Management is about coping with complexity and 'good management', according to Kotter - 'brings a degree of order and consistency to key dimensions like the quality and profitability of products'.
Leadership, by contrast, is about coping with change; and major changes are more and more necessary to service and compete effectively in this new environment. More change always demands more leadership.
Being a Mgmt grad, i found the following as explained by Kotter to be, well 'simpler' :-)
Management - manages complexity by
- Planning and Budgeting
- Organizing and Staffing
- controlling and problem solving
- Produces predictability, order and consistency
Leadership, on the other hand - leads change by
- setting a direction - (Vision being the key word here)
- Aligning people
- Motivating and inspiring
- Produces useful 'dramatic' change