This Document Contains Chapters 1 to 3 Chapter 1 Understanding the Manager’s Job Part I: An Introduction to Management introduces students to the world of management and to establish a foundation for the rest of the book. Part I has two chapters. Chapter 1 is entitled “Understanding the Manager’s Job.” Chapter 2 is entitled “The Environment of Organizations and Managers.” CHAPTER SUMMARY Chapter 1 provides an overview of management and the manager’s job. After a brief introduction, the chapter describes the management process, the various kinds of managers, and managerial functions and skills. Next, the art and science of management is described. The history of management is then discussed, beginning with a discussion of the role of theory and history in management. Next, the chapter introduces and discusses in detail the classical, behavioral, and quantitative perspectives on management. Integrating perspectives for managers are then described. The chapter concludes by identifying several contemporary management challenges. LEARNING outcomes After studying this chapter, students should be able to: 1. Define management, describe the kinds of managers found in organizations, identify and explain the four basic management functions, describe the fundamental management skills, and comment on management as a science and art. 2. Justify the importance of history and theory to managers and explain the evolution of management thought through the classical, behavioral, and quantitative perspectives. 3. Identify and discuss key contemporary management perspectives represented by the systems and contingency perspectives and identify the major challenges and opportunities faced by managers today. The opening incident describes how Reed Hastings (and co-founder Marc Randolph) launched Netflix, made it into the industry leader in DVD rentals, and basically destroyed that advantage by moving aggressively to streaming video. By 2008, Hastings realized that streaming (or video-on-demand) was likely to disrupt conventional DVD-based viewing. He quickly repositioned Netflix to take advantage of this change, even if it meant destroying all that the company had built in the DVD business. The incident ends with Hastings contemplating the company’s next move. Management Update: Netflix reported strong revenue and profit gains for fiscal 2013. Its market capitalization was $20.97 billion in mid-May 2014 and the stock price was nearly $350 a share. LECTURE OUTLINE I. An Introduction to Management Many different definitions of management exist. Management is a set of activities (including planning and decision making, organizing, leading, and controlling) directed at an organization’s resources (human, financial, physical, and information) with the aim of achieving organizational goals in an efficient and effective manner. Teaching Tip: Note the similarities and differences among the kinds of resources used by profit-seeking and not-for-profit organizations. For example, both an airline and a university may buy food in bulk, but they have different revenue sources to pay for that food. Group Exercise: A good icebreaking exercise for the first day of class is to have students form into small groups, select two or three different kinds of organizations, and identify examples of the different kinds of resources they use. Efficient means using resources wisely and in a cost-effective way. Effective means making the right decisions and successfully implementing them. A. Kinds of Managers 1. Managers at different levels of the organization a) Top managers are the small group of executives who control the organization by setting its goals, overall strategy, and operating policies. Top managers also represent the organization to the external environment. Job titles for top managers include CEO, president, and vice president. Management Update: While CEO salaries have risen over the years, they have been affected by the economic downturn. The average salary for S&P 500 company CEOs was $11.4 million in 2009, a 11% cut over 2008. The decline was starker in 2012, where the average salary was $9.6 million, while it increased to $14.1 million in 2013. b) Middle managers are the largest group of managers in most companies. These managers hold positions such as plant manager, operations manager, and division head. They primarily take the goals and strategies designed by top managers and put them into effect. They supervise lower-level managers. c) First-line managers supervise and coordinate the activities of operating employees. They often have job titles such as foreman, supervisor, and office manager. The majority of their work is direct supervision of their subordinates. 2. Areas of management a) Marketing managers work in areas related to the marketing function of the organization. They help to find ways to get consumers and clients to buy the organization’s products. Discussion Starter: Point out for students that their major will play a large role in determining the area of management they enter after graduation (assuming that they go to work for a large organization). For example, a marketing major’s first job is likely to be a first-line management position in the marketing function, whereas a finance major will more likely start out as a first-line financial manager. b) Financial managers deal primarily with an organization’s financial resources and are involved in such activities as accounting, cash management, and investments. c) Operations managers are concerned with creating and managing the systems that create an organization’s products and services. They achieve their goals through production control, inventory control, quality control, and plant site selection and layout. d) Human resource managers are responsible for hiring and developing employees. They are concerned with the flow of employees into the organization, through the organization, and out of the organization. e) General managers are generalists who have some basic familiarity with all functional areas of management rather than specialized training in any one area. f) Specialized types of managers include those who work in public relations, R&D, internal consulting, and international business. Discussion Starter: Ask students to identify additional examples of managers, with an emphasis on as many different kinds of organizations and management positions as possible. The wide variety of answers that is likely to emerge can be used to stress the diversity that exists in managerial work. B. Basic Management Functions The management process, as noted earlier, involves the four basic functions of planning and decision making, organizing, leading, and controlling. Extra Example: Richard Parsons, the former CEO of Time Warner, can be used to illustrate the basic management functions. He planned how the firm will increase the value of its stock. He fostered an organization design that helped to better integrate the firm’s many business units. He had a reputation for being well liked, thanks to his self-deprecating sense of humor. He continually monitored the firm’s progress toward its goals. 1. Planning and decision making determine courses of action. Planning means setting an organization’s goals and deciding how best to achieve them. Decision making, a part of the planning process, involves selecting a course of action from a set of alternatives. 2. Organizing is grouping activities and resources. Management Update: The most significant trend in organizing today is the elimination of management layers to create organizations that are leaner and flatter. 3. Leading is the set of processes used to get people to work together to further the interests of the organization. 4. Controlling is monitoring the progress of the organization as it works toward its goals to ensure that it is effectively and efficiently achieving these goals. C. Fundamental Management Skills Management Update: In recent years, there has been a renewed interest in the concept of managerial skills. There are useful self-assessment skills exercises found at the end of each chapter in this book. 1. Technical skills are necessary to accomplish or understand tasks relevant to the organization. Extra Example: When Louis Gerstner was appointed as CEO of IBM, some critics argued that he knew nothing about computers. However, he silenced his critics by immersing himself in the study of new technology and soon became a knowledgeable expert. 2. Interpersonal skills rely on the ability to communicate with, understand, and motivate individuals and groups. 3. Conceptual skills include the ability to think in abstract terms and the mental capacity to understand the “big picture” or the overall workings of the organization and its environment. 4. Diagnostic skills consist of the ability to recognize the symptoms of a problem and then determine an action plan to fix it. 5. Communication skills are abilities to effectively convey ideas and information to others and effectively receive ideas and information from others. Extra Example: Bill Ford, the former CEO and chairman of Ford Motors, is known for his ability to effectively convey a vision of the firm’s future to both workers and investors. 6. Decision-making skills include the ability to correctly recognize and define problems and opportunities and to then select an appropriate course of action to solve problems and capitalize on opportunities. 7. Time management skills are abilities such as prioritizing work, working efficiently, and delegating appropriately. Extra Example: One of the criticisms of Martha Stewart, head of Living Omnimedia, is that she has a hard time delegating tasks to her subordinates and becomes personally involved in too many decisions. Stewart, however, responds that her attention to detail is an important factor in her success. D. The Science and the Art of Management 1. Management is partly a science, because some aspects of management are objective and can be approached with rationality and logic. Discussion Starter: The science of management might be analogous to the activities of developing computer hardware or playing a violin. There are specific right and wrong ways of doing things, and mistakes are easily noted. 2. Management is partly an art, because some aspects of management are subjective and are based on intuition and experience. Discussion Starter: The art of management might be analogous to the activities of writing computer software or conducting the orchestra. More intuition and “feel” are needed to complete these activities, and mistakes may be harder to pinpoint. II. The Evolution of Management A. The Importance of History and Theory Teaching Tip: Many students seem to react negatively to the concept of a “theory.” Ask for student opinions about the reasons for the popularity or lack of popularity of a particularly high-profile politician (such as the president) or other public figure (such as a sports figure or movie star). Then point out that their explanation is a theory. Go on to stress the point that theories are simply frameworks of thought and that most people hold a number of different theories. 1. Why theory? Theory provides a simple conceptual framework for organizing knowledge and providing a blueprint to help organizations achieve their goals. Management Update: Andrew Grove continued to espouse his theory of organizations at Intel until his retirement. He gave the theory credit for Intel’s continued success in the semiconductor business. 2. Why history? Contributions from past industrialists have molded the American culture, and managers can benefit from an awareness of these contributions. Interesting Quote: “Business history lets us look at what we did right and, more important, it can help us be right the next time.” (Alfred Chandler, Harvard Business School professor, Audacity, Fall 1992, p. 15.) Discussion Starter: Ask students if they have read any books about history that may help them be better managers. B. The Historical Context of Management While the practice of management can be traced back thousands of years, it was not given serious attention until the 1800s, when large organizations emerged. Global Connection: Many Japanese executives today give some of the credit for their success to a book written in 1645. The book, entitled A Book of Five Rings, was written by a samurai warrior. The book describes numerous ideas and concepts for successful competition that can be generalized to management. Discussion Starter: Ask students to think about social, economic, and political forces today that may shape the way business will be conducted in the future. How can managers better anticipate these changes? C. The Classical Management Perspective The classical management perspective includes two approaches: scientific management and administrative management. 1. Scientific management focuses on ways to improve the performance of individual workers. a) Frederick W. Taylor saw workers soldiering, or deliberately working beneath their potential. He divided each job into parts and determined how much time each part of the job should take, thus indicating what each worker should be producing. He designed the most efficient way of doing each part of the job, and instituted a piecework pay system with incentives for workers who met or exceeded the target output level. Discussion Starter: Ask students if they have ever observed soldiering. Ask them if they have ever been “guilty” of such behavior themselves. Extra Example: Frederick Taylor applied many of the concepts of scientific management to his favorite sports, lawn tennis and croquet. b) Frank and Lillian Gilbreth, a husband-and-wife team, also helped to find more efficient ways for workers to produce output. Discussion Starter: Ask students to discuss or debate the merits of time-and-motion studies and other efficiency techniques. Extra Example: Another area in which Frank and Lillian Gilbreth made substantial contributions was in assisting the handicapped. In particular, they helped develop vocational training methods for assisting disabled veterans. Extra Example: Other businesses today that rely heavily on scientific management concepts include poultry processing plants and recycling centers that sort glass, plastics, and papers into different categories. 2. Administrative management focuses on managing the total organization. a) Henri Fayol was the first to identify the four management functions—planning, organizing, leading, and controlling—and he developed guidelines for managers to follow. These guidelines form fourteen principles for effective management. Discussion Starter: Ask students to discuss the relevance of each of Fayol’s principles to modern management. b) Lyndall Urwick is best known for integrating scientific management with administrative management. c) Max Weber outlined the concept of bureaucracy based on a rational set of guidelines for structuring organizations in the most efficient manner. His work is the foundation of contemporary organization theory. Global Connection: Note the influence of foreign scholars. For example, Fayol was French, Urwick was British, and Weber was German. 3. Assessment of the classical perspective a) Contributions of the classical perspective are that it laid the foundation for management theory; it identified key processes, functions, and skills that are still important today; and it made management a valid subject of scientific inquiry. b) Limitations include that it is not well suited for complex or dynamic organizations, it provided universal procedures that are not appropriate in all settings, and it viewed employees as tools rather than resources. D. The Behavioral Management Perspective The behavioral management perspective placed more emphasis on individual attitudes and behaviors and on group and behavioral processes. Hugo Munsterberg and Mary Parker Follett were early contributors to this perspective. Global Connection: Again, note the international influence on management, as evidenced by Hugo Munsterberg, a German psychologist. 1. The Hawthorne studies Discussion Starter: Ask students if they have ever been in a group that deliberately limited its productivity or output. a) The Hawthorne studies, performed by Elton Mayo, showed that when illumination was increased, productivity increased. However, productivity also increased in a control group, where the lighting did not change. The increase in productivity was attributed to the fact that the workers were having extra attention paid to them, maybe for the first time. b) Other studies found that employees will not work as fast as they can when being paid piecework wages. Instead, they will perform to the level informally set by the group in order to be accepted by the group. These two studies, and others, led Mayo to the conclusion that individual and social processes played a major role in shaping employee attitudes and behavior at work. Discussion Starter: Recent evidence suggests that important details about the Hawthorne studies were not reported properly. For example, all the workers in the illumination study were paid extra for participating. What, if any, implications might be drawn from this? 2. The human relations movement The human relations movement, which stemmed from the Hawthorne studies, is based on the idea that a manager’s concern for workers will lead to increased satisfaction and improved performance. The movement includes the need theories of motivation, such as Maslow’s hierarchy of needs and McGregor’s Theory X and Theory Y. Teaching Tip: Use Table 1.1 from the text to summarize the assumptions of Theory X and Theory Y. 3. Contemporary behavioral science in management The emergence of organizational behavior occurred because of the too-simplistic descriptions of work behavior by the human relationists. Organizational behavior takes a holistic view of behavior, including individual, group, and organization processes. 4. Assessment of the behavioral perspective a) Contributions include that it gave insights into interpersonal processes, focused managerial attention on these processes, and challenged the view of employees as tools and not resources. b) Limitations include that prediction is difficult due to the complexity of human behavior, managers may be reluctant to adopt some of the behavioral concepts, and contributions may not be communicated to practicing managers in an understandable form. E. The Quantitative Management Perspective The quantitative management perspective focuses on decision making, economic effectiveness, mathematical models, and the use of computers in organizations. The two branches of the quantitative perspective are management science and operations management. Extra Example: Many business programs today have separate courses in management science and/or operations management. If your school has either or both courses, identify its number and title for your students and briefly review their topical coverage (i.e., their course description). 1. Management science Management science focuses specifically on the development of mathematical models. These models help organizations to try out various activities with the use of a computer. Modeling can help managers locate the best way to do things and save money and time. 2. Operations management Operations management is an applied form of management science that helps organizations develop techniques to produce their products and services more efficiently. Extra Example: General Motors uses elaborate management science and operations management models to determine the optimum number and types of cars to make during a given period of time, what options to put on them, and so forth. 3. Assessment of the quantitative perspective a) Contributions include that it developed sophisticated quantitative techniques that improve decision making, and it increased awareness of complex organizational processes. b) Limitations are that it cannot fully explain or predict behavior, that mathematical sophistication may come at the expense of other important skills, and that the models may require unrealistic or unfounded assumptions. III. Contemporary Management Perspectives A. The Systems Perspective 1. A system is an interrelated set of elements functioning as a whole. An organization as a system is composed of four elements: inputs (material or human resources), transformation processes (technological and managerial processes), outputs (products or services), and feedback (reactions from the environment). Group Exercise: Break students up into small groups. Have them select an organization and diagram its inputs, transformation processes, outputs, and feedback mechanisms. 2. Open systems are systems that interact with their environment. Closed systems do not interact with their environment. 3. Subsystems are systems within a broader system. Synergy refers to units that are more successful working together than working alone. Entropy is the process that leads to decline. Teaching Tip: Note the subtle but important distinction between entropy and poor management. B. The Contingency Perspective Appropriate managerial behavior depends on the elements of the situation. Universal perspectives try to identify the “one best way” to manage organizations. The contingency perspective argues that universal theories cannot be applied to organizations because each is unique. Group Exercise: Form small groups of students. Have them identify a problem or opportunity facing a business or other organization. Then have them identify elements and ideas from the classical, behavioral, and quantitative perspectives that might be relevant. In addition, ask them to discuss how systems and contingency perspectives might affect the situation. C. Contemporary Management Challenges and Opportunities 1. Books written for the popular press, including executive biographies and profiles of successful companies, are having an important impact on the theory and practice of management today. 2. Management challenges include the following: a) Globalization is another significant challenge as managers must reach out across cultural and national boundaries. b) There is renewed importance placed on ethics, social responsibility, and corporate governance. c) Quality also poses an important challenge, as a basis for competition, improving customer satisfaction, lowering costs, and increasing productivity. d) The shift toward a service economy continues to be important, challenging managers who may be more familiar with manufacturing sectors. e) The economic recession of 2008-2010 and slow recovery in 2011-2014 pose many challenges as well as offering some opportunities. f) Managers must contend with the changing nature of the workplace, including workforce reductions and expansion. g) The management of diversity is an important opportunity and challenge, especially with regard to younger generations of workers. h) Organizations need more than ever to monitor the environment and change to keep pace with it. i) Technological advances, especially in communication, have increased the pace of work, reduced managers’ available time to consider decisions, and increased the amount of information managers must process. Chapter 2 The environments of organizations and managers CHAPTER SUMMARY Chapter 2 is devoted to the environment and culture of organizations. It begins with a description of the organization’s external and internal environments. Then the ethical and social environments are discussed. A discussion of the international environment follows. Finally, organization culture is described. LEARNING OUTCOMES After studying this chapter, students should be able to: 1. Discuss the nature of an organization’s environments and identify the components of its general, task, and internal environments. 2. Describe the ethical and social environment of management, including individual ethics, the concept of social responsibility, and how organizations can manage social responsibility. 3. Discuss the international environment of management, including trends in international business, levels of international business activities, and the context of international business. 4. Describe the importance and determinants of an organization’s culture, as well as how organizational culture can be managed. The opening vignette features the nonprofit organization, the Oregon-based Mercy Corps. In the aftermath of the devastating 2010 earthquake in Haiti, Mercy Corps quickly set up shop in that country to provide much needed relief services. Since its founding, Mercy Corps has provided $2.2 billion in humanitarian aid and development assistance to 114 countries (including India, Japan, and Sudan) and annually reaches almost 19 million people in 36 nations. Management Update: Mercy Corps’ website www.mercycorps.org provides recent examples of the organization’s activities such as helping out in the Philippines after typhoon Haiyan. It is interesting to note that 88% of donations go to relief activities, with very little spent on running the organization. LECTURE OUTLINE I. The Organization’s Environments Managers must develop and maintain a deep understanding and appreciation of the environments in which they and their organization function. The external environment is everything outside an organization that might affect it and contains the general environment and the task environment. The general environment consists of broad dimensions and forces in an organization’s context, while the task environment is the specific organizations or groups that have a direct impact on a firm. The internal environment consists of conditions and forces within the organization. Teaching Tip: Stress the fact that an organization’s boundaries are not always clear and precise. As a result, it may not always be clear whether a particular individual or group is part of an organization or part of its environment. Discussion Question: As a follow-up, ask students whether they think alumni, campus recruiters, and bookstores are part of the organization or part of its environment. A. The General Environment The general environment of a business has three dimensions: economic, technological, and political-legal. 1. The economic dimension includes the overall health of the economic system in which the organization operates, which is related to inflation, interest rates, unemployment, demand, and so on. Extra Example: Note how economic conditions have affected your college or university. Specific points can be made regarding state revenues, alumni contributions, government grants, and endowment earnings. 2. The technological dimension refers to the methods available for converting resources into products or services. Extra Example: Note that Federal Express has been hurt by new technology such as facsimile machines and e-mail. For example, companies now find it more cost-efficient to fax shorter documents than to send them by express delivery. And many managers find e-mail more efficient than distributing memos and letters through printed “hard copy.” 3. The political-legal dimension refers to government regulation of business and the relationship between business and government. Extra Example: The Small Business Administration (SBA) Office of Advocacy reports that the regulatory costs for small businesses amount to roughly $7,000 per person employed. These costs have mainly to do with regulations concerning OSHA and compliance with the Sarbanes-Oxley Act. (www. Bizjournal.com) Management Update: While Microsoft has resolved most of its legal problems in the United States, it still faces a number of antitrust lawsuits in Europe. B. The Task Environment Group Exercise: Divide your class into small groups and have each group develop a diagram similar to Figure 2.1 for an organization in a different task environment. Good examples include Google, IBM, ExxonMobil, and UPS. 1. Competitors consist of other organizations that compete for the same resources. Discussion Starter: Ask students to identify the primary competitors of your college or university. 2. Customers are those who pay money to acquire an organization’s products or services. 3. Suppliers include organizations that provide resources for other organizations. Discussion Starter: Ask students to identify the various suppliers that your college or university might use. 4. Regulators have the potential to control, regulate, or influence an organization’s policies and practices. a) Regulatory agencies are created by the government to protect the public from certain business practices or to protect organizations from one another. Examples include the Environmental Protection Agency (EPA) and the Food and Drug Administration (FDA). Extra Example: Point out to students the various regulatory agencies that most directly affect your college or university (e.g., state coordinating boards, etc.). b) Interest groups are groups organized by their members to attempt to influence organizations. Examples include the National Organization for Women (NOW) and Mothers Against Drunk Driving (MADD). Extra Example: The American Association of Retired Persons (AARP) is an interest group for members 50 and older. It has over 40 million members, making it one of the most powerful interest groups in the country. It has influenced legislation on many issues, including Social Security reform and government policy on medical research. 5. Strategic partners (also called strategic allies) occur when two or more companies work together in joint ventures. Extra Example: Microsoft Corporation has formed alliances with many other organizations, including hardware manufacturers, small software development firms, TV and appliance makers, automakers, cell phone and long distance providers, Internet service providers, and universities. The firm hopes to gain access to customers, resources, and information through its joint ventures. C. The Internal Environment 1. Owners are whoever can claim property rights on an organization. In smaller businesses, the owner is likely to also be the manager. In a larger business, however, managers are more likely to be professional employees of the firm. Stockholders are the owners of publicly traded corporations. Teaching Tip: Point out again the “fuzziness” that may exist regarding boundaries. For example, while this book treats owners as part of the internal environment, it could also be argued that owners are part of the external environment as well. Teaching Tip: Stress to students the significance of institutional owners and investors in corporations today. Such owners and investors can exert enormous power over a corporation. 2. A board of directors, elected by stockholders, is required of organizations that are incorporated; however, many other firms also have them. The board of directors is responsible for corporate governance and charged with overseeing the management of the firm to ensure that it is being run in a way that best serves the stockholders’ interests. Group Exercise: Assign groups of students one or more corporations. Have them identify the members who serve on its board of directors. 3. Employees are another significant element of the internal environment. The composition of the workforce is changing, employees are asking for increased job participation and ownership, and organizations are increasingly relying on temporary workers. Global Connection: Note that many Japanese firms used to offer guaranteed lifetime employment to some employees. In recent years, however, this practice has been abandoned by many firms. 4. A firm’s physical work environment—where facilities are located and how they are furnished and arranged—is also important. The layout of an office or factory can be a strong influence on the way in which people interact with equipment and with each other. Extra Example: Walmart is known for having a very spartan headquarters office, in keeping with the cost-cutting philosophy of founder Sam Walton. The building contains plain metal desks and uncarpeted floors, even in executive office areas. This physical environment serves as a constant reminder to employees of the firm’s culture and values. II. The Ethical and Social Environment of Management Discussion Starter: A debate that has plagued some business programs is the extent to which colleges can teach ethics. Some experts believe that ethics can indeed be taught, while other experts believe that ethics are formed much earlier and thus cannot be taught to people as they get older. Ask students for their opinions. A. Individual Ethics in Organizations Ethics are an individual’s personal beliefs regarding right and wrong behavior. Ethical behavior is behavior that conforms to generally accepted social norms. Unethical behavior is behavior that does not conform to generally accepted social norms. Interesting Quote: “Moral character is shaped by family, church, and education long before an individual joins a company to make a living.” (See Kenneth R. Andrews, Harvard Business Review, October 1989, p. 99.) Discussion Starter: Ask students if they can identify personal examples or events that shaped their ethics or the ethics of someone they know. 1. Managerial ethics are standards for behavior that guide individual managers in their work. Unethical behavior by management and other employees sometimes occurs because the firm has an organizational context that is conducive to such behavior. Employees who work for firms that support and encourage unethical acts, though they are in the best interests of the firm, may find themselves in a conflict-of-interest situation. Discussion Starter: Ask students to provide examples in which an organization they worked for treated them or others in an ethical or an unethical fashion. Teaching Tip: Note that as organizations enter a period of cutbacks and downsizing, the potential for unethical treatment of employees tends to increase. Extra Example: Many recent ethical concerns focus on financial disclosure and transparency. Whereas companies that consistently met their profitability targets were considered to be the most desirable investments, today the business practices and reporting methods used to reach those targets are under heavy scrutiny. General Electric, which has long-term consistent profitability, is now under suspicion for that very consistency. 2. Effective management of ethical behavior includes the following: a) Top managers should set ethical standards for the organization. b) Committees can investigate possible unethical activities internally. c) Employees can attend training sessions to learn to act more ethically when faced with certain situations. d) A code of ethics is a formal written statement of the values and ethical standards that guide the firm’s actions. Teaching Tip: If your school has a code of ethical conduct for students, it might be interesting to discuss it here. Note, for example, the similarities and differences that might exist between a university code and a business code. Extra Example: Other firms that use codes of ethics include Coca-Cola and Texas Instruments. Group Exercise: Ask students to identify common themes and ideas that are likely to be reflected in all corporate codes of ethics. 3. A number of ethical issues are receiving widespread attention today. a) A challenge for CEOs is to display ethical leadership and to establish an ethical culture for the entire organization. The Sarbanes-Oxley Act of 2002 requires CEOs to be held personally responsible for their firm’s financial disclosures. b) Corporate governance is another area with many ethical concerns. Boards of directors are under increased pressure to provide effective oversight. c) Information technology poses new ethical issues in the area of privacy. B. Social Responsibility in Organizations Social responsibility is the set of obligations an organization has to protect and enhance the society in which it functions. Extra Example: One firm that has an exemplary record of social responsibility is Target. The firm gives $2 million each week to local community and charitable groups. Global Connection: Concerns for the environment are given low priority in some parts of the world. The clearing of the rain forests in the Amazon basin is one significant example. Another is the continued destruction of animals facing extinction in parts of Africa. The United States is the world’s largest creator of the pollution that is destroying the Earth’s ozone layer and is unwilling to consider international limits on the polluting gases. 1. Arguments for social responsibility: a) Business creates problems and should therefore help solve them. b) Corporations are citizens in our society too and should not avoid their obligations as citizens. c) Businesses often have the resources to help. d) Business should be a partner in society along with the government and the general population. 2. Arguments against social responsibility: a) Businesses have the responsibility to focus on making a profit for their owners. b) Involvement in social programs gives business too much power. c) There is a potential for conflict of interest. d) Organizations lack the expertise to manage social programs. Discussion Starter: Ask students to help identify other specific examples of how socially responsible behavior has had a positive impact. C. Managing Social Responsibility 1. Firms can adopt a number of different formal organizational stances regarding social responsibility. a) Legal compliance is the extent to which the organization and its members comply with local, state, federal, and international laws. Discussion Starter: Ask students whether they believe tobacco will ever be outlawed. Ask their thoughts on whether or not it should be banned. Teaching Tip: Describe how your local community regulates business through its own zoning procedures. If relevant, describe a recent controversial zoning decision. Teaching Tip: Emphasize the point that an organization’s approach to social responsibility may be inconsistent and/or contradictory. b) Ethical compliance is the extent to which the firm and its members follow ethical standards of behavior. Teaching Tip: Point out to students that, with the escalating diversity of viewpoints on ethical standards, organizations have increased difficulty in demonstrating ethical compliance. Every industry, from energy to bioengineering to education, is swamped with a complex and thorny set of ethical issues today. c) Philanthropic giving occurs through the awarding of funds or gifts to charities and social programs. Global Connection: As noted, international businesses have become frequent contributors in different countries where they do business. For example, UPS supports national Olympic teams in dozens of different countries. 2. Informal organizational dimensions, including the culture and leadership practices of an organization, can define the social responsibility stance adopted by the organization and its members. Whistle-blowing occurs when an employee discloses illegal or unethical conduct by others within the organization. Discussion Starter: Solicit student opinions regarding whistle-blowing. In particular, ask how many of them would, in fact, “blow the whistle” themselves if it meant the possible loss of a job. Extra Example: Sherron Watkins, an Enron accounting manager, was a whistleblower for some of the firm’s unethical and illegal practices. Her actions were instrumental in uncovering the alleged extensive fraud occurring at that firm. III. The International Environment of Management A. Trends in International Business Extra Example: Based on sales revenues, only two of the world’s largest ten businesses are U.S. firms (Walmart and ExxonMobil). Four are European, three Chinese, and one is Japanese. (For details, see Fortune.com.) Teaching Tip: Note the diverse set of countries represented on the list of the world’s largest firms. 1. After World War II, U.S. firms dominated most industrial and consumer markets. From the 1950s to 1970s, Europe and Japan rebuilt their factories and gained market power. 2. Today, U.S. firms dominate in some industries, including auto making and fast food, but many other industries are dominated by non-U.S. firms, including chemicals, steel, banking, and electronics. 3. To be competitive, firms must think globally. International business touches every sector of the economy and every business and every consumer in the world. Group Exercise: Have students generate a list of the ten products they use most frequently. Then have them research the national origin of the companies that make them. B. Levels of International Business Activity Firms that plan to increase their international business activity must plan their expansion into foreign markets very carefully. Several alternative approaches are possible. 1. Importing and exporting are the easiest ways to enter a market with a small outlay of capital. Exporting is making the product in the firm’s domestic marketplace and selling it in another country. Importing means a good, service, or capital is brought into the home country from abroad. Teaching Tip: Most small businesses begin international activity by importing or exporting. A good source of information about international business opportunities for small business is the Small Business Administration’s Office of International Trade website. For more information, see the SBA website at http://www.sba.gov/OIT/. Teaching Tip: Stress for students that the difference in exporting versus importing is point of view. When Rolex markets its watches and ships them to U.S. jewelers, Rolex is exporting, but the stores that buy the watches for sale in the United States are importing them. 2. Licensing is an arrangement whereby one company allows another to use its brand name, trademark, technology, patent, copyright, or other assets in exchange for a royalty based on sales. Franchising is a special form of licensing. Extra Example: Some of the most successful international franchisers include The Athlete’s Foot, Subway, and Century 21 Real Estate. 3. Strategic alliances occur when two or more firms jointly cooperate for mutual gain. A joint venture is a special type of strategic alliance in which the partners actually share ownership of a new enterprise. Extra Example: One of the most successful strategic alliances is Cereal Partners Worldwide, between General Mills and Nestlé. The firms entered into the partnership to compete with Kellogg, which dominated European markets. General Mills contributes its cereal names and technology, while Nestlé adds its recognized consumer brand name and handles distribution. 4. Direct investment occurs when a firm headquartered in one country builds or purchases operating facilities or subsidiaries in a foreign country. Maquiladoras are light assembly plants built by U.S. firms in northern Mexico close to the U.S. border. These plants receive tax breaks from the Mexican government. and the area is populated with workers willing to work for low wages. Global Connection: The passage of the North American Free Trade Agreement has increased the importance of the maquiladoras to firms doing business in Mexico. Extra Example: Disneyland Paris represents a combination of direct investment and strategic alliance. Disney contributed a portion of the park’s construction costs from its own sources and oversaw construction of the park, while a French firm contributed the remainder of the investment capital. Disney shares both profits and losses with its European partner. Teaching Tip: Emphasize the fact that large firms use multiple methods of managing international business. For example, Ford ships cars made in the United States to Canada (exporting), contracts with Mazda to manufacture part of the Ford Probe (licensing), jointly developed the Mercury Villager minivan with Nissan (strategic alliance), and owns several manufacturing plants in other countries (direct investment). Teaching Tip: Use Table 2.1 to compare the advantages and disadvantages of the four levels of international business activity. C. The Context of International Business 1. The cultural environment can create challenges for managers, when the countries in which a firm is manufacturing or selling a product or service have different cultures. Religious beliefs, time and schedules, language, and nonverbal communication can all pose problems for managers in a foreign country. Discussion Starter: Ask students to predict which products made in the United States are most and least likely to be successful abroad. Discussion Starter: Ask students which countries in Europe and Asia they have visited. Then ask how similar or different each was from the United States. Discussion Starter: Ask students to think of common business practices in the United States that might seem odd or unusual in a foreign country. If you have any international students in class, you might ask them about business practices in their home countries that would seem odd or unusual in the United States. 2. A government can impose a variety of controls on international trade to protect its country. a) A tariff is a tax collected on goods shipped across national boundaries. b) Quotas are limits on the number or value of goods that can be traded. c) Export restraint agreements are agreements that convince other governments to voluntarily limit the volume or value of goods exported to a particular country. d) “Buy national” legislation gives preference to domestic producers through content or price restrictions. Teaching Tip: The stiff trade barriers employed by the government of Japan continue to be a point of contention between that country and the United States. U.S. firms, for example, argue that there are so many trade barriers in place in Japan that it results in unfair competition for them. Extra Example: In an interesting reversal of normal procedures, the government of China has played Ford and General Motors against each other. Rather than offer inducements to get the automakers to set up shop in its borders, China is getting the companies to make offers on what they will give in return for the right to be the only U.S. auto company to be allowed to build cars in one of the world’s largest untapped markets. 3. Economic communities are sets of countries that have agreed to significantly reduce or eliminate trade barriers among its member nations. a) The European Union, the Latin American Integration Association (Bolivia, Brazil, Colombia, Chile, Argentina, and other South American countries), and the Caribbean Common Market (the Bahamas, Belize, Jamaica, Antigua, Barbados, and twelve other countries) are examples. b) The North American Free Trade Agreement (NAFTA) created an economic system between Canada, Mexico, and the United States. Discussion Starter: Ask students why they think Asian nations have not formed an economic community with the strength and identity of the EU or NAFTA. 4. GATT, the General Agreement on Trade and Tariffs, and the WTO, the World Trade Organization, both play significant roles in regulating international trade. a) GATT, first ratified in 1948, is an attempt to reduce trade barriers. One of its provisions, the granting of most favored nation status, specifies that a member country must extend equal treatment to all nations that sign the agreement. b) The World Trade Organization was begun in 1995 as a replacement for GATT. The WTO works to promote trade, reduce trade barriers, and resolve international trade disputes. IV. The Organization’s Culture Organization culture is the set of values, beliefs, behaviors, customs, and attitudes that helps the members of the organization understand what it stands for, how it does things, and what it considers important. Extra Example: Some experts would use the extent to which investors and other experts admire a company as an indication of its effectiveness. Each year Fortune conducts a survey of the most admired corporations in the world. Apple, Amazon, Google, and Starbucks were at the top of the list in 2014. Extra Example: Other firms with strong cultures include Disney, 3M, Coca-Cola, UPS, and IBM. Discussion Starter: Ask students to discuss the culture that exists in your college or university. A. The Importance of Organization Culture A strong organization culture can shape the firm’s overall effectiveness and long-term success and help employees to be more productive. B. Determinants of Organization Culture Culture develops over a long period of time. It often starts with the organization’s founder; however, corporate success and shared experiences also shape culture. Stories, heroes, and symbols have a powerful effect. C. Managing Organization Culture In order to manage corporate culture, managers must first understand the current culture. 1. If the culture is one that is in the best interest of the firm, managers can reward behavior that is consistent with the existing culture in order to enforce it. 2. If the culture needs to be changed, managers must know what it is they want the culture to be and then take actions that will help to change the culture into the type management wants. One effective action is to hire outsiders, who will change the existing culture. Chapter 3 Planning and Strategic Management The first basic management function is planning. Part II: Planning contains three chapters addressing the managerial functions of planning and decision making in detail. Chapter 3 introduces planning and describes strategic management. Chapter 4 provides a variety of perspectives and models for further understanding of decision making. The chapter also discusses the use of groups and teams in decision making. Entrepreneurship, which relies heavily on planning, is the subject of Chapter 5. CHAPTER SUMMARY The purpose of Chapter 3 is to introduce the basic elements of the planning function of management and to build a foundation for the more detailed coverage of the material that follows in the remaining chapters of Part II. This chapter also discusses how organizations manage strategy and strategic planning. It examines the nature of strategic management, including its components and alternatives. It then describes the kinds of analyses needed for firms to formulate their strategies. Next it examines how organizations first formulate and then implement business strategies, followed by a parallel discussion at the corporate strategy level. Tactical and operational plans are then discussed. LEARNING OUTCOMES After studying this chapter, students should be able to: 1. Summarize the planning process and describe organizational goals. 2. Discuss the components of strategy and the types of strategic alternatives. 3. Describe how to use SWOT analysis in formulating strategy. 4. Identify and describe various alternative approaches to business-level strategy formulation. 5. Identify and describe various alternative approaches to corporate-level strategy formulation. 6. Discuss how tactical plans are developed and implemented. 7. Describe the basic types of operational plans used by organizations. Google is so popular today that people use the word “Google” as verb, as in “I Googled him and found out about his background!” The opening vignette describes how Larry Page and Sergei Brin founded Google and decided on commercializing the company by monetizing its search results. While Google eschews strategic planning in its formal sense (to outsiders, Google is often a “black box”), it has made key acquisitions to bolster its market presence. Company Update: In late May 2014, Google had a market capitalization of $365.21 billion. Discussion Starter: In late May 2014, there were strong rumors that Google was going to acquire Twitch, a streaming video service for gamers. How would this acquisition help Google’s YouTube? LECTURE OUTLINE I. Planning and Organizational Goals Teaching Tip: Emphasize to students that the planning process portrayed in Figure 3.1 reflects an orderly and logical sequence of steps. In reality, of course, the actual planning process used in any given situation will probably reflect some variation in this process. In order to plan effectively, managers must understand the environmental context in which the organization exists. Managers must establish a mission that includes the organization’s purpose, premises, values, and directions. Strategic goals and plans are devised from the mission statements; tactical goals and plans are generated from the strategic goals and plans; and operational goals and plans are devised from the tactical goals and plans. A. Organizational Goals 1. The four purposes of goals are to: a) provide guidance and a unified direction for people in the organization b) promote good planning c) motivate employees d) provide an effective mechanism for evaluation and control Extra Example: ING, a Dutch bank, had the goal of reducing investment in less promising regions of the world while increasing investments in areas where returns were expected to be higher. Based on this goal, ING sold several business units in 2004 and acquired several others. The strategic moves led to higher profits. The company gained EUR 1.5 billion from its divestments. 2. Organizations have several different kinds of goals. a) An organization’s mission is a statement of its fundamental, unique purpose that sets it apart from other firms of the same type. The mission also identifies the scope of the business’s operations in product and market terms. b) Strategic goals are goals set by and for the top managers of the organization, who focus on broad, general issues. c) Tactical goals are set by and for middle managers, who focus on how to operationalize actions necessary to achieve the strategic goals. d) Operational goals are set by and for lower-level managers, who focus on shorter-term issues associated with the tactical goals. Discussion Starter: Ask students to think about their own personal goals. Then ask them to evaluate each of those goals in terms of the purpose it serves. B. Kinds of Organizational Plans 1. A strategic plan is a general plan that outlines the decisions of resource allocation, priorities, and action steps necessary to reach strategic goals, which are set by the board of directors and top management and have an extended time frame. 2. Tactical plans are developed to implement parts of a strategic plan. Typically, tactical plans involve upper and middle managers and have a shorter time frame than the strategic plan. 3. Operational plans focus on carrying out the tactical plans to achieve operational goals. They are developed by middle and lower-level managers and have a short-term focus. Group Exercise: After discussing the material on the planning process and kinds of plans, have students construct a hypothetical planning process like that shown in Figure 3.1 for different kinds of organizations, such as a retailer, a manufacturer, a college or university, and so forth. Interesting Quote: “I think in terms of decades. The Nineties are EuroDisneyland [now renamed Disneyland Paris]. I’ve already figured out what we can do for 1997 [this turned out to be the Animal Kingdom, which opened in April 1998], and I’ve got a thing set for 2005 [some experts predicted this would be a new theme park in China].” (Michael Eisner, former CEO of Disney, quoted in Fortune, November 21, 1988, p. 68) Eisner’s plans were followed relatively closely—the Hong Kong theme park opened on September 12, 2005. II. The Nature of Strategic Management A strategy is a comprehensive plan for accomplishing a firm’s goals. Strategic management is the comprehensive and ongoing process aimed at formulating and implementing strategies. Effective strategies align an organization with its environment, leading to the achievement of strategic goals. A. The Components of Strategy 1. Distinctive competence, an organizational strength possessed by only a small number of competing firms, is something the organization does exceptionally well. 2. Scope specifies the range of markets in which a firm will compete. 3. Resource deployment specifies how a firm will distribute its resources across the areas in which it competes. Global Connection: For an international business, the scope component of strategy specifies which foreign markets the firm intends to compete in. For an international business, the resource deployment component of strategy helps determine the markets where the firm will concentrate its resources and efforts. B. Types of Strategic Alternatives 1. Business-level strategy is the set of strategic alternatives from which a firm chooses as it conducts business in a particular industry or a particular market. 2. Corporate-level strategy is the set of strategic alternatives from which a firm chooses as it manages its operations simultaneously across several industries and several markets. Teaching Tip: Strongly reinforce the point here distinguishing between business- and corporate-level strategies. Teaching Tip: An additional level is the functional level. This refers to strategies developed for specific functional areas, such as marketing, finance, and so forth. 3. Strategy formulation is the set of processes involved in creating or determining the strategies of the firm. 4. Strategy implementation consists of the methods by which strategies are operationalized or executed within the business. III. Using SWOT Analysis to Formulate Strategy SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. The best strategies exploit opportunities and strengths, neutralize threats, and avoid or correct weaknesses. Group Exercise: Have small groups of students outline a hypothetical SWOT analysis of a local firm and/or your college or university. Discussion Starter: Ask students if they think it is easier to assess environmental opportunities and threats or organizational strengths and weaknesses. While the latter are more “immediate,” such analyses may also pose threats to individuals within the organization. A. Evaluating an Organization’s Strengths Organizational strengths are skills and capabilities that enable a firm to conceive of and implement its strategies. Distinctive competencies are those strengths possessed by only a small number of competing firms. Firms that exploit their distinctive competencies often obtain a competitive advantage and attain above-normal economic performance. B. Evaluating an Organization’s Weaknesses Organizational weaknesses are skills and capabilities that do not enable a firm to choose and implement strategies that support its mission. A firm has a competitive disadvantage when it is not implementing valuable strategies that are being implemented by competing firms. C. Evaluating an Organization’s Opportunities and Threats Organizational opportunities are areas that may generate higher performance. Organizational threats are areas that make it difficult for a firm to perform at a high level. IV. Formulating Business-Level Strategies There are two important frameworks for identifying the major strategic alternatives when choosing a business-level strategy. A. Porter’s Generic Strategies 1. A firm uses a differentiation strategy when it seeks to distinguish itself from competitors through the quality of its products or services. 2. A firm uses an overall cost leadership strategy to gain a competitive advantage by reducing its costs below the costs of competing firms. Extra Example: During WWII, Coca-Cola’s CEO decreed that every U.S. soldier abroad should have access to a 5-cent bottle of Coke. With government assistance, the firm built 64 overseas bottling plants. This early entry into global markets gave Coke an advantage that it has never relinquished. 3. A firm using a focus strategy concentrates on a specific market, product line, or group of buyers. B. Strategies Based on the Product Life Cycle The product life cycle is a four-stage model that shows how sales volume changes over the life of a product. Strategies differ for each stage of the life cycle. 1. In the introduction stage, demand may be high and sometimes outpaces the firm’s ability to supply the product. 2. During the growth stage, more firms enter the market and sales continue to grow. 3. As the product enters the mature stage, overall demand growth begins to slow down and the number of new firms producing the product begins to decline. 4. The decline stage is characterized by decreasing demand for the product or technology, a drop in the number of organizations producing the product, and lower total sales. Group Exercise: Have groups of students identify differences and similarities between Porter’s generic strategies and the product life cycle strategies. Discussion Starter: Ask students to identify examples of current products or services that appear to be at each stage of the product life cycle. Global Connection: Some firms extend product life cycles by introducing the products into less developed foreign markets. For example, a line of computers that is entering the decline stage in Japan, Europe, or the United States might be seen as advanced technology in less developed regions. V. Formulating Corporate-Level Strategies Most large businesses are engaged in several businesses, industries, and markets. Each business or set of businesses within such a firm is frequently referred to as a strategic business unit, or SBU. Diversification refers to the number of different businesses that a firm is engaged in and the extent to which these businesses are related to one another. A. A single-product strategy is used by those firms that produce just one product or service and sell it in a single geographic market. B. Related diversification occurs when one firm operates multiple businesses that are related to one another. 1. There are three advantages of related diversification, as compared to other corporation strategies. a) It reduces a firm’s dependence on any one of its business activities and thus reduces economic risk. b) It reduces the overhead costs associated with managing any one business. c) It allows a firm to exploit its strengths and capabilities in more than one business (i.e., to create synergies). Synergy exists among a set of businesses when the businesses’ economic value together is greater than their economic value separately. Extra Example: The text uses the diversification of the McDonald’s restaurant into premium coffee and Pret A Manger as an example of synergy. Ask students to investigate any new ventures that McDonald’s is entering. What advantages does the firm hope to obtain from the new ventures? C. Unrelated diversification is practiced by corporations operating multiple businesses that are not related to one another. 1. In theory, a business that uses this strategy should have stable performance over time and resource allocation advantages. In practice, however, the presumed benefits are never realized, due to the disadvantages. 2. One disadvantage is that corporate-level managers may not know enough about the unrelated businesses to provide strategic guidance or to allocate capital appropriately. 3. Because firms that implement unrelated diversification fail to exploit important synergies, they are at a competitive disadvantage compared to firms that use related diversification. Extra Example: General Electric is the most successful firm today that still uses unrelated diversification. GE owns businesses in such disparate industries as aircraft engines, appliances, insurance, plastics, and others. D. Managing Diversification Portfolio management techniques are methods that diversified firms use to make decisions about what businesses to engage in and how to manage these multiple businesses. 1. The BCG matrix is a portfolio management technique that provides a framework for evaluating the relative performance of businesses in which a diversified organization operates. The matrix uses two factors to evaluate a firm’s set of businesses: market growth rate and market share. The matrix classifies businesses as one of four types. a) Dogs are businesses that have a very small share of a market that is not expected to grow. b) Cash cows are businesses that have a large share of a market that is not expected to grow substantially. c) Question marks are businesses with a small share of a quickly growing market. d) Stars are businesses that have the largest share of a rapidly growing market. Management Update: The BCG matrix is named for Boston Consulting Group (BCG), Inc., a global management firm that developed the matrix in the 1970s. In 2014, BCG was ranked third in Fortune's “100 Best Companies to Work For.” Teaching Tip: Use Figure 3.4 as a framework for discussing the BCG matrix. Group Exercise: Have student groups research and collect information about a large diversified firm. Then have the groups classify the firm’s various businesses into the four cells of the matrix. 2. The GE Business Screen is a portfolio management technique that is similar to the BCG matrix approach; however, the GE Business Screen considers industry attractiveness and competitive position in classifying businesses. Another difference is the use of a 3 x 3 matrix, which results in nine possible classifications. Teaching Tip: General Electric developed the Business Screen as a refinement and extension of the BCG matrix. Note that using the GE Business Screen parallels the application of SWOT analysis. VI. Tactical Planning Tactical plans are an organized sequence of steps designed to execute strategic plans. Tactical plans are more narrowly focused than strategic plans, have mid-range time horizons, and involve middle managers. A. Developing Tactical Plans Tactical plans must address a number of tactical goals derived from a broader strategic goal, must deal with specific resource and time issues, and require the use of human resources. Management Update: Coca-Cola continues to develop tactical plans that support its strategic plans. For example, in an attempt to increase appeal to teenagers who see Coke as the brand their parents drink, the company is marketing the innovative Sprite Remix. To gain market share in various ethnic groups, Coke introduced flavors such as mango and used stars such as Salma Hayek in its ad campaigns. To continue the trend toward healthier beverages, Coke increased efforts to sell Powerade. B. Executing Tactical Plans For proper execution of tactical plans, a manager must evaluate each alternative action’s potential to contribute to goal achievement, allocate information and resources, support vertical and horizontal communication, and conduct ongoing monitoring of results. VII. Operational Planning Operational plans are a detailed series of specific actions designed to execute tactical plans. Operational plans are narrowly focused, have short time horizons, and involve lower-level managers. A. Single-Use Plans A single-use plan is developed to carry out a course of action that is not likely to be repeated in the future. Two kinds of single-use plans are programs and projects. 1. A program is a single-use plan for a large set of activities. 2. A project is similar to a program, but with smaller scope and less complexity. B. Standing Plans A standing plan is used for activities that recur regularly over a period of time. 1. Policies specify the organization’s general response to a designated problem or situation. 2. Standard operating procedures, or SOPs, outline steps to be followed in particular circumstances. Interesting Quote: McDonald’s is famed for its SOPs and rules and regulations. To see where this mentality comes from, consider this quote from Ray Kroc, founder of McDonald’s: “The French fry has become almost sacrosanct for me. Its preparation is a ritual to be followed religiously” (Ray Kroc, founder of McDonald’s, quoted in Fortune, July 3, 1989, p. 80). 3. Rules and regulations describe exactly how specific activities are to be carried out. Group Exercise: Form students into small groups of four or five members. Have each group identify a rule or regulation at their school. Then have them attempt to find out when and why that rule or regulation was adopted, and how many exceptions are made to it. C. Contingency Planning and Crisis Management Contingency planning is the determination of alternative courses of action to be taken if an intended plan of action is unexpectedly disrupted or rendered inappropriate. It usually involves various action points that identify the need to use alternative plans. Crisis management is the set of procedures the organization uses in the event of a disaster or unexpected calamity; it may include some orderly and systematic elements, but it often needs to develop as events unfold. Extra Example: After frosts in Brazil drove up the prices of coffee beans, Starbucks developed a contingency plan to raise its prices for coffee. If the price of beans drops to previous levels, Starbucks will lower its own prices. If bean prices remain high, however, Starbucks will keep its own prices high. Instructor Manual for Fundamentals of Management Ricky W. Griffin 9781285849041, 9780357039168
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