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MGTA01H3 (583)
H Laurence (25)
Chapter 7

Chapter 7.doc

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Department
Management (MGT)
Course
MGTA01H3
Professor
H Laurence
Semester
Fall

Description
Chapter 7 Manages and ManagingManagement process of planning organizing leading and controlling businesss financial physical human and information resources in order to achieve its goalsPlanningThree main componentsmanagers determine firms goal develop and strategy for achieving thisgoal design tactical and operational plans for implementing strategyPlanning process has 5 basic stepsoGoals are established oManagers see If gap exists between goal and actual positionoManagersset steps in order to achieve goalsoPlans that are decided upon are implementedoEffectiveness of plan is assessedOrganizingOrganizing mobilizing the necessary resources to complete a particular taskLeadingLeading guiding and motivation employees to meet the firms objectivesControllingControlling monitoring firms performance and if necessary acting to bring it in line with firms goalsit can show where performance is running better than expected and can serve to provide reward or reduce costTypes of Managersdivide managers by their level of responsibilityoSenior Mangers responsible for firms overall performance and effectiveness and for developing long range plans for the company They are responsible to the board of directors and shareholders of the firm for its overall performance and effectiveness set general policies formulate strategies oversee all significant decisions resent the company in business and govt dealingsoMiddle managers responsible for implementing the decision made by the top managersoFirst line managers those managers responsibilities for supervising the work of employeesAreas of ManagementMarketing managers developing pricing promotion and distribution of product or services responsible for getting products
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