1-1 The Importance of Business Management

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Slide 1: 

“Companies fail when they become complacent and imagine that they will always be successful. So we are always challenging ourselves. Even the most successful companies must constantly reinvent themselves. --Bill Gates Chairman and Chief Software Architect Microsoft

The Importance of Business Management: 

The Importance of Business Management 1.1

The Business World Today: 

The Business World Today Constant change! Technology Society Environment Competition Diversity

What is Management?: 

What is Management? The process of deciding how best to use a business’s resources to produce good or provide services Employees Equipment Money

What is Management?: 

What is Management? Auto industry managers Assembly line: schedule work shifts, supervise assembly of vehicles Engineering: develop new product features, enforce safety standards General: plan for the future All organizations need managers!

Levels of Management: 

Levels of Management Senior management Establishes the goal/objectives of the business Decides how to use the company’s resources Not involved in the day-to-day problems Set the direction the company will follow Chairperson of the company’s board of directors, CEO, COO, senior vice presidents

Levels of Management: 

Levels of Management Middle management Responsible for meeting the goals that senior management sets Sets goals for specific areas of the business Decides which employees in each area must do to meet goals Department heads, district sales managers

Levels of Management: 

Levels of Management Supervisory management Make sure the day-to-day operations of the business run smoothly Responsible for the people who physically produce the company's products or services Forepersons, crew leaders, store managers

The Management Pyramid: 

The Management Pyramid

The Management Process: 

The Management Process Three ways to examine how management works: Tasks performed Planning, organizing, staffing, leading, controlling Roles played (set of behaviors associated with a particular job) Interpersonal, information-based, decision-making Skills needed Conceptual, human relations, technical

The Management Process: 

The Management Process Planning Decides company goals and the actions to meet them CEO sets a goal of increasing sales by 10% in the next year by developing a new software program

The Management Process: 

The Management Process Organizing Groups related activities together and assigns employees to perform them A manager sets up a team of employees to restock an aisle in a supermarket

The Management Process: 

The Management Process Staffing Decides how many and what kind of people a business needs to meet its goals and then recruits, selects, and trains the right people A restaurant manager interviews and trains servers

The Management Process: 

The Management Process Leading Provides guidance employees need to perform their tasks Keeping the lines of communication open Holding regular staff meetings

The Management Process: 

The Management Process Controlling Measures how the business performs to ensure that financial goals are being met Analyzing accounting records Make changes if financial standards not being met

Relative Amount of Emphasis Placed on Each Function of Management: 

Relative Amount of Emphasis Placed on Each Function of Management

Management Roles: 

Management Roles Managers have authority within organizations Managers take on different roles to best use their authority Interpersonal roles Information-related roles Decision-making roles

Management Roles: 

Management Roles Interpersonal roles A manager’s relationships with people Providing leadership with the company Interacting with others outside the organization Senior managers spend much of their time on interpersonal roles Represent the company in its relations with people outside the company, interacting with those people, and providing guidance and leadership to the organization Determine a company’s culture Sears, Roebuck and Co.

Management Roles: 

Management Roles Information-related roles Provide knowledge, news or advice to employees Holding meetings Finding ways of letting employees know about important business activities Decision-making roles Makes changes in policies, resolves conflicts, decides how to best use resources Middle and supervisory managers spend more time resolving conflicts than senior managers

Management Skills: 

Management Skills Conceptual skills Skills that help managers understand how different parts of a business relate to one another and to the business as a whole Decision making, planning, and organizing

Management Skills: 

Management Skills Human relations skills Skills managers need to understand and work well with people Interviewing job applicants, forming partnerships with other businesses, resolving conflicts

Management Skills: 

Management Skills Technical skills The specific abilities that people use to perform their jobs Operating a word processing program, designing a brochure, training people to use a new budgeting system

Management Skills: 

Management Skills All levels of management require a combination of conceptual, human relations, and technical skills Conceptual skills most important at senior management level Technical skills most important at lower levels Human relations skills important at all levels

Principles of Management: 

Principles of Management A principle is a basic truth or law Managers often use certain rules when deciding how to run their business Most management principles are developed through observation and deduction

Principles of Management: 

Principles of Management Deduction is the process of drawing a general conclusion from specific examples Observe that employees in 15 companies work more efficiently when their supervisors threat them well Deduce/conclude that a pleasant work environment contributes to productivity Conclusion becomes a management principle

Principles of Management: 

Principles of Management Management principles are best viewed as guides to action rather than rigid laws If a principle does not apply to a specific situation, an experienced manager will not use it Important to recognize when a principle shouldn’t be followed Being able to change and adapt is an important management skill

Principles of Management: 

Principles of Management Do all employees need to arrive at work at the same time? Do people who work in offices need to dress in a certain way?

Women and Minorities in Management: 

Women and Minorities in Management In the last three decades, an increased number of women and minorities have joined the workforce They’ve attained positions as managers in companies of all sizes Women and minorities now serve as the CEOs of prestigious businesses Avon, eBay, Lucent

Women and Minorities in Management: 

Women and Minorities in Management White men still hold most senior management positions Glass ceiling : the invisible barrier that prevents women and minorities from moving up in the world of business Steadily becoming a window of opportunity!

Women and Minorities in Management: 

Women and Minorities in Management Workers and managers must be sensitive to challenges presented by a multicultural workplace Religious holidays that are celebrated at different times throughout the year by Muslims, Christians, Jews and other religious groups