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Chapter 7

CHAPTER 7.docx

4 Pages

Management (MGT)
Course Code
Chris Bovaird

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CHAPTER 7: MANAGERS AND MANAGING THE MANAGEMENT PROCESS -management: process of planning, organizing, leading and controlling an enterprise’s financial, physical, human, and information resources to achieve the organization’s goals of supplying various products and services -planning, organizing, leading, and organizing are interrelated and generally follow one another in a logical sequence -sometimes performed simultaneously or in a diff sequence altogether Planning -determining what organization needs to do and how best to get it done requires planning -planning: has 3 main components; portion of a manager’s job concerned with determining what the business needs to do and best way to achieve it -planning begins when managers determine the firm’s goals -next, develop a comprehensive strategy for achieving those goals -after, they design tactical and operational plans for implementing the strategy -planning process has 5 basic steps: 1) goals are established for the organization 2) managers identify whether a gap exists b/w the company’s desire and actual position 3) managers develop plans to achieve the desired objectives -objectives indicate what results are desired while plans indicate how these objectives are to be achieved 4) plans that have been decided upon are implemented (thinking converted to action) 5) effectiveness of the plan is assessed (comparing actual results with planned performance) Organizing -organizing: portion of a manager’s job that’s concerned with mobilizing the necessary resources to complete a particular task Leading -leading: (or directing) the activities involving interactions b/w managers and their subordinates to meet the firm’s objectives -managers have power to give orders and demand results -beyond giving orders; attempt to guide and motivate employees to work in best interests of organization Controlling -controlling is process of monitoring a firm’s performance to make sure that the firm is meeting its goals -if plan not going as planned, must be revised -control can also show where performance is running better than expected and can serve as a basis for providing rewards or reducing costs TYPES OF MANAGERS -not all managers have same degree of responsibility for each activity -managers differ in specific application of these activities -we can divide managers by their level of responsibility or by their area of responsibility Levels of Management -3 basic levels; senior, middle, and first-line -in most firms more middle managers than senior managers and more first-line managers than middle managers -power of managers and complexity of their duties increase as we move up pyramid Senior Managers -senior managers: responsible for a firm’s overall performance and effectiveness and for developing long-range plans for company -include president, VP, CEO, CFO, treasurer -responsible to board of directors and shareholders of firm for its overall performance and effectiveness -they set general policies, formulate strategies, oversee all significant decisions and represent company in its dealings with other business and government Middle Managers -middle managers: responsible for implementing the decisions made by top managers -occupy positions of considerable autonomy and importance -include plant manager, operations manager and division manager -with companies increasingly seeking ways to cut costs, the job of middle manager has lately become precarious in many large companies First-Line Managers -first-line managers: responsible for supervising work of employees -include supervisor, office manager, and group leader -not only interacts with employees but also with materials suppliers, community officials and middle and top managers at the home office Areas of Management Marketing Managers -marketing includes development, pricing, promotion, and distribution of product or service -marketing managers responsible for getting products and services to buyers -a marketing person often rises to top of large firm -firms that produce industrial products such as machinery and janitorial supplies tend to put less emphasis on marketing and to have fewer marketing managers Financial Managers -nearly every company has financial managers to plan and oversee its financial resources -for large financial institutions, effective financial management is the company’s reason for being Operations Managers -firms operations are
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