6: Managing for Business Success
- Page ID
- 3960
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\(\newcommand{\avec}{\mathbf a}\) \(\newcommand{\bvec}{\mathbf b}\) \(\newcommand{\cvec}{\mathbf c}\) \(\newcommand{\dvec}{\mathbf d}\) \(\newcommand{\dtil}{\widetilde{\mathbf d}}\) \(\newcommand{\evec}{\mathbf e}\) \(\newcommand{\fvec}{\mathbf f}\) \(\newcommand{\nvec}{\mathbf n}\) \(\newcommand{\pvec}{\mathbf p}\) \(\newcommand{\qvec}{\mathbf q}\) \(\newcommand{\svec}{\mathbf s}\) \(\newcommand{\tvec}{\mathbf t}\) \(\newcommand{\uvec}{\mathbf u}\) \(\newcommand{\vvec}{\mathbf v}\) \(\newcommand{\wvec}{\mathbf w}\) \(\newcommand{\xvec}{\mathbf x}\) \(\newcommand{\yvec}{\mathbf y}\) \(\newcommand{\zvec}{\mathbf z}\) \(\newcommand{\rvec}{\mathbf r}\) \(\newcommand{\mvec}{\mathbf m}\) \(\newcommand{\zerovec}{\mathbf 0}\) \(\newcommand{\onevec}{\mathbf 1}\) \(\newcommand{\real}{\mathbb R}\) \(\newcommand{\twovec}[2]{\left[\begin{array}{r}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\ctwovec}[2]{\left[\begin{array}{c}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\threevec}[3]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\cthreevec}[3]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\fourvec}[4]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\cfourvec}[4]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\fivevec}[5]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\cfivevec}[5]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\mattwo}[4]{\left[\begin{array}{rr}#1 \amp #2 \\ #3 \amp #4 \\ \end{array}\right]}\) \(\newcommand{\laspan}[1]{\text{Span}\{#1\}}\) \(\newcommand{\bcal}{\cal B}\) \(\newcommand{\ccal}{\cal C}\) \(\newcommand{\scal}{\cal S}\) \(\newcommand{\wcal}{\cal W}\) \(\newcommand{\ecal}{\cal E}\) \(\newcommand{\coords}[2]{\left\{#1\right\}_{#2}}\) \(\newcommand{\gray}[1]{\color{gray}{#1}}\) \(\newcommand{\lgray}[1]{\color{lightgray}{#1}}\) \(\newcommand{\rank}{\operatorname{rank}}\) \(\newcommand{\row}{\text{Row}}\) \(\newcommand{\col}{\text{Col}}\) \(\renewcommand{\row}{\text{Row}}\) \(\newcommand{\nul}{\text{Nul}}\) \(\newcommand{\var}{\text{Var}}\) \(\newcommand{\corr}{\text{corr}}\) \(\newcommand{\len}[1]{\left|#1\right|}\) \(\newcommand{\bbar}{\overline{\bvec}}\) \(\newcommand{\bhat}{\widehat{\bvec}}\) \(\newcommand{\bperp}{\bvec^\perp}\) \(\newcommand{\xhat}{\widehat{\xvec}}\) \(\newcommand{\vhat}{\widehat{\vvec}}\) \(\newcommand{\uhat}{\widehat{\uvec}}\) \(\newcommand{\what}{\widehat{\wvec}}\) \(\newcommand{\Sighat}{\widehat{\Sigma}}\) \(\newcommand{\lt}{<}\) \(\newcommand{\gt}{>}\) \(\newcommand{\amp}{&}\) \(\definecolor{fillinmathshade}{gray}{0.9}\)- 6.1: What Do Managers Do?
- This page outlines the four interrelated functions of management: planning, organizing, directing, and controlling. It highlights how management involves setting goals, organizing resources, motivating employees, and adjusting performance by comparing it to expectations. The functions are illustrated across various organizations, underlining their significance in achieving specific objectives.
- 6.2: Planning
- This page emphasizes the critical role of strategic planning in a company's success. It details the steps involved, including defining purpose, writing mission statements, identifying core values, assessing strengths and weaknesses, setting goals, and tactical planning. Examples from companies like Wal-Mart and Harley-Davidson demonstrate effective communication of organizational purpose. The strategic plan serves as a guide for organizational behavior and direction.
- 6.3: Organizing
- This page discusses a company's organizational structure centered on management hierarchy, detailing three levels: top managers who establish objectives, middle managers who oversee activities, and first-line managers who supervise employees. It uses the example of Notes-4-You to illustrate these roles, from the president to non-managerial staff.
- 6.4: Directing
- This page discusses the directing function in management, highlighting the significance of employee motivation for achieving goals. It outlines three leadership styles: autocratic, democratic, and laissez-faire, noting their effectiveness can depend on the situation. The text also differentiates transactional leadership, focused on authority, from transformational leadership, which fosters development and motivation.
- 6.5: Controlling
- This page outlines the managerial function of controlling, which encompasses monitoring operations and evaluating performance against planned targets. It details a five-step process: establishing standards, measuring performance, comparing results to standards, identifying reasons for deviations, and implementing corrective measures. Two scenarios exemplify how this control process can resolve issues and improve planning for enhanced business outcomes.
- 6.6: Managerial Skills
- This page emphasizes the diverse skills essential for successful management at various levels: technical skills are crucial for entry-level, interpersonal skills for mid-level, and conceptual skills for top executives. Effective communication and time management are vital across all levels. Additionally, it highlights programs to enhance communication skills and offers a six-step problem-solving procedure for improving time management.
- 6.7: Cases and Problems
- This page highlights the importance of mission statements in reflecting an organization's purpose to stakeholders, with examples from Mary Kay Cosmetics and FedEx. It discusses the diversity in mission statement length and detail, while emphasizing the need for effective communication of company goals, reputation, and customer service.