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Welcome to MT 140 Introduction to Management Unit 2 Seminar – Foundations of Management
Agenda • • General Questions and Announcements Introduction Review of Unit 1 What is due in Unit 2? Business Organizations as Open Systems Management Environmental Considerations / Q & A Major Management Theories / Q & A Conclusion of Seminar
Unit 1 RECAP • Management -POLC -Planning, Organizing, Leading, and Controlling -Revenue -Money coming into an organization -Expenses -Money leaving the organization -Profit -Difference between revenue and expenses
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Assignment Questions and Answers There are three graded assignments in Unit 9: 1. Discussion Assignment-40 points 2. Dropbox Assignment-40 points 3. Review Quiz-20 points Reading: Chapter 2 pp. 26– 35
Unit 2 Discussion • Discussion scenario: Marc has opened a 24 -Hour fitness center in a fast-growing city. Before purchasing the franchise and starting his new business, Marc looked at the one other fitness center currently operating in that area. In the same general area are video game rooms, fast food restaurants, a sports bar, a golf driving range, a sporting goods store, and a bowling alley. Marc believes that the one fitness center forms his competition. Based on your reading of “Substitutes and Complements” in pp. 3334 of the text, do you agree with Marc or disagree? Why? • Post by Saturday! • Must be at least 100 words • Spelling and grammar count!
Discussion Question Example • Sample Discussion Question response: The author claims that the Internet has changed teaching. How would you respond to this assertion? • Unacceptable: “I agree” • Unacceptable: “I think the author is off her rocker on this point. I can’t stand when techies try to write about education. ” • Acceptable: I agree with the author’s basic point—that is, I think she is right that the advent of the Internet means dramatic changes in how we teach. But I think she’s so concerned with whether technology is going to replace teachers that she misses an essential point. Teachers must use change themselves to use the Internet effectively. The Internet will never replace teachers and it will never be a successful tool unless teachers make it one. ”
What is wrong with this response? • Marc has opened a 24 -Hour fitness center in a fast-growing city. Before purchasing the franchise and starting his new business, Marc looked at the one other fitness center currently operating in that area. In the same general area are video game rooms, fast food restaurants, a sports bar, a golf driving range, a sporting goods store, and a bowling alley. Marc believes that the one fitness center forms his competition. Based on your reading of “Substitutes and Complements” in pp. 3334 of the text, do you agree with Marc or disagree? Why? • “Yes, Marc is correct, his only form of competition iz the other fitness center. The other places hv nothing to do with fitness so Y in the world would they be his competition? He did not need to look at the other places so he should just focus on his own place. “
Unit 2 Participation • Two responses to your classmates on separate days. • Must be substantial -Just saying “I agree” will not receive credit -Posts must enhance and advance the discussion -Utilize the readings and research -Messages need to be on-topic
Unit 2 Assignment • For this assignment, you must watch the video presentation on the Evolution of Management. You will find the video on page 2 of the Assignments page in your course. • Assignment Checklist: - Explain how theories presented are different from one another - State which management theory you think is more important and why. • Write your assessment in paragraph form, using Microsoft Word in at least 100 words. • This should be free of spelling and punctuation errors. • Due Tuesday!
Unit 2 Review • Complete readings and video before attempting the review • May be completed during the Unit only! • Due Tuesday! • Reviews close at midnight!
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Unit 2 Outcomes During this unit we will: 1. Identify significant past and current management theories 2. Describe the business organization as an open system 3. Identify the role of internal and external environmental factors in business
The Environment of Business • “I have to pay attention to the internal environment in my workplace. Many of my employees have been here for several years, so they know the infrastructure very well. As a property manager, it is essential for me to pay attention, observe, and ask questions in order to make the best decisions. Keeping a pulse on the internal environment helps me to do that. ” (Property manager, p. 25)
Businesses are Open Systems • Organizations that are affected by, and that affect, their environment. • They take in Inputs: In the form of goods and services to create products or services. • They produce Outputs: In the form of goods or services. These are in constant interaction with the firm’s environment. • They impact and are impacted by both the External Environment and the Macroenvironment.
Inputs Into The Open System • • Raw Materials Services Equipment Capital (Human Labor, Money, Intellectual, Managerial, etc. ) • Information (Knowledge)
Outputs Into The Open System • Products (Example: Cars, Computers, Furniture, Groceries, etc. ) • Services (Example: accountants, medical services providers, etc. ).
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External Environments • Macroenvironment -A part of the External Environment that forms the general environment for the firm. • Competitive Environment -A part of the External Environment that forms the immediate environment surrounding the firm B
Macroenvironment • A part of the External Environment that forms the general environment for the firm. Includes: • Governments (Government actions, rules, laws, regulations, etc. ) • Economic Conditions (Amount of money, interest rates, etc. ) • Technology • Demographics • Social Values • Other fundamental conditions that could affect the firm.
Competitive Environment • A part of the External Environment that forms the immediate environment surrounding the firm. Includes: • Customers: Current customers as well as potential customers. • Rival Firms: Size, efficiency, and market position of current competitors. • Potential rival firms: Size, efficiency, and market position of potential competitors. What could customers substitute for your product? Are there complements? • Suppliers and others: that the firm needs to conduct business (Distribution channels).
Substitutes and Complements • Substitutes - Potential Threat - Customers use product as an alternative, buying less of one kind of product for more of another. • Complements - Potential Opportunity - Customers buy more of a given product as they also demand more of the complementary product.
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Management Theories • Classical Approach -Scientific -Administrative • Behavioral Approach • Systems Approach • Contingency Approach
Scientific Management • Frederick Taylor -Midvale Steel Company -1878 • Advocated the application of scientific methods to analyze work and to determine how to complete production tasks efficiently. • Four Principles
Administrative Management • Henry Fayol -French Mining Engineer -1916 • Emphasized the perspective of senior managers within the organization, and argued that management was a profession and could be taught. • Five Functions • Fourteen Principles
Behavioral Approach • Elton Mayo -Western Electric Hawthorne, Chicago plant -1927 -1932 • Researched the effect of fatigue and monotony on job productivity. Looked at breaks, hours, temperature. • Understanding people’s needs—want to be valued.
Systems Approach • W. Edwards Deming -Statistical Approach • Total Quality Improvement • Work together—no one job is more important than another
Contingency Approach • Refutes universal principles of management by stating that a variety of factors, both internal and external to the firm, may affect the organization’s performance • Therefore, there is no “one best way” to manage and organize, because circumstances vary. • Situational characteristics are called contingencies.
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See you next week! After this seminar has concluded, there will be a recording in the archives located in the seminar room. It may be selected by date.
Thank You for Joining Me This Evening! Good Night All!