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Understanding the
Management
Process
Learning Objectives
1. Define what management is.
2. Describe the four basic management
functions: planning, organizing, leading and
motivating, and controlling.
3. Distinguish among the various kinds of
managers, in terms of both level and area of
management.
4. Identify the key management skills and the
managerial roles.
5. Explain the different types of leadership.
6. Discuss the steps in the managerial decisionmaking process.
What Is Management?
The process of coordinating people and other
resources to achieve the goals of an
organization
Material resources
The tangible physical resources an organization uses
Human resources
The people who staff the organization and use the other
resources to achieve the goals of the organization
Financial resources
The funds the organization uses to meet its obligations to
investors and creditors
Information resources
The information about internal and external business
environmental conditions that the firm uses to its
competitive advantage
Planning
Planning
Establishing organizational goals and deciding
how to accomplish them
Mission
A statement of the basic purpose that makes an
organization different from others
Strategic planning
The process of establishing an organizations
major goals and objectives and allocating the
resources to achieve them
Planning (contd)
Establishing goals and objectives
Goal
An end result that the organization is expected to
achieve over a one-to-ten year period
Objective
A specific statement detailing what the organization
intends to accomplish over a shorter period of time
Planning (contd)
Establishing plans to accomplish goals and
objectives
Plan
An outline of the actions by which the organization intends to
accomplish its goals and objectives
Strategy
An organizations broadest set of plans, a guide for major
policy setting and decision making
Tactical plan
A smaller-scale plan to implement a strategy
Operational plan
A plan to implement a tactical plan
Contingency plan
A plan of alternative courses of action if the organizations
other plans are disrupted or become ineffective
Motivating
Providing reasons for people to work in the best interests
of the organization
Directing
The combined processes of leading and motivating
Kinds of Managers
Levels of Management
Top managerguides and
controls the overall fortunes of
the organization
Middle managerimplements
the strategy and major policies
developed by top management
First-line manager
coordinates and supervises the
activities of operating
employees
Areas of Management
Financial Managers
Responsible for the organizations financial resources
Operations Managers
Manage the systems that convert resources into goods and
services
Marketing Managers
Responsible for facilitating the exchange of products
between the organization and its customers or clients
Conceptual skill
The ability to think in abstract terms
Interpersonal skill
The ability to deal effectively with other people
Interpersonal roles
The manager deals with people
Figurehead, liaison, leader
Informational roles
A manager either gathers or provides
information
Monitor, disseminator, spokesperson
Leadership
The ability to influence others
Leadership vs. management
Formal leadership
Legitimate power of position is the basis for
authority
Informal leadership
Not recognized formally by the
organization
Styles of Leadership
Authoritarian
Holds all authority and responsibility, with
communication usually moving from top to bottom
Laissez-faire
Gives authority to employees and allows
subordinates to work as they choose with a
minimum of of interference; communication flows
horizontally among group members
Democratic
Holds final responsibility but also delegates
authority to others, who help determine work
assignments; communication is active upward and
downward
Opportunity
A positive problem
Problem-solving impediments
Preconceptions about the problem
Focusing on unimportant matters while
overlooking significant issues
Analyzing symptoms rather than causes
Failing to look ahead
Selecting an alternative
Satisficing
Choosing an alternative that is not the best
possible solution, but one that adequately
solves the problem