1. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter Eight Understanding the Management Process 8 | 1 PRIDE HUGHES KAPOOR INTRODUCTION TO BUSINESS ELEVENTH EDITION

2. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Learning Objectives 1. Define what management is 2. Describe the four basic management functions: planning, organizing, leading and motivating, and controlling 3. Distinguish among the various kinds of managers in terms of both level and area of management 4. Identify the key management skills of successful managers 5. Explain the different types of leadership 6. Discuss the steps in the managerial decision-making process 7. Describe how organizations benefit from total quality management 8 | 2

3. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The Main Resources of Management  Know the Four Main Resources of Management How do these resources contribute to organizational goals?  What is the manager’s role in obtaining and utilizing these resources? 8 | 3

4. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. What Is Management?  Define Management Material Resources Human Resources Financial Resources Information Resources 8 | 4

5. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Basic Management Functions  What is the Management Process?  Know the steps involved and be able to describe them Planning Mission Strategic Planning Establishing Goals and Objectives 8 | 5

6. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Goals and Objectives  Define Goal Objective  Know what characterizes properly set goals 8 | 6

7. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Planning (cont’d)  Know the elements of and be able to utilize SWOT analysis What are a firm’s -Strengths -Weaknesses -Opportunities -Threats  Define Core Competencies 8 | 7

8. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Plans  Define Plan  Know and be able to define different types of plans Strategic plan Tactical plan Operational plan Contingency plan  Who is responsible for each type of plan? 8 | 8

9. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Organizing the Enterprise  Define Organizing  Be able to define and distinguish between Leading Motivating Directing 8 | 9

10. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Controlling Ongoing Activities  Define Controlling  What is the Control Function? 8 | 10

11. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Kinds of Managers  Know the three Levels of Management  Do different levels of management work together or in isolation?  What are the main areas of Management Specialization? 8 | 11

12. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Areas of Management Specialization  Financial Managers  Operations Managers  Marketing Managers  Human Resources Managers  Administrative Managers (General Managers)  What are each of these managers’ responsibilities? 8 | 12

13. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Key Skills of Successful Managers  Know and be able to define the Key Management Skills Conceptual Skills Analytic Skills Interpersonal Skills Technical Skills Communication Skills 8 | 13

14. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Leadership  What is Leadership?  What role does leadership play in management? Are leading and managing the same thing?  Know the difference between Formal Leadership and Informal Leadership 8 | 14

15. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Styles of Leadership  Describe the different leadership styles Autocratic Participative Entrepreneurial  Be able to discuss which leadership style is best in different situations  On what does effective leadership depend?  Be prepared to discuss some of the traits of successful leaders 8 | 15

16. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Managerial Decision Making  Define Managerial Decision Making  What are the major steps in the managerial decision-making process? 8 | 16

17. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Identifying the Problem or Opportunity  Define Problem Opportunity  Be able to discuss problem-solving impediments 8 | 17

18. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Generating Alternatives  Know how managers generate alternatives when problem solving  How do managers select an alternative? What is Satisficing? 8 | 18

19. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Implementing and Evaluating the Solution  What does implementing and evaluating the solution require?  What are a manager’s options if a problem still exists after implementing a solution? 8 | 19

20. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Managing Total Quality  Define Total Quality Management (TQM) Benchmarking  What are the aims of TQM?  What are the issues that are most crucial to TQM? 8 | 20