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Managing Business

Managing Business. Every business depends on effective mgmt. Role of the mangers – running big international corp. or small local business. Managers are responsible. Have to develop plans. Have to analyze competitive env. Have to control daily operations. Strategy Formulation. Strategy

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Managing Business

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  1. Managing Business

  2. Every business depends on effective mgmt. • Role of the mangers – running big international corp. or small local business. • Managers are responsible. • Have to develop plans. • Have to analyze competitive env. • Have to control daily operations.

  3. Strategy Formulation. • Strategy • Goals • Kinds of Goals • Management Process. • P O D C • Types of mangers. • According to level of mgmt. • According to area of mgmt. • Management Skills

  4. Strategy Formulation • Starting point in effective business mgmt. is GOAL. • GOAL – “objectives that a business plans to achieve” • Every business needs goals. • They are performance targets. • Mangers can measure success / failure. • Org. functions systematically.

  5. Provides direction & guidance for mangers. • Helps in allocating resources. • Mangers can prioritize projects. • Helps define corporate culture (env.) • Managers can set standards for workforce. • Can reward success. • Helps assess performance.

  6. Kinds of Goals • Goals differ from organization to organization. • Goals depend on two things: • Purpose • Mission • Every org. has a purpose – reason for being. • Mission is how an org. will achieve its purpose. • Mission is reflection of an org. • Top mgmt. plans M.S

  7. Every firm has: • Long term Goals (Set for extended period of time, 6,7, or more years) • Intermediate Goals (Set for period of 1-5 years) • Short term Goals (yearly, quarterly)

  8. Strategy • Org’s. intentions – how it intends to meet its goals. • Strategy formulation has three steps. 2. Analyze organization Formulate strategy 1. set strategic goals 3. Match org. & env. 2. Analyze environment

  9. Management Process • PODC an org’s __ FPHI resources= Goals • Management is “Planning, Organizing, Directing, Controlling an organization’s Financial, Physical, Human, & Information resources to achieve its Goals.”

  10. Planning • What an org. needs to do? • How to do it? • 1st step in planning is that the manager determines goals. • 2nd step: develops strategy to achieve goals. • 3rd step: makes plans for implementing strategy.

  11. Organizing • Best way of utilizing organization’s resources. • Arranging the organization’s activities. Directing • Managers guide & motivate employees to meet goals. • Managers have power to give orders & demand results.

  12. Controlling • Monitoring firm’s performance. • Making sure that the firm is meeting its goals. • Measuring actual performance against expected results.

  13. Level of Mgmt. Top Managers Middle Managers First-line Managers Area of Mgmt. HR Manager Operations Manager Marketing Manager Information Manager Finance Manager Types of Managers

  14. Level of Mgmt. Top Manager: • Responsible for firm’s over all performance. • Includes: President, VP, CEO, CFO. • Set general policies. • Formulate strategies. • Approve decisions. • Represent firm in dealing with other firms.

  15. Middle Manager: • Below the rank of Top Manager. • Implement strategies & decisions made by the Top Manager.

  16. First-line Managers • Includes Supervisors. • Office Manager. • Branch Manager. • Office Manager. • Group Leader. • Supervise work of employees.

  17. Area of Mgmt. • In large companies these 3 Managers work in 5 Areas. HR Manager: • Hires & trains employees. • Evaluates performance. • Recruits & hires. • Wage / Salary levels & labor relations.

  18. Operations Manager: • Responsible for production, inventory, & QC Marketing Manager: • Responsible for providing product from producer to the consumer. • Also responsible for pricing, promotion, & distribution of G/S.

  19. Information Manager: • New managerial position in many firms. • Design system to gather information. Financial Manager: • Plans accounting functions & financial resources.

  20. Management Skills Success of a manger depends on its skills & abilities. • Technical Skills • Human Relation Skills • Conceptual Skills • Decision-Making Skills • Time Mgmt Skills • Global Mgmt Skills • Technology Skills

  21. Technical Skills • Skill needed to perform technical or specialized tasks. • Exp. Accountant to audit. • Typist to type. • Graphic designers to design graphics.

  22. Human Relation Skill • Skills for understanding people. • How you get along with other people. • Managers with poor HR skills may have problem getting along with subordinates as well.

  23. Conceptual Skills • Skill to analyze different situations. • To see beyond present situation. • C.S helps managers recognize new market opportunities & threats.

  24. Decision Making Skill • Ability to define problem. • Ability to select best plan of action. Time Mgmt. Skill • Skill to make productive use of time.

  25. Global Mgmt. Skill • Skill needed to compete in global env. • To understand foreign market & cultural differences. • Skill to understand international operations. • To understand practices of foreign competitors.

  26. Technology Skills • Technology is imp. for communication. • Managers have to deal with information. • New & new forms of technology in today's competitive corporate env. • Computer networking. • E-mail, teleconferencing etc.

  27. Management of the Corporate Culture Corporate Culture: • Every org. has its own identity. • The shared experiences, beliefs, & norms of an org. is its corporate culture. • This culture defines the work env. of the org.

  28. A strong corporate culture directs employees’ efforts. • It helps every one work towards same goals. • Helps newcomers learn the organizational env. • How to work in that particular org.

  29. Role of Managers in Corporate Culture • Managers first need to consider the kind of culture they want for their org. • Then they need to communicate that culture with the workforce. • Managers themselves should have clear understanding of the culture. • Then they have to transmit it to others.

  30. Communication can help in training & orienting newcomers. • M.S is a valuable communication tool. • Culture can be maintained by rewarding & promoting those working towards the culture.

  31. Changing the Culture • Culture should be changed sometimes. • For this the managers need to communicate the nature & need for change to its employees & customers. • The process of changing culture has three steps:

  32. Analysis of the firm’s env. • Top Mgmt formulates vision of the new company. • Firm sets new reward system for employees. • This strengthens the new culture. • Helps firms from having tunnel vision. • Gives new ways of thinking, new approaches.

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