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Principles of Business: Functions of Management Contents Abstract 1 Functions of Management 2 Planning 2 Organizing 3 Directing 3 Controlling 3 Levels of Management 4 Management Style 5 Conclusion 5 References 6 Appendix 7 Abstract The four most important functions of management planning, organizing, directing and controlling are the basic component for building up a new organization. While planning is closely linked to the success of all managerial functions and actions, imaginative organizing can help in streamlining of various processes as well as men and material. Directing is another important function of management that basically needs a good leader to direct, guide, supervise and motivate people. The fourth function, controlling, implies install incorporation of checks and control points to monitor the activities rather efficiently. In addition to identifying and implementing the functional ideas, the selection of the right organizational structure and the appropriate positioning of the staff are also vital factors to be considered. Also important is the style of leadership that can make or mar any organization.
Functions of Management The process of management of any organization, small or big, requires that the basic functions of management are identified in the very beginning. There are a number of such basic functions that should be looked at before initiating any action to set up a company. In the light of the above requirement I will also first identify the major functions that should be relevant in the context of establishment and management of my sporting goods store. The four principal functions that I will look at are: Planning. Organizing. Directing.
Controlling. Planning The most important function of management is planning, which is inherently tied with all the managerial actions. In my case I will undertake the following activities during the planning process: Plan all aspects involving procurement, stocking, presentation (display) of goods and selling. The primary aim will be to minimize the intangibles. Ensure that the entire process of planning is systematic, rational and cost effective and must take every possible future contingencies and action into consideration. Formulate a set of alternative courses of action for future in case of failure of any specific plan or plans, giving special emphasis on matters relating to competitions.
Organizing The process of organizing aims at meticulous setting up and optimal use of all resources, especially of men, material, money and time. My primary organizing activities will include: List activities required to achieve my companys goals. Grouping these activities in a logical manner. Allocating the activities (individual / group -wise) to designated persons (my managers / employees ). Directing Directing is another important function that decides whether a leader can effectively communicate with his people and get the best out of them. The various criteria of directing include effectiveness in the areas of leadership, communication, motivation and supervision.
My activities in relation to this function, as such, will comprise of the following: Giving clear cut instructions to the right persons at all times. Guide them properly whenever they need it. Oversee the progress from time to time. Always say and do things that motivate them to excel. Lead by example. Controlling Controlling is a continuous process that helps in measuring the efficiency of operation against the approved plans.
It involves incorporating adequate number of check / control points to ensure that there are no apparent problems or loopholes in the running of the organization. My activities should thus include: Chalking out an inspection routine for monitoring the work of various sections / people of my store. Instituting a list of corrective measures for all possible problems that can arise any time at any level of operation. Checking frequently to see that instructions are properly understood and rules are not violated by the staff of my store. Levels of Management The ideal management structure of my sports goods store should follow the conventional pattern. While I will exclusively man the top management level, I plan to have the rest of the structure organized as follows: Upper Middle Management: General Manager (in charge of overall operations of the store).
Middle management: This level will consist of two managers: Manager 1 - To look after matters relating to HR, general administration, finance, public relations and promotions. Manager 2 To oversee store operations, receipts, sales, marketing and IT. Lower management: I intend to place two assistant managers under each of my managers: Assistant Manager A Finance / accounts including sales audit. Assistant Manager B Cashier. Assistant Manager C - Store Keeper (including inventory control duties) and sales.
Assistant Manager D - Computer management/Operations. The operating force will comprise of salesmen and other helps as required during the day-to-day functioning of my store. (An organizational chart showing the three management levels described above is enclosed as Appendix A. ) Management Style The four distinctive styles of managements are: Autocratic. Permissive. Democratic. Laissez-faire.
Out of the above I will prefer to adopt the permissive style because I strongly believe a friendly and fair (yet firm when required) disposition can extract the maximum from my managers and workers. On the other hand I would not like to be totally democratic by letting my employee to have a say in my entire decision making routines. The laissez-faire method is entirely ruled out as I strongly believe that any form of casualness on the part of the top management do not augur well for a business. Conclusion Starting a new business is a process filled with numerous hazards.
It is, therefore, essential that an entrepreneur must ensure compliance of the spirit ingrained within the fundamental functions of management. In the light of above, I have decided to give utmost importance to the major functions of management planning, organizing, directing and controlling before I commence operation of my sports goods store in my town. I am convinced that adhering to the functional principles, building a realistic organizational structure and displaying a permissive leadership style will undoubtedly result in ultimate success of my venture. References 1.
The Foundation of Management Excel. The Five Functions of Management: Problem Solving. Retrieved on Dec 21, 200, from web 2. McNamara, Carter (1997 / 2007). Free Management Library: Introduction to Management. Retrieved on Dec 21, 2007, from web 3.
Wikipedia: The free Encyclopedia (Dec 15, 2007). Management. Retrieved on Dec 21, 2007, from web Appendix A
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Research essay sample on Principles Of Business Functions Management
