A snapshot of the summary - Fundamentals of Management Essential Concepts and Applications
1 Managers and management
Managers and efficiency &effectiveness
- Concepts are different but interrelated
- It's easier to be effective if you ignore efficiency
- Poor management is often due to inefficiency and ineffectiveness or effectiveness achieved without efficiency
- Good management is concerned with both attaining goals and doing so as efficiently as possible
Why do we have different managers?
- Because of specialization
- Because of span of control
What are technical skills?Job-specific knowledge and techniques needed to perform work tasks
2 The management environment
2.2 How Does the External Environment affect managers
To asses environmental uncertainty, what can a manager use?Evironmental uncertainty matrix
What are different stakeholders from an organization?
- Social an political action groups
- Trade and Industry associations
Why should managers care about stakeholder relationships?
- Good relationships can positively affect organizational performance
- It's the right thing to do because an organization depends on external groups as sources of input.
- Create and reinforce a positive image of the organization among its stakeholders and community.
3 Integrative managerial issues
3.1 What is globalization and how does it affect organizations?
What is a global village?A boundary less world where goods and services are produced and marketed worldwide
What are characteristics of an multidomestic corporation?An MNC in which management and other decisions are decentralized to the local country in which it is operating.
- Rely on local employees to manage the business
- Tailor strategies to each country's unique characteristics
- Uses by many consumer product companies
What are characteristics of an transnational organization?An MNC where artificial geographical boundaries are limited
- Country of origin or where business is conducted becomes irrelevant
- Increases efficiency and effectiveness in a competitive global market place
Arguments for and against social responsibilityFOR
- Public expectations
- Long-run profits
- Ethical obligation
- Public image
- Better environment
- Discouragement of further governmental regulation
- Balance of responsibility an power
- Stockholder interests
- Possession of resources
- Superiority of prevention over cures
- Violation of profit maximization
- Dilution of purpose
- Too much power
- Lack of skills
- Lack of accountability
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