MGM101 - Introduction to Management Functions

What is Management? The art of getting things done through people. Not just doing the minimum, but pushing the limit. The 4 Functions of Management Planning & Strategizing Planning is about formalizing a strategy into steps to put into effect. It’s the process of: Choosing goals (goals) Identifying actions to attain the goals (actions to goals) Delegate responsibility for actions (delegate actions to goals) Measure success by comparing results against goals (measure success) Revise plans to achi

Taxes In the news EU Reps admit that the $14.5 billion Apple tax bill was “Political” Apple news Apple’s headquarters are in Ireland who offered less expensive taxes/commissions than North America. Taxes → Benefit Higher profit to other function EU is trying to make sure there is a fair competition and fair manner to employees and the community. The business climate changes due to political changes. As managers you need to predict the changes. The EU needs the money therefore they change how

Chapter 1: Management Management -- The art of getting things done through people. A French industrialist named Henri Fayol stated that management had five main functions: planning, organizing, commanding, coordinating, and controlling Strategizing is the process of thinking through on a continual basis what strategies an organization should pursue to attain its goals. Strategizing involves being aware of and analyzing what competitors are doing; thinking about how changes in the external envir

Management is the art of getting things done through people. Describe the basic functions of management The basic management functions as described today are → Planning and strategizing, organizing, controlling and leading. 2. Identify where in an organization managers are located Managers are located throughout the organization hierarchy. The three main types of managers are General Managers, Functional Managers and Frontline Managers. 3. Discuss the challenges people encounter as they become f

Management - The art of getting things done through people. A French industrialist named Henri Fayol stated that management had five main functions: planning, organizing, commanding, coordinating, and controlling Strategizing - Is the process of thinking through on a continual basis what strategies an organization should pursue to attain its goals. Strategizing involves being aware of and analyzing what competitors are doing - thinking about how changes in the external environment, such as chan

CHAPTER 1 Organizational Change & Innovation Supertrends shaping the future of business: 1) The Market is Becoming More Segmented & Moving toward More Niche Products In the recent past, managers could think in terms of mass markets- mass communication, mass behavior, and mass values. Now we have “demassification” with customer groups becoming segmented into smaller and more specialized groups responding to more narrowly targeted commercial messages 2) More Competitors Are Offering Targeted Produ

Management - The art of getting things done through people Example To motivate ordinary people to do extraordinary things Functions of Management - Henri Fayol People are the most important asset of an organization Planning A formal process whereby managers Choose goals Identify actions to attain those goals Allocate responsibility for implementation to individuals or units Measure the success of actions by comparing outcome against the goals Revise plans accordingly Organizing The p

Introduction to management and organization Sept.11 The best companies and organizations are more flexible, more efficient, and more adaptable Explain why managers are important to an organization 1.1 Why are managers important to an organization? The things a great boss can do is Inspire you professionally and personally Provide coaching and guidance with problems Help you to improve your performance The first reason managers are important is because organizations need their managerial skills a

The Big Picture Business is a system of intertwined actions that excels at selling a commodity to create wealth for stakeholders. Organizations must identify solutions to needs that the marketplace desires and create a mechanism for delivering it to the right person, at the right time & price. Business Foundation How efficient & effective an operation/business is can be assessed by its commercial endeavours, employee interactions & organizational efficiency & structure Commercial Endeavours Mark

What is business? A system of integrated actions designed to ensure that an organization develops and grows a market for its goods and/or services in a manner that creates organizational value (wealth) on behalf of its stakeholders → Getting rich off of your products. The business foundations are Employee interactions- the skills of the employees are the value of the company. Commercial endeavours- What are you selling and to whom? Organization efficiency and structure- what actually happens to

CHAPTER 2 Entrepreneurship and starting a small business Entrepreneurship is accepting the challenge of starting a business. While many people use the terms entrepreneurship and small business interchangeably, there are significant differences. Entrepreneurial ventures differ from small businesses in the following four ways: Amount of wealth creation: Rather than simply generating income, successful entrepreneurial venture creates substantial wealth Speed of wealth creation: Entrepreneurial weal

Canada and its economic system G7/8 is a quasi-organization comprising the world’s major fully developed economies. The G7 consists of the United States, Japan, Germany, Great Britain, France, Italy, and Canada. In 2006, the G7 transitioned to the G7/8 with the inclusion of Russia into its membership. Heads of the G7/8 countries meet at least once annually to discuss major economic, political, and societal issues challenging the global marketplace. Recent meeting trends have also resulted in rep

Module: Management history       Sept.14.2020 Early management  Organized endeavours directed by people responsible for planning, organizing, leading, and controlling activities have existed for thousands of years  Examples; the Egyptian pyramids and the great wall of china  The answer is managers. Someone had to plan what was to be done, organize people and materials to do it, make sure those workers go the work done and impose some controls to ensure that everything was done as planned

Management Roles Every manager must be a good leader but not every leader is a manager. “Managers are responsible for making decisions under conditions of uncertainty about the allocation of scarce resources towards achieving the organization’s strategic objectives” Effectiveness of the decisions impacts business success. There is no one right decision → What is the best decision at the circumstances. Make Best decision with the available information in the circumstances with the forecast to t

Business Foundation Commercial endeavours - the market the organisation serves. The product services it offers, the need they meet in the market place . Employee interaction - The value creating skills an organisations employees bring to the market place Organizational efficiency and structure - The complixities of the business activities that circulates within an organization Business objective - The design, production, distribution and communication of goods and services that we sought after

Chapter 2: The Canadian economic environment. Canada and its economic system. G7/8 is a quasi-organization comprising the world’s major fully developed economies. The G7 consists of the United States, Japan, Germany, Great Britain, France, Italy, and Canada. In 2006, the G7 transitioned to the G7/8 with the inclusion of Russia into its membership. Heads of the G7/8 countries meet at least once annually to discuss major economic, political, and societal issues challenging the global marketplace.

CHAPTER 3 Decision making is the process by which managers respond to opportunities and threats by analyzing options and making determinations about specific organizational goals and courses of action. Decision making in response to threats occurs when events inside or outside the organization are adversely affecting organizational performance and managers are searching for ways to increase performance. Programmed Decision making is a routine, virtually automatic process. Programmed decisions th

Ponzi Scheme - A type of investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Why people behave unethically? To answer this question we need to consider two aspects: 1st has to do with individuals themselves. 2nd the culture of the organization within which individual work. Ethics - A reflection of the moral principles or beliefs about what an individual views as being right or wrong. For some people ethics are based on

Chapter 5: Ethics and Corporate Social Responsibility Ethics in Management What Is Ethics? Ethics and the Individual Ethics and Culture Regulating Ethics What Is CSR (Corporate Social Responsibility)? Why Is CSR Becoming So Important? The Interdependency of CSR and Corporate Strategy The Challenge Behind CSR Implementation A Note Pertaining to Not-for-Profits Management Reflection—It Is All About Trust Ponzi Scheme is a type of investment fraud that involves the payment of purported returns to e

Management Theories During the Economic revolution, crafts production changed to mass production and large factories emerged. Most of the managers were of technical skills and were not aware of the social skill needed. There was a need in a managerial system in order to control and benefit from the assets of the company more efficiently. Two managerial theories developed. The first was the Scientific management theory which developed after WW1 by WF Taylor. This system focused on matching peo

Chapter 3 Understanding the Canadian business system Sept.17.2020 LO-1 The idea of business and profit  Each of these firms (shoppers, Walmart, Netflix) is a business - an organization that produces or sells goods or services to make a profit  Businesses produce most of the goods and services that we consume, and they employ most of the workforce in Canada  Taxes paid by businesses help support the government at all levels Also, businesses help support charitable causes and provide communi

Different Management Theories like Scientific & Behavioural Scientific Management Theory Began in the closing decades of the 19th century after the Industrial Revolution. Small workshops were replaced with 100+ person factories. Managers were unprepared for this rapid change due to social problems that occur when people work together in large groups. They focused on how to increase efficiency of employee-task mix. Job Specialization & Division of Labour (Adam Smith) Adam Smith, the father of ec

Scientific management theory Job specialization and division of labour (Adam Smith) Different employees specialize in different tasks The study of relationship between people and tasks for the purpose of redesigning work to increase efficiency Administrative management theory The study of increasing efficiency and effectiveness by dealing with organization structure The Theory of Bureaucracy - A formal system design to ensure efficiency and effectiveness Authority - Power to hold people accoun

Management Approach Classical Approach: People are rational Scientific Management Administrative principles Bureaucratic Organization Taylor Fayol Weber People are rational and driven by economic concerns Human resources approach → People are social and self-actualizing How relationships improve satisfaction and therefore achieving goals. Attributes of a 21st century manager Global Strategist → Global conditions and economics Master of Tech

CHAPTER 6 The Environment and Sustainable Business Practices The world has changed from being a largely agricultural-based society to being one transitioning toward a production-based model. Supported by population growth, an increase in trade and inventiveness, and a growing emphasis on wealth creation, the concept of mercantilism backed by the rise of business systems fundamentally changed the course of economic development and direction forever. The transitioning period, which has been referr

Chapter 4: Strategy  Strategy  ● We define strategy as the concrete expression of how an organization (whether it be for-profit or not-for-profit) intends to compete and win in its marketplace.  ● the strategy is the definitive tool for building, communicating and maintaining the direction of a business  ● The strategy intends to take the basic ideas of a business, such as those reflected in the vision, mission, and values, and to express them in operational terms—in terms that are directly usef

Ethics - the standards of moral behaviour; behaviour that is accepted by society as right vs. wrong. Ethics is different from legality, ethical is more than legal Basic moral values: integrity, respect for human life, self control, honesty, courage, self sacrifice are right; cheating, cowardice and cruelty are wrong. Do unto others as you would have them do unto you Plagiarizing Is my proposal legal? is it fair? How will it make me feel about myself? Setting Corporate Ethical Standards Complian

Ethics is more than legality Laws are narrow and ethics are wider. Ethics are a moral standard of what is right and wrong as accepted by society. Important questions to ask Is it legal? Is it balanced? How will it make me feel about myself? Corporate ethics Many people think ethics are a personal thing- either you have it or you don't. But in the corporate world there is a need of a few people to be unethical together in order to have personal gain. More and more companies adopt a written ethic

Planning, Business strategy An understanding of the concept of business strategy An appreciation of the importance of developing a strategy within a business operation An overview of the key areas around which business strategy is developed Exposure to the fundamentals of the strategy planning and implementation process An understanding of the unique strategy planning requirements of the not-for- profit sector Developing Business strategy 1. The ability to define and create a strategic directio

Developing Business strategy INTERDEPENDENCY OF STRATEGY AND TACTICS The ability to define and create a strategic direction and market position for the organization (strategic plan); The ability to execute the core tactical initiatives within the plan in a manner that ensures the organization’s success. business strategy in simple terms “Where do we want to play,” and “How do we plan to win.” Core elements for assessing business strategy Purpose Mission defines organizations purpose for exi

How to Behave Ethically, Ethical Standards, Corporate Social Responsibility Ethics is More Than Legality How to Restore Trust in the Free Market & Leaders? Those who break laws need to be punished accordingly. Potentially, new laws that increase requirements of accounting record & business transparency might help. Understand that ethical behaviour requires more than simply following the law. Ethics reflects people’s relationship with each other: How should people treat others? What responsibilit

Forms of business ownership Halifax hostel → Backpackers hostel run by two young entrepreneurs. Forms of opening a business Sole proprietorship - Business is owned and run by one person, without forming a corporation. Partnership - A legal term for a business owned by 2 or more partners. Corporation - A legal entity with authority to act and have liability separate from its owners. Liability- The obligation to pay normal debt and to pay by court order or law. To pay to a person or property hurt

Corporations Legal entity An individual The owners are separate from the building Currently 69% of businesses. Must have shares Private → Do not trade shares on stock exchange. Public → Trade shares Dividends & trade as a measure of return Shareholders are protected since they are a separate legal entity Limited liability Accountability at the top Sole Proprietorship → 24%. Personal & Business are combined Personal tax return There are no shares You are the business Partnership → Hybrid. 4.5%. G

CHAPTER 6 Forms of Business Ownership The three major forms of business own- ership are (1) sole proprietorships, (2) partnerships, and (3) corporations. A sole proprietorship: owned and control by one individual without forming a corporation. Partnership: a legal form of business with two or more parties. Corporation: A legal entity with authority to act and have liability separate from its owners. Before opening a business: Consider issues of cost, risk, control, legal, administration, and fle

Sole Proprietorship A business that is owned and operated by one person ,not corporation Advantages Ease of stating and ending business Being your own boss Retention of profit etc Disadvantages Unlimited liabilities Overwhelming time commitment Partnership General partnership : All owner share in operating the business and in assuming liability for business debt Limited partnership : One or more general partners and one or more limited partners (owners who invest money but does not have mana

Sole Proprietorships, General & Limited Partners, Corporations, Mergers, Franchises, CO-Operatives in Canada Starting a Small Business Key to a successful small business is understanding how to get resources you need. Small business founders may have to take on partners or find other ways of obtaining money. They may need help from people with more expertise than they have or raise more money to expand. Three Major Forms of Business Ownership Each form of business has pros & cons. Businesses can

sole proprietorship A business that is owned and operated by one person, not a cooperation Advantages Ease of stating and ending business Being your own boss Retention of profit Disadvantages Unlimited liabilities Overwhelming time commitment partnerships General Partnership - All owners share in operating the business and in assuming liability for business' debt Limited Partnership - One or more general partners and one or more limited partners Owner who invest money, but does not ha

The three major forms of business ownership are (1) sole proprietorships, (2) partnerships, and (3) corporations. A sole proprietorship - Owned and control by one individual without forming a corporation. Partnership - A legal form of business with two or more parties. Corporation - A legal entity with authority to act and have liability separate from its owners. Before opening a business: Consider issues of cost, risk, control, legal, administration, and flexibility Liability – Another work for

Chapter 5: The Diamond-E Framework  The Diamond-E Model  ● It is a high-level road map for strategic analysis  ● It identifies the key variables that need to be considered in the analysis and structures the critical relationships among them  ● The double-headed arrows in the diagram indicate that any of the variables can either Drive Strategy or Constrain Strategy.  ● Each variable in the Diamond-E model relates directly or indirectly to each of the others. ● Changes in any one variable will lik

Chapter 12: Explain the importance of human resource management as a strategic contributor to organizational success, and summarize the five steps in human resources planning. Describe methods that companies use to recruit new employees, and explain some of the issues that make recruitment challenging. Outline the five steps in selecting employees, and illustrate the use of various types of employee training and development methods. Trace the six steps in appraising employee performance, and su

CHAPTER 6 Supply Chain Management Strategies Supply Chain Management (SCM) involves optimizing the entire supply chain operations for the product by taking a systems approach to managing the flow of information, materials, and services from raw materials suppliers through factories and warehouses to the end customer. Well-managed organizations consider supply chain management issues from when a product or service is conceived to the very end of its life cycle, when the product is replaced by a

Changes In The Market How does the change in the market (article) affects us? How does it matter to our businesses? Fossil Fuels → How do we get them? Should we support it? Should other countries be able to own Canadian resources? How does the exchange rate influence costs internal and external? Oil-high level and low level producers What price makes who happy? Balance of trade Bank of Canada Supply and demand of resource and money Manage inflation Bank of banks. As there is more money availabl

Economics In the past year we can see Canada’s increasing dependence on it’s oil for economy and we can see it in the change of TSX and $CAD when oil price changes. Canada’s natural resources and skilled labour contribute to its vastly growing economy. Productivity gains, strong investments, technology, moderate wage increases and a favorable currency exchange are the keys to keep the economy resilient and competitive. Contributing effects to Economic development- (Pyramid) An important aspect

Factors Impacting Economic Development, Economic Models, Economic Activity, How Economies Grow/Contract & How Managers React to Economic Trends Canada has an abundance of natural resources, a skilled labour force & sophisticated technology. Productivity gains, strong business investment, tech innovation, moderate wage increases & a favourable currency exchange rate are all key factors to Canada’s success. Products driving Canada’s current economic/trade performance include crude oil, petroleum g

Developing a business strategy Walmart → Found out their main buyers are price focused consumers however they could potentially win brand aspirationals and price sensitive affluents. With their consumption power they got brands at lower prices and made everything look like a good smart deal. Got 60% of the market. Well developed strategy + Efficient tactic execution= Business growth How do we develop that strategy? We look at all available opportunities and decide which ones can be pursue. Than

Business Strategy, Assessing Strategies, Planning Process, Strategy Challenges The Concept of Business Strategy In order for business growth & profitability, senior management must: Define & create a strategic direction and market position for the organization – Strategic Plan! Execute the core tactical initiatives within the plan in a manner that ensures success – Execute!

Well directed and positioned strategy + Efficient and effective tactics execution = Business growth and profitability 6 key areas for assessing business strategy Purpose The mission of the organization and the vision its managers and owners have for the business Mission - Defines an organization's purpose or reason for existence Mission Statement - Identify the brand goals around which a company was formed Vision - A forward thinking statement that defines what a company wants to become, a

Lululemon Changing strategy as market is changing Consumer loyalty reconstruction Globalization Competition The long term success of an organization is based on two fundamental principles: Ability to create a strategic direction Market position