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Chapter 7

MGTA03 Chapter 7

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

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Chapter 7 – Managers and Managing
The Management Process
Management: the process of planning, organizing, leading and controlling a
business’s financial, physical, human and information resources in order to
achieve its goals
1) Planning: That portion of a manager’s job concerned with determining
what the business needs to do and the best way to achieve it
Planning has 3 main components: manager determines firm’s goals, managers
develop a strategy for achieving goals, and after a strategy, they design tactical
and operational plans for implementing strategy
Planning process has 5 steps
1) Goals are established for the organization
2) Managers identify if there is a gap between the company’s desire and the
actual position
3) Managers develop plans to achieve desired objectives
4) Plans decided upon are implemented
5) Effectiveness of plan is assessed
One good strategy can be to establish good relations and partnerships with other
companies
2) Organizing: That portion of a manager’s job concerned with determining
what the business needs to do and the best way to achieve it
The structure of the business is important, sometimes it needs to be
changed because it no longer works well and can hold a firm back.
To regain competitive edge, a better centralized organization of the
firm is needed.
3) Leading/Directing: That portion of a manager’s job concerned with
guiding and motivating employees to meet the firm’s objectives
Leading involves attempting to guide and motivate employees to
work in the best interests of the organization
Activities involving interactions between managers and their
subordinates to meet the firms’ objectives
4) 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
Begins with managers establishing standards they want to set
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Managers then measure the actual performance against standards.
If two amounts agree or is a bit higher, then doing fine. If is lower
then needs adjustment and revision
Control can show where performance is running better than
expected and serves to provide rewards and reducing costs
Types of Managers
Managers are divided by their level or area of responsibility
Levels of Management
3 levels of management. There are most first line managers, then middle and then
senior managers
1) Senior Managers
Managers responsible for a firm’s overall performance and effectiveness
and for developing long range plans for the company
Called President, Vice president, treasurer, CEO, CFO
Set policies for company, responsible to board of directors and
shareholders for overall performance, formulate strategies, oversee
significant decisions, represent company in dealing with other businesses
2) Middle Managers
Managers responsible for implementing the decisions, policies and strategies
made by top managers
Still of considerable autonomy and importance
Called plant manager, operations manager, division manager
If senior manager makes a decision, middle managers have to think of a way
and actually do that to make the decision happen
3) First-Line Managers
Managers responsible for supervising work of employees
Called supervisor, office manager, project manager and group leader, manager
of a specific store
Interacts extensively with suppliers, officials and middle and top managers
Areas of Management
1. Marketing Managers
Marketing is the development, pricing, promotion and distribution of a
product or service
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Description
Chapter 7 Managers and Managing The Management Process Management: the process of planning, organizing, leading and controlling a businesss financial, physical, human and information resources in order to achieve its goals 1) Planning: That portion of a managers job concerned with determining what the business needs to do and the best way to achieve it Planning has 3 main components: manager determines firms goals, managers develop a strategy for achieving goals, and after a strategy, they design tactical and operational plans for implementing strategy Planning process has 5 steps 1) Goals are established for the organization 2) Managers identify if there is a gap between the companys desire and the actual position 3) Managers develop plans to achieve desired objectives 4) Plans decided upon are implemented 5) Effectiveness of plan is assessed One good strategy can be to establish good relations and partnerships with other companies 2) Organizing: That portion of a managers job concerned with determining what the business needs to do and the best way to achieve it The structure of the business is important, sometimes it needs to be changed because it no longer works well and can hold a firm back. To regain competitive edge, a better centralized organization of the firm is needed. 3) LeadingDirecting: That portion of a managers job concerned with guiding and motivating employees to meet the firms objectives Leading involves attempting to guide and motivate employees to work in the best interests of the organization Activities involving interactions between managers and their subordinates to meet the firms objectives 4) 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 Begins with managers establishing standards they want to set www.notesolution.com
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