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chapter one
Managing

IN A NUTSHELL
Management is the process of working with people and resources to accomplish
organizational goals. Effective managers help their organizations achieve their
goals and remain competitive in the changing global marketplace.

The following questions will test your take-away knowledge from this chapter. How many can you answer?

LO.1. Can you summarize the major challenges of managing in the new competitive landscape?

LO.2. Can you describe the sources of competitive advantage for a company?

LO.3. How are the functions of management evolving in today’s business environment?

LO.4. How does the nature of management vary at different organizational levels?

LO.5. Can you define the skills you need to be an effective manager?

LO.6. Can you identify the principles that will help you manage your career?

Copyright © 2011 by The McGraw-Hill Companies. ISBN 0077357795 Bateman M 2e

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Did your answers include the following important points?
LO.1. Can you summarize the major challenges of managing
in the new competitive landscape?
• Four major challenges are the globalization of business,
technological change, knowledge workers and their ideas, and the
need for collaboration.
LO.2. Can you describe the sources of competitive advantage
for a company?
• Innovation in goods and services keeps an organization ahead of its
competitors, and service focuses on satisfying customers.
• Quality must continuously improve for a firm to be successful.
• Speed in response or delivery gives a company a leg up in the
marketplace, and cost competitiveness attracts customers.
LO.3. 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.
Practical Application
LO.1.
• The competitive landscape of today’s business has moved from local
to ____________ and increasingly uses ____________, such as the
Internet.
• ____________ is the set of practices aimed at discovering and
harnessing an organization’s intellectual resources.
• Toyota develops products by bringing together design engineers
and manufacturing employees; Toyota is using ____________ in its
product development.
LO.2.
• Google keeps introducing new goods and services for its customers,
valuing ____________ to remain competitive.
• Miguel comments on the excellence of his latte and the efficiency
and politeness of the barista in providing it; he is commenting on
the ____________ and ____________ of the coffee shop.
• Walmart is known for its low prices, practicing ____________ in its
strategy.
LO.3.
• The process of working with people and resources to accomplish
organizational goals is known as ____________.
• Laura needs to set goals for her team; she needs to ____________.
• The CEO comments on Jason’s ability to motivate his team to
surpass their performance goals; he is noticing his ____________.
• social capital
LO4• top-level • frontline manager • middle-level LO5• technical • Conceptual and decision • interpersonal and communication LO6• emotional intelligence • generalist
ANSWERS LO1• global/technology • Knowledge management • collaboration LO2• innovation • quality/service • cost competitiveness LO3• management • plan • leadership
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Confirming Pages
LO.4. How does the nature of management vary at different
organizational levels?
• Top-level managers set and communicate organizational strategy.
• Middle-level managers devise the tactics to implement the strategy.
• Frontline managers provide the vital operational link between
employees and the strategies.
LO.5. 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.
LO.6. Can you identify 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.
LO.4.
• Amanda has been hired as the senior executive of a local bank and
needs to set its strategy; she is the ____________ manager of the
firm.
• A ____________ is responsible for direct supervision of employees.
• Devon has been promoted to department head and assumes a
____________ manager role.
LO.5.
• An ad on a software company’s Web site is asking for applicants
with computer programming expertise; it needs someone with
____________ skill.
• ____________ skills involve the ability to identify and resolve
problems for the benefit of the organization and its members.
• Lori’s manager gives great speeches and everyone seems to love
her. Lori’s manager obviously must have ____________ skills.
LO.6.
• If you understand yourself, can manage yourself, and deal effectively
with others, you have ____________.
• During his performance review, Len’s manager encourages him
to learn more about the other departments in his manufacturing
firm, not just focus on his expertise as a production manager. Len’s
manager wants him to become more of a ____________.
• Goodwill stemming from your social relationships is known as
____________.
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