Expert Answer :Business Management

  

Solved by verified expert:Minimal 1,000-words and three different scholarly sources referenced in APA format. The book can be used as one source. Distribute the 1,000-word count as even as possible among the questions. (References cannot be counted in the word count). So about 500 words per question.
Kinicki, A. & Williams, B. (2012). Management: A Practical Introduction (6th ed.). New York, NY: McGraw-Hill Irwin.
1. What are the pros and cons of your primary ethical principle, in terms of advancing up the corporate ladder? Discuss.
2. Why do you think ethical principles are important in the workplace? Explain
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Kinicki | Williams
A Bridge to
Student Success
The study of management is an
essential crossing on the road to
achievement .
Some great achievements of
histor y were accomplished by
individuals working quietly by
themselves, such as scientific
discoveries or works of ar t.
But so much more has been
achieved by people who were
able to leverage their talents and
abilities—and those of others—by
being managers. None of the great
architectural wonders, such as this
one, was built single-handedly by
one person. Rather, all represent
triumphs of management.
F
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D
L
E
Y
,
S
A
R
A
5
3
1
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6e
www.mhhe.com/kw6e
ISBN 978-0-07-802954-7
MHID 0-07-802954-6
EAN
www.mhhe.com
management
a pr actica l introduction
6e
MD DALIM #1204842 08/03/12 CYAN MAG YELO BLK LITHOMATTE
a pr ac t i ca l i n t r o d u c t i o n
management
The cover shows the Christopher
S. Bond Bridge across the Missouri
River near Kansas Cit y, Missouri.
Named for a former Missouri U.S.
senator and dedicated October 12,
2007, the cable-stayed, 1,700 -footlong span features a striking
diamond-shaped pylon and a
kinetic lighting system along the
edge girders to allow an infinite
number of lighting shows across
the length of the bridge. The Bond
Bridge was recognized by the
American Institute of Architects
with its Honor Award.
Kinicki
Williams
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PART I—Introduction
chapter 1
The Exceptional Manager
What You Do, How You Do It
Major Questions You Should Be Able to Answer
1.1 Management: What It Is,
What Its Benefits Are
Major Question: What are the
rewards of being an exceptional
manager?
1.5 Roles Managers Must Play
Successfully
Major Question: To be an exceptional
manager, what roles must I play
successfully?
1.2 Seven Challenges to Being an
Exceptional Manager
Major Question: Challenges can
make one feel alive. What are seven
challenges I could look forward to
as a manager?
1.6 The Entrepreneurial Spirit
Major Question: Do I have what it
takes to be an entrepreneur?
1.3 What Managers Do: The Four
Principal Functions
Major Question: What would I actually
do—that is, what would be my four
principal functions—as a manager?
1.4 Pyramid Power: Levels &
Areas of Management
Major Question: What are the levels
and areas of management I need to
know to move up, down, and
sideways?
1.7 The Skills Exceptional
Managers Need
Major Question: To be a terrific
manager, what skills should I cultivate?
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the manager’s toolbox
A One-Minute Guide to Success in This Class
Got one minute to read this section? It could mean the difference between getting an A instead of a B. Or a B instead of a C.
It is our desire to make this book as practical as possible for you. One place we do this is in the Manager’s Toolbox,
like this one, which appears at the beginning of every chapter and which offers practical advice appropriate to the
subject matter you are about to explore. Here we show you how to be a success in this course.
Four Rules for Success
The following four rules will help you be successful in this (or any other) course.
• Rule 1: Attend every class. No cutting (skipping) allowed.
• Rule 2: Don’t postpone studying, then cram the night before a test.
• Rule 3: Read or review lectures and readings more than once.
• Rule 4: Learn how to use this book.
How to Use This Book Most Effectively
When reading this book, follow the steps below:
• Get an overview of the chapter by reading over the first page, which contains the section headings and Major Questions.
• Read “Forecast: What’s Ahead in This Chapter.”
• Look at the Major Question at the beginning of each section before you read it.
• Read “The Big Picture,” which summarizes the section.
• Read the section itself (which is usually only 2–6 pages), trying silently to answer the Major Question. This is important!
• After reading all sections, use the Key Terms and Summary at the end of the chapter to see how well you
understand the major concepts. Reread any material you’re unsure about.
If you follow these steps consistently, you’ll probably absorb the material well enough that you won’t have to cram before an exam; you’ll need only to lightly review it before the test.
For Discussion Do you sometimes (often?) postpone keeping up with coursework, then pull an “all-nighter” of
studying to catch up before an exam? What do you think happens to people in business who do this?
forecast
What’s Ahead in This Chapter
We describe the rewards, benefits, and privileges managers might expect. We also
describe the seven challenges to managers in today’s world. You’ll be introduced
to the four principal functions of management—planning, organizing, leading, and
controlling—and levels and areas of management. We describe the three roles managers must play. Then we consider the contributions of entrepreneurship. Finally, we
describe the three skills required of a manager.
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1.1 MANAGEMENT: WHAT IT IS, WHAT ITS BENEFITS ARE
?
major
question
What are the rewards of being an exceptional
manager?
THE BIG PICTURE
Management is defined as the pursuit of organizational goals efficiently and effectively.
Organizations, or people who work together to achieve a specific purpose, value
managers because of the multiplier effect: Good managers have an influence on the
organization far beyond the results that can be achieved by one person acting alone.
Managers are well paid, with the chief executive officers (CEOs) and presidents of
even small and midsize businesses earning good salaries and many benefits.
The risk taker: IBM CEO
Virginia Rometty. The
Chicago-area native began
her career during the early
1980s, when women began
entering corporate America
in droves. Although “Big
Blue,” as IBM is called,
made her success possible
because of diversity and
mentorship programs for
women and minorities, her
predecessor says that gender
did not play a role in the
choice of Rometty for the top
job. “Ginni got it because she
deserved it,” he said. One
quality that helped her gain
the job: risk taking.
When Virginia “Ginni” Rometty was named chief executive officer of Armonk, New
York–based International Business Machines (IBM) in late 2011, she became the first
female CEO in the company’s 100-year history. She was also only the 29th woman to
hold the job of chief executive of a Fortune 500 company, one of those 500 largest
U.S. companies that appear on the prestigious annual list compiled by Fortune magazine. (Other big-time female CEOs: Hewlett-Packard’s Meg Whitman, Xerox’s Ursula
Burns, PepsiCo’s Indra Nooyi.)
What kind of a person is Rometty, a 30-year IBM veteran? “She’s an engaging
woman,” said one observer. “She’s very high energy,” said another. “She has a very
deep understanding of the company,” said a third.1 Are these qualities—which a lot of
people have—enough to propel one to the top of a great company?
Key to Career Growth: “Doing Things I’ve
Never Done Before”
The oldest of four children, Rometty grew up in a Chicago suburb, graduated from
Northwestern with a degree in computer science and electrical engineering, and then,
after an internship with General Motors Institute, joined IBM as a systems engineer in
1981. A turning point, she says, came early in her career when she was
offered a big job but told the recruiter she did not have enough experience and needed time to think about it. That night her husband asked
her, “Do you think a man would have ever answered that question that
way?” That taught her that “you have to be very confident, even
though you’re so self-critical inside about what it is you may or may
not know. . . . And that, to me, leads to taking risks.”2 The upshot,
Rometty says, is that she has grown the most in her career because “I
learned to always take on things I’ve never done before.”3
Opportunities for women have improved significantly during
Rometty’s time, and of course both men as well as women have to deal
with uncertainty. But the ability to take risks—to embrace change and
to keep going forward despite fears and internal criticism—is important to any manager’s survival, regardless of gender. As Rometty says,
“Growth and comfort do not coexist.”
The Art of Management Defined
Is being an exceptional manager a gift, like a musician having perfect
pitch? Not exactly. But in good part it may be an art.4 Fortunately, it is
one that is teachable.
Management, said one pioneer of management ideas, is “the art of
getting things done through people.”5
4
PART 1

Introduction
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Getting things done. Through people. Thus, managers are task oriented, achievement oriented, and people oriented. And they operate within an organization—a
group of people who work together to achieve some specific purpose.
More formally, management is defined as (1) the pursuit of organizational goals
efficiently and effectively by (2) integrating the work of people through (3) planning,
organizing, leading, and controlling the organization’s resources.
Note the words efficiently and effectively, which basically mean “doing things right.”


Efficiency—the means. Efficiency is the means of attaining the organization’s goals. To be efficient means to use resources—people, money, raw
materials, and the like—wisely and cost-effectively.
Effectiveness—the ends. Effectiveness is the organization’s ends, the goals. To
be effective means to achieve results, to make the right decisions, and to
successfully carry them out so that they achieve the organization’s goals.
Good managers are concerned with trying to achieve both qualities. Often, however,
organizations will erroneously strive for efficiency without being effective.
EXAMPLE
Efficiency Versus Effectiveness: “Let Me Speak with a Person— Please! ”
We’re all now accustomed to having our calls to companies
for information and customer support answered not by
people but by automated answering systems. Certainly this
arrangement is efficient for the companies, since they no
longer need as many employees to answer the phones. But
it’s not effective if it leaves us, the customers,
fuming and less inclined to continue doing
business. “Just give me a person to speak
with, please,” pleads a Nevada resident.6
Even most online shoppers, 77% in one poll,
say they’d prefer to have contact with a real
person before they make a purchase.7 (And
more consumers are also grousing about
the abundance of phone surveys asking
about their satisfaction after a purchase.)8
surveys on customer service says that 90% of consumers say they want nothing to do with an automated telephone system. “They just don’t like it,” he says. The most
telling finding is that 50% of those surveyed had become
so irritated that they were willing to pay an additional
charge for customer service that avoids
going through an automated phone system.10 The head of a firm that evaluates
the experiences of call-center customers
says that companies “create more value
through a dialogue with a live agent. A call
is an opportunity to build a relationship,
to encourage a customer to stay with the
brand. There can be a real return on this
investment.”11
Efficiency: Saving Phone Dollars.
Still, a lot of companies obviously favor
YOUR CALL
efficiency over effectiveness in their cusThe average wait for customer service at
tomer service. “The approximate cost of Effective? Is this irate customer
Facebook was 60 or more minutes (rated
offering a live, American-based customer dealing with a company customer“Horrible” by users); for Amazon.com it was
support
system
that
is
more
efficient
service agent averages somewhere around
1 minute (“Excellent”). These and other
than effective?
$7.50 per phone call,” says one researcher.
company wait times and ratings appeared
“Outsourcing calls to live agents in anrecently on a website called Get Human
other country brings the average cost down to about
(www.gethuman.com), started by technology officer
$2.35 per call. Having customers take care of the problem
Paul English to try to “change the face of customer service.”
themselves, through an automated response phone sysGet Human also publishes the unpublicized codes for
tem, averages around 32 cents per call, or contact.”9
reaching a company’s human operators and cut-throughEffectiveness: Retaining Customers and Their
automation tips.12 What recent unpleasant customer experience would you want to post on this website?
Dollars. However, the president of one firm that does
The Exceptional Manager

CHAPTER 1
5
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Why Organizations Value Managers:
The Multiplier Effect
Some great achievements of history, such as scientific discoveries or works of art, were
accomplished by individuals working quietly by themselves. But so much more has
been achieved by people who were able to leverage their talents and abilities by being
managers. For instance, of the top 10 great architectural wonders of the world named
by the American Institute of Architects, none was built by just one person. All were
triumphs of management, although some reflected the vision of an individual. (The
wonders are the Great Wall of China, the Great Pyramid, Machu Picchu, the Acropolis,
the Colosseum, the Taj Mahal, the Eiffel Tower, the Brooklyn Bridge, the Empire State
Building, and Frank Lloyd Wright’s Fallingwater house in Pennsylvania.)
Good managers create value. The reason is that in being a manager you have a
multiplier effect: Your influence on the organization is multiplied far beyond the results
that can be achieved by just one person acting alone. Thus, while a solo operator such
as a salesperson might accomplish many things and incidentally make a very good living, his or her boss could accomplish a great deal more—and could well earn two to
seven times the income. And the manager will undoubtedly have a lot more influence.
Exceptional managers are in high demand. “The scarcest, most valuable resource
in business is no longer financial capital,” says a Fortune article. “It’s talent. If you
doubt that, just watch how hard companies are battling for the best people. . . . Talent
of every type is in short supply, but the greatest shortage of all is skilled, effective managers.”13 Even in dismal economic times—maybe especially in such times—companies
reach out for top talent.
The Financial Rewards of Being
an Exceptional Manager
How well compensated are managers? According to the U.S. Bureau of Labor Statistics,
the median weekly wage in 2011 for American workers of all sorts was $758, or $39,416
a year.14 Education pays: The median 2011 yearly income for full-time workers with at
least a bachelor’s degree was $59,904, compared to $33,072 for high-school graduates.
John Hammergren. The CEO of health care giant
McKesson earned $145 million in 2010, making
him the highest-paid manager in the United States
that year. In 2011, the head of a typical public
company made $9.6 million, up more than 6% from
the previous year. What do you think your chances
are of making over $100 million even in your entire
lifetime?
6
PART 1

Introduction
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The business press frequently reports on the astronomical earnings of top chief
executive officers (which jumped a median 36.5% in 2010). The top earner was John
Hammergren of health care technologies company McKesson, who led the list that
year with $145 million.15 However, this kind of huge payday isn’t common. Median
compensation for top-ranked CEOs in North America in 2010, based on a survey of
158 companies (on the Standard & Poor’s 500 index companies), was $9 million.16
The more usual take-home pay is as follows (which does not include bonuses and
stock options):



Small business CEO. According to recent research, the beginning median
salary for a small business chief executive was $233,500. (A small business
was classified as a company with up to 500 full-time employees.)
Medium-size business CEO. The beginning median salary for a CEO with
500 to 5,000 employees was $500,000.17
Large-size business CEO. In 2007, CEOs earned a median of $849,375 at
companies with more than 5,000 employees.18
Managers farther down in the organization usually don’t make this much, of
course; nevertheless, they do fairly well compared with most workers. At the lower
rungs, managers may make between $35,000 and $60,000 a year; in the middle levels,
between $45,000 and $120,000.
There are also all kinds of fringe benefits and status rewards that go with being a
manager, ranging from health insurance to stock options to large offices. And the higher
you ascend in the management hierarchy, the more privileges may come your way: a
personal parking space, better furniture, lunch in the executive dining room, on up to—
for those on the top rung of big companies—company car and driver, corporate jet, and
even executive sabbaticals (months of paid time off to pursue alternative projects).
What Are the Rewards of Studying
& Practicing Management?
Are you studying management but have no plans to be a manager? Or are you trying to
learn techniques and concepts that will help you be an exceptional management practitioner? Either way there are considerable rewards.
The Rewards of Studying Management Students sign up for an introductory
management course for all kinds of reasons. Many, of course, are planning business
careers, but others are taking it to fulfill a requirement or an elective. Some students
are in technical fields and never expect to have to supervise people.
Here are just a few of the payoffs of studying management as a discipline:



You will understand how to deal with organizations from the outside.
Since we all are in constant interaction with all kinds of organizations, it
helps to understand how they work and how the people in them make decisions. Such knowledge may give you some defensive skills that you can use
in dealing with organizations from the outside, as a customer or investor, for
example.
You will understand how to relate to your supervisors. Since most of us
work in organizations and most of us have bosses, studying management
will enable you to understand the pressures managers deal with and how
they will best respond to you.
You will understand how to interact with coworkers. The kinds of management policies in place can affect how your coworkers behave. Studying
management can give you the understanding of teams and teamwork, cultural
The Exceptional Manager

CHAPTER 1
7
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differences, conflict and stress, and negotiation and communication skills that
will help you get along with fellow employees.
You will understand how to manage yourself in the workplace. Management courses in general, and this book in particular, give you the opportunity
to realize insights about yourself—your personality, emotions, values, perceptions, needs, and goals. We help you build your skills in areas such as
self-management, listening, handling change, managing stress, avoiding
groupthink, and co …
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