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MANAGEMENT This page intentionally left blank MANAGEMENT Third Edition Michael A. Hitt Texas A&M University J. Stewart Black INSEAD Lyman W. Porter University of California, Irvine Prentice Hall Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montréal Toronto Delhi Mexico City São Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editorial Director: Sally Yagan Editor in Chief: Eric Svendsen Acquisitions Editor: Kim Norbuta Director of Editorial Services: Ashley Santora Editorial Project Manager: Claudia Fernandes Editorial Assistant: Carter Anderson Director of Marketing: Patrice Lumumba Jones Marketing Manager: Nikki Ayana Jones Marketing Assistant: Ian Gold Senior Managing Editor: Judy Leale Production Project Manager: Ilene Kahn Senior Operations Supervisor: Arnold Vila Operations Specialist: Cathleen Petersen Creative Director: Christy Mahon Senior Art Director: Janet Slowik Interior Designer: Bobby Starnes/ElectraGraphics, Inc. Cover Designer: Wanda España Cover Photo: Paul Chauncey/Alamy Manager, Rights and Permissions: Hessa Albader Editorial Media Project Manager: Denise Vaughn MyLab Product Manager: Joan Waxman Media Project Manager: Lisa Rinaldi Full-Service Project Management and Composition: Integra Software Services, Inc. Printer/Binder: Quad/Graphics Versailles Cover Printer: Lehigh-Phoenix Color/Hagerstown Text Font: 10/12, Times Roman Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on appropriate page in the text. The credit for the part opener is Calvio/istockphoto. Copyright © 2012, 2009, 2005 Pearson Education, Inc., publishing as Prentice Hall, One Lake Street, Upper Saddle River, New Jersey 07458. All rights reserved. Manufactured in the United States of America. This publication is protected by Copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458. Many of the designations by manufacturers and seller to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps. Library of Congress Cataloging-in-Publication Data Hitt, Michael A. Management / Michael A. Hitt, J. Stewart Black, Lyman W. Porter. — 3rd ed. p. cm. Includes bibliographical references and index. ISBN 978-0-13-255328-5 1. Management. I. Black, Stewart. II. Porter, Lyman W. III. Title. HD31.H5327 2012 658—dc22 2010045859 10 9 8 7 6 5 4 3 2 1 ISBN 10: 0-13-255328-7 ISBN 13: 978-0-13-255328-5 Brief Contents Preface PART 1 xv Managing Ethically and Globally Chapter 1 Chapter 2 Chapter 3 PART 2 PART 3 132 166 203 Leadership 204 Motivation 239 Groups and Teams 270 Communication and Negotiation 302 Individual and Group Decision Making 331 Controlling Chapter 13 Chapter 14 Chapter 15 80 Strategic Management 81 Planning 110 Organizational Structure and Design Managing Diverse Human Resources Leading Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 PART 4 The Nature of Management 2 Social Responsibility and Managerial Ethics 27 International Management and Globalization 57 Planning and Organizing Chapter 4 Chapter 5 Chapter 6 Chapter 7 1 359 Operations Management 360 Control 386 Organizational Change and Development Appendix: The History of Managerial Thought and Practice Glossary 479 Name Index 487 Subject Index 489 416 452 v Contents Preface PART 1 xv Managing Ethically and Globally Chapter 1 The Nature of Management 1 2 Managerial Challenges from the Front Line 3 What Is Management? 4 Managerial Challenges 5 Managing Change 5 Managing Resources 6 䊏 A MANAGER’S CHALLENGE: Globalization 7 Managing Strategically 8 Managing Entrepreneurially 9 Historical Approaches to Management What Do Managers Do? 10 9 Planning 11 Organizing 11 Directing 11 䊏 A MANAGER’S CHALLENGE: Change 12 Controlling 13 Managerial Roles 13 • A Week in the Managerial Life of Deb M. 15 • A Week in the Managerial Life of Greg K. 17 What Skills Do Managers Need? 19 Technical Skills 19 Interpersonal Skills 19 Conceptual Skills 20 The Plan of This Book 20 Managerial Challenges from the Front Line 21 Summary 22 • Key Terms 22 • Review Questions 23 • Assessing Your Capabilities 23 • Team Exercise 23 䊏 CLOSING CASE: FedEx’s Successful Internationalization 24 References 25 Chapter 2 Social Responsibility and Managerial Ethics Managerial Challenges from the Front Line 28 How the Ethics of Individual People Develop 29 Basic Approaches to Ethical Decision Making 31 The Utilitarian Approach 31 The Moral Rights Approach 31 The Universal Approach 31 The Justice Approach 32 The Moral Intensity Factor 33 䊏 A MANAGER’S CHALLENGE: Globalization Social Responsibility 36 The Efficiency Perspective 36 䊏 A MANAGER’S CHALLENGE: Ethics vi 38 35 27 CONTENTS The Social Responsibility Perspective 39 䊏 A MANAGER’S CHALLENGE: Ethics 40 Comparing the Efficiency and Stakeholder Perspectives 41 How Corporations Respond to the Efficiency and Stakeholder Perspectives 41 The Strategic Corporate Social Responsibility Perspective 42 䊏 A MANAGER’S CHALLENGE: Technology 43 How People and Firms Can Make Better Ethical Decisions 45 The Manager 45 The Organization 45 How Governments Can Foster Ethical Behavior 49 Managerial Challenges from the Front Line 50 Summary 51 • Key Terms 51 • Review Questions 51 • Assessing Your Capabilities 52 • Team Exercise 52 䊏 CLOSING CASE: Nicolo Pignatelli and Gulf Italia 53 References 54 Chapter 3 International Management and Globalization Managerial Challenges from the Front Line Globalization 59 Understanding a Country’s Environment 57 58 59 䊏 A MANAGER’S CHALLENGE: Globalization 60 The Country’s Institutional Environment 60 Culture 63 International Market-Entry Strategies 65 Exporting 65 Licensing 65 Creating Strategic Alliances 66 䊏 A MANAGER’S CHALLENGE: Change 67 Acquisitions 67 Establishing New, Wholly Owned Subsidiaries 68 Managing International Operations 69 Taking a Global Focus 69 Taking a Region–Country Focus 69 Taking a Transnational Focus 70 Managing Across Cultures 70 Managing Multicultural Teams 72 Developing a Global Mind-set 72 䊏 A MANAGER’S CHALLENGE: Globalization 73 Managerial Challenges from the Front Line 74 Summary 74 • Key Terms 75 • Review Questions 75 • Assessing Your Capabilities 76 • Team Exercise 76 䊏 CLOSING CASE: Trying to Change the Corporate Culture of a Multinational Enterprise: General Semiconductor 77 References 78 PART 2 Planning and Organizing Chapter 4 Strategic Management 80 81 Managerial Challenges from the Front Line What Is a Competitive Advantage? 83 Superior Value 83 Rarity 84 Difficult to Imitate 84 Nonsubstitutability 85 Turning a Competitive Advantage Into Profits 85 82 vii viii CONTENTS The Strategic Management Process: Setting Direction 85 Determining the Firm’s Strategic Vision 85 Formulating the Firm’s Mission Statement 86 Conducting an External Environmental Analysis 86 The General Environment 87 The Firm’s Industry and Competitor Environment 90 䊏 A MANAGER’S CHALLENGE: Globalization 91 Internal Analysis 93 Integrating Internal and External Analyses 96 Setting Strategic Objectives 96 The Strategic Management Process: Formulating a Strategy 97 Generic Strategies for Obtaining a Competitive Advantage 97 Other Generic Strategies 99 䊏 A MANAGER’S CHALLENGE: Change 100 The Strategic Management Process: Strategy Implementation 101 䊏 A MANAGER’S CHALLENGE: Change 102 Managerial Challenges from the Front Line 103 Monitoring and Evaluating the Strategy’s Implementation 103 Summary 103 • Key Terms 104 • Review Questions 104 • Assessing Your Capabilities 105 • Team Exercise 105 䊏 CLOSING CASE: Blockbuster Is Fighting for Survival 106 References 107 Chapter 5 Planning 110 Managerial Challenges from the Front Line An Overview of Planning 111 113 Types of Plans 113 The Organizational Levels at Which Plans Are Developed 113 䊏 A MANAGER’S CHALLENGE: Change 115 The Interrelationship between Plan Types and Levels 116 The Planning Process 116 Analyzing the Firm’s External Environment 117 Assessing the Firm’s Internal Resources 119 Setting Objectives 119 䊏 A MANAGER’S CHALLENGE: Technology 121 Developing Action Plans 121 Implementing Plans 122 Monitoring Outcomes 123 䊏 A MANAGER’S CHALLENGE: Ethics Planning Tools 124 124 Budgets 124 Goal Setting Criteria 125 Managerial Challenges from the Front Line 127 Summary 127 • Key Terms 128 • Review Questions 128 • Assessing Your Capabilities 128 • Team Exercise 128 䊏 CLOSING CASE: Planning a New Program Launch at LDC 129 References 130 Chapter 6 Organizational Structure and Design Managerial Challenges from the Front Line Principles of Organizational Structure Differentiation 135 Integration 135 Formalization 137 134 133 132 CONTENTS Informalization 139 Centralization and Decentralization 140 䊏 A MANAGER’S CHALLENGE: Diversity Common Organizational Structures 141 142 Functional Structure 142 䊏 A MANAGER’S CHALLENGE: Change 143 Product Structure 144 Division Structure 146 Customer Structure 146 Geographic or Regional Structure 147 Matrix Structure 148 Mixed Organizational Structures 149 Network Organizational Structures Designing Organizations 152 150 The External Environment 152 The Organization’s Strategy 153 Organizational Structures in an International Context 154 Organizing to Think Globally and Act Locally 157 䊏 A MANAGER’S CHALLENGE: Change 157 Managerial Challenges from the Front Line 159 Summary 160 • Key Terms 161 • Review Questions 161 • Assessing Your Capabilities 161 • Team Exercise 162 䊏 CLOSING CASE: Restructuring the Organizational Structure at Kimberly-Clark 163 References 164 Chapter 7 Managing Diverse Human Resources Managerial Challenges from the Front Line 166 167 The Strategic Role of Human Resource Management 168 Human Resources and Strategy Formulation 169 Human Resources and Strategy Implementation 169 Human Resource Management Activities That Get the Right People Planning 171 Job Analysis 171 䊏 A MANAGER’S CHALLENGE: Diversity 172 Recruiting 172 Selecting 174 䊏 A MANAGER’S CHALLENGE: Technology 175 Human Resource Management Activities That Maximize Performance 178 Socialization and Training 179 Job Design 181 Evaluating Employees’ Performance 181 Compensation 184 Employee Development 186 Labor Relations 187 Managing a Diverse Workforce 187 Gender and Diversity 188 䊏 A MANAGER’S CHALLENGE: Diversity 189 Sexual Harassment 191 Laws and Regulations Affecting Human Resource Management 191 Diversity and the Firm’s Performance 191 Leveraging the Diversity of Your Firm’s Workforce 193 How Globalization Is Affecting Diversity 193 170 ix