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Basic Concepts of Management

This document defines management as the process of working with people and resources to accomplish organizational goals. It explains that managers must be both effective and efficient. The four major functions of management are planning, organizing, leading, and controlling. Different levels of managers exist from top-level to frontline. Managers require technical, conceptual, and interpersonal skills. The document also outlines sources of competitive advantage and challenges faced by modern managers such as managing for diversity, globalization, technology, and ethics. The overall goal of management is maximizing shareholder wealth.

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Andrea Raymundo
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71 views17 pages

Basic Concepts of Management

This document defines management as the process of working with people and resources to accomplish organizational goals. It explains that managers must be both effective and efficient. The four major functions of management are planning, organizing, leading, and controlling. Different levels of managers exist from top-level to frontline. Managers require technical, conceptual, and interpersonal skills. The document also outlines sources of competitive advantage and challenges faced by modern managers such as managing for diversity, globalization, technology, and ethics. The overall goal of management is maximizing shareholder wealth.

Uploaded by

Andrea Raymundo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Basic Concepts

of MANAGEMENT
Objectives

▸ Explore the basic concepts of management


▸ Understand why we need to engage in the study of Management
▸ Enhance our managerial skills
▸ Explain the four major functions of Management
▸ Identify the different challenges being experienced by today’s managers
What is the meaning
of MANAGEMENT?
MANAGEMENT
is the process of working
with people and resources
to accomplish
organizational goals.
Good managers do things effectively and efficiently.

EFFICIENT EFFECTIVE
To be efficient is to To be effective is to
achieve goals with achieve results, to
minimal waste of make the right
resources—that is to decisions and
make the best successfully carry them
possible use of out to achieve
money, time, materials organization’s goals.
and people.
“ Efficiency is the means,
while effectiveness is the end.

Doing things right.


The four Major Functions of Management

PLANNING ORGANIZING LEADING CONTROLLING


PLANNING
▸ the management function of systematically
making decisions about the goals and
activities that an individual, a group, a work
unit, or the overall organization will pursue
ORGANIZING
▸ the management function of assembling and
coordinating human, financial, physical
information, and other resources needed to
achieve goals
LEADING
▸ the management functions that involves
the manager’s efforts to stimulate
high performance by employees
CONTROLLING
▸ the management function of monitoring
performance and making needed change
Four Different Levels of Managers

Top-level
Middle-level Managers
Frontline Managers
Team Managers
Leaders
Managers Need Three Broad Skills:

▸ Technical Skills ▸ Conceptual and ▸ Interpersonal and


Decision Skills Communication
skills
Managers must have entrepreneurial spirit.
▸ Entrepreneurship is the ▸ Entrepreneur sees a
process of taking risks to new opportunity for a
create a new enterprise. product or service and
launches business to
realize it.

▸ Intrapreneur is already working inside an organization.


He sees an opportunity for a product or service and
mobilize the organization’s resource to realize it.
Sources of Competitive Advantage

INNOVATION QUALITY SERVICE AND SPEED COST


COMPETITIVENESS

Source: Management 4th Edition by Bateman, Snell and Konopaske


16
The Seven Challenges to
Being an Exceptional Manager
▸ Managing for Competitive Advantage
▸ Managing for Diversity
▸ Managing for Globalization
▸ Managing for Information Technology
▸ Managing for Ethical Standards
▸ Managing for Sustainability
▸ Managing for your own happiness and life goals

17
Goal of Management
Maximization of
Shareholder’s Wealth

Source: Financial Management- A Practical Approach 6th Edition by Wiiliam R. Lasher

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