Final answer:
Executive managers are at the top of the hierarchy of authority in an organization, making key decisions and guiding its strategic direction. They are accountable to the board of directors and shareholders, whereas middle and first-line managers handle more specific operational issues and direct oversight of rank-and-file employees.
Step-by-step explanation:
The individuals at the top of the hierarchy of authority responsible for the entire organization and its strategic direction are executive managers. These executives are responsible for making high-level decisions and steering the company towards its long-term objectives. Positions within this group include titles such as CEO, CFO, CIO, and other C-level positions. They report to the board of directors, which in turn is accountable to the shareholders.
In comparison, middle managers oversee a specific department or division within the organization, translating the executive team's strategy into actionable plans for the first-line managers to implement. First-line managers are those who directly oversee the rank-and-file employees and handle day-to-day operations. Finally, rank-and-file employees are the workforce executing the tasks under the guidance of the first-line managers, and they do not have a role in setting the company's strategic direction. Final consumers are external to the organization's hierarchy and are the end-users of its products or services.