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Chapter One Look at competition today in the automobile, airline, and even clothes industries. The word “Competition” can bring out the best or the worst in an organization. Microsoft was had legal charges brought against them years ago for attempting to eliminate competition and even monopolize the market. When organizations focus strongly on current competition, new organizations slowly begin to slip into the industry. This was the case many years ago with the Big Three (Chrysler, Ford, and GM). They were very focused on each other and really did not pay attention to Toyota. Now, according to US News, the top four wealthiest automakers are Toyota ($214 Billon), Volkswagen ($101 Billon), Daimler (Mercedes-Benz) ($84.3 Billon), and BWM ($71. Billion). The Big Three has dropped tremendously; GM is ranked sixth ($52.9 Billion), Ford is eighth ($44.1 Billon), and Fiat Chrysler is tenth ($36.6 Billon). When new companies begin coming into the market, this can create many problems with competition. In fact, Michael Porter sees this as a very powerful source. Now, Tesla is now beginning to make a great deal of noise in the world of competition. Consider the following article https://www.trefis.com/stock/tsla/model/trefis?easyAccessToken=PROVIDER_fdb11db659bd1a59ae20da362d0b1971a252c2be. Based on the article, it seems within the last few years, Tesla has entered the market with a bang. Based on the article and chapter one, how is Tesla competing within the market place?Chapter 6 Consider the readings from the text and the power points from Chapter Six in answering questions two and three. In slide 24, it documents CEO pay of the top executive in various industries. Select one of the CEO’s from the slide, conduct some research on your chosen CEO and the company where they are CEO, and then explain if they are worth the amount they earn. Please validate your answer based on the performance of the organization.In slide 25, successful diversity recruiting is the topic. The slide provides five successful keys to conducting this activity. For number three, your job is to add one more key that you feel is imperative for diversity recruiting to be successful. Conduct research outside the text in determining your additional successful key. Validate your answer Chapter 7 4. Read the following article https://hackernoon.com/jeff-bezos-ceo-amazon-explains-his-business-model-to-shareholders-80228d4e9233 about Amazon and Jeff Bezos (sorry about the ads) and Chapter Seven. After reading both of these sources, what was Bezos’ model, and what was the culture of the organization at Amazon?This is PDF of the book : http://online.anyflip.com/xetl/gide/mobile/index.html#p=17 Chapter 6 ppt is uploaded below Page number is not required as long as it can address all the questions. Feel free to do a research but it need to be cited with APA format. Thank you chapter_6_.pptx Unformatted Attachment Preview Part 3 Chapter 6 Managing for Quality and Competitiveness © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. CHAPTER 6 The Nature of Management CHAPTER 7 Organization, Teamwork, and Communication CHAPTER 8 Managing Service and Manufacturing Operations © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 2 Learning Objectives LO 6-1 Define management and explain its role in the achievement of organizational objectives. LO 6-2 Describe the major functions of management. LO 6-3 Distinguish among three levels of management and the concerns of managers at each level. LO 6-4 Specify the skills managers need in order to be successful. LO 6-5 Summarize the systematic approach to decision making used by many business managers. LO 6-6 Recommend a new strategy to revive a struggling business. © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 3 Management and Managers • Management – A process designed to achieve an organization’s objectives by using its resources effectively and efficiently in a changing environment ❖ Effectively means having the intended result ❖ Efficiently means accomplishing the objectives with a minimum of resources • Managers – Those individuals in organizations who make decisions about the use of resources and who are concerned with planning, organizing, staffing, directing and controlling the organization’s activities to reach its objectives © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 4 The Importance of Management • Every organization must acquire resources to effectively pursue objectives and coordinate use to turn out final goods and services ➢ Employees ♦ Important in helping a firm attain its objectives ♦ Recruit, train, compensate, and provide benefits to foster loyalty ➢ Acquiring Supplies ♦ Ensuring that products are made available to customers ♦ In global markets firms enlist hundreds of diverse suppliers ➢ Financial resources ♦ To pay for essential activities ♦ Owners, shareholders, banks, and other financial institutions © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Management Functions • Planning – Planning activities to achieve the organization’s objectives • Organizing – Organizing resources and activities to achieve the organization’s objectives • Staffing – Staffing the organization with qualified people • Directing – Directing employees’ activities toward achievement of objectives • Controlling – Controlling the organization’s activities to keep it on course © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 6 Planning • Planning is the process of determining the organization’s objectives and deciding how to accomplish them; the first function of management ✓ Mission is the statement of an organization’s fundamental purpose and basic philosophy ✓ Objectives are measurable statements on common issues such as profit, competitive advantage, efficiency and growth ✓ Goals are the results the company wants to achieve ✓ Plans specify what should be done, by whom, where, when and how © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 7 Strategic Plans » Those plans that establish longrange objectives and overall strategy or course of action by which a firm fulfills its mission » Generally cover periods ranging from one year or longer – Plans to add products – Purchase companies – Sell unprofitable segments of the business – Issue stock – Move into international markets © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 8 Tactical Plans – Short-range plans (one year or less) designed to implement the activities and objectives specified in the strategic plan – Keep the firm on course established in the strategic plan – An ever-changing market requires firms to develop short-run or tactical plan to deal with the changing environment © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 9 Operational Plans – Very short-term plans that specify actions individuals, work groups, or departments need to accomplish in order to achieve the tactical plan and ultimately the strategic plan – Apply to details in executing activities quickly © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 10 Retail Store Example (1 of 2) ➢ A retailing store with a five-year strategic plan to invest $5 billion in 500 new retail stores may develop 5 tactical plans (each covering 1 year) specifying: ► How much to spend to set up each new store ► Where to locate ► When to open each new store © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Retail Store Example (2 of 2) ➢ Tactical plans are designed to execute the overall strategic plan ► They are easier to adjust or abandon if changes in the environment or the company’s performance so warrant ➢ Operational plans may specify the schedule for: ► opening 1 new store ► Hiring and training new employees ► Obtaining merchandise ► Opening for actual business © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Crisis Management or Contingency Planning • An element in planning that deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer virus ✓ ~51\% of companies have outdated disaster recovery and business continuity plans ✓ Herbalife does businesses in 90 countries, and contingency plans must often be made for fluctuating exchange rates © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 13 Organizing • The structuring of resources and activities to accomplish objectives in an efficient and effective manner ✓ Helps create synergy ✓ Establishes lines of authority ✓ Improves communication ✓ Helps avoid duplication of resources ✓ Improves competitiveness by speeding up decision making © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 14 Staffing • Hiring people to carry out the work of the organization ✓ Managerial duties ✓ Recruiting ✓ Determining what skills are needed for specific jobs ✓ ✓ ✓ Motivating and training employees Determining pay and benefits Preparing employees for higher-level jobs © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 15 Monster.com and Staffing ❖ Some companies choose to recruit people to hire through online job websites such as Monster.com ❖ Monster.com is one of the world’s largest employment websites ❖ Using websites like Monster.com falls under the staffing function of management © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 16 Downsizing • The elimination of a significant number of employees from an organization ✓ Production, sales and technical positions can be outsourced to countries with lower labor costs ✓ ✓ Downsizing helps companies reduce costs quickly ✓ An effective manager will promote optimism and positive thinking while minimizing criticism and faultfinding This involves loss of jobs and lowered morale for remaining employees © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 17 Directing • Motivating and leading employees to achieve organizational objectives ✓ Telling employees what to do and when to do it using deadlines, then encourage them to do their work ✓ Determining and administering rewards and recognition ✓ Providing incentives but recognition and appreciation are often the best motivators ✓ Ask workers to contribute ideas for reducing costs, making equipment more efficient, improving customer service, or even developing new products © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 18 Controlling • The process of evaluating and correcting activities to keep the organization on course ❖ ❖ Measuring performance ❖ ❖ ❖ Identifying deviations from the standards Comparing performance with standards or objectives Investigating the causes of deviations Taking corrective action when necessary © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 19 Levels of Management • As the pyramid shape implies, there are generally more middle managers than top managers, and still more firstline managers © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Time Spent on Management Functions © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Top Management • The president and other top executives of a business, such as the chief executive officer (CEO), chief financial officer (CFO), and chief operations officer (COO), who have overall responsibility for the organization ❖ In publically-owned corporations, CEO’s boss is board of directors ❖ Compensation committees work directors and CEOs to keep pay in line with performance ❖ Workforce diversity is good for workers and for the bottom line © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 22 Facebook’s Top Management ❖ Mark Zuckerberg, CEO and founder of Facebook, manages the overall strategic direction of the company ▪ Plays a key role in representing the company to stakeholders ▪ In 2012, announced he would take an annual salary of just $1 ❖ Sheryl Sandberg, Facebook’s chief operating officer, is responsible for the daily operation of the company ▪ COO reports to CEO and is often considered to be number two in command © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 23 The Highest Paid CEOs CEO Company Compensation Larry Ellison Oracle $78.4 million Robert Iger Walt Disney Productions $34.3 million Kenneth I. Chenault American Express $24.4 million Randall L. Stephenson Apple $20.6 million Muhtar Kent Coca-Cola $20.4 million James P. Gorman Morgan Stanley $18 million Meg Whitman Hewlett-Packard $17.6 million Virginia Rometty IBM $13.97 million Jeff Bezos Amazon $1.68 million Warren Buffett Berkshire Hathaway $485,606 © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Five Rules of Successful Diversity Recruiting ❑ Get everyone involved ❑ Showcase your diversity ❑ Work with diversity groups within your community ❑ Spend money ❑ Sell, sell, sell – and measure your return on investment ❖ A diverse workforce is better at making decisions regarding issues related to consumer diversity © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Middle Managers • Those members of an organization responsible for the tactical planning that implements the general guidelines established by top management ❖ Have more focused responsibilities and spend more time organizing than other managers ❖ In business, plant managers, division mangers and department mangers make up middle management ❖ The ranks of middle managers have been shrinking as more companies downsize to be more productive © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 26 First-Line Managers • Those who supervise both workers and the daily operations of an organization ❖ Responsible for implementing plans established by middle management and directing workers’ daily performance ❖ Spend most of their time directing and controlling ❖ Commonly called foreman, supervisor and office service manager © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 27 Areas of Management (1 of 2) • Financial Manager – Focus on obtaining the money needed for the successful operation of the organization and using that money in accordance with organizational goals • Production and Operations Manager – Develop and administer the activities involved in transforming resources into goods, services, and ideas ready for the marketplace • Human Resources Manager – Handle the staffing function and deals with employees in a formalized manner © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 28 Areas of Management (2 of 2) • Marketing Manager – Responsible for planning, pricing, and promoting products and making them available to customers through distribution • Information Technology (IT) Manager – Responsible for implementing, maintaining, and controlling technology applications in business, such as computer networks • Administrative Manager – Manage an entire business or a major segment of a business; do not specialize in a particular function © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 29 Managing Automation and Robots in the Workplace • As digital technology and automation came to the forefront in business operations, many thought the managerial function would no longer be necessary— however, the opposite has proven to be true ✓ Technical and leadership skills valued more highly among today’s managers as their former roles of overseeing employees on a production line have declined ✓ These duties are now delegated to employees who oversee the operations of the machines on the production lines © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Managerial Roles • Decisional ❖ Entrepreneur ❖ Disturbance handler ❖ Resource allocator ❖ Negotiator • Informational ❖ Monitor ❖ Disseminator ❖ Spokesperson • Interpersonal ❖ Figurehead ❖ Leader ❖ Liaison © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted ... Purchase answer to see full attachment