(BUS) Management - Management Managing LO1 Can you...

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Management Managing LO1: Can you summarize major challenges of managing in the new competitive landscape? Globalization of business is gaining momentum and is irreversible. Technological change, including the Internet, is reshaping the workplace. Knowledge workers and their ideas represent the most precious resources of organizations. Collaboration among employees, departments, customers, and other companies breaks down barriers that can limit success. LO2: Can you describe the drivers of competitive advantage for a company? Innovation in goods and services keeps an organization ahead of its competitors. Quality must continuously improve for a firm to be successful. Service focuses an organization on satisfying its customers and their needs. Speed in response or delivery gives a company a leg up in the marketplace. Cost competitiveness continues to be an important factor in attracting customers. LO3: How are the functions of management evolving in today's business environment? Planning sets goals for an individual, group, work unit, or the entire organization—of delivering strategic value. Organizing the human, financial, physical, informational, and other resources of a firm builds its flexibility and adaptiveness. A manager's skills in leading other employees stimulates them to become high performers. Controlling—monitoring performance and making needed changes—ensures goal achievement. LO4: How does the nature of management vary at different levels of an organization? Top-level managers set and communicate organizational strategy. Middle-level managers devise the tactics to implement the strategy.
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Management Frontline managers provide the vital operational link between employees and the strategies. LO5: Can you define the skills you need to be an effective manager? A manager's technical skill is the ability to perform a specialized task. Interpersonal and communication skills help managers interact effectively with their employees. Conceptual and decision skills help managers identify and solve problems. LO6: Can you discuss the principles that will help you manage your career? Emotional intelligence helps you understand and manage yourself and deal effectively with others. By being both a specialist—an expert at something—and a generalist—a person with broad knowledge—you can advance your career. Being self-reliant gives you power over yourself, your actions, and your career. Building social capital fosters goodwill with your organization and allows you to survive and thrive in your career. The Environment of Business LO1: How do environmental forces influence organizations, and how can organizations influence their environments?
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