Management

Today we will be looking at what is involved with managing a business. You will be quizzed on this material next week so make sure to keep all of your work for studying.

As a class, we will be discussing the different levels of management and will be creating a management pyramid for The Cave.

• Top Management - Top management is made up of senior-level executives of an organization, or those positions that hold the most responsibility. These top managers are responsible for setting the overall direction of a company and making sure that major organizational objectives are achieved.
• Middle Management - This level of managers report to top management and serve as the head of major departments and their specialized units. Middle managers serve as a liaison between top managers and the rest of the organization from a very unique standpoint. Middle managers essentially have the important role of designing, selecting, and carrying out the best plan possible as a means of propelling a company towards its overall goals.
• Low Management - Low-level managers work most closely with the greater workforce and hold a much more interpersonal role than any of the other levels of management. These managers work to ensure that individual employees are meeting their performance goals in a way that aligns with the organizational goals, such as completing a set number of projects by a specific deadline or selling a set number of products within a certain period of time.

Source: http://education-portal.com/academy/lesson/management-in-organizations-top-middle-low-level-managers.html

Today's Assignment:

Read chapter 14 from Entrepreneurship & Small Business Management (the green textbook), pages 306 to 318.

1. Identify and explain the management functions.

2. List and explain the key elements in a positive business climate.

3. Name and then define the three basic management styles.

4. List the skills needed for managing.

5. Why is it important to link the goals of the individual to the goals of the team?

6. How can the principles of management excellence help a business meet its goals?

7. Describe the ideal General Manager for The Cave. Your answer should be at least one paragraph (5-8 sentences) and should include at least five key terms from chapter 14. The Key Terms are located on page 318 under Key Terms Review.
*Along with the five key terms, choose one of the four management styles listed below that would best be suited to the general manager of The Cave. Provide an explanation as to why you choose that management style.

Case Study:

You are the owner and manager of a retail store. One of your sales clerks is regularly late to work and often does not show up at all. Yet her monthly sales volume is two to three times higher than that of the other salespeople. You do not want to fire this employee, but you need her to be at work every day on time.

Use the above case study to answer questions to answer questions #8 to #10.

8. What management style would work best in this situation and why.

9. What management skills would you use when approaching this situation and why.

10. You will need to have a conversation with this employee. List three things that you would say to her. Keep in mind that she brings in a large profit so you don’t want to lose her as an employee.