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Chapter 1

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Global Management Studies
GMS 200
Sui Sui

GMS200 SUI SUI CHAPTER 1: INTRODUCING MANAGEMENT Chapter 1 Study Questions  What are the challenges of working in the new economy?  What are organizations like in the new workplace?  What is the makeup of the external environment of organizations and how is an organization linked to its environment?  Who are managers and what do they do?  What is the management process and how do you learn the essential managerial skills and competencies? Overview of the New Workplace  The dynamics of ever-present change extend into the workplace and raise a host of new career challenges.  Smart people commit their energies and intellect to continuous learning and personal development.  Companies with a future are committed to people.  Companies with a future offer inspirational leadership, reward and respect people, and provide supportive work environments.  High performing companies gain extraordinary results from people. Study Question 1: What are the challenges of working in the new economy?  Talent People and their talents are the ultimate foundations of organizational performance. Intellectual capital is the collective brainpower or shared knowledge of a workforce that can be used to create value. A knowledge worker‘s mind is a critical asset to employers and adds to the intellectual capital of an organization.  Diversity Workforce diversity reflects differences with respect to gender, age, race, ethnicity, religion, sexual orientation, and able-bodiedness. A diverse and multicultural workforce both challenges and offers opportunities to employers. Many call diversity a ―business imperative‖ and view it as an asset  How diversity bias can occur in the workplace: Prejudice Discrimination Glass ceiling effect  Globalization National boundaries of world business have largely disappeared. Globalization is the worldwide interdependence of resource flows, product markets, and business competition that characterize the new economy.  Technology Continuing transformation of the modern workplace through: The Internet World Wide Web Computer networking Information technology Telecommuting/virtual teaming/mobile offices Increasing demand for knowledge workers with the skills to fully use technology.  Ethics Code of moral principles that set standards of conduct of what is good and right.  Ethical expectations for modern businesses: Integrity and ethical leadership at all levels Sustainable development GMS200 SUI SUI CHAPTER 1: INTRODUCING MANAGEMENT Natural environment protection Consumer protection Human rights  Careers Core workers, contract workers, and part-time workers. People must be prepared to be any one of these types of workers. People must make sure that their skills are portable and of current value in employment markets. Study Question 2: What are organizations like in the new workplace?  Critical skills for success in the new workplace Mastery Networking Entrepreneurship Love of technology Marketing Passion for renewal  Organization A collection of people working together to achieve a common purpose. Organizations provide useful goods and/or services that return value to society and satisfy customer needs.  Organizations are open systems Composed of interrelated parts that function together to achieve a common purpose. Interact with their environments. Transform resource inputs into product outputs (goods and services). Environmental feedback tells organization how well it is meeting the needs of customers and society. Figure 1.1 Organizations as open systems  Organizational performance ―Value creation‖ is a very important notion for organizations. Value is created when an organization‘s operations adds value to the original cost of resource inputs. When value creation occurs: Businesses earn a profit. Nonprofit organizations add wealth to society.  Organizational performance Productivity An overall measure of the quantity and quality of outputs relative to the cost of inputs. Performance effectiveness An output measure of task or goal accomplishment. Performance efficiency An input measure of the resource costs associated with goal accomplishment. GMS200 SUI SUI CHAPTER 1: INTRODUCING MANAGEMENT Figure 1.2 Productivity and the dimensions of organizational performance.  Workplace changes that provide a context for studying management Belief in human capital Demise of ―command-and-control‖ Emphasis on teamwork Preeminence of technology Embrace of networking New workforce expectations Concern for work-life balance Focus on speed Study Question 3: What is the makeup of the external environment of organizations and how is an organization linked to its environment?  The general environment — all of the background conditions in the external environment of the organization including: Economic – health of the economy Legal-political – norms, customs, social values Socio-cultural – philosophy/objectives of political party running the government Technological – development and availability of technology Natural environment – nature and conditions of environment Figure 1.3 Starbucks general environment.  The specific (task) environment ―Actual organizations, groups, and persons with whom an organization interacts and conducts business‖  Includes important stakeholders such as: GMS200 SUI SUI CHAPTER 1: INTRODUCING MANAGEMENT Customers Suppliers Competitors Regulators Investors/owners  Value creation is creating value for and satisfying the needs of constituencies Figure 1.4 Multiple stakeholders in the environment of an organization  Competitive advantage ―core competency that clearly sets an organization apart from competitors and gives it an advantage over them in the marketplace‖  Companies may achieve competitive advantage in many ways, including: Cost efficiency Higher quality Better delivery Greater flexibility  Environmental uncertainty ―lack of complete information regarding what exists and what developments may occur in the external environment‖  Two dimensions of environmental uncertainty: Degree of complexity Rate of change Figure 1.5 Dimensions of uncertainty GMS200 SUI SUI CHAPTER 1: INTRODUCING MANAGEMENT  Organizational Effectiveness – sustainable high performance in using resources to accomplish mission and objectives. • Systems resource approach focuses on resource acquisition • Internal process approach focuses on operations efficiency • Goal approach focuses on accomplishing key objectives
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