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Management (802)
MGM101H5 (354)
Chapter 1

Chapter 1 Notes.docx

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University of Toronto Mississauga
Dave Swanston

Chapter 1 Notes - Management; the art of getting things done through other people The Functions of Management - Planning, organizing, controlling, and leading 1) Planning and Strategizing - Planning; formal process whereby managers choose goals, identify actions to attain those goals, allocate responsibility for implementing actions to specific individuals or units, measure success of actions by comparing actual results against goals, and revise plans - Used by senior managers to develop overall strategies for an organization - Strategy; action that mangers take to attain goals of organization - Planning is formalizing a strategy that has already been selected and putting it into effect - Strategizing; process of thinking through on continual basis what strategies an organization should pursue to attain goals o Involves being aware and analyzing competitors o Impacts of changes in technology and government regulations o Weighing pros and cons of alternative strategies o Strategies can arise from absence of planning 2) Organizing - Organizing; process of deciding who within an organization will perform what tasks, where decisions will be made, who reports to whom, how different parts of organization will coordinate their activities to pursue a common goal - Typically involves dividing organization into subunits; R&D, production, marketing, sales, accounting - Is part of planning and strategizing o Strategy is implemented through organization 3) Controlling - Controlling; process of monitoring performance against goals, intervening when goals are not met, and taking corrective action - Drafting plans is first step in controlling an organization - Requires managers to compare performance against plans to monitor how successful an organization is implementing a strategy - Incentive; a factor, monetary or non-monetary, that motivates individuals to pursue a particular course of action o With right incentives, employees work productively and control their own behaviour 4) Leading and Developing Employees - Leading; process of motivating, influencing, and directing others in organization to work productively in pursuit of organizational goals - Involves listening to others, learning from them, and empowering them to pursue actions that benefit organization - Developing Employees; task of hiring, training, mentoring, and rewarding employees in an organization, including other managers - Human Capital; knowledge, skills, and capabilities embedded in individuals o Can be a source of competitive advantage - Leading and developing employees is core connection among planning and strategizing, organization, controlling, and creating incentives Types of Managers - General Managers; responsible for overall performance of organization or one of its major self-contained subunits or divisions o Corporate Level General Managers  Is the CEO, leads entire enterprise  Decisions regarding new acquisitions or exiting a business area  Decides method of organization (subunits, divisions)  Monitors divisions and decides what incentives to give divisional heads  Helps develop human capital of enterprise  Manages relationships with people who own the company – shareholders  Reports to board of directors  Spends time explaining strategies to shareholders  Members help CEO; such as CFO, COO, CTO o Business Level General Managers  Head of different divisions  Responsible for divisional performance  Translate overall strategic vision into strategies and plans for their units  Decide how best to divide tasks into functions and departments  Monitor performance against goals, intervene to take corrective action if needed - Functional Managers; responsible for leading a particular function or a subunit within a function o Functional Managers  Responsible for specific business functions  Confined to one organizational activity (ex. purchasing, marketing, production)  Provide most information that makes it possible for business/corporate managers to formulate realistic strategies  Execute corporate/business level strategies  Develop human capital  Exercise control over subunits, set goals, provide feedback - Frontline Managers; manage employees who themselves are not managers o Frontline Managers  Manage employees that are not managers  The point which customers are in contact with employees  Organize tasks within teams, plan tasks for units, monitor performance of subordinates  Responsible for performance of individual store Managerial Roles - Managerial Roles; specific behaviours associated with the task of management - Adopt roles to accomplish basic functions (listed above) - Henry Mintzberg developed list of roles and grouped them into three categories - Interpersonal roles - Informational Roles - Decisional Roles - Roles are rarely distinct, overlap in many situations Interpersonal Roles - Managers are figureheads o Greet visitors o Represent company at community events o Welcome new staff o Give performance awards to employees o Accompany senior executives or visitors on tours through work area - Managers are leaders o Influence, motivate, and direct others within organization o Strategize, plan, organize, control and develop o Identify and articulate strategic visions for organization o Motivate others to work towards the vision - Managers are liaisons o Connect with people outside their units, ex. managers of other units or people outside company (suppliers, buyers) o Build network of relationships o Use networks to help
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