MGT 301 EXAM 1 NOTES Essay

Submitted By szjin
Words: 5193
Pages: 21


Management: (1) the pursuit of organizational goals efficiently and effectively by (2) integrating the work of people through (3) planning, organizing, leading, and controlling the organizations resources.
Efficiency: the means of attaining the organization’s goals
Effectiveness: organization’s ends, goals
The Multiplier Effect
~influence the organization is multiplied far beyond the results that can be achieved by just one person alone good managers create value
The Financial Rewards of Being an Exceptional Manager
Education pays
The larger the company the size, the more the CEO makes
What are the Rewards of Studying and Practicing Management?
You will understand how to deal with organizations from the outside
Understand how they work and how the people in them make decisions
Gives you defensive skills you can use as a customer or investor
You will understand how to relate to your supervisor
Understand the pressures managers deal with and how they will best respond to you
You will understand how to interact with coworkers
Understand teams and teamwork, cultural differences, stress, negotiations, etc.
You will understand how to manage yourself in the workplace
Insights about your personality, emotions, values, perceptions, needs and goals.
Build skills in self-management, listening, handling change, managing stress, avoiding groupthink and coping with organizational politics
The Rewards of Practicing Management
You and your employees can experience a sense of accomplishment
You can stretch your abilities and magnify your range
You can build a catalog of successful products or services

Seven Challenges to Being an Exceptional Manager
Boredom: arises when skills and challenges are mismatched
Anxiety rises when one has low levels of skill but a high level of challenge
Challenge 1: Managing for Competitive Advantage—Staying Ahead of Rivals
Competitive advantage: the ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them
Stay ahead in 4 areas:
1. Being Responsive to Customers take care of the customer
2. Innovation
~finding ways to deliver new or better goods or services
3. Quality quality of products and services are important especially if there are competitors
4. Efficiency strive to produce goods or services as quickly as possible using as few employees and raw materials as possible
Challenge 2: Managing for Diversity—the Future Won’t Resemble the Past
1/6 American workers are foreign born challenge is to maximize the contributions of employees in diverse gender, age, race, and ethnicity
Challenge 3: Managing for Globalization—the Expanding Management Universe
Gestures and symbols don’t have the same meaning to everyone throughout the world
Challenge 4: Managing for Information Technology
Internet: the global network of independently operating but interconnected computers
E-commerce: electronics commerce, the buying and selling of goods or services over computer networks
E-businness: using the internet to run every aspect of a business
Far-ranging e-management and e-communication: e-mail, text, project management software
Accelerated decision making, conflict, and stress
Changes in organizational structure, jobs, goal setting, and knowledge management: no longer bound by time or location
Challenge 5: Managing for Ethical Standards
Very important in doing business
Challenge 6: Managing for Sustainability—the Business of Green
Sustainability: economic development that meets the need of the present without compromising the ability of future generations to meet their own needs
Challenge 7: Managing for Your Own Happiness and Life Goals
Employees should identify themselves with the job not the company

What Managers Do; The Four Principal Functions
Management process (AKA four management functions): planning, organizing, leading, and controlling
Planning: setting goals and deciding how to achieve them