Understanding Business: Ch 7-9

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Understanding Business, Tenth Edition

Chapter 7- Management and Leadership

1. What does management look like today?

Management differs today than it did in the past. In the past, managers were considered “bosses” and their job mostly consisted of giving employees orders, monitoring performance and reprimanding unproductive behavior and misconduct. Many managers still manage employees in such fashion; however, some managers now tend to be more proactive and have changed managerial functions for the betterment of company operations and performance to accomplish organizational goals. Effective management for company success now entails guiding, training, supporting, motivating and coaching employees verses just demanding what work should be accomplished. Budding managers that are entering management positions today are much different than those who entered in the past. Management potentials now are more educated, qualified, skillful, adaptable, cultured and creative.

2. What are the primary functions of management?

Management is the process used to accomplish organizational goals through planning, organizing, leading and controlling people and other organizational resources.

(1) Planning- anticipating trends and determining the best strategies and tactics (2) Organizing- designing the structure of the organization and creating conditions and systems in which everyone and everything work together (3) Leading- creating a vision for the organization and communicating, guiding, training, coaching and motivating other to achieve goals and objectives in a timely manner (4) Controlling- establishes clear standards to determine whether an organization is progressing toward its goals and objectives, rewarding people for doing a good job and taking corrective action if necessary

3. What is SWOT analysis?

SWOT analysis is a planning toll used to analyze an organization’s strengths, weaknesses, opportunities and threats. Managers look at the strengths and weaknesses of the firm and the opportunities and threats facing it. Opportunities and threats are often external to the firm and cannot always be anticipated. On the other hand, strengths and weaknesses are more often internal and therefore firms are more capable measuring and fixing factors.

4. What’s the difference between a manager and a leader?

One person may be a good manager but not a good leader and vice versa one may be a good leader but does not have good managerial skills to be an effective manager. A manger plans, organizes and controls functions within an organization. Whereas, a leader has vision and communicates that vision across the organization, establishes corporate values, promotes corporate ethics, embraces change and stresses accountability and responsibility.

Chapter 8- Structuring Organizations for Today’s Challenges

5. What is happening today to American businesses?

American businesses today are adjusting to changing markets. This is a normal function in a capitalist economy. There will be big winners and equally big losers as well. The key to success is remaining flexible and adapting to the changing times. Many mangers never face huge challenges but there are always plenty of opportunities in every firm to use the principles of organizing to manage and benefit from change, especially today as firms adapt to the recent economic crisis.

6. What are the two major organizational models?

Two traditional forms of organization are (1) line organizations and (2) line-and-staff organizations. A line organization has clearly defined responsibility and authority, is easy to understand and provides each worker with only one supervisor. A line organization does not have any specialists who provide managerial support. The expert advice of staff assistants in a line-and-staff organization helps in areas such as safety, quality control, computer technology, human resource...
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