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MGTA02H3 Study Guide - Midterm Guide: Human Resource Management, Philip Kotler, Target Market


Department
Management
Course Code
MGTA02H3
Professor
Arif Toor
Study Guide
Midterm

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Lecture 01 Managers and Managing
What do managers do?
A business turns factors of production (input) into products that people demand (output).
Business is formed for a purpose.
Business need leadership.
Leaders:
Determine the organization’s purpose and direction.
Guide and inspire others to go along.
Managers:
People who plan, organize, lead, and control resources in order to realize a goal.
P. 13 System is a series of connected parts or connected activities. The parts are organized for a common
purpose, work together.
P. 14 The Value Chain
*this model suggests business are systems that turn factors into goods and services that people demand.
In order to make a profit, an succeed, a business must of all these things quickly effective and well.
The value chain is the system of activities which a business must manage in order to transform factors of
production into finished goods.
P. 15 Primary activity: those activities that are directly involved with making the good or the service that the
business provides to its customers.
P. 15 Support activity: those activities that do not directly involve customers or the making of the product, but
which are necessary for the organization to function.
Strategy and leadership:
in a small organization, strategy and leadership activities will be performed by the entrepreneur who is the
business owner. eg. ensuring the business had suitable office space, and hiring new employees in anticipation of
growth. as a business becomes more complex, the owner may see fit to hire dedicated employees to perform
these functions.
P. 16 Human Resource Management:
businesses need people. essential to the functioning of any businesses. therefore, all of the activities involved
with recruiting, hiring, training, developing, and compensation.
Financial Management
Businesses need capital. They need capital to buy or rent office space, pay the wages and salaries of the
employees, buy equipment, etc. finance involves planning and managing the organization’s relationship with
financial intermediaries
Planning and organizing:
Planning: determining what needs to be done to accomplish a task, and the best way to accomplish it.
Organizing: assembling and preparing the resources necessary to complete a task.
The development of a product,
Determining the price people are willing to pay,
Promoting the products
And making it available to customers.
P. 17 Business function: a process or activity that is routinely carried out by a business:
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Marketing, operations, information management, accounting, strategic management, financial management and
human resource management.
To succeed, every business must perform a number of functions:
Determine customer needs: marketing
Create things people demand: operations
Collect information: accounting
Find and allocate capital: finance
Hire and keep good people: human resource management
And that each of these functions must be
Planned Organized Lead Controlled
Managing:
is not the arbitrary exercise of power.
Managing involves getting things done.
Managers engage in 4 or 5 activities: (the system involves)
P. 6 The process of management
Planning
Organizing
Commanding
Coordinating
Controlling
or
Planning
Organizing
Leading
Controlling
P. 8 Planning:
Determining what need to be done and the best way to achieve it.
P. 8 Organizing:
Assembling and preparing the resources needed to complete the task
P. 9 Leading:
Guiding and motivating others to meet the organization’s objectives
Leadership:
influencing people so that they will strive willingly toward the achievement of group goals.
Leadership styles:
Leadership theories
1940s Transactional Theory
1950s Trait Theory
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1955s Behavioural Styles Theory
1975s Contingency Theory
1985s Transformal Theory
P. 11 Controlling begins with setting a goal or an intended result of an activity. The term used for this goal or the
intended result is the standard.
In business, a standard might be expressed as a quantity or value or inputs.
Controlling: setting a standard, measuring performance against the standard an, if necessary taking action to
being the performance to the line.
Set standards (desired outcome) :the second stage of the control process is to measure the actual performance
of the activity. The performance of the activity. The performance is then compared to the standard.
Measure performance (actual outcome)
If necessary, improve or correct performance (to meet standards)
:the purpose of the control function is to get people and other resources to perform in a manner that will achieve
the organization’s goal.
People perform control activities frequently, and in all walks of life.
Managing is a universal process: it happens everywhere, not just in business.
The process of planning, organizing, leading and controlling resources in order to accomplish a task.
Managers are the individuals responsible for planning, organizing, leading and controlling resources in order to
accomplish a task.
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