Managing Effectively Through Tough Times

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9780137025046: Managing Effectively Through Tough Times
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This timely supplement, "Managing Effectively Through Tough Times," addresses the extreme challenges businesses are facing in today's financial climate.  Set amidst the turmoil of the U.S. housing and banking crisis, author Mason Carpenter carefully explains how Managers can shape strategies to lead firms out of these tough times.

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From the Author:

I am hopeful that you will find this supplement--Managing Effectively Through Tough Times--to be timely, interesting, and relevant. In partnership with my publisher Pearson Education, I wrote this supplement for professors, managers, and students alike, with the aim of reminding them about what they learned (or should have learned) in business school.While harsh economic times, like those that we are experiencing around the globe today, present managers with tough choices, such times also provide a great opportunity to get back to the basics and position the firm for better things to come. However, it is relatively easy (unfortunately) for managers to take actions now that contribute to survival but actually get in the way of future success. The purpose of this supplement is to shed some light on the managerial choices that may help organizations avoid this pitfall. This supplement strives to provide an action playbook for managing effectively through tough times. Specifically, you will learn how managers can look to eight areas for clues to the key survival tactics needed today that also contribute to the achievement of prosperity (and competitive advantage) tomorrow. Following an introductory vignette on the challenges and opportunities experienced by Starbucks, I walk through the following set of action items: (1) Look at your compass--understand and communicate the roots and deep meaning behind your mission and vision; (2) Get back to your strategy--strategy is about choice, what you do and don't do; (3) Get closer to your customers--know what delights them and what causes them pain (and perhaps get rid of a few); (4) Invest in human capital--the people make the place; (5) Leverage social capital--social capital is the resources available in and through personal and business relationships; understand and manage it; (6) Understand what drives innovation and change--cultivate the DNA for change; (7) Preserve financial capital--master the cause-and-effect relationships behind the balance sheet and income statement (that is, develop an understanding of the concepts behind a balanced scorecard and strategy map); and, (8) Practice values-based leadership--tough times can bring out the best, and sometimes the worst, in people; don't leave this to chance.  Beyond the valuable real-world lessons outlined in each of the eight sections, I am also hopeful that it is clear that two biases--a bias for action and a bias for optimism--weave all the sections of the supplement together.My students have taught me the value of learning through experience (a bias for action) and, without optimism, we are unlikely to take the actions needed to learn.

About the Author:

Mason A. Carpenter

 

Professor Carpenter is the M. Keith Weikel Professor of Leadership at the Wisconsin School of Business. He has a B.S. in Business Administration from California State University (Humboldt) and University of Copenhagen, Denmark, and an M.B.A. from California State University (Bakersfield). He also completed graduate studies in enology at the University of Bordeaux, France. Before obtaining his Ph.D. in strategy at the University of Texas, Austin, he worked in banking, management consulting, and software development. His research concerns corporate governance, top management teams, and the strategic management of global firms, and is published in Strategic Management Journal, Academy of Management Journal, Academy of Management Review, Academy of Management Executive, Journal of Management, and Human Resource Management. He serves on the editorial boards of the Academy of Management Journal, Academy of Management Review, Journal of Management Studies, and the Strategic Management Journal, was voted Professor of the Year by M.B.A. students, and identified as one of the most popular professors in the BusinessWeek M.B.A. poll. He recently received the Larson Excellence in Teaching award from the School of Business, and the University of Wisconsin’s Emil H. Steiger Distinguished Teaching Award.

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