Final Management 340 Notes.doc.docx - Management 340 Notes Chapter 1 Introduction to Management First day on the job is like first day in class o feel

Final Management 340 Notes.doc.docx - Management 340 Notes...

This preview shows page 1 - 3 out of 26 pages.

Management 340 Notes 1/18/2018 Chapter 1 Introduction to Management First day on the job is like first day in class: o feel anxiety o not knowing who to talk to o insufficient information. Test of what you remember and apply it Never go to your boss without a solution ESOP (Employee stock ownership plan)- way for ordinary employees to own stock. Section 1-1 Why Innovative Management Matters? Innovate of Die. Disruptive innovation : 1904 invention by German economist, new tech comes and replaces the old one and changes everything. Ex: The automobile changed the way people live. Cellphones. Uber, Lyft, all of it changed lifestyles, killed taxi drivers Creative destruction : When new innovation comes old ones disappear. Ex: In 1851, harvest wheat by hand but then the reaper machine was created that cut the wheat and separated it altogether, employees bought it and that was it for business. Innovate or die. Example: cell phone market has this very often Not every innovation always works : coke surveyed because they were getting killed, but they were testing the wrong part of the market. Later, a lot of new cokes were introduced. Innovation that did not work. Africa is a huge continent; houses 6000 miles apart with no telephone wires but they skipped an entire generation of technology and went straight to cellphones. Google: James Earl Jones- Thompson saw him in New Jersey (actor) Section 1-2 The Definition of Management Management: attainment of organizational goals in an effective and efficient manner through planning, organizing leading, and controlling organizational resources . Thompson’s Def. of Management: Getting work done through people: Getting people to want to do your work is the key to management Management means substitution for … (Cyrus McCormick) Exhibit 1.1: What Do Managers Do? By: Peter Drucker 1) Set objectives: Establish goals for the group and decide what must be done to achieve them. I.E: We will make a new brand of coke. 2) Organizing: Divide work into manageable activities and select people to accomplish tasks. I.E. Formula, Head of HR 3) Motivate and communicate: Create teamwork via decisions on pay, promotions, etc., and through communication. 4) Measure: Set targets and standards; appraise performance 5) Develop people: Recognize the value of employees and develop this critical organizational asset. Give people knowledge and practice and think critically and creatively
Image of page 1

Subscribe to view the full document.

Section 1-3 The Four Management Functions Exhibit 1.2: The Process of Management & Henri Fayol Google: Henri Fayol’s 14 principles Section 1-4 Organizational Performance Organization: a social entity that is goal directed and deliberately structured. Social entity interacting with people is an organization Efficiency: Pertains to the amount of resources- raw materials, money and people used to produce a desired volume of output.
Image of page 2
Image of page 3

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes