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INTRODUCTION TO
BUSINESS
CHAPTER 7
Managing Effectively
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Levels of Management
Top (high
-
level) management: managers in positions such as
president, chief executive officer, chief financial officer, and vice
-
president who make decisions regarding the firm’s long
-
term
objectives.
Middle management: managers who are often responsible for the
firm’s short
-
term decisions.
Supervisory (first
-
line) management: managers who are usually highly
involved with the employees who engage in the day
-
to
-
day production
process.
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Functions of Managers
Planning: the preparation of a firm for future
business conditions
Mission statement: a description of a firm’s
primary goal
Strategic plan: identifies a firm’s main business
focus over a long
-
term period, perhaps three to
five years.
Tactical planning: smaller
-
scale plans (over one
or two years) that are consistent with the firm’s
strategic (long
-
term) plan
Comparison of Responsibilities among Managers
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Copyright by Paradigm Publishing, Inc.
Business plan
Mgt., Mktg., Fin, International
Short term : 12 months
Intermediate: 2
-
5 years
Long Term : 5 +
BE SURE THEY ARE MEASUREABLE (Use numbers
and dollars!)
Functions of Managers
Employers
commonly attempt
to establish tactical
plans that are
consistent with the
strategic plan.
They also develop
plans that are
intended to satisfy
the tactical plans.
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How Planning Functions are Related
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Functions of Managers
Planning
Organizing
Leading: the process of influencing the
habits of others to achieve a common goal.
Initiative: the willingness to take action.
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Functions of Managers
Leadership Styles
Autocratic: a leadership style in which the leader
retains full authority for decision making.
Free
-
rein: a leadership style in which the leader
delegates much authority to employees.
Participative: a leadership style in which the
leaders accept some employee input but usually
use their authority to make decisions.
PATERNALISTIC
–
seniority based,
fatherly/motherly, family, union
Functions of Managers
How
Leadership
Style Affects
Employee
Influence on
Management
Decisions
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Functions of Managers
Controlling: the monitoring and evaluation of
tasks.
Control by Investors
Control of Reporting
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Managerial Skills
Conceptual Skills
Interpersonal Skills: the skills necessary to
communicate with customers and employees.
Communication with Customers
Communication with Employees
Technical Skills
Decision
-
Making Skills
Please take note…..
Time Management
Priorities
Intervals
Interruptions
Goals
Delegate
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How Managers Manage Time
Time Management: the way managers
allocate their time when managing tasks.
Set Proper Priorities
Schedule Long Time Intervals for Large
Tasks
Minimize Interruptions
Set Short
-
Term Goals
Delegate Some Tasks to Employees
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