Man 205 Chap 001

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McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.

Managing

Chapter 1

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Learning Objectives

Summarize major challenges of managing in the new

competitive landscape

Describe the drivers of competitive advantage for a

company Explain how the functions of management are evolving

in today¶s environment

Compare how the nature of management varies at

different levels of an organization Define the skills you need to be an effective manager

Discuss the principles that will help you manager your

career

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Managing in the New CompetitiveLandscape

Our book mentions 4 key elements that make

the current business landscape different from

the past.

What are they?

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Managing in the New CompetitiveLandscape

GlobalizationGlobalizationTechnologicalTechnological

ChangeChange

KnowledgeKnowledge

ManagementManagement

CollaborationCollaboration

acrossacrossBoundariesBoundaries

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Managing for Competitive Advantage

³How can we be the best in the world?´

To survive and win, you have to gain

advantage over your competitors and earn a

profit.

To succeed, what must managers deliver? What are the fundamental success drivers?

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Key Concept Definition

Innovation The introduction of new

goods and services

Quality The excellence of your

product

Service Giving customers what

they want or need, the way

they want it

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Speed Fast and timely execution,

response, and delivery of

results

Cost competitiveness Keeping costs low to

achieve profits and offer

prices attractive to

customers

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Delivering all five Incorporating innovation,

quality, service, speed, and

cost competitiveness

Although managers must make some trade-offs,

managing for competitive advantage means successfully

delivering a winning mix

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Defining Management

Management The process of working with people and resources

to accomplish organizational goals effectively andefficiently

Effectiveness Achieving organizational goals

Efficiency Achieving goals with minimal waste of money, time,

materials, and people

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Management Levels and Skills

Top-LevelManagers

Middle-Level Managers

Frontline Managers

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Top-level managers Senior executive responsible for the overall

management of the organization

Middle-level managers Located in the middle layers of the organizationalhierarchy reporting to top-level managers

Frontline managers Supervise the operational activities of theorganization; also called operational managers

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What Do Managers Do?

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Working leaders with broad responsibilities

Today¶s trends are toward less hierarchy and more

teamwork

The best managers are ³working leaders´

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Working leaders tend to engage in 10 activities

that fall into three categories or roles

Interpersonal roles

Informational roles

Decisional roles

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Key Skill Definition

Technical skill The ability to perform a specialized task involving

a particular method or process

Conceptual anddecisional skills

The ability to identify and resolve problems for thebenefit of the organization and its members

Interpersonal and

communication skills

P eople skills; the ability to lead, motivate, and

communication effectively with others

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You and Your Career

Emotional intelligence

Understanding yourself

Managing yourself

Dealing effectively with others

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You and Your Career

Tips for Success

Be both a specialist and a generalist

Be self -reliant

Be connected

Actively manage your relationship with your organization

Survive and thrive

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You and Your Career

Social capital Goodwill stemming from your social relationships

Business decisions both inside and outside theorganization involve networks of people

Social capital leverages your goodwill to make

you and your organization more successful

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You and Your Career

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You and Your Career

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Globalization

Strong demand for

products/services

Internet access acrossthe globe

Strong demand for talent

Global marketplace

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Technological Change

The Internet¶s impact on globalization

Increased speed of communication

The Internet as a marketplace

Problems

Stress when employees/supervisors do not set

limits on being connected

Lengthening of the workday due to constant access

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K nowledge Management

Growing need for good, new ideas generates

demand for knowledge workers

Managers cannot simply measure output of

knowledge workers Managers should provide knowledge workers with

interesting work to increase motivation

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Collaboration across Boundaries

People in different parts of the organization

must collaborate with one another

Collaboration also entails moving beyond the

boundaries of the organization itself

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Innovation

Managers must adapt to Changes in consumer demand

Changes in new competitors

Alternative product/service delivery can be asinnovative as new products/servicesthemselves

Innovation is driven by globalization

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Q uality

Quality standards are increasing

Total quality management

Preventing defects before they occur Achieving zero defects in manufacturing

Designing products for quality

Goal: Continuous improvement in how thecompany operates

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Performing all Four Functions of Management

A manager¶s day is not neatly divided into the

four functions

Successful managers handle all four functions

simultaneously

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Speed

Speed involves rapidly Developing and getting products to market

Responding to customer requests

Speed combined with quality is a measure of whether a company is operating efficiently

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Cost Competitiveness

Managing costs requires efficiency Efficiency is accomplishing goals by using

resources wisely and minimizing waste

Understanding all product/service specificcosts is essential to managing for costcompetitiveness

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Understanding Yourself

Realizing your strengths and limitations

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Managing Yourself

Dealing with your emotions

Making good decisions

Seeking and using feedback

Exercising self -

control

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Dealing Effectively with Others

Listening

Showing empathy

Motivating

Leading

Other similar traits

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Man 205 Chap 001