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Fourth Edition Copyright ©2003 Prentice Hall, Inc. PART 2........................ Understanding the Business of Managing
Copyright ©2003 Prentice Hall, Inc. 5 - 2 Chapter 5 Managing the Business Enterprise
Copyright ©2003 Prentice Hall, Inc. 5 - 3 “Some men see things as they are and say why. I dream of things that never were and say why not.” ~ John F. Kennedy
Copyright ©2003 Prentice Hall, Inc. 5 - 4 Key Topics Setting goals and formulating strategies The management process Types of managers by level and area The five basic management skills The development and importance of corporate culture
Copyright ©2003 Prentice Hall, Inc. 5 - 5 Managers are responsible for business performance and effectiveness. Managers are accountable to all key stakeholders. EFFECTIVE MANAGERS An Invaluable Resource for Business
Copyright ©2003 Prentice Hall, Inc. 5 - 6 Strategy: The broad set of action plans to achieve company goals Corporate Strategy Business Strategy Functional Strategy Setting Goals Is the Starting Point of Effective Management
Copyright ©2003 Prentice Hall, Inc. 5 - 7 Business Goals Are Performance Targets The purposes of goal-setting: To provide direction for managers To help firms allocate resources To help define corporate culture To help managers assess performance
Copyright ©2003 Prentice Hall, Inc. 5 - 8 Effective Organizations Set Goals at Many Different Levels Mission Statement: How a business will achieve its fundamental purpose Long-term Goals Intermediate Goals Short-term Goals
Copyright ©2003 Prentice Hall, Inc. 5 - 9 A Well-Formulated Strategy Is Vital to a Business’s Success Strategy Formulation Set Strategic Goals Analyze the Organization Analyze the Environment Match the Organization and its Environment Formulate Strategy
Copyright ©2003 Prentice Hall, Inc. 5 - 10 The Management Process Planning Strategic Tactical Operational Contingency Crisis Organizing Directing Controlling
The Control Process 5 - 11 Establish Standards Measure Performance Does measured performance match standards? YESNO Continue Current Activities Adjust Performance or Standards
Copyright ©2003 Prentice Hall, Inc. 5 - 12 Levels of Management Top Managers Middle Managers First-Line Managers
Copyright ©2003 Prentice Hall, Inc. 5 - 13 Human Resources Marketing Financial Operations Information Other Areas of Management
Copyright ©2003 Prentice Hall, Inc. 5 - 14 Basic Management Skills Human Relations Skills Technical Skills Conceptual Skills Time Management Skills Decision- Making Skills
Copyright ©2003 Prentice Hall, Inc. 5 - 15 How to Spot the E-CEO Traditional CEO EncouragingAlertCordial Fast moving Anti-ambiguity Age: 57 RichE-CEOEvangelizingParanoid Brutally frank Faster moving Pro-ambiguity Age: 38 Richer
Copyright ©2003 Prentice Hall, Inc. 5 - 16 Management Skills for the Future Global Management Skills Information & Technology Skills
Copyright ©2003 Prentice Hall, Inc. 5 - 17 Management Is Tightly Linked to Corporate Culture Corporate Culture: The shared experiences, stories, beliefs, and norms that characterize an organization Communicating the Culture Managing Change
Copyright ©2003 Prentice Hall, Inc. 5 - 18 Chapter Review Explain the importance of setting goals and formulating strategies. Describe the management process. Identify types of managers by level and area. Describe the basic management skills. Explain the development and importance of corporate culture.
Based on: Business Essentials, 7th Edition Ebert/Griffin
Basic Concepts of Strategic Management
Basic Elements of Planning and Decision Making
Planning and Strategic Management
* * Chapter Seven Management and Leadership McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Chapter 7 Managing Effectively. Learning Objectives Identify the levels of management. Identify the key functions of managers. Describe the skills.
Chapter 6: Managing for Business Success 1.What Do Managers Do? 2.Planning 3.Organizing 4.Directing 5.Controlling 6.Managerial Skills (Cases and problems)
STRATEGIC MANAGEMENT & BUSINESS POLICY 12TH EDITION
Copyright by Paradigm Publishing, Inc. INTRODUCTION TO BUSINESS CHAPTER 7 Managing Effectively.
Fourth Edition Copyright ©2003 Prentice Hall, Inc. PART Understanding the Business of Managing.
Business Management chapter five.
Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall
Management Roles, Functions, and Skills
Business Copyright 2005 Prentice- Hall, Inc. 6-1.
Strategic Management. What is Strategic Management? The set of decisions and actions that result in the formulation and implementation of plans designed.
PowerPoint Presentation by Charlie Cook Copyright © 2005 Prentice Hall, Inc. All rights reserved. Chapter 5 Managing the Business Enterprise.
Business Essentials, 7th Edition Ebert/Griffin
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