EFM Academy – Summary: Essentials of contemporary management, Gareth R. Jones, Jennifer M. George / Marketing – Real People, Real Choices, Solomon / Marshall / Stuart

Essentials of Contemporary Management

Chapter 1
What is Management?

– The Management Process Today

Management is the planning, organizing, leading and controlling of human and other resources to achieve organizational goals efficiently and effectively

Achieving high performance: a manger’s goal
Organizational performance is a measure of how efficiently and effectively managers use resources to satisfy customers and achieve organizational goals. Efficiency is a measure of how well or how productively resources are used to achieve goals; o Organizations are efficient when the amount of input resources or the amount of time needed to produce a given output of goods or services is minimized Effectiveness is a measure of the appropriateness of the goals that managers have selected for the organization to pursue and of the degree to which the organization achieves its goals o Organizations are effective when appropriate goals are chosen and achieved High effectiveness Low efficiency A product that the customer want, but that is too expensive for them to buy A low-quality product that customers do not want High efficiency A product that customers want at a quality and price that they can afford A high-quality product that customers do not want

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Low effectiveness

Managerial Functions
… are planning, organizing, leading and controlling → how well managers perform these functions determines how efficient and effective their organizations are

Planning
… is a process that managers use to identify and select appropriate goals and course of action Three steps in the planning process are: 1. deciding which goals the organization will pursue 2. deciding what courses of action to adopt to