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Lesson 1 Intro to Management
Management Theory And Leadership Practice (MGT3304)
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Objectives: Describe the manager's job in an organization. Identify the four main functions of management—planning, organizing, leading and controlling. Describe the levels of management and the types of skills necessary for managers to successfully fill the roles they play.
What does a manager do? ● Management tools and skills allow you to organize and run collective and organizational efforts ○ Recognized as valuable assets
Managing for competitive advantage ● Key to understanding success of a company is competitive advantage it holds and how well it can sustain that advantage ○ Being better than competitors at doing valuable things for your customers ○ Managers must deliver performance ● Fundamental drivers of competitive advantage and bottom-line performance: innovation, quality, service, speed, cost competitiveness, sustainability ● Innovation: introduction of new goods and services ○ Adapt to changes in consumer demands and to new competitors ● Need for innovation is driven in part by globalization ○ Facilities in other countries can manufacture appliances or write software code at a lower cost than US → US facilities operate at a disadvantage and must provide something foreign competitors can’t (something new) ● Innovation comes from people, must be a strategic goal and managed properly ● Quality: excellence of product ○ Referred to attractiveness, lack of defects, dependability ○ Can be measured in terms of product performance, customer service, reliability (avoidance of failure or breakdowns), conformance to standards, durability, and aesthetics ● Service: giving customers what they want or need when they want it ○ Continually meeting needs of customers to establish mutually beneficial long term relationships ● Speed: rapid execution, response, and delivery = strategic imperative ● cost competitiveness: keeping costs low enough so company can realize profits and price its products at levels that are attractive to customers ● Sustainability: effort to minimize use and loss of resources ● Best managers try to optimize among multiple performance dimensions over time
What are the four functions of management? ● 4 basic functions and organizations that solve 4 basic problems of any collective effort ○ Planning for future ○ Organizing people and resources ○ Leading others ○ Controlling efforts to keep things on track ● 2 parts to planning: ○ Develop vision and goals along the way ○ Develop action plans to achieve goals ● Organizing: ○ Bring together people and resources for collective effort ○ Coordinate a smooth flow of organizational work ● Lead: develop commitment and talent, solve problems
● Control: keep things on track to achieve collective goals
Functions of Management ● Management: process of working with people and resources to accomplish organizational goals goals ● Effective: achieve organizational goals; efficient: achieve goals with minimal waste of resources (make best possible use of money, time, materials, and people ● Fundamental management principles/traditional functions of management: planning, organizing, leading, controlling ● Planning: specifying goals to be achieved and deciding in advance appropriate actions needed to achieve those goals ○ Planning activities= analyzing current situations, anticipating futures, determining objectives, deciding types of activities, choosing corporate and business strategies, and determining resources needed to achieve organization goals ● Plans set stage for action and for major achievements ● planning= delivering strategic value ● Value: monetary amount associated with how well a job, task, good, or service meets users’ needs ○ Better you meet needs → more value you deliver ● Organizing: assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals ○ Attracting people to organization, specifying job responsibilities, grouping jobs into work units, marshaling and allocating resources, creating conditions so that people and things work together to achieve maximum success ● organizing= building a dynamic organization ● Build organizations that are flexible and adaptive (in response to changing competitive threats and customer needs ● Leading: stimulating people to be high performers ○ Motivating and communicating with employees, individually and in groups ○ Connecting directly with people, helping to guide and inspire them toward achieving team and organizational goals ● Managers must be good at mobilizing people to contribute their ideas to use their brains ● Managers must rely on a kind of leadership that empowers and motivates people ● Controlling: monitors performance and implements necessary changes ○ Managers make sure organization’s resources are being used properly and organization is meeting its goals ● It addresses and makes adjustments ● New technologies and other innovations make it possible to control more effectively and to help people
What are the levels of management and what skills do managers need to perform their roles? ● Levels and roles of management: ○ Top management: defines mission and creates organizational vision ■ President, chief executive officer, senior executives ○ Middle management: tactics to pursue broad organizational goals of vision ○ Lower-operational management:operations to produce products and services ● Manager characteristics: emotional intelligence and balance, integrity, proactive ○ Skills: leadership and related technical skills, ability to handle change ○ Knowledge: their operations and others ○ Social capital: supportive social networks
Management levels and skills
○ Importance of these skills varies by managerial level ● Technical skills are most important early in your career. ● Conceptual and decision skills become more important than technical skills as you rise higher in company ● Interpersonal skills (communicating effectively with customers and being a good team player) important throughout your career at every level of management
Lesson 1 Intro to Management
Course: Management Theory And Leadership Practice (MGT3304)
