MGT 3200 Lecture Notes - Lecture 1: Chegg, Vertical Integration, Market Environment
Document Summary
Management is the process of achieving desired results through the efficient utilization of human and material resources. Effectiveness doing the right things at the right time. Efficiency the means to the end, minimizing waste or reducing resource consumers weren"t impressed and sales dropped. Application question: ford dropped the price and model of the jaguar x type, but. Look at market share to determine effectiveness, cost will tell you about efficiency. Efficiency is not a guarantee of effectiveness! However, when an organization is efficient, it is likely it is also effective: a company that is effective but inefficient, a company that is ineffective but efficient. Typical poor management: effectiveness achieved through inefficiency, cannot sustain this long term!! What"s the manager"s most important resource: material resources, informational resources, human resources, financial resources. A manager should help people perform well to increase their satisfaction. Great customer service= happy productive people who draw customers in. Some managers suffer from injellitance (incompetence plus jealousy).
