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MGM101H5 (376)
Chapter 1

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Department
Management
Course
MGM101H5
Professor
Dave Swanston
Semester
Fall

Description
TEXTBOOK NOTES 1. Planning & Strategizing • Define: A formal process whereby managers choose goals, identify actions to attain those goals, allocate responsibility for implementing actions to specific individuals/units, measure the success of actions by comparing actual results against the goals, and revise plans accordingly • Used by senior managers to develop strategies for an organization and put those strategies into affect • Strategy- An Action that managers take to attain the goals of an organization  Can also arise in absence of planning at all levels of management • Strategizing- The process of thinking through on a continual basis what strategies an organization should pursue to attain its goals and it involves:  Being aware of and analyzing what competitors are doing  Thinking about how changes in the external environment impact organization  Weighing the pros and cons of alternative strategies  Anticipating how competitors might respond to these strategies  Choosing a course of action 2. Organizing (Coordinating) • Define: The process of deciding who within an organization will perform what tasks, where decisions will be made, who reports to whom, and how different parts of the organization will coordinate their activities to pursue a common goal • Part of planning and strategizing; strategy is implemented through organization 3. Controlling • Define: The process of monitoring performance against goals, intervening when goals are not met, and taking corrective action • Important Aspect: Creating incentives that align the interests of individual employees with those of the organization, helping to ensure that everyone is pulling in the same direction • Incentive- A factor, monetary or nonmonetary, that motivates individuals to pursue a particular course of action 4. Leading & Developing • Define: The process of motivating, influencing, and directing others in the organization to work productively in pursuit of organization goals • Important Aspect:  Developing Employees- The task of hiring, training, mentoring, and rewarding employees and managers in an organization o People are the most important asset in an organization  Human Capital- The knowledge, skills, and capabilities embedded in individuals which can be a source of competitive advantage • Skilled leaders:  Drive strategic thinking (strategizing) deep within the organization while articulating their own vision for the organization  Have a plan for their organization and push others to develop plans  Structure the organization proactively to implement their chosen strategy  Exercise control with a deft hand, never seeming too overbearing/demanding, while at the same time, never taking eyes off the ball  Put the right kinds of incentives in place  Get the best out of people by persuading them that a task is worthy of effort  Build high quality team of other managers/employees through which they can work to get things done Types of Managers 1. General Managers- Managers responsible for the overall performance of an organization or one of its major self contained subunits/divisions • Found at corporate/business levels • Corporate Level General Managers  Chief executive officer (CEO) is principal general manager at corporate level who o Formulates strategies that span businesses o Controls divisions and helps develop human capital of enterprise o Manages relationships with the people who own the company  Members of top management team (Chief financial officer, chief operating officer, and chief technology officer, etc) help CEO describe company strategy to shareholders • Business Level General Managers  Oversee operation of entire company/self contained division  Lead different divisions (control activities, monitor performance, develop human capital, etc)  Translate overall strategic vision for the corporation into concrete strategies and plans for their units 2. Functional Managers- Managers responsible for leading a particular function or a subunit within a function (accounting, marketing, sales, etc) • Found within divisions where they manage functions/subunits within those functions • Closer to customers so they may generate important ideas that may become strategies 3. Frontline Managers- Managers who manage employees who are themselves not managers • Found deep within functions managing teams of non-management employees • Have skills to deal with customers and employees
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