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Busn 100 Chapter 7. Managing Businesses. Goals . How Has The Changing Business Environment Affected Managers? Goals Objectives Strategies and Tactics Four Functions Of Management How Do Company Goals Affect Planning And Decision Making? Describe The Organizing Function Of Management

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Busn 100 chapter 7 l.jpg

Busn 100 Chapter 7

Managing Businesses


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Goals

  • How Has The Changing Business Environment Affected Managers?

  • Goals Objectives Strategies and Tactics

  • Four Functions Of Management

  • How Do Company Goals Affect Planning And Decision Making?

  • Describe The Organizing Function Of Management

  • What Are The Differences Between Leaders And Managers?

  • Leadership Styles

  • What Are The Five Steps For The Control Function Of Management


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Define: Management

  • The process used to accomplish goals through

    • Planning

    • Organizing

    • Leading

    • Controlling:

      • People

      • Financial resources

      • Information

      • Equipment


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Management Old

  • Called Bosses

  • Telling people what to do

  • Watching over people

  • Punishing people if they did not obey

  • Act sternly


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Management New

  • Guide

  • Train

  • Support

  • Motivate

  • Coach

  • Build Teams

  • Treat employees like partners rather than unruly workers


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Managers Of Today

  • Flexible and open to new ideas

  • Act much faster than managers in the past

  • Give workers more responsibility and authority

  • Act like Leaders


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Management Requires New Skills

  • Communicate effectively

  • Team Player

  • Planner

  • Coordinator

  • Organizer

  • Supervisor


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Long-term Relationships

  • Employees don’t stay with companies for a whole lifetime (like in the past)

  • Employees have several jobs throughout their career


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Web Sites For Next Few Slides

  • Microsoft Mission:

    • http://www.microsoft.com/about/default.mspx

  • Highline Mission:

    • http://www.highline.edu/pres/president/mission.htm

  • Wholefoods Mission:

    • http://www.wholefoodsmarket.com/company/declaration.php

  • Wholefoods 19-time Pay Statement:

    • http://www.wholefoodsmarket.com/company/corevalues.php


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Terms

  • Goals

    • The broad, long-term accomplishments an organization wishes to attain

  • Objectives

    • Specific, short-term statements detailing how to achieve the organizational goals

  • Strategy

    • Determining the major goals of the organization and the policies and strategies for obtaining and using the resources to achieve those goals. Also, position in the market

  • Tactics

    • Developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done


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Student: Goal Objective Strategy Tactic

  • Goal:

    • Take care of family and have career that is enjoyable

  • Objective

    • Earn Accounting CPA

  • Strategies:

    • Attend Community College

    • Go to University

    • Internship while at university

    • Graduate

    • Work for one year (Experience)

    • Take CPA review course (3 months)

    • Sit for all four CPA exams within one year

  • Tactics at community college

    • School from 8 AM to noon, part-time job from 1 PM to 4 PM, Study from 5 PM to 10 PM

    • Eat Healthy food


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WholefoodsGoalObjectiveStrategyTactic

  • Goal:

    • Whole Foods Market aims to create a complete stakeholder team that sets the standards of excellence for quality food retailers

  • Objectives

    • Sell the Highest Quality Natural & Organic Products

    • Satisfying and Delighting Our Customers

    • Supporting Team Member Happiness and Excellence

    • Creating Wealth Through Profits & Growth

    • Caring about our Communities & Our Environment

    • Creating ongoing win-win partnerships with our suppliers

  • Strategies

    • Best Quality Food

    • Employees and managers are on same team instead of two opposing teams

    • Gain enough scale to bring costs down (quality food is not cheap)

  • Tactics

    • Met with law makers who are creating laws that define the term organic

    • Visit a particular farm to inspect farming techniques

    • Contracting with farms in China to grow walnuts

    • Do not allow unions so that managers and employees can be on one team

    • Managers are not allowed to make more than 19-times the average pay


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Goals

  • The broad, long-term accomplishments an organizations wishes to attain

    • What customers to serve?

    • What products to sell?

    • Where to sell in the world?

  • Mutually agreed upon by employees and managers

  • Goals are listed in the Mission Statement


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Objectives

  • Specific, short-term statements detailing how to achieve the organizational goals


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Strategy

  • Strategy is your overall goal in your business.

    • What customers to serve?

    • What products to sell?

    • Where to sell in the world?


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Tactics

  • Tactics are the set of actions/steps/tools needed to fulfill/achieve your strategy/goal (http://searchwarp.com/swa266409.htm)

  • Developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done

    • Setting annual budgets

    • Research or advertise or marketing

    • Managers below the top level


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What Is Strategy?

  • Strategy is your overall goal in your business.

  • Strategy is your standing within the marketplace.

  • Strategy is your position in your niche.

  • Your strategy is the act of creating decisions that will benefit the future outcome of your business. Strategy is the set of directions you make or your situation and position within the business community. Strategy often also refers to your timing in the marketplace and strategically choosing the most beneficial time to launch your business or your campaign.

  • http://searchwarp.com/swa266409.htm


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What Are Tactics?

  • Tactics are the tools you use to achieve your goals.

  • Tactics include things like advertising and marketing.

  • Tactics are the steps taken to achieve your goals.

  • Tactics should work with your strategy and they are the set of requirements need for your plan to take place. Your tactic is your device used for meeting your goals set by your strategy. Strategy and tactics should always be relative to one another because the tactics are the set of actions needed to fulfill your strategy.

  • http://searchwarp.com/swa266409.htm


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Functions Of Management

  • Planning

    • Create Goals / Strategies

  • Organizing

    • Create a structure for firm and deploy resources, so that the whole team can achieve the Goals

  • Leading

    • Create a vision for the firm that inspires and motivates so that the whole team can achieve the Goals

  • Controlling

    • Create the standards to measure whether the Team is achieving the Goals and then make corrections when the Goals are not met and give rewards when the Goals are met.


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Highline

  • Planning

    • http://www.highline.edu/pres/president/StrategicPlan/strategicplan2006.htm

  • Organizing

    • http://www.highline.edu/pres/president/organization/orgchrt.htm

  • Leadership

    • Jack Bermingham, Jeff Wagnitz, Alice Madsen, Joy Smucker, Jeffrey Ward

  • Controlling:

    • Joy Smucker & Jeffrey Ward visit teachers classes and write reports

    • Alice Madsen creates a 5-year plan for teachers

    • This information is passed up to the Vice President, President and the B of T


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Planning

  • Anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives

  • Setting organizational goals

  • Develop strategies to reach those goals

  • Setting precise standards

  • Please the customer and planning teams


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Organizing

  • Designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization’s goals and objectives

    • Please the customer and adapt to changing customer needs

  • Allocating resources, assigning tasks, and establishing procedures for accomplishing goals

  • Preparing a structure (organizational chart) showing lines of authority and responsibility

  • Recruiting, selecting, training, and developing employees

  • Placing employees where they are most effective


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Leading

  • Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization’s goals and objectives

  • Guiding and motivating employees to work effectively to accomplish organizational goals and objectives

  • Empowering and giving freedom to employees to become self-directed and self-motivated

  • Giving assignments

  • Training

  • Explaining routines

  • Clarifying policies

  • Provide feedback on performance


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Controlling

  • Establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not

  • Measuring results against corporate objectives

  • Monitoring performance relative to standards

  • Rewarding outstanding performance

  • Taking corrective action when necessary


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Planning: Vision

  • An encompassing explanation of why the organization exists and where it’s trying to head

    • Unite workers in a common destiny


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Planning: Mission Statement (Goals & Strategies)

  • An outline of the fundamental purpose of an organization

    • The organization’s self-concept

    • Company philosophy and goals

    • Long-term survival

    • Customer needs

    • Social responsibility

    • The nature of the company’s products or services


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Planning: Mission Statements

  • http://www.starbucks.com/aboutus/environment.asp

  • http://www.wholefoodsmarket.com/company/declaration.php

  • http://www.exxonmobil.com/Corporate/about_operations_sbc_principles.aspx

  • http://www.highline.edu/pres/president/mission.htm

  • http://www.pccnaturalmarkets.com/member/board/policy_governance.html



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SWOT: Boeing

  • Strength

    • Biggest

    • Access to educated engineers

  • Weakness

    • Biggest

    • Union Strike are common

  • Opportunities

    • Emerging markets need planes

    • If the dollar goes down

  • Threats

    • Air Bus

    • Global recession


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SWOT

http://marketingteacher.com/SWOT/walmart_swot.htm

http://www.marketingteacher.com/SWOT/yahoo_swot.htm

http://www.marketingteacher.com/SWOT/amazon_swot.htm

http://www.marketingteacher.com/SWOT/toyota_swot.htm


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SWOT: Internal:

  • Strengths

    • Core competencies in key areas

    • An acknowledged market leader

    • Well-conceived functional area strategies

    • Proven management

    • Cost advantages

    • Better advertising

  • Weaknesses

    • No clear strategic direction

    • Obsolete facilities

    • Subpar profitability

    • Lack of managerial depth and talent

    • Weak market image

    • Too narrow product line


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SWOT: External:

  • Opportunities

    • Ability to serve additional customer groups

    • Expand product lines

    • Ability to transfer skills/technology to new products

    • Falling trade barriers in attractive foreign markets

    • Complacency among rival firms

    • Ability to grow due to increases in market demand

  • Threats

    • Entry of lower-cost foreign competitors

    • Rising sales of substitute products

    • Slower market growth

    • Costly regulatory requirements

    • Vulnerability to recession and business cycles

    • Changing buyer needs and tastes



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Contingency Planning

  • Preparing alternative courses of action that may be used if the primary plans don’t achieve the organization’s objectives

    • If you do not meet sales target:

      • More advertising

      • Cut prices



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Planning: Decision Making

  • Choosing between two or more alternatives

  • 7 Ds:

    • Define the situation

    • Describe and collect needed information

    • Develop alternatives

    • Develop agreement among those involved

    • Decide which alternative is best

    • Do what is indicated (begin implementation)

    • Determine whether the decision was a good one and follow up


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Planning: Problem Solving

  • The process of solving the everyday problems that occur. Problem solving is less formal than decision making and usually calls for quicker action


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Planning: Brainstorming

  • Coming up with as many solutions to a problem as possible in a short amount of time with no censoring of ideas


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Planning: PMI

  • Listing all the + for a solution in one column, all the - for a solution in another column, and all the implications for a solution in a third column


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Management Pyramid

President,

Vice Pres.

Division Heads, Plant Mgrs.

Foreman, Dept Heads

Employees


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Organizing : Top Management

  • Highest level of management who develop strategic plans

  • Chief Executive Officer (CEO)

    • Often the president

    • Responsible for all top level decisions

    • Responsible for introducing change into the firm

  • Chief Operating Officer (COO)

    • Responsible for executing change

      • Structural work

      • Controlling operations

      • Rewarding people for achieving goals


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Organizing : Top Management

  • Chief Financial Officer (CFO)

    • Planning budgets

    • Obtaining resources through debt or equity

  • Chief Information Officer (CIO) or Chief Knowledge Officer (CKO)

    • Getting useful information that can help the firm meet its goals and objectives


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Organizing : Middle Management

  • General managers

  • Division Managers

  • Branch and plant managers

  • Deans

  • Division Chairs

  • Responsible for tactical planning and controlling


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Organizing : Supervisory Management

  • Directly responsible for supervising and evaluating workers



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Organizing : Skills

  • Technical Skills

    • Perform tasks in a specific department or discipline (Accounting, Selling)

  • Human Relations Skills

    • Inspiration, motivation, communication, delegating, training, support

  • Conceptual Skills

    • Ability to picture the organization as a whole and the relationship amongst the various parts (planning, organizing, controlling, system developing, problem analysis, decision making, coordinating, delegating)



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Organizing : Staffing

  • Recruiting, hiring, motivating, and retaining the best people


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Leading

  • Leader

    • Embrace and manage change

    • Create vision, values, ethics and motivate others to follow and motivate themselves to follow

  • Manager

    • Strive to produce order and stability

    • Carry out leader’s vision

  • Leaders and managers must:

    • Lead by example


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Leadership Styles

  • Autocratic

    • Making decisions without consulting others

  • Participative (Democratic)

    • Managers and employees working together to make decisions

  • Free-rein

    • Managers set objectives

    • Employees are relatively free to do whatever it takes to meet those objectives


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Autocratic Leadership

Making managerial decisions without consulting others


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Participative Leadership

  • Democratic

  • Managers and employees working together to make decisions


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Free-rein Leadership

  • Managers set objectives

  • Employees are relatively free to do whatever it takes to accomplish those objectives


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Enabling

  • Giving workers the education and tools they need to make decisions


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Knowledge Management

  • Finding the right information

  • Keeping it in a readily accessible place

  • Making the information known to everyone

  • Who are your customers, competitors?

  • Knowledge management: post the information once so everyone knows – reduce reinventing the wheel


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Controlling

  • Set Standards

  • Measure performance

  • Compare measurements against standards

  • Communicate results

  • Take corrective actions or reward for high achievement

  • When setting standards, be specific:

    • Instead of setting the goal as: Improve Sales

    • Set the goal as: Raise sales from 100,000 on January 1, 2007 to 125,000 on Jan 1 2008


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Measuring Customer Satisfaction

  • External Customers

    • End users and dealers

  • Internal Customers

    • Example: Top managers use accounting information from the accounting department

  • Have I delighted all the stakeholders?

    • Customers

    • Employees

    • Stockholders

    • Community leaders

    • Others


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How Has The Changing Business Environment Affect Managers?

  • The global economy and technology require managers to act more quickly than in the past

  • An increase in customer expectations has caused businesses to focus more on the customer than in the past

  • Because employees change jobs more often than in the past, managers must work harder to keep employees

  • Because the work force and customer base are more diverse than in the past, mangers must be more aware and responsive to differences amongst people


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Four Functions Of Management

  • Plan: Create Goals & Objectives

  • Organize: Create structure and deploy resources in such a way as to meet Company Goals and Objectives

  • Lead: Inspire, motivate and coach so the firm meets its Goals and Objectives

  • Control: Create Controls so that firm can understand whether Goals and Objectives are being met


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How Do Company Goals Affect Planning And Decision Making?

  • In the planning stage of management you set the goals

  • Subsequent decision making is based on meeting those goals


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Describe The Organizing Function Of Management

  • Create a structure for the firm that enables managers and employees to meet the company goals and objectives

  • Deploying resources so that the firm can meet its Goals and Objectives


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What Are The Differences Between Leaders And Managers?

  • Leader

    • Embrace and manage change

  • Manager

    • Strive to produce order and stability

  • Leaders and managers must:

    • Lead by example


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Leadership Styles

  • Autocratic

    • Making decisions without consulting others

  • Participative (Democratic)

    • Managers and employees working together to make decisions

  • Free-rein

    • Managers set objectives

    • Employees are relatively free to do whatever it takes to meet those objectives


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What Are The Five Steps For The Control Function Of Management?

  • Set Standards

  • Measure performance

  • Compare measurements against standards

  • Communicate results

  • Take corrective actions or reward for high achievement


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