Copyright by Paradigm Publishing, Inc. INTRODUCTION TO BUSINESS CHAPTER 7 Managing Effectively.
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Copyright by Paradigm Publishing, Inc. INTRODUCTION TO BUSINESS CHAPTER 7 Managing Effectively
Copyright by Paradigm Publishing, Inc. Levels of Management Top (high-level) management: managers in positions such as president, chief executive officer, chief financial officer, and vice- president who make decisions regarding the firm’s long-term objectives. Middle management: managers who are often responsible for the firm’s short-term decisions. Supervisory (first-line) management: managers who are usually highly involved with the employees who engage in the day-to-day production process.
Copyright by Paradigm Publishing, Inc. Functions of Managers Planning: the preparation of a firm for future business conditions Mission statement: a description of a firm’s primary goal Strategic plan: identifies a firm’s main business focus over a long-term period, perhaps three to five years. Tactical planning: smaller-scale plans (over one or two years) that are consistent with the firm’s strategic (long-term) plan
Comparison of Responsibilities among Managers Copyright by Paradigm Publishing, Inc.
Business plan Mgt., Mktg., Fin, International Short term : 12 months Intermediate: 2-5 years Long Term : 5 + BE SURE THEY ARE MEASUREABLE (Use numbers and dollars!)
Functions of Managers Employers commonly attempt to establish tactical plans that are consistent with the strategic plan. They also develop plans that are intended to satisfy the tactical plans. Copyright by Paradigm Publishing, Inc.
How Planning Functions are Related Copyright by Paradigm Publishing, Inc.
Functions of Managers Planning Organizing Leading: the process of influencing the habits of others to achieve a common goal. Initiative: the willingness to take action.
Copyright Paradigm Publishing, Inc. Functions of Managers Leadership Styles Autocratic: a leadership style in which the leader retains full authority for decision making. Free-rein: a leadership style in which the leader delegates much authority to employees. Participative: a leadership style in which the leaders accept some employee input but usually use their authority to make decisions. PATERNALISTIC – seniority based, fatherly/motherly, family, union
Functions of Managers How Leadership Style Affects Employee Influence on Management Decisions Copyright by Paradigm Publishing, Inc.
Functions of Managers Controlling: the monitoring and evaluation of tasks. Control by Investors Control of Reporting
Copyright by Paradigm Publishing, Inc. Managerial Skills Conceptual Skills Interpersonal Skills: the skills necessary to communicate with customers and employees. Communication with Customers Communication with Employees Technical Skills Decision-Making Skills
Time Management Priorities Intervals InterruptionsGoals Delegate
Copyright by Paradigm Publishing, Inc. How Managers Manage Time Time Management: the way managers allocate their time when managing tasks. Set Proper Priorities Schedule Long Time Intervals for Large Tasks Minimize Interruptions Set Short-Term Goals Delegate Some Tasks to Employees