Managers?
1. Managers
▪ Top managers are responsible for developing the organization’s strategy and being a steward for its vision and mission.
▪ Functional managers are responsible for the efficiency and effectiveness of an area, such as accounting or marketing.
▪ Supervisory or team managers are responsible for coordinating a subgroup of a particular function or a team composed of members from different parts of the organization.
▪ A line manager (often called a product, or service manager) leads a function that contributes directly to the products or services the organization creates.
▪ A staff manager leads a function that creates indirect inputs.
▪ Project manager has the responsibility for the planning, execution, and closing of any project.
▪ A general manager is someone who is responsible for managing a clearly identifiable revenue-producing unit, such as a store, business unit, or product line
1.1 Empowerment
▪ Empowerment is the process of enabling or authorizing an individual to think, behave, take action, and control work and decision making in autonomous ways.
▪ Figure 1.4 The Changing Roles of Management and Managers
2. The Nature of Managerial Work
▪ Figure 1.5 Ten Managerial Roles
▪ Managers are responsible for getting work done through others. We typically describe the key managerial functions as planning, organizing, leading, and controlling.
Strategy
LEARNING OBJECTIVES
1. Know the roles and importance of leadership, entrepreneurship, and strategy in principles of management.
2. Understand how leadership, entrepreneurship, and strategy are interrelated.
1. Leadership
▪ Management is defined as getting things done through others.
▪ Leadership is defined as the social and informal sources of influence that you use to inspire action taken by others.
2. Entrepreneurship
▪ Entrepreneurship is defined as the recognition of opportunities (needs, wants, problems, and challenges) and the use or creation of resources to implement innovative ideas for new, thoughtfully planned ventures.
3. Strategy
▪ Strategy is the central, integrated, externally-oriented concept of how an organization will achieve its objectives.
▪ Strategic management is the body of knowledge that answers questions about the development and implementation of good strategies.
4. Synchronizing Leadership, Entrepreneurship, and Strategy
▪ Leadership helps you understand who helps lead the organization forward and what the critical characteristics of good leadership might be.
▪ Entrepreneurial firms and entrepreneurs in general are fanatical about identifying opportunities and solving problems.
▪ Strategic management aims to make sure that the right choices are made.
5. Help Wanted—Chief of Staff
▪ Marketing, Sales, Finance and Accounting, Operations, HR and Recruiting, Production and Product Development
1.4 Planning, Organizing, Leading, and Controlling
0. Principles of management
▪ Principles of management have long been categorized into the four major functions of planning, organizing, leading, and controlling (the P-O-L-C framework).
▪ Figure 1.7 The P-O-L-C Framework
1. Planning
▪ Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives.
▪ Strategic planning, Tactical planning, Operational planning
2. Organizing
▪ Organizing is the function of management that involves developing an organizational structure and allocating human resources to ensure the accomplishment of objectives.
3. Leading
▪ Leading involves the social and informal sources of influence that you use to inspire action taken by others
4. Controlling
▪ Controlling involves ensuring that performance does not deviate from standards. Controlling consists of three steps,
1) establishing performance standards
2) comparing actual performance against standards
3) taking corrective action when necessary