Four Functions of Management

What are the four functions of Management?
Planning, Organizing, Implementing and Controlling
Define the planning function?
Involves analyzing information and making decisions about what needs to be done.
Define target market?
The audience that management is trying to reach, to make it financially worthwhile.
Define the organizing function?
Is concerned with accomplishing tasks most effectively and arranging resources to complete all necessary work.
Define the implementing function?
Involves carrying out plans and making sure that adequate personnel are available to accomplish all the necessary tasks.
Define the controlling function?
Involves evaluating results to determine if objectives have been accomplished as planned.
Informal plan
Loose collection of thoughts about how to do something.
Formal plan
Usually written and well thought out.
Five steps in the planning process
1. Establish objectives
2. Analyze the situation
3. Determine alternatives
4. Evaluate alternatives
5. Choose an alternative and implement your plans
Departmentalization
Grouping jobs into work units or activities.
Specializtion
When work is given to those who can best accomplish the tasks.
Benefits of organizing
1. Become specialized in their work tasks
2. Implement new advances in technology more rapidly
3. Understand and react to external forces more efficiently
4. Use power and authority more productively
Functional departmentalization
Activities are grouped around basic functions like production, marketing, finance, or human resources.