Functions of Managment

Use 120 words minimum to answer the following question.

Describe the basic functions of management.

There are four important management functions that we need to understand: planning and strategizing, organizing, controlling, and leading and developing employees.

1) Planning and Strategizing

Planning is the formal process in which managers choose goals and actions and steps needed to attain these goals, assign roles and responsibilities to members, and measure the success of these actions by comparing the results against set goals. Planning takes part in various stages in a company or firm, and it is an important part of a manager’s job. Planning is used by managers to develop strategies. A strategy is a set of actions that managers take to attain the desired goals of a company.

Managers draw up plans for variety of organizational activities. They plan expenditures in the budgeting process, plan for expansions, implementing new informational systems, introducing new products, and many other things.

However, planning alone is not enough. This is where we need to strategize. Strategizing is the process of thinking through on a continual basis what strategies an organization should pursue to attain its goals. This involves being constantly aware of what competitors do, staying updated on market trends, thinking about how changes in the external environment might affect the company, and so on.

2) Organizing

Organizing is the process of deciding who within the organization will perform what role or task, where decisions will be made, who reports to whom, and how different part of the organization will coordinate to attain the goals set. This involves dividing the company into subunits based on their functions, such as Marketing, research and development, production, finance, and human resources.

3) Controlling

Controlling is the process of monitoring the company’s