Marketing Essentials n Chapter 11 Management Skills Section

Marketing Essentials n Chapter 11 Management Skills Section 11. 2 Management Functions Chapter 11 n Management Skills 1

SECTION 11. 2 Management Functions What You'll Learn = The three functions of management = The management techniques used by effective managers = How to motivate employees through a system of rewards Chapter 11 n Management Skills 2

SECTION 11. 2 Management Functions Why It's Important The concept of management is changing. It is allowing more employees to fulfill management functions, whatever their job titles. Understanding the functions of management will help you to excel in any career you choose. Chapter 11 n Management Skills 3

SECTION 11. 2 Management Functions Key Terms = planning = organizing = controlling = mission statement Chapter 11 n Management Skills 4

SECTION 11. 2 Management Functions What Managers Do All managers perform certain basic functions: = planning = organizing = controlling Chapter 11 n Management Skills 5

SECTION 11. 2 Management Functions Investigate All Options All management functions involve making decisions. In order to reach wise decisions on complex questions, it’s important to consider all the options. A process like this can help assure that decision-makers not leave out important considerations. What could happen if the problem is not well defined at first? How will these steps help you make decisions in your own life? Chapter 11 n Management Skills 6

SECTION 11. 2 Management Functions Planning involves deciding what will be done and how it will be accomplished. Good management planning is realistic, comprehensive, and flexible. It includes plans for the short- and long-range uses of people, technology, and material resources. Chapter 11 n Management Skills 7

SECTION 11. 2 Management Functions Organizing is a coordinated effort to reach a company's planning goals. It involves: = assigning responsibility = establishing working relationships = staffing = directing the work of employees Chapter 11 n Management Skills 8

SECTION 11. 2 Management Functions Vertical or Horizontal President Vice President Information Systems Vice President Research and Development Department Vice President Manufacturing Department Vice President Marketing Department Vice President Accounting and Finance Department Manager Product Planning Manager Marketing Research Manager Sales Manager Advertising and Promotion Vice President Human Resources Department Sales Regions and Representatives This chart shows a company organized along traditional vertical lines. How would the chart differ if the company were organized horizontally? Chapter 11 n Management Skills 9

SECTION 11. 2 Management Functions Controlling is the process of comparing what you planned with actual performance. It involves three basic activities: = Setting standards. = Evaluating performance according to those standards. = Solving any problems revealed by the evaluation. Chapter 11 n Management Skills 10

SECTION 11. 2 Management Functions Mission Statement F ENT MISSION STATEM ICE-PROFIT tted to our PEOPLE-SERV mi com is ess pr Ex l era ed ial returns produce outstanding financ PHILOSOPHY. We will global air-ground le, competitively superior by providing totally reliab s that require rapid, rity goods and document rio h-p hig of on ati ort nsp tra control of each ually important, positive time-certain delivery. Eq onic tracking and utilizing real-time electr ed ain int ma be ll wi e packag and delivery te record of each shipment tracing systems. A comple will be helpful, request for payment. We will be presented without public. We will nal to each other and the sio fes pro and s, eou urt Co h transaction. customer at the end of eac Strive to have a satisfied David Bronczek Chairman and CEO A mission statement is designed to outline the goals and values of a company. Do you think a mission statement helps inspire employees to do their best work for a company? Chapter 11 n Management Skills 11

SECTION 11. 2 Management Functions Effective Management Techniques The most effective management techniques are usually a matter of common sense: = Give clear directions. = Be firm when necessary. = Train new employees well. = Set a good example. = Be consistent. = Delegate responsibility. = Treat employees fairly. = Foster teamwork. Chapter 11 n Management Skills 12

SECTION 11. 2 Management Functions Employee Motivation The more people feel appreciated, the harder they will work. Managers should: = Provide frequent feedback and yearly evaluations. = Identify goals and reward employees who contribute to those goals. = Reward smart work, not busy work. = Suggest ways to improve job performance. = Encourage creativity. = Reward employee loyalty by investing in continuing education for employees and promoting from within. Chapter 11 n Management Skills 13

SECTION 11. 2 Management Functions Leadership in the 21 st Century The business world is expected to experience many changes in the 21 st century, including: = Product life cycles will be shorter. = There will be fewer projects led by one executive. = Marketing and sales will continue to be the fast track to top management. International experience will become increasingly important for advancement. = New technology and customer satisfaction will become greater priorities. = New leaders will be more culturally diverse. Chapter 11 n Management Skills 14

11. 2 ASSESSMENT Reviewing Key Terms and Concepts 1. What are the basic functions of management? 2. What is the value of employee orientation? 3. What does it mean to delegate responsibility? 4. What are two ways to reward employee loyalty? Chapter 11 n Management Skills 15

11. 2 ASSESSMENT Thinking Critically How could a manager's openness to suggestions from employees influence employee loyalty to a company? Chapter 11 n Management Skills 16

11. 2 Graphic Organizer Management Functions CONTROLLING PLANNING GOALS ORGANIZING LEADING Chapter 11 n Management Skills 17

Marketing Essentials End of Section 11. 2 Chapter 11 n Management Skills 18