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Summary - MGMT
1.1 Management is...
What is the definition of management?Managing means getting work done through others:
1.2 Management functions
What are the four functions of management?1. Planning
Give the definition of each management function:Planning: Determining goals, and a means to achieve them.
Organizing: Deciding where decisions will be made, who will do what jobs and tasks, and who works for whom.
Leading: Inspiring and motivating workers to work hard to achieve organizational goals.
Controlling: Monitoring progress toward company's goals, and taking corrective action when needed.
1.3 Kinds of managers
What are the four types of managers?1. Top managers
2. Middle managers
3. First-line manager
4. Team leaders
What are the function of each tier in management?1. Top managers: Responsible for the overall direction of the organization.
- Commitment (buy-in)
2. Middle managers: Figuring ''how'' to do the ''what'' and allocating resources to objectives.
- Subunit performance
- Strategy implementation
3. First-line manager: Responsible for managing the entry-level employees
- non-managerial supervision
- Teaching and training
4. Team leaders: Responsible for facilitating team activities towards goal accomplishment.
-Help team members to:
- Plan and schedule work
- Learn problem-solving methods
- Work effectively with each other
1.4 Managerial roles
What are the 3 managerial roles?1. Interpersonal: Speaking to people/ maintaining or building relationships.
2. Informational: Gathering and sharing information
Decisional: Making good decisions
What are the roles within interpersonal manegement?- Figurehead role: Representative/ceremonial duties
- Leader role: Motivatie and encourage workers
- Liaison role: Speak with people outside of the company
What are the roles within informational managing?- Monitor role: Scanning the environment for information, asking others for information, and receiving information
- Disseminator role: Share collected information with subordinates and others in the company
- Spokesperson role: Share information with people outside their departments or companies
What are the roles within decisional management?Entrepreneurial role: Adapt themselves, their workers, and their units to change
Disturbance handler role: Respond to problems and pressure that need immediate attention and action
Resource allocator role: Decide who gets what resources, and in what amounts
Negotiator role: Negotiate schedules, projects, resources, goals, outcomes, and employee raises.
1.5 What companies look for in managers
What are the managerial skills a good manager should have?Technical: Specialized procedures, techniques, and knowledge required to get the job done.
Human: The ability to work well with others.
Conceptual: The ability to see the organization as a whole, how different parts affect each other, and to recognize how the company fits into or is affected by its external environment.
1.8 Competitive advantage through people
What are the benefits of creating a competitive advantage through people?- Helps develop a workforce that is smarter, better trained, more motivated, and more committed than those of competitors.
- Produces substantial advantages in:
1. Sales and revenues
3. Stock market returns
4. Customer satisfaction
3.1 Changing environments
What are external environments?All forces (factors) and events outside an organization that can influence or affect it.
What are the 3 basic characteristics of the external environment?1. Environmental change
2. Environmental complexity
3. Resource scarcity
What is environmental change?The rate at which a company's general and specific environments change. (RATE OF CHANGE)
What kinds of environments are there?1. Stable environment: The rate of change is slow
2. Dynamic environment: The rate of change is fast
What is the punctuated equilibrium theory?Companies go through long periods of stability (an equilibrium) during which incremental changes occur; followed by short, complex periods of a dynamic fundamental change (revolutionary) and finish with a return to stability. (new equilibrium)
Give the definition of environmental complexity:The number and intensity of external factors that affect organizations.
What kind of complex environments are there?1. Simple environment: Few factors (Diary industry)
2. Complex environment: Many factors (fashion retail)
What is resource scarcity?Abundance of shortage of critical resources needed in an organization's external environment
What is uncertainty in business?The extent to which managers can predict which external changes will affect their business.
When is uncertainty at its lowest?When environmental change is and environmental complexity are at low levels (stable and simple), and resource scarcity is low (Resources are plentiful)
When is uncertainty at its highest?When environmental change and complexity are extensive, and resources are scarce. (Dynamic and complex environment)
What does the general environment consist of? (PESTEL)1. Political
Do changes in the environment eventually affect most businesses?Yes
What is the specific environment?It's unique to each firm's industry and directly affect the way it conducts day-to-day business.
What does the specific environment consist of? (CICSA)1. Competition
2. Industry regulations
5. Advocacy groups