Management: Challenges, Functions, and Career Development in a Changing Business Landscape, Study notes of Introduction to Business Management

Download Management: Challenges, Functions, and Career Development in a Changing Business Landscape and more Study notes Introduction to Business Management in PDF only on Docsity! Management Chapter one 1. Major challenges of managing in the new landscape. Technology is advancing online and off Knowledge is a valuable resource to be managed Collaboration is toppling performance-restraining boundaries Globalization 2. The drivers of competitive advantage for a company Innovation keeps you ahead of competitors Quality must continuously improve The service economy touches all industries Do it better and faster Low costs help you price to sell Best companies deliver all five 3. how are the functions of management evolving in today’s business environment? Planning sets the stage for action and for major achievements. Delivering strategic value. Organizing to create conditions so that people and things work together to achieve maximum success. Leading mobilizes people. Controlling makes sure goals are met. Managing requires you to devote enough attention and resources to all four functions. 4. nature of management that differs at different levels of an organization Top managers ‘strategic managers’ focus on long-term issues and emphasize the survival, growth, and overall effectiveness of the organization. Middle managers ‘tactical managers’ translate general goals and plans developed by strategic managers into specific objectives and activities. Frontline managers ‘operational managers’ are directly involves with nonmangement employees and implement the specific plans developed by the tactical managers. 5. skills needed to be an effective manager. Technical skills- the ability to perform a specialized task that involves a certain method or process. Conceptual and decision skills- the ability to identify and resolve problems for the benefit of the organization and everyone concerned. Interpersonal and communication skills- influence the manager’s ability to work well with people. 6. principles that will help manage your career. Being emotionally intelligent. Understanding yourself- including strengths and limitations. Managing yourself- dealing with emotions, making good decision, seeking and using feedback, exercising self-control Dealing effectively with others- listening, showing empathy, motivating, leading Be both a specialist and a generalist. At first specialize in something, but then learn to be more general so you can work well with other and know a little about everything. Be self reliant and take full responsibility for yourself, your actions, and your career. Be connected means having many good working relationships and interpersonal contacts and being a team player with strong interpersonal skills. Actively manage your relationship with your organization. You should be an active contributor in a productive relationship. Survive and thrive. Don’t just do the bare minimum, you will need to deliver competitive advantage and thrive on change. Social capital Is the goodwill stemming from your social relationships. CHAPTER TWO 1. how do environmental forces influence organizations, and how can organizations influence their environments? Organizations operate in open systems so they are affected by and in turn affect their external environments. They take in inputs like good or services from their environments and use them to create products and services that are outputs to their environment. 2. distinguish between the macroenvironment and the competitive environment. Macroenvironment- laws and policies, economy, techonology, demographics, social values. These are the most general elements in the external environment that can potentially influence strategic decisions. Competitive environment- buyers, new entrants, suppliers, rivals, substitutes and complements. Each organization also functions in a closer, more immediate competitive environment, consisting of the organizations with which the organizations directly interact. 3. why should managers and organizations attend to economic and social developments? Economic environment dramatically affects managers’ ability to function effectively and influences their strategic choices. Must consider workforce demographics in formulating their human resources strategies. 4. define elements of a competitive environment Competitors from all over the world New entrants arise when barriers to entry are low Some products are substitutes, some are compliments Suppliers of resources Customers that ultimately determine success 5. summarize how organizations respond to environmental uncertainty Environmental scanning involves searching for information that is unavailable to most people and deciding what is important. Scenario development helps you analyze the environment and allow you to find alternative combinations of different factors. Forecasting predicts your future environment. Benchmarking helps you become the best in all aspects of your business. Adapting to the environment. Influencing the environment. Selecting a new environment. 6. define elements of an organization’s culture. Assumptions about the company along with the goals. Corporate mission statements and official goals. Business practices. Symbols, rites and ceremonies. The stories people tell.