After studying this chapter, you should be able to:
Describe what management is, why management is important, what managers do, and how managers use organizational resources efficiently and effectively to achieve organizational goals. [LO 1-1]
Distinguish among planning, organizing, leading, and controlling (the four principal managerial tasks), and explain how managers' ability to handle each one affects organizational performance. [LO 1-2]
Differentiate among three levels of management, and understand the tasks and responsibilities of managers at different levels in the organizational hierarchy. [LO 1-3]
Distinguish among three kinds of managerial skill, and explain why managers are divided into different departments to perform their tasks more efficiently and effectively. [LO 1-4]
Discuss some major changes in management practices today that have occurred as a result of globalization and the use of advanced information technology (IT). [LO 1-5]
Discuss the principal challenges managers face in today's increasingly competitive global environment. [LO 1-6]
