LO 1-1. Describe what management is, why management is important, what
managers do, and how managers use organizational resources
efficiently and effectively to achieve organizational goals.
LO 1-2. Distinguish among planning, organizing, leading and controlling (the
four principal managerial tasks), and explain how managers’ ability to
handle each one affects organizational performance.
LO 1-3. Differentiate among three levels of management and understand the
tasks and responsibilities of managers at different levels in the
organizational hierarchy.
LO 1-4. Distinguish among three kinds of managerial skill, and explain why
managers are divided into different departments to perform their tasks
more efficiently and effectively.
LO 1-5. Contrast the differences between managers, entrepreneurs, and
intrapreneurs.
LO 1-6. Discuss the principal challenges managers face in today’s increasingly
competitive global environment.
competitive advantage: The ability of one innovation: The process of creating new or improved
organization to outperform other organizations goods and services or developing better ways to
because it produces the desired goods or services produce or provide them.
more efficiently and effectively than they do. leading: Articulating a clear vision and energizing
conceptual skills: The ability to analyze and and enabling organizational members so that they
diagnose a situation and to distinguish between cause understand the part they play in achieving
and effect. organizational goals; one of the four principal tasks
of management.
controlling: Evaluating how well an organization is
achieving its goals and taking action to maintain or management: The planning, organizing, leading and
improve performance; one of the four principal tasks controlling of human and other resources to achieve
of management. organizational goals efficiently and effectively.
core competency: The specific set of departmental middle manager: A manager who supervises first-
skills, knowledge and experience that allows one line managers and is responsible for finding the best
organization to outperform another. way to use resources to achieve organizational goals.
department: A group of people who work together organizational performance: A measure of how
and possess similar skills or use the same knowledge, efficiently and effectively a manager uses resources
tools, or techniques to perform their jobs. to satisfy customers and achieve organizational goals.
effectiveness: A measure of the appropriateness of organizational structure: A formal system of task
the goals an organization is pursuing and of the and reporting relationships that coordinates and
degree to which the organization achieves those motivates organizational members so they work
goals. together to achieve organizational goals.
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