MGM101 - Introduction to Management Functions

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

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

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

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. 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

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

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

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

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

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.

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

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

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

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