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Management (MGT)
Zachariah Campbell

CHAPTER 7: Managers and Managing The Management Process: - Management: the process of planning, organizing, leading, and controlling (POLC) a business’s financial, physical, human, and information (FIPH) resources in order to achieve its goals - REMEMBER: goals – performance targets of organization (long term, intermediate, short term) VS strategies – methods that company uses to meet goals (strategic, tactical, operational plans) - POLC aspects are interrelated – flow, be performed at same time, or differently Planning - Planning: the portion of a manager’s job concerned with determining what the business needs to do & the best way to achieve it - Planning begins when managers determine firm’s goals, then comprehensive strategy to achieve goals, then design tactical & operational plans to implement strategy - 5 steps: o 1. Goals o 2. Gaps (between desire & actual position, can you do this?) o 3. Plan o 4. Carry out plans o 5. Assess (your work & performance) Organizing - Organizing: that portion of a manger’s job concerned with mobilizing the necessary resources to complete a particular task - Can be beneficial to be unorganized (HP) but it does not always prevail, they had to become organized later on Leading - Leading: that portion of a manger’s job concerned with guiding & motivating employees to meet the firm’s objectives - Managers have power to give orders & demand results BUT leaders have to guide & motivate employees also to work in best interests of organization, go beyond normal practices to ensure success Controlling - Controlling: that portion of a manager’s job concerned with monitoring the firm’s performance & if necessary, acting to bring it in line w/ the firm’s goals - Control process: o Establish standards o Measure performance o Does measured performance match standards? – Yes (continue current activities) or No (adjust performance or standards)? - Control can show where performance is running better than expected & can be basis for providing rewards or reducing costs (ex. Ford delays ad campaign) Types of Managers: - All managers POLC but not all have same degree of responsibility - Can divide managers by LEVEL of management/responsibility or AREA Levels of Management - 3 basic levels: o Senior Managers: those managers responsible for a firm’s overall performance & effectiveness and for developing range plans for the company; responsible to board of directors & shareholders; set general policies, formulate strategies (SAMP), oversee all big decisions, represent company w/ other businesses & gov’t  Ex. CEO, Pres, VP, Treasurer, CFO (financial) o Middle Managers: those managers responsible for implementing the decisions made
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