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Chapter 7

Chapter 7 Notes

2 Pages
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Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird

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Chapter 7 Managers and Managing Notes
The Management Process
x management : the process of planning, organizing, leading, and controlling a business’s financial, physical, human, and
information resources in order to achieve its goals
x the planning, organizing, leading, and controlling aspects of a manager’s job are interrelated
x while these activities generally follow one another in a logical sequence, sometimes they are performed simultaneously or in a
different sequence altogether
Planning
x planning : that portion of manager’s job concerned with determining what business needs to do and best way to achieve it
x in step 1, goals are established for the organization
x in step 2, managers identify whether a gap exists between the companys desire and actual position
x in step 3, managers develop plans to achieve the desired objectives, which indicate what results are desired, while plans indicate
how these objectives are to be achieved
x in step 4, the plans that have been decided upon are implemented; this is where thinking is converted into action
x in step 5, the effectiveness of the plan is assessed; requires comparing actual results with planned performance
Organizing
x organizing : that portion of manager’s job concerned with mobilizing necessary resources to complete particular task
Leading
x leading : that portion of a manager’s job concerned with guiding and motivating employees to meet the firm’s objectives
x leaders attempt to guide and motivate employees to work in the best interests of the organization
Controlling
x controlling : that 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
Senior Managers
x senior managers : those managers responsible for a firm’s overall performance and effectiveness and for developing long-range
plans for the company; common titles include president, vice-president, treasurer, chief executive officer, chief financial officer
x senior managers set general policies, formulate strategies, oversee all significant decisions, and represent the company in
dealings with other businesses and government
Middle Managers
x middle managers : those managers responsible for implementing the decisions made by top managers; titles include plant
manager, operations manager, and division manager
First – Line Managers
x first-line managers : those managers responsible for supervising the work of employees; titles include supervisor, office
manager, and group leader
Areas of Management
Marketing Managers
x marking managers are responsible for getting products or services to buyers
x large firm dealing in consumer products, such as Procter & Gambler, will probably have a vice-president for marketing (senior
manager), regional marketing managers (middle managers), and several district sales managers (first-line managers)
x a marketing person often rises to the top of this type of corporation
Financial Managers
x financial managers plan and oversee its financial resources
x levels of management include a vice-president for finance (senior), division controller (middle), accounting supervisor (first-line)
x no organization can afford to ignore the need for management in this area
Operations Managers
x operations managers are responsible for production control, inventory control, and quality control, among other duties
x manufacturing firms typically have a vice-president for operations, plant managers, and foreman or supervisors
Human Resource Managers
x human resource managers provide assistance to other managers when they are hiring employees, training them, evaluating their
performance, and determining their compensation level
Information Managers
x information managers are responsible for designing and implementing various systems to gather, process, and disseminate info
x dramatic increases in both the amount of information available to managers and the ability to manage it have led to the
emergence of this important function and the ranks of these types of managers are increasing at all levels
Basic Management Skills
Technical Skills
x technical skills : skills associated with performing specialized tasks within a firm
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Description
Chapter 7 Managers and Managing Notes The Management Process N management : the process of planning, organizing, leading, and controlling a businesss financial, physical, human, and information resources in order to achieve its goals N the planning, organizing, leading, and controlling aspects of a managers job are interrelated N while these activities generally follow one another in a logical sequence, sometimes they are performed simultaneously or in a different sequence altogether Planning N planning : that portion of managers job concerned with determining what business needs to do and best way to achieve it N in step 1, goals are established for the organization N in step 2, managers identify whether a gap exists between the companys desire and actual position N in step 3, managers develop plans to achieve the desired objectives, which indicate what results are desired, while plans indicate how these objectives are to be achieved N in step 4, the plans that have been decided upon are implemented; this is where thinking is converted into action N in step 5, the effectiveness of the plan is assessed; requires comparing actual results with planned performance Organizing N organizing : that portion of managers job concerned with mobilizing necessary resources to complete particular task Leading N leading : that portion of a managers job concerned with guiding and motivating employees to meet the firms objectives N leaders attempt to guide and motivate employees to work in the best interests of the organization Controlling N controlling : that portion of a managers job concerned with monitoring the firms performance and, if necessary, acting to bring it in line with the firms goals Types of Managers Levels of Management Senior Managers N senior managers : those managers responsible for a firms overall performance and effectiveness and for developing long-range plans for the company; common titles include president, vice-president, treasurer, chief executive officer, chief financial officer N senior managers set general policies, formulate strategies, oversee all significant decisions, and represent the
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