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Chapter 7

RSM100Y1 Chapter Notes - Chapter 7: Chief Executive Officer, Strategic Planning, Swot Analysis

Rotman Commerce
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Chapter 7: Management, Leadership, and the Internal Organization
7.1 What is Management?
-Management: process of achieving organizational goals through people and other resources
- Management Hierarchy
-> Top management
-> Chief executive officer (CEO), chief financial officer (CFO), executive vice-president
-> Develop long-range plans, introduces new products, purchases companies, enters new
-> Middle management
-> General managers, plant managers, division managers, branch managers
-> Carries out firm’s strategic plans, budget for product development, improve training, day-to-
-> Supervisory management
-> Supervisors, section chiefs, team leaders
-> Assign jobs to non-managerial employees and assess performance, motivating workers
- Skills Needed for Managerial Success
-> Technical skills: manager’s ability to understand and use techniques, knowledge, tools, and
equipment of a specific department
-> Important for first-line managers
-> Human skills: interpersonal skills that help managers to work effectively with people
-> Communicating with, motivating, and leading employees to complete tasks
-> Conceptual skills: helps manager to see organization as a single unit and understand how each
part of the overall organization interacts with other parts
-> Important for top-level managers
-Managerial Functions
-> Planning
-> Looking forward to future events and conditions and deciding on course of action for
achieving goals
-> Focuses its vision, avoids costly mistakes, seizes opportunities
-> Involve managers from all levels of the organization

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-> Organizing
-> Blending human and material resources by arranging work, dividing up tasks, and
coordinating them
to ensure plans will meet goals
-> Directing
-> Guiding and motivating employees to accomplish organizational goals
-> Controlling
-> Assessing an organization’s performance against its goals
-> Setting performance standards, monitoring actual performance, comparing actual
performance with
standards, making corrections if needed
7.2 Setting a Vision and Ethical Standards for the Firm
-Vision: ability to perceive marketplace needs and what an organization must do to satisfy them
-> Sets company apart from competitors
-> Must be focused and flexible
- High ethical standard encourages, motivates, and inspires employees to achieve goals
7.3 Importance of Planning
- Types of Planning
-> Strategic planning
-> Deciding primary objectives, then taking action and setting aside resources to achieve
-> Done by top executives
-> Tactical planning
-> Carrying out activities set out in strategic plans
-> Operation planning
-> Sets detailed standards to help carry out tactical plans
-> Choosing specific work targets and assigning teams to carry out plans (specific functional
-> Contingency planning
-> Helps firms resume operations as quickly and smoothly as possible after a crisis
-> Involves continuing the business and communicating to the public
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