Managing and Performing CHAPTER 1 zlikovec/Shutterstock.com RF McGraw-Hill

Managing and Performing CHAPTER 1 zlikovec/Shutterstock.com RF McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education. Chapter Opening Quote Management means, in the last analysis, the substitution of thought for brawn and muscle, of knowledge for folklore and tradition, and of cooperation for force. Peter Drucker

McGraw-Hill Education. Learning Objectives 1 Summarize the major challenges of managing in the new competitive landscape. 2 Describe the sources of competitive advantage for a company. 3 Explain how the functions of management are evolving in todays business environment. 4 Compare how the nature of management varies at different organizational levels. 5 Define the skills you need to be an effective manager. 6 Understand the principles that will help you manage your career.

McGraw-Hill Education. Managing in a Competitive World Four ongoing challenges that characterize the business landscape: 1. Globalization 2. Technological Changes 3. Knowledge Management 4. Collaboration across Borders McGraw-Hill Education. Globalization Todays enterprises are global,

with offices and production facilities all over the world. A companys talent can come from anywhere. Globalization has changed the face of the workforce. McGraw-Hill Education. Copyright geopaul/E+/Getty Images RF Technological Change: The Internet The Internet provides a: Marketplace

Means for manufacturing goods and services Distribution channel An information service McGraw-Hill Education. The Internet: Drives down costs and speeds up globalization Improves efficiency of decision making

Facilitates design of new products Knowledge Management Knowledge workers: Workers whose primary contributions are ideas and problem-solving expertise Knowledge management: Finding, unlocking, sharing, and altogether capitalizing on the most precious resources of an organization Peoples expertise Skills Wisdom Relationships McGraw-Hill Education.

Collaboration across Boundaries Collaboration requires productive communications among different departments, divisions, or other subunits of the organization. Companies must motivate and capitalize on the ideas of people outside the organization e.g. its consultants, ad agencies, and suppliers. Companies must realize that the need to serve the customer drives everything else. McGraw-Hill Education. Staying Ahead of the Competition Innovation

The best managers and companies deliver on multiple performance dimensions. Quality Service Speed Cost Competitiveness Sustainability McGraw-Hill Education. Managing for Competitive Advantage: Innovation

A firm must: Adapt to changes in consumer demands and to new competitors Be ready with new ways to communicate with customers and deliver the products to them McGraw-Hill Education. Bike_Maverick/Getty Images RF Managing for Competitive Advantage: Quality Quality The excellence of your product (goods or services) McGraw-Hill Education.

Historically, quality referred to attractiveness, lack of defects, reliability, and long-term dependability. Today it is about preventing defects before they occur, achieving zero defects in manufacturing, and designing products for quality. Copyright Trevor Lush/Purestock/Superstock RF Managing for Competitive Advantage:

Service and Speed Service Giving customers what they want or need, when they want it Speed Fast and timely execution, response, and delivery of results Continually meeting the needs of customers to establish mutually

beneficial long-term relationships McGraw-Hill Education. Copyright dpa picture alliance/Alamy Stock Photo Managing for Competitive Advantage: Cost and Sustainability Cost competitiveness Keeping costs low to achieve profits and be able to offer prices that are attractive to consumers Sustainability

Minimizing the use of resources, especially those that are polluting and nonrenewable McGraw-Hill Education. Social Enterprise Ashokas Bill Drayton, Pioneer of Social Entrepreneurship In Draytons view, anyone can be a social entrepreneur. All it takes, he says, is the ability to see a problem, put others skepticism aside, and allow yourself the time to inch your way first toward a vision and then to a solution that works.

McGraw-Hill Education. Management Defined Management Working with people and resources to accomplish organizational goals efficiently and effectively McGraw-Hill Education. Copyright Sarah Bentham/AP Images The Four Functions of Management Planning Organizing

Systematically making decisions about the goals and activities that will be pursued Assembling and coordinating the resources needed to achieve goals Controlling Leading Stimulating people to be high performers

Monitoring performance and making needed changes McGraw-Hill Education. Performing All Four Management Functions A typical day for a manager is not neatly divided into the four functions. Days are fractionated and spent dealing with interruptions, meetings, and firefighting. Good managers devote adequate attention and resources to all four management functions. McGraw-Hill Education.

Management Levels Top-Level Managers Middle-Level Managers Frontline Managers McGraw-Hill Education. Managerial Roles: What Managers Do McGraw-Hill Education. Decisional Roles

Informational Interpersonal Roles Roles Entrepreneur Disturbance handler Resource allocator Negotiator Monitor Disseminator Spokesperson

Leader Liaison Figurehead SOURCE: Adapted from Mintzberg, H., The Nature of Management Skills Technical Conceptual and decision The ability to perform a specialized task involving a particular method or process

Skills pertaining to the ability to identify and resolve problems Interpersonal and Communication People skills; the ability to lead, motivate, and communicate McGraw-Hill Education. Copyright Dmyto Sidelnikov/Alamy Stock Photo RF You and Your Career

Emotional intelligence The skills of understanding yourself, managing yourself, and dealing effectively with others Social capital Goodwill stemming from your social relationships McGraw-Hill Education. Be both a specialist and a generalist. Be self-reliant.

Connect. Actively manage your relationship with your organization. Survive and thrive. Exhibit 1.4 Two Relationships: Which Will You Choose? McGraw-Hill Education. Exhibit 1.5 Managerial Action Is Your Opportunity to Contribute Jump to Appendix 1 for long description of image.

McGraw-Hill Education. Common Practices of Successful Executives Effective managers share several practices. They ask, What needs to be done? not just What do I want to do? They write an action plan. They dont just think, they do, based on a sound ethical plan

They take responsibility for decisions. They focus on opportunities rather than problems. McGraw-Hill Education. Management in Action Working for Facebooks Mark Zuckerberg Zuckerberg believes that unless employees are able to express their creativity their impact will be minimized and they are likely to leave. He is famous for saying, I will only hire someone to work directly for me if I would work for that person.

As an early career employee at Facebook, what steps could you take to get noticed and position yourself for eventual promotion to frontline manager? McGraw-Hill Education. In Review 1 Summarize the major challenges of managing in the new competitive landscape. 2 Describe the sources of competitive advantage for a company. 3 Explain how the functions of management are evolving in todays business environment. 4 Compare how the nature of management varies at different organizational levels.

5 Define the skills you need to be an effective manager. 6 Understand the principles that will help you manage your career. McGraw-Hill Education.

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