managing the business enterprise
DESCRIPTION
ITB, Management Section for MBATRANSCRIPT
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PART 2
UNDERSTANDINGTHE BUSINESS OF
MANAGING
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CHAPTER 6
Managing theBusiness Enterprise
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Chapter Outline
Who Are Managers?
Setting Goals an !or"#lating Strategy
$he Manage"ent Process
$ypes o% Managers
&asic Manage"ent S'ills
Manage"ent an the Corporate C#lt#re
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Who Are Managers?
All corporations epen on
e%%ecti(e "anage"ent.
$he principles o%managementapply to all
'ins o% organi)ations.
Managers are a"ong anorgani)ation*s "ost
i"portant reso#rces.
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!hat Are G"a#s$
O%&e'ti(es that a
%usiness h"pes an)p#ans t" a'hie(e
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!hat Is Strateg*$
Br"a) set "+"rgani,ati"na# p#ans +"ri-p#e-enting the)e'isi"ns -a)e +"ra'hie(ing "rgani,ati"na#g"a#s
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Types of Strategy
Corporate strategyeter"ines the %ir"*so(erall attit#e toar groth an the ay itill "anage its -#sinesses or pro#ct lines
Businessor Competitive/ strategyta'es
place at the -#siness#nit or pro#ctline le(elan %oc#ses on a %ir"*s co"petiti(e position
Functional strategyin(ol(es "anagers inspeci%ic areas ho ecie ho -est
to achie(e corporate goalsthro#gh pro#cti(ity
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Hierarchy of Strategy
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urposes of !oal Setting
1. Goal settingpro(ies irection ang#iance %or "anagers at all le(els.
2. Goal settinghelps %ir"s allocatereso#rces.
3. Goal settinghelps to e%ine corporatec#lt#re.
4. Goal settinghelps "anagers assessper%or"ance.
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!hat Is a Missi"nState-ent$
Organi,ati"n.sstate-ent "+
h"/ it /i##a'hie(e itspurposein theen(ir"n-ent in/hi'h it
'"n)u'ts its
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"in#s of !oals
$ong%term goalsare set %or anetene ti"e, typically %i(e years
or "ore
&nterme#iate goalsare set %or a perioo% one to %i(e years
Short%term goalsare set %or the (ery
near %#t#re, typically less than one year
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!hat Is Strateg*F"r-u#ati"n$
Creati"n "+ a %r"a)
pr"gra- +"r )e0ningan) -eeting an
"rgani,ati"n.s g"a#s
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Strategy Formulation
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Setting Strategic !oals
Strategic goalsare longter" goals
eri(e irectly %ro" a %ir"*s "ission
state"ent SWOTanalysis is a process in(ol(ing
the assess"ent o% organi)ational
strengths an ea'nesses the San
W/ an en(iron"ental opport#nities
an threats the Oan T/
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Analy'ing the Organi'ation an#&ts (nvironment
(nvironmental analysisis the process
o% scanning the -#siness en(iron"ent
%or threats an opport#nities
Organi'ational analysisis the processo% analy)ing a %ir"*s strengths an
ea'nesses
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Matching the Organi'ation an#&ts (nvironment
$he matching processis the heart o%
strategy %or"#lation.
$he matching process"ayeter"ine hether a %ir" typically
ta'es ris's or -eha(es "ore
conser(ati(ely.
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A Hierarchy of lans
Strategic plansre%lect ecisions a-o#t
reso#rce allocations, co"pany priorities
an steps neee to "eet strategic goals
Tactical plansare shorterrange plans %or
i"ple"enting speci%ic aspects o% the
co"pany*s strategic plans
Operational plansset shortter" targets
%or aily, ee'ly or "onthly per%or"ance
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Contingency lanning an#Crisis Management
Contingency planningienti%iesaspects o% a -#siness or its en(iron"ent
that "ight entail changes in strategy
Crisis managementin(ol(es anorgani)ation*s "ethos %or ealing ith
e"ergencies
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!hat Is Manage-ent$
Pr"'ess "+p#anning1
"rgani,ing1)ire'ting an)'"ntr"##ing an"rgani,ati"n.sres"ur'es t"
a'hie(e its g"a#s
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The Management rocess
lanningeter"ines hat an organi)ation
nees to o an ho -est to get it one
Organi'ing eter"ines ho -est to arrange an
organi)ation*s reso#rces an acti(ities into acoherent str#ct#re
)irectingin(ol(es g#iing an "oti(ating
e"ployees to "eet an organi)ation*s o-7ecti(es
Controlling"onitors an organi)ation*s
per%or"ance to "a'e s#re that the %ir" is
"eeting its goals
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The Control rocess
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Types of Managers
Top managersare responsi-le to the -oaro% irectors an stoc'holers %or a %ir"*so(erall per%or"ance an e%%ecti(eness
Mi##le managersare responsi-le %ori"ple"enting the strategies, policies anecisions "ae -y top "anagers
First%line managersare responsi-le %or
s#per(ising the or' o% e"ployees
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Areas of Management
Human *esource Managers
Operations Managers
Mar+eting Managers &nformation Managers
Financial Managers
Other Managers
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Basic Management S+ills
Technical s+illsare neee to per%or" speciali)etas's
Human relationss+illsare re8#ire in#nerstaning an getting along ith other people
Conceptual s+illsare a-ilities to thin' in thea-stract, iagnose an analy)e i%%erent sit#ationsan to see -eyon the present sit#ation
)ecision%ma+ing s+illsincl#e the a-ility to
e%ine pro-le"s an select the -est co#rse o%action
Time management s+illsare associate ith thepro#cti(e #se o% ti"e
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The )ecision%Ma+ing rocess
M t S+ill f th
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Management S+ills for the,-stCentury
!lo.al management s+illsincl#e the
nee to #nerstan %oreign "ar'ets,
c#lt#ral i%%erences an the "oti(es an
practices o% %oreign ri(als Management an# technology s+ills
re%er to the a-ility to process, organi)e
an interpret a ealth o% ata an
in%or"ation
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!hat Is C"rp"rateCu#ture$
The share)
eperien'es1 st"ries1%e#ie+s an) n"r-sthat 'hara'teri,e an
"rgani,ati"n
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Communicating the Culture
Managers "#st9
:nerstan the c#lt#re.
$rans"it the c#lt#re to othersin the organi)ation.
Maintain the c#lt#re -y rearing an
pro"oting those ho #nerstan it an
or' toar "aintaining it.
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Managing Change
$hreestage process9
Analysis of the companys environment
highlights extensive change as the most
effective response to its prolems.
Top management egins to form!late a vision
of a ne" company.
The firm sets !p ne" systems for appraisingan# compensating employees "ho enforce
the firms ne" val!es.