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Part 3 Managing for Quality and
Competitiveness
© 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any
manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
6-2
CHAPTER 6 The Nature of Management
CHAPTER 7 Organization, Teamwork, and Communication
CHAPTER 8 Managing Service and Manufacturing Operations
© 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
6-3
Learning Objectives
LO 6-1 Define management and explain its role in the achievement of organizational objectives. LO 6-2 Describe the major functions of management. LO 6-3 Distinguish among three levels of management and the
concerns of managers at each level. LO 6-4 Specify the skills managers need in order to be
successful. LO 6-5 Summarize the systematic approach to decision making
used by many business managers. LO 6-6 Recommend a new strategy to revive a struggling
business.
© 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
6-4
Management and Managers
Management • A process designed to achieve an organization’s
objectives by using its resources effectively and efficiently in a changing environment
Managers • Those individuals in organizations who make decisions
about the use of resources and who are concerned with planning, organizing, staffing, directing and controlling the organization’s activities to reach its objectives
Effectively means having the intended result Efficiently means accomplishing the objectives with a minimum of
resources © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned,
duplicated, forwarded, distributed, or posted on a website, in whole or part.
6-5
The Importance of Management Every organization must acquire resources to effectively pursue its
objectives and coordinate their use to turn out final goods and services
Employees
• Important in helping a firm attain its objectives
• Recruit, train, compensate, and provide benefits to foster loyalty
Acquiring Supplies
• Ensuring that products are made available to customers
• In global markets firms enlist hundreds of diverse suppliers
Financial Resources
• To pay for essential activities
• Primary funding comes from owners, shareholders, banks, and other financial institutions
© 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
6-6
Management Functions
Although we discuss each of the five functions separately, they are interrelated; managers may perform two or more
of them at the same time
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6-7
Planning • Planning is the process of determining the organization’s
objectives and deciding how to accomplish them; the first function of management
Mission is the statement of an organization’s fundamental
purpose and basic philosophy
Goals are the results the company wants to achieve (almost always has multiple
goals illustrating the complex nature of business)
Objectives are measurable statements on common issues
such as profit, competitive advantage, efficiency and growth
Plans specify what should be done, by whom, where, when
and how
Planning
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6-8
Strategic Plans
• Those plans that establish long-range objectives and overall strategy or course of action by which a firm fulfills its mission
• Generally cover periods ranging from one year or longer
• Include: • Plans to add products • Purchase companies • Sell unprofitable segments of the
business • Issue stock • Move into international markets
Strategic Plans
Apollo Global Management and Metropoulos made the strategic plan to purchase the
Hostess snack business after the firm declared bankruptcy
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6-9
Tactical and Operational Plans
• Short-range plans designed to implement the activities and objectives specified in the strategic plan
• Usually cover 1 year or less • Help keep the firm on the course established in the
strategic plan • An ever-changing market requires firms to develop short-
run or tactical plan to deal with the changing environment
Tactical Plans
• Very short-term plans that specify what actions individuals, work groups, or departments need to accomplish in order to achieve the tactical plan and ultimately the strategic plan
• Apply to details in executing activities in 1 month, week, or even day
Operational Plans
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6-10
Retail Store Example A retailing store with a five-year strategic plan to invest
$5 billion in 500 new retail stores may develop 5 tactical plans (each covering 1 year) specifying: ► How much to spend to set up each new store ► Where to locate ► When to open each new store
Tactical plans are designed to execute the overall strategic plan ► They are easier to adjust or abandon if changes in the
environment or the company’s performance so warrant Operational plans may specify the schedule for:
► opening 1 new store ► Hiring and training new employees ► Obtaining merchandise ► Opening for actual business
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6-11
Crisis Management or Contingency Planning
Crisis Management or Contingency Planning • An element in planning that deals with potential
disasters such as product tampering, oil spills, fire, earthquake, computer virus, or airplane crash
~51% of companies have outdated disaster recovery and business continuity plans
Herbalife does businesses in 90 countries, and contingency plans must often be made for fluctuating exchange rates
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6-12
Organizing
Organizing • The structuring of resources and activities to
accomplish objectives in an efficient and effective manner
Organizing is important for several reasons: Helps create synergy Establishes lines of authority Improves communication Helps avoid duplication of resources Can improve competitiveness by speeding up decision
making
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6-13
Staffing
Staffing • The hiring of people to carry out the work of the
organization
Manager’s duties include: o Recruiting o Determining what skills are needed for specific jobs o Motivating and training employees o Determining pay and benefits o Preparing employees for higher-level jobs
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6-14
Monster.com and Staffing
» Some companies choose to recruit people to hire through online job websites such as Monster.com
» Monster.com is one of the world’s largest employment websites
» Using websites like Monster.com falls under the staffing function of management
© 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
6-15
Downsizing
Downsizing • The elimination of a significant number of
employees from an organization o Production, sales and technical positions can be
outsourced to countries with lower labor costs o Downsizing has helped companies reduce costs
quickly o However, this involves loss of jobs and lowered morale
for remaining employees • An effective manager will promote optimism and positive
thinking while minimizing criticism and fault-finding © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned,
duplicated, forwarded, distributed, or posted on a website, in whole or part.
6-16
Directing
Directing • Motivating and leading employees to achieve
organizational objectives Telling employees what to do and when to do it using
deadlines, then encourage them to do their work Also involves determining and administering appropriate
rewards and recognition May motivate by providing incentives but recognition and
appreciation are often the best motivators Ask workers to contribute ideas for reducing costs, making
equipment more efficient, improving customer service, or even developing new products
© 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
6-17
Controlling
Controlling • The process of evaluating and correcting activities
to keep the organization on course Control involves five activities: Measuring performance Comparing performance with standards or objectives Identifying deviations from the standards Investigating the causes of deviations Taking corrective action when necessary
The control function helps managers assess the success of their plans
© 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
6-18
Levels of Management
As the pyramid shape implies, there are generally more middle managers than top managers, and still more first-line managers
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6-19
Time Spent on Management Functions
Importance of
Management Functions to Managers in Each Level
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6-20
Top Management
Top Managers • The president and other top executives of a business,
such as the chief executive officer (CEO), chief financial officer (CFO), and chief operations officer (COO), who have overall responsibility for the organization
In publically owned corporations, the CEO’s boss is the board of directors
Compensation committees work with boards of directors and CEOs to try and keep pay in line with performance
Workforce diversity is good for workers and for the bottom line
DID YOU KNOW? Only 4.6 percent of Fortune 500 CEOs are women
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6-21
Facebook’s Top Management Mark Zuckerberg, CEO and founder of Facebook,
manages the overall strategic direction of the company Plays a key role in representing the company to
stakeholders Sheryl Sandberg, Facebook’s chief operating officer, is
responsible for the daily operation of the company COO reports to CEO and is often considered to be
number two in command
In public corporations, even chief executive officers have a boss—the firm’s board of directors
In 2012 Mark Zuckerberg announced he would go from a salary of $600,000 to an annual salary of just $1
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6-22
The Highest Paid CEOs
The compensation packages of
different CEOs
$ Top managers generally have many years of varied experience and command top salaries
$ Compensation packages typically include bonuses, long-term incentive awards, stock, and stock options
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6-23
Five Rules of Successful Diversity Recruiting
Managers from companies devoted to
workforce diversity devised five rules
that make diversity recruiting work
A diverse workforce is better at making decisions regarding issues related to consumer diversity
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6-24
Middle Managers
Middle Managers • Those members of an organization responsible for
the tactical planning that implements the general guidelines established by top management
Middle managers have more focused responsibilities and spend more time organizing than other managers
In business, plant managers, division mangers and department mangers make up middle management
The ranks of middle managers have been shrinking as more companies downsize to be more productive
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6-25
First-Line Managers
First-Line Managers • Those who supervise both workers and the daily
operations of an organization
Responsible for implementing plans established by middle management and directing workers’ daily performance
Spend most of their time directing and controlling Commonly called foreman, supervisor and office service
manager
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6-26
Areas of Management
At each level, managers specialize in: finance, production and operations, human resources, marketing and administration
While larger firms will most likely have all of these managers, in smaller firms these important tasks may fall onto the owner
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6-27
Managing Automation and Robots in the Workplace
As digital technology and automation came to the forefront in business operations, many thought the managerial function would no longer be necessary—however, the opposite has proven to be true Technical and leadership skills are valued more highly
among today’s managers as their former roles of overseeing employees on a production line have declined
These duties are now delegated to the employees who oversee the operations of the machines on the production lines
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6-28
Managerial Roles
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6-29
Technical Expertise and Conceptual Skills
Technical Expertise • The specialized
knowledge and training needed to perform jobs that are related to particular areas of management
• Needed most by first-line managers and least critical to top-level managers
Conceptual Skills • The ability to think in
abstract terms and to see how parts fit together to form the whole
• Needed most by top level managers
• Evaluate continually where the company will be in the future
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6-30
Financial Manager
o This financial manager of a city hedge fund analyzes data from financial charts
o Financial managers are responsible for obtaining the necessary funding for organizations to succeed, both in the short term and in the long term
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6-31
Analytical Skills and Human Relations Skills
Analytical Skills • The ability to identify
relevant issues, recognize their importance, understand the relationships between them and perceive the underlying causes of a situation
• Most important to the success of top level managers
• Resolving ethical issues often require analytical skills
Human Relation Skills • The ability to deal with
people, both inside and outside the organization
• Those who can relate, communicate well, understand the needs, and show a true appreciation for others are more successful
• Important in organizations that provide services, such as hospitals, airlines and banks
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6-32
Seven Tips for Successful Leadership
Leadership • The ability to influence employees to work toward
organizational goals
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6-33
Leadership Styles
Autocratic leaders make all the decisions then tell employees what must be done and how to do it Martha Stewart is an example of an autocratic leader
Democratic leaders involve their employees in decisions Herb Kelleher, co-founder of Southwest Airlines, had a
democratic leadership style
Free-rein leaders let their employees work without much interference; setting performance standards and letting employees find their own way to meet them Warren Buffett, CEO of Berkshire Hathaway exhibits
free-rein leaders © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned,
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6-34
Authentic Leadership
• A bit different from the other three leadership styles because it is not exclusive
• Both democratic and free-rein leaders could qualify as authentic leaders
• Passionate about the goals and mission of the company, display corporate values in the workplace, and form long-term relationships with stakeholders
• Kim Jordan of New Belgium Brewing is an authentic leader
Authentic Leadership
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6-35
Howard Schultz’s Leadership o Howard Schultz, CEO of Starbucks, has great human
relations skills and leadership abilities, as demonstrated by his ability to relate to others
o Under his leadership, Starbucks decided to offer health insurance to its part-time workers
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6-36
Employee Empowerment
Employee Empowerment • Occurs when employees are provided with the ability
to take on responsibilities and make decisions about their jobs
Participative corporate culture has been found to be beneficial because employees feel like they are taking an active role in the firm’s success
Leaders must adopt systems that support an employee’s ability to provide input and feedback on company decisions
Manager should be trained in ways to empower employees to make decisions even in challenging situations in which the right decision may not be so clear
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6-37
Leadership in Teams
In today’s business world, decisions made by teams are becoming the norm
An effective way for encouraging employee empowerment Decision making in teams is collective
Most effective teams are when all employees are encouraged to contribute their ideas and recommendations
Common for more outspoken employees to dominate the team and engage in groupthink, in which team members go with the majority rather than what they think is the right decision Training employees how to listen to one another and
provide relevant feedback can help to prevent these challenges
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6-38
Steps in the Decision Making Process
Steps in the Decision Making Process
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6-39
Recognizing and Defining the Decision Situation
The first step in decision making is recognizing and defining the situation
Situations may be positive or negative Situations calling for small-scale decisions occur
without warning Large-scale decisions generally occur after some
warning signs Managers must pay attention to such signals
Once a situation is recognized, management must define it
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6-40
Developing Options and Analyzing Options
Developing options is the second step in the decision making process A list of possible courses of action should include both
standard and creative plans Analyzing options is the third step
Management must look at the practicality and appropriateness of each option
Decision maker should consider whether the proposed option adequately addresses the situation
Technology can help managers maintain an
agenda, analyze option, and make decisions
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6-41
Selecting the Best Option, Implementing the Decision, and Monitoring the Consequences
Step four is Selecting the best option Often a subjective procedure
Step five is Implementing the Decision This step can be fairly simple, or very complex,
depending on the nature of the decision Prepare for unexpected consequences
Monitoring the Consequences is the final step Has the implementation of the decision accomplished
the desired result? Is yes, then the decision was sound If no, then more analysis is warranted
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6-42
Factors that Affect Decision Making The use of intuition is usually a result of years of experience in a
specific situation or environment
The manager will recognize patterns or similarities between the current situation and previous ones and use that information to make decisions
Stress and emotion can also influence decisions negatively
Defensiveness, overreaction, and obsession are indicators that stress and emotion are being factored into the decision making process
How the problem or situation is framed will determine the final decision, whether it is negative or positive
Managers need to ensure that they are seeing the situation objectively
Finally, confidence and risk propensity are delicate factors in decision making
Both attributes must be kept in balance if decisions are to be reasonable and effective
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6-43
Management in Practice Management is not a cut-and-dried process; there is no
mathematical formula for managing a firm and achieving goals
Management expert, John P. Kotter says manager’s functions can be boiled down to 2 basic activities
Figuring out what to do despite uncertainty, great
diversity, and an enormous amount of potentially relevant information
Getting things done through a large and diverse
set of people despite having little direct control
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6-44
Agendas and Networking Agenda
• A calendar, containing both specific and vague items that covers short-term goals and long-term objectives
Agenda helps the manager figure out what must be done and how to get it done to meet the objectives set by the organization
Technology tools such as smartphones can help manage agendas, contacts communications, and time
Networking • The building of relationships and sharing of information
with colleagues who can help managers achieve the items on their agendas
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Provide information and advice on diverse topics Social media sites have increased the ability to network
6-45
Challenges of the Business World
Managers spend a great deal of time
confronting the complex and
difficult challenges of the business world today
Rapid changing technology Increased scrutiny of individual
and corporate ethics and social responsibility
Impact of social media Changing nature of workforce New laws and regulations Increased global competition Declining education standards Making the best use of time
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6-46
Websites like LinkedIn are helping managers and employees network with one another to achieve their
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duplicated, forwarded, distributed, or posted on a website, in whole or part.
Infinity Computers Inc. produces notebook computers, which sell through direct mail catalog companies under the Infinity name and in some retail computer stores under their
private brand name ► Products are not significantly different from competitors’ ► Do not have extra product-enhancing features ► Very price competitive ► Strength from the company’s CEO/president George
Anderson and the highly motivated, loyal staff ► Weakness from having too many employees and too
great a reliance on 1 product
Solve the Dilemma Making Infinity Computers Competitive
6-47
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6-48
Solve the Dilemma Making Infinity Computers Competitive (cont.)
Shelly has several options:
• Maintain current production levels and raises prices
• Expand the facility and staff while maintaining the current price
• Contract the production of the pies to a national chain, giving Shelly a percentage of profits with minimal involvement
Discussion Questions
• Evaluate Infinity’s current situation and analyze its strengths and weaknesses.
• Evaluate the opportunities for Infinity, including using its current strategy, and propose alternative strategies.
• Suggest a plan for infinity to complete successfully over the next 10 years.
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? Name the five functions of management and briefly describe each function.
? What skills do managers need? Give examples of how managers use these skills to do their jobs.
? Identify the three levels of management. What is the focus of managers at each level?
? Explain the steps in the decision-making process.
Discussion
6-49
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