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Chapter 7

MGTA03 Chapter 7 Notes.docx

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Management (MGT)
Chris Bovaird

MGTA03 Introduction to Management Chapter 7—Managers and Managing The Management Process  management is the process of planning, organizing, leading and controlling an enterprise’s financial, physical, human and information resources to achieve its goals Planning  planning is the portion of a manager’s job concerned with determining what the business needs to do and the best way to do it  three steps to planning: 1) goals are established, 2) develop a comprehensive strategy for achieving those goals, 3) design tactical and operational plans for implementing the strategy Organizing  organizing is the portion of the manager’s job concerned with mobilizing the necessary resources to complete a particular task Leading  leading is the portion of the manager’s job concerned with guiding and motivating employees to meet the firm’s objectives Controlling  controlling is the portion of a manager’s job concerned with monitoring the firm’s performance and, if necessary, acting to bring it in line with the firm’s goals Types of Managers Levels of Management  three basic levels of management: senior, middle and first-line managers Senior Managers  senior managers are the managers responsible for a firm’s overall performance and effectiveness and for development long range plans for the company  set general policies, formulate strategies, oversee all significant decisions and represent the company in its dealing with other businesses and government Middle Managers  middle managers are the managers responsible for implementing the decisions made by top managers First-Line Managers  first-line managers are the managers responsible for supervising the work of employees Areas of Management Marketing Managers  marketing managers are responsible for getting products and services to buyers; including oversight of the development, promotion, pricing and distribution of a product/service Financial Managers  financial managers plan and oversee a firms’ financial resources, including i
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