AFM131 Chapter Notes - Chapter 8: Strategic Planning, Corporate Social Responsibility, Leadership Development

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Nov 17, 19 Chapter 8 1
Chapter 8: Management and Leadership
In the news: Deloitte's Global Human Capital Trends
Lack of succession planning to group next CEO's
Narrow view of training/development of leaders
oGrooming a lot of ppl to be CEO
Should expand that view and provide leadership training to everyone within
organization
not everyone will be leaders but give everyone opportunity to grow and learn
leadership capabilities
Manager's Roles are Evolving
Managers: give direction to their organizations to provide leadership
decide how to use organizational resources (Human, natural, financial) to accomplish goals
deal with conflict resolution
create trust in an atmosphere where there is mistrust
help create balance between work lives and family lives
From "directing" to "leading": Changes influenced by
1. Knowledge of the manager
Guide, train, support, motivate and coach employees
2. Knowledge of the employees
Employees usually know more about technology than they do in high-tech firms
3. Do employees have the knowledge/resource to do their job well
Note: Transparency in how managers do their job (corporate governance) and how they address
corporate social responsibility will become increasingly important
Management: process used to accomplish organizational goals through planning, organizing, leading,
and controlling people and other organizational resources
The 4 Functions of Management
1. Planning
Planning: Anticipating trends and determining the best approaches to achieve organization
objectives
Trend is to have planning teams: help monitor the environment, find business
opportunities, watch of challenges
Will inform how you organize, lead and control (if it doesn't, your organization is not
operating effectively)
Should be integrated, plan is reflected in a set of budgets
2. Organizing
Organizing: designing the structure of the organization and creating conditions and systems in
which everyone and everything work together to achieve the organization's goals and objectives
Structure of the organization: allocating resources
People and resources working cohesively to achieve organizational goals and objectives
oOrganizing around the customer
3. Leadership
Leading: Creating a vision for the organization
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Guiding, training, coaching and motivating others to achieve organizational goals and
objectives
Everyone should be on same page
Empowering employees, giving them freedom to be self-directed and self-motivated
Note: many workers today are called knowledge workers because their tools/materials are
knowledge
4. Controlling
Controlling: Establishing clear standards to measure progress
Reporting results achieved
Reward and recognize people
Taking corrective action
Planning Process: Creating a Vision Based on Values
Planning: the first managerial function, involves setting the organizational vision, values, goals and
objectives
Developing a vision, values, and mission statement
Planning should be continuous process; evaluate who we are, where we currently are, and
where we want to go
Vision: why the organization exists and where it's trying to head
Gives organization a sense of purpose
Stakeholders that shape the vision statement
oSenior executives, managers, frontline employees, customers, investors
Credible, attractive view of the company in the future; long term objective
Ex. D2L: "provide innovative solutions to organizations around the world
Values: set of fundamental believes that guide a business in the decisions they make
Guide day-to-day decisions
Considers various stakeholders
Mission statement: an outline of the organization's fundamental purposes; Long term view, very
vague, vision is more specific
Usually developed by top management with input from employees
Meaningful mission statement should address:
oThe organisation's self-concept (what the business is)
oCompany philosophy and goals
oLong-term survival
oCustomer needs (for whom are we in the business for)
oSocial responsibility
oAnd the nature of the company's product or service (how are we functioning)
Ex. Apple is committed to bringing the best personal computing experience to students, educators,
creative professionals and consumers around the world through its innovative hardware, software,
and Internet offerings
Goals: board, long-term accomplishments an organization wishes to attain' need to be mutually
agreed on by workers and management
Objectives: specific, short-term statements detailing how to achieve the organization's goals
Smart Goals
oSpecific
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oMeasurable (Measure progress)
oAttainable (Is it attainable based on what resources you have, or do you need to seek
more resources)
oRelevant (Does it connect with everything else in the planning stage)
oTime-based (Good to have working goals over time)
Planning Answers 3 fundamental questions
1. What is the situation now
2. Where do we want to go?
3. How can we get there from here
SWOT Analysis
Internal assessment: strengths and
weaknesses
External assessment: opportunities and threats
Tangible resources (assets we have,
financial resources)
Intangible resources (what kind of
knowledge we have in our organization, key
relationships with certain suppliers, brand)
PRIMO-F: people, resources, innovation and
ideas, marketing, operations, finance
PESTLE
oPolitical
oEconomic
oSocial
oTechnological
oLegal
oEnvironmental
Porter's 5 forces
1. Current competitors
Know who they are, what are they
offering
2. Potential competitors
Threat of new entrance, how easily can
someone else enter the marketplace
3. Barriers to entry
4. Substitute products
5. Can customers find another service to
meet their needs
Bargaining power of suppliers
Might lean on specific supplier to buy a
type of tire
They have a lot of control over you
Bargaining power of customers
If customers have more choice, that
influences how we do business and we
would have to lower our prices to attract
them
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