MANAGING THE BUSINESS ENTERPRISE. CHAPTER 5. D epartment of Business Administration Eastern Mediterranean University GaziMağusa, TRNC. This slide set is prepared for use with Ebert and Griffin, Business Essentials. Fifth Edition. Prentice Hall, New Jersey. 2005. TOPICS SUMMARY.
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Department of Business AdministrationEastern Mediterranean UniversityGaziMağusa, TRNC
This slide set is prepared for use with Ebert and Griffin, Business Essentials. Fifth Edition. Prentice Hall, New Jersey. 2005.
Principles of management apply to all kinds of organizations -- private or public; profit or not-for-profit; service producing or goods producing.
Managers work in all kinds of organizations at all levels.
Regardless of the size or nature of an organization, managers are among its most important assets.
In this chapter, the management process is described and the skills that are required by managers are discussed.
Goal : objective that a business hopes and plans to achieve in the future (hedef; amaç)
Strategy: The broad set of organizational plans for achieving organizational goals
Types of strategy:
Taken from publisher’s slide set for Ch.6 of textbook.
Types of Strategy:
When you set personal goals (such as attending a university to get an education), don’t you commit your resources to achieve those goals?
It asks the question “Why are we in business?”
The mission also includes
CLICK THE IMAGE
Regardless of a company’s purpose and mission, every firm has three kinds of goals:
Let us discuss each one briefly....
1. Long-term goals
in the computer industry “long term” might be 2 years; in the steel industry “long term” may mean 15 years
2. Intermediate goals
3. Short-term goals
It is a broad program that describes what the organization wants to do in order to achieve long term goals.
NOTE: In the past, strategy formulation was done exclusively by top management; today lower level managers and employees also participate in this process
Analyze the Organization
Set Strategic Goals
Analyze the Environment
Figure taken from publisher’s slide set for Ch.6 of textbook.
A Well-Formulated Strategy Is Vital to a Business’s Success
Let us discuss each one briefly:
1. Setting strategic goals:
Strategic goals: long-term goals derived (obtained) from an organization’s mission statement. These are goals focusing on broad organizational issues and apply to the whole company; set by top management
2. Analyzing the organization and its environment (Environmental Analysis) (çevre analizi)
Environmentalanalysis is the process of scanning (taramak) the business environment for threats (tehditler) and opportunities
Analyzing the Organization (also called Organizational Analysis)
Managers must also examine internal (inside the organization) factors. This is the process of analyzing a company’s strengths and weaknesses (şirketin güçlü ve zayıf yönleri)
Some examples of strengths:
Some examples of weaknesses:
3. Matching the Organization and Its Environment
This is the final step in strategy formulation. It is the heart of strategy formulation.
NOT IN THE TEXTBOOK
Let us see what these plans are....
It is the process of planning, organizing, directing, and controlling an organization’s
resources in order to achieve its goals.
3. Directing (now called Leading)
Each one is discussed in the following
is more common.
are just a few areas for control.
THE CONTROL PROCESS
Top, middle, and first-line managers work in a variety of areas. These are the following:
Operations (işlemler; işletme) are systems by which a firm produces goods and services
Marketing is the development, pricing, promotion, and distribution of goods and services. Marketing managers are responsible for getting products from producers to consumers.
Information managers design, and implement systems to gather, organize, and distribute information. This is a new type of manager because of the huge increase in all kinds of information and the need for it to be managed effectively.
Financial managers are responsible for planning and supervising accounting functions and financial resources.
Managementskills (yönetsel beceriler)
Irrespective of the type or size of the organization, managers employ (use) five basic kinds of skills:
1. Technical skills
2. Human relations skills
3. Conceptual skills
4. Decision-making skills
5. Time-management skills
It is the process of identifying a decision situation, analyzing the problem, weighing the alternatives, arriving at a decision, taking action, and evaluating the results.
THE DECISION MAKING PROCESS
Define the Problem
Implement the Chosen
Follow Up and Evaluate
the Chosen Alternative
Select the Best
Time management skills are those skills associated with the productive use of time.
Time is a valuable resource; thus it should be used wisely.
Basically two important challenges are faced by managers as we enter the 21st century:
1. Global Management Skills
2. Management and Technology Skills
Managers must equip themselves with
necessary to compete in a global environment.
Managers of the next century will need to understand
In the future, businesses will need and hire managers who are capable of understanding international operations.
YOU, as business students, should do your best to prepare yourselves to become the kind of graduate who will attract the attention of employers. This means hard work and seriousness of purpose on your part.
2. Technology Skills
Managers have always had to deal with information. Today managers are overloaded with information.
All these and much more require a different kind of manager than what we are used to.
It is the shared beliefs, values, norms, and experiences that characterize an organization. (kurumsalkültür)
Managers must use effective communication in order to accomplish the following tasks:
Organizations must sometimes change their cultures. This means that they must communicate the nature of the change to both