
-Mission: The reason why a business exists, and the goal it is trying to accomplish
-Most businesses strive to communicate, briefly and clearly, the reason they exist and
the goals they are trying to accomplish with mission statements
oFor example, IKEA: We shall offer a wide range of well-designed, functional
home furnishing products at prices so low that as many people as possible will
be able to afford them.
-Whatever the fine words in the mission state are all businesses exist in order to satisfy
customer needs and wants, and also to make a profit.
-In a well-run business the particular purpose and direction should be clear to all
stakeholders, especially shareholders, employees and customers
The Process of Management
-Managing: The process of planning, organising, leading & controlling resources in order
to accomplish a task.
oManagers are individuals responsible for planning, organizing, leading and
controlling resources in order to accomplish a task
The Perfect Manager
Its 9:00 AM on a Saturday morning. Your manager opens the door to your bedroom and
says, “Good morning. I Hope you had a good sleep. Now, today is your Grandmas birthday.
So, I need you to be a good helper. We are going to your grandma’s house for lunch”
“I need you to be neat and tidy, wear your best clothes, and be polite to al of your
grandma’s friends. We want to make your Grandma very proud, and show her we love
her.”
“Can you do that for me?”
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