Managing and Performing

Chapter One

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Learning Objectives

LO 1 Summarize the major challenges of managing in the new competitive landscape

LO 2 Describe the sources of competitive advantage for a company

LO 3 Explain how the functions of management are evolving in today’s business environment

LO 4 Compare how the nature of management varies at different organizational levels

LO 5 Define the skills you need to be an effective managerLO 6 Discuss the principles that will help you manage your

career

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Knowledge Management

Knowledge management Practices aimed at

discovering and harnessing an organization’s intellectual resources

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Managing for Competitive Advantage

Quality The excellence of your product (goods or

services)Historically, quality referred to attractiveness,

lack of defects, reliability, and long-term dependability

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Managing for Competitive Advantage

Service giving customers what they want or need, when

they want it focused on continually meeting the needs of

customers to establish mutually beneficial long-term relationships.

Speed Fast and timely execution, response, and delivery

of results.

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Managing for Competitive Advantage

Cost competitiveness Keeping costs low to

achieve profits and be able to offer prices that are attractive to consumers.

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Managing for Competitive Advantage

Sustainability The effort to minimize the use of resources,

especially those that are polluting and nonrenewable.

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The Functions of Management

Planning Systematically making decisions about the goals

and activities that an individual, a group, a work unit, or the overall organization will pursue

analyzing current situations, anticipating the future, determining objectives, deciding in what types of activities the company will engage

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The Functions of Management

Organizing assembling and coordinating the human,

financial, physical, informational, and other resources needed to achieve goals

specifying job responsibilities, grouping jobs into work units, marshaling and allocating resources, and creating conditions so that people and things work together to achieve maximum success

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The Functions of Management

Leading stimulating people to be high performers

Controlling monitoring performance and making needed

changes.

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Management Levels and Skills

Top-level managers Senior executives responsible for the overall

management and effectiveness of the organization.

Middle-level managers Managers located in the middle layers of the

organizational hierarchy, reporting to top-level executives.

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Management Levels and Skills

Frontline managers Lower-level

managers who supervise the operational activities of the organization

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Management Skills

Technical skill The ability to

perform a specialized task involving a particular method or process

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Management Skills

Conceptual and decision skills Skills pertaining to the ability to identify and

resolve problems for the benefit of the organization and its members.

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Managerial Action Is YourOpportunity to Contribute

Figure 1.2