MARKETING MANAGEMENT
CHAPTER EIGHT
Warm Up
When you think of the term manager, what comes to mind? List 5 things…
Describe a good or bad experience you had with a manager.
Management
Management is the business function of planning, organizing, and controlling all available resources to achieve company goals.
Manager
A manager is the person responsible for controlling or administering all or part of a company or similar organization.
What is Organizational Structure?
Vertical Organization Management
A hierarchical, up and down organization structure in which the tasks and responsibilities of each part of the organization are defined.
3 Levels:
Top Management
Middle Management
Supervisory Management
Top Management
CEO (Chief Executive Officer)
COO (Chief Operating Officer)
CFO (Chief Financial Officer)
These individuals manage the entire organization. They develop goals, strategic plans, company policies and make decisions on the direction of the business.
How much do CEOs make?
Go online and find out how much each of the following earn per year.
Elon Musk Quote*
“You are paid in direct proportion to the difficulty of the problems you solve.”
– Elon Musk
… So get very good at solving hard problems!
Middle Management
Implement the decisions made by top management. They plan how all of the various departments will fulfill the requests of top management. Instead of supervising, their role is focused on implementation and monitoring effectiveness.
Supervisory Management
Supervise the employees or staff that carry out the day to day operations or tasks of the business. They are responsible for assigning duties, evaluate work performance, set priorities, and monitor work flow.
Horizontal Organizational Management
A flat organization with few or no levels of middle management between staff and executives. Teams and workers set their own goals and make their own decisions in the organization.
Horizontal Management Benefits
Read the article:
https://www.business.com/articles/implementing-horizontal-management/
Functions of Management
All 3 of these functions involve making decisions for the company’s best interests. All managers perform these basic functions in different capacities.
Planning
Setting goals for the company and determining how to reach those targets using company resources.
Organizing
Assigning responsibilities, establishing work roles, hiring staff, and directing employee tasks in order to reach a company goal.
Controlling
Comparing a planned expected output to actual output. It involves looking at certain predetermined metrics or benchmarks and comparing/analyzing the actual performance.
Mission Statement
A formal summary of the aims and values of a company, organization, or individual.
How to Write a Mission Statement
10 Effective Management Techniques
1. Consistent
This is the first rule because it applies to most of the others. Before your management approach can be effective, it must be consistent. You must reward the same behaviors every time they appear, discourage the same behaviors when they appear, and treat every member of your team with an equal, level-headed view.
2. Clarity
How you communicate to your team can dictate your eventual success. Clarity, accuracy, and thoroughness are the best way to avoid miscommunication and keep your team on the same page.
3. Teamwork
If you want your team members to work together, have them work for something together. Setting goals just for the department or one individual breeds a limited mentality and forces team members to remain isolated.
4. Recognition
When a member of your team does something exceptional, reward him/her -- with a bonus, a small trophy or even just a vocal recognition. Do this in front of the group; it will make the intended recipient feel good and show the rest of the team that hard work is rewarded.
5. Lead by Example
As the manager and leader, you should set an example in terms of your behavior. If you show up late, your team will be less punctual. If you lose your temper easily, others will be amiss in keeping their emotions in check.
6. Unique
Your team is comprised of individuals with unique preferences, strengths, weaknesses, and ideas. Never use the exact same approach to motivate, encourage or mold all of them. Focus on individuals, and customize your approach to fit each one of them.
7. Transparency
Transparency shows your integrity as a leader, and builds trust with the individual members of your team. If you lie about something, or withhold information, you could jeopardize your relationships and the respect you command as a leader.
8. Participation
The more people you have actively participating in discussions and attempting to make improvements to the organization, the better.
9. Fun
You can make the workday more enjoyable with such new elements as surprise lunch outings, a dedicated break room or even just casual conversations with your workers. Help your people enjoy coming to work, and they will do their best work for you.
10. Listen
If someone does not agree with your management style or does not like the direction of the company, do not silence that person. This open dialogue makes it easier to proactively identify problems and work together to create a mutually beneficial environment. It will also make your employees feel appreciated and acknowledged.