BUS 200 Lecture 6: 6- Managing the Business Enterprise
8 Dec 2017
School
Department
Course
Professor
Managers- the people who plan, organize, lead and control the operations of an organization
The Management Process
Management- the process of planning, organizing, leading and controlling a business’s financial,
physical, human and information resources in order to achieve its goals
Planning
The business’s goals and the best way to achieve them
Strategic plans- what
Tactical plans- how
Operational plan- day to day monitoring
Levels of Strategies
• Corporate level- how business relate to each other
• Business level- how business will compete
o Value proposition
• Functional- how the inner departments act on and implement the strategy
o Larger the organization the more difficult the functional strategy
Planning process
• Determine a goal
• Identify gaps (what’s wrong and how they can be fixed)
• Develop plans
• Implement
• Assessment of the effectiveness of the plan
Organizing
Mobilizing the necessary resources to complete a particular task
Leading (or directing)
Guiding and motivating subordinates to meet objectives
Managers have various responsibilities with regard to their employees
• Authority to give orders
• Ability to guide employees
• Power to motivate subordinates
Controlling
Managers monitor the firm’s performance to make sure objectives are met
Keeping up corporate standards and objectives
Those a
If measured performance meets standards then the firm can continue with tits normal function, if the
two do not meet revision is required.
Becoming a Manager
Managers are often formally educated
• They either take courses at an institute or some online ones
• These courses only offer general knowledge and not the specifics of the particular job
Managers learn through experience in the job they are managing and other related ones
Managers have to be prepared to not be paid for any hours they work over 40hrs, they are not entitled
to overtime pay (under the Canada Labour Code). They must get the job completed
Types of Managers
Levels of Management
Top Managers
• Responsible for a firms overall performance and effectiveness and for developing long range
plans for the company
• Eg president, vice president, CEO, chief operation officer (COO), chief financial officer (CFO)
• Set policies, formulate strategies, oversee significant decisions, represent the company in its
dealings with other businesses and government
• Top managers often have low credibility (due to social media)
Middle Managers
• Those managers responsible for the implementing the decisions made by top managers
• Hold positions of significant autonomy and importance
• Eg plant manager, operations manager, division manager
First Line Management
• Those managers responsible for supervising the work of employees and working alongside them
• Eg supervisor, office manager, group leader
Areas of Management
Exist within all three tiers of management
Human Resource Manager
• Hire, train, evaluate employees and deal with unions
• Large firms may have separate HR managers for different departments since the issues would be
different
Operations Manager
• Responsible for a companies system of creating goods and services
o Production, inventory and quality control
• Becoming more and more important for service producing companies (hospitals)
Information Manger
• Responsible for designing and implementing various methods of gathering, processing and
disclosing information
Marketing Manager
• Development, pricing, promotion and distribution of products and services
• Get products ad services to buyers
Financial Manager
• Plan and oversee use of financial resources
Other Managers
• Some management positions are very specific to one job or one industry
• Require specific skills or certifications
Management Roles and Skills
Roles
Generally involves planning, organizing, leading and controlling
Specifically involves:
• Interpersonal roles
o Figurehead- does person things for employees like attend their wedding
o Leader- responsible for work of the unit
o Liaison- make contact outside of the vertical chain of demand
• Informational Roles
o Monitor for relevant information
o Disseminator- pass information on to subordinates
o Spokesperson- send information to people outside of the unit
• Decision making roles
o Entrepreneur- improve performance of unit
o Disturbance handler
o Resource allocator within the unit
o Negotiator
Skills
Technical Skills
• Associated with performing specialized tasks within a firm
• Developed through education and experience
Human Relations Skills
• Understand and getting along with people
• Allow managers to lead, motivate, communicate with and get along with subordinates
• Low human relations skills leads to many conflicts with subordinates
Conceptual Skills
• Ability to think in the abstract, diagnose and analyse situations, and see beyond the current
situation
• Recognizing new market threats and opportunities
