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Summary - Management
- Cours
- Management
- Établissement
- Vrije Universiteit Brussel (VUB)
This document includes information from the slides and additional notes from class.
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Management14/02 Part 1: Managing and Performing
read case 1: Facebook’s Mark Zuckerberg
answer questions + how is this case linked to this lectures’ topic?
Introduction: Managing in the competitive world of today
4 challenges:
1. Globalisation
2. Technological change
3. Knowledge managing
4. Collaboration across boundaries
1. Globalisation
● Interaction and integration of people, firms and governments. Entreprises with offices
and production all over the world. Also smaller companies, they work with
multinational companies, which means they play an important role in this
international landscape.
● A company’s talent can come from anywhere => change of the workforce => role of
expats
● Effect on both small and large companies
2. Technological change
Web 1.0 (mid-1990s till early 2000s)
users were able to consult/read data online on websites; start of dot.com companies and
crisis because of over-evaluation of this market; competition got too fierce and a lot of
companies went bankrupt; bubble burst
Web 2.0 (2005-2015)
interactive, more user-friendly; to consult and share information (w the help of social media,
also the period with social media start-ups)
Web 3.0 (2015-...) –> Web 4.0 (highly intelligent interactions)
it’s no longer only about reading and writing, but also about executing (internet of people =>
internet of things)
artificial intelligence and the use of big data and the storing of information in cloud; illustrates
how were moving to intelligent machines/interactions
=> shapes how companies do business; companies also an active influencer in how this
technological landscape is shaped
very important the technological change and how it influences business context
2.1. The Internet
- Virtual marketplace
- Means for manufacturing goods and services (consulting online different suppliers of
input, reaching out to customers and prospective customers)
- Distribution channel
- Information
it drowns down cost, speeds up globalization
improves decision making (need less time)
facilitates information flows and learning processes
3. Knowledge management
Importance of strong idea and translation into innovation
,eg; entertainment, advertising, software,...
Knowledge workers: use and create knowledge and information to develop ideas, and to
signal and solve problems (problem-solving very important)
Knowledge management: finding, unlocking, sharing and capitalizing on the most precious
(i.e. intellectual) resources of an organization, to convert ideas into innovation.
● people’s expertise and skills
● vision/creativity/wisdom
● relationships (networking; between diff people, departments)
4. Collaboration across boundaries
Boundaries and what is the importance of collaborating across boundaries?
● Effective collaboration requires good communication between departments, divisions
and other units of the organization.
eg; T-shaped manager: horizontal and vertical
Toyota: brings together all experts, stimulating sharing of ideas/.expertise
● Companies may capitalize on the ideas of people outside the organization
eg; consultants (who have a contract w company), investors, advertising agencies,
suppliers, clients (customer service, reviews)
(e-commerce) companies are open to input of clients, people outside of the company
Managing for Competitive Advantage
Competitive advantage: Staying ahead of the competition by doing better than your
competitors are doing valuable things = delivering performance
-> then what are those success drivers for such performance?
=> turnover, profit, customer satisfaction, market share in their industry/their sector
● Innovation: the introduction of new technologies, process, goods or services, ways of
communicating, delivery of products (uber eats during corona; innovated delivery);
can apply to the different components of the entire organization
● Quality: is a function of characteristics of goods and services: aim = excellence
○ historically >< today (preventing defects before they occur, proactivity = Total
Quality Management)
■ Japanese Kaizen
● Service: giving customers what they want when they need it and how they want/need
it to establish mutually beneficial long-term relationships + making it easy and
enjoyable for customers
● Speed: fast and timely execution, response and delivery of results (is this always
ethically and desirable?)
● Cost Competitiveness: keeping costs low; to achieve profit maximization and offer
attractive prices to consumer (TR = profit - expenses)
● Sustainability: minimize use of polluting, nonrenewable non recyclable resources +
improving social conditions + focus profitability on long term
→ tension between cost competitiveness and sustainability
,Success drivers of competitive advantage (=> performance)
notes from book:
21/02 Part 2: Managing and Performing
The Four Functions of Management
Management: working with people and other resources (machinery, technology, natural
resources) to achieve organizational goals in an efficient and an effective way
Effective: realizing a goal
Efficient: realizing goals with minimal waste of resources (make best use of money, time,
materials and people)
conflict arises: efficiency; least people on the job >< social dimension; aiming at maximum
employment
How will efficiency and effectiveness be realized?
=> Four Fundamental Functions of Management
● Planning: delivering value (when is value strategic? delivering a good/service)
● Organizing: building a dynamic organization
● Leading: mobilizing people
● Controlling: learning and changing (taking remedial action)
Performing all four
management functions
● A typical day of
a manager is not
, neatly divided in the four functions
● Good managers devote adequate attention and resources to all four management
functions
Management Levels and Skills
Strategic: dealing with financial issues,
production, dealing with ICT and
communication
Tactical: the corporate goals get
translated into specific unit targets;
finance level, operations level,
HRM-level. They’ll have to deal with
certain targets to be met. Also translating
corporate goals into entrepreneurial and
innovative ideas. (brainstorming to more
specific targets)
Operational: They work at the stage
where the services are actually
developed, contact with employees;
spokesperson between higher level and
non-management employees
Managerial roles: what managers do (Henry Mintzebrg)
● Decision roles
○ Entrepreneur
○ Disturbance handler
○ Resource allocator
○ Negotiator
● Informational roles
○ Monitor
■ role of communication centre
○ Disseminator
○ Spokesperson
■ speaks on behalf of entire organization
● Interpersonal roles
○ Leader
○ Liaison
■ maintains network of outside contacts that deliver information and
favor relationships
○ Figurehead
■ performing symbolic duties
“Management is above all a practice where art, science and craft meet”
- Henry Mintzberg
Must-have management skills (soft and hard skills)
● Technical (methods and processes)
● Interpersonal and Communication
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