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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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LO.1. Can you summarize the major challenges of managing LO.4. How does the nature of management vary at different
in the new competitive landscape? organizational levels?
• Four major challenges are the globalization of business, • Top-level managers set and communicate organizational strategy.
technological change, knowledge workers and their ideas, and the • Middle-level managers devise the tactics to implement the strategy.
need for collaboration. • Frontline managers provide the vital operational link between
employees and the strategies.
LO.2. Can you describe the sources of competitive advantage
for a company? LO.5. Can you define the skills you need to be an effective
manager?
• Innovation in goods and services keeps an organization ahead of its
competitors, and service focuses on satisfying customers. • A manager’s technical skill is the ability to perform a specialized task.
• Interpersonal and communication skills help managers interact
• Quality must continuously improve for a firm to be successful.
effectively with their employees.
• Speed in response or delivery gives a company a leg up in the • Conceptual and decision skills help managers identify and solve
marketplace, and cost competitiveness attracts customers. problems.
LO.6. Can you identify the principles that will help you
LO.3. How are the functions of management evolving in
manage your career?
today’s business environment?
• Emotional intelligence helps you understand and manage yourself
• Planning sets goals for an individual, group, work unit, or the entire
and deal effectively with others.
organization—of delivering strategic value.
• By being both a specialist—an expert at something—and a
• Organizing the human, financial, physical, informational, and other generalist—a person with broad knowledge—you can advance your
resources of a firm builds its flexibility and adaptiveness. career.
• A manager’s skills in leading other employees stimulates them to • Being self-reliant gives you power over yourself, your actions, and
become high performers. your career.
• Controlling—monitoring performance and making needed • Building social capital fosters goodwill with your organization and
changes—ensures goal achievement. allows you to survive and thrive in your career.
Practical Application
LO.1. LO.4.
• The competitive landscape of today’s business has moved from local • Amanda has been hired as the senior executive of a local bank and
to ____________ and increasingly uses ____________, such as the needs to set its strategy; she is the ____________ manager of the
Internet. firm.
• ____________ is the set of practices aimed at discovering and • A ____________ is responsible for direct supervision of employees.
harnessing an organization’s intellectual resources. • Devon has been promoted to department head and assumes a
• Toyota develops products by bringing together design engineers ____________ manager role.
and manufacturing employees; Toyota is using ____________ in its
product development. LO.5.
• An ad on a software company’s Web site is asking for applicants
LO.2. with computer programming expertise; it needs someone with
____________ skill.
• Google keeps introducing new goods and services for its customers,
valuing ____________ to remain competitive. • ____________ skills involve the ability to identify and resolve
problems for the benefit of the organization and its members.
• Miguel comments on the excellence of his latte and the efficiency
and politeness of the barista in providing it; he is commenting on • Lori’s manager gives great speeches and everyone seems to love
the ____________ and ____________ of the coffee shop. her. Lori’s manager obviously must have ____________ skills.
• Walmart is known for its low prices, practicing ____________ in its LO.6.
strategy. • If you understand yourself, can manage yourself, and deal effectively
with others, you have ____________.
LO.3.
• During his performance review, Len’s manager encourages him
• The process of working with people and resources to accomplish to learn more about the other departments in his manufacturing
organizational goals is known as ____________. firm, not just focus on his expertise as a production manager. Len’s
• Laura needs to set goals for her team; she needs to ____________. manager wants him to become more of a ____________.
• The CEO comments on Jason’s ability to motivate his team to • Goodwill stemming from your social relationships is known as
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

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

bat57795_ch01.indd 1 10/22/09 5:52:51 PM

Did your answers include the following important points?

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