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MGT330 Week 1 - Assignment - Functions of Management

MGT330 Week 1 - Assignment - Functions of Management

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Running Head: FUNCTIONS OF MANAGEMENT

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Functions of Management Paper Tim Seddon MGT/330 Management: Theory, Practice and Application October 11, 2010 Michael Ventrone

management has done necessary planning and formulated the company’s Mission statement. Planning The first phase of management is in planning. Our wealth building strategies will maximize the most trusted brand in America. All activities of the organization are directed to achieving the objectives and goals developed in this phase. These 2 management functions consist of planning. and controlling and each plays a vital role but cannot function without the other. which clearly states why this organization exists. At the top level. devising strategies to achieve the objectives and goals. No matter if an organization is new or old. “We will create financial relationships with individuals and businesses using the best talent and technology in the market. and technology. Planning starts with a vision and a mission then finishes off with setting objectives and goals. According to Bateman and Snell (2009). leading. In addition. big or small a company needs to develop and implement their own management concepts to achieve the objectives and goals they have put in place. Planning is done at top management level and includes the following: defining a company’s mission statement.FUNCTIONS OF MANAGEMENT Functions of Management The management role in a company is determined as a result of the industry. setting the company’s objectives and goals. “Plans set the stage for action and for major achievements” (p. 19). and set decisions. The functions of management allow any organization to handle planned. each role adds clarification to the way a company performs. organizing. The company’s mission statement is. or because of organizational growth. implementation of the strategies. and reviewing and improving of the strategies. environment. Mutual of Omaha” (Mutual of Omaha Bank . Mutual of Omaha Bank main purpose is to provide a customer-focused community banking experience. tactical.

Leading The third function of management is leading. Some people require high-level of motivation whereas some require low-level of motivation. information technology. the Mutual of Omaha Bank’s vision statement. “Organizing tells us how it is to be done and who should do it” (Feinberg. community banking represents a resolute devotion to our customers and the communities they call home” (Mutual of Omaha Bank Employee Website) shows what objectives the company wants to achieve. Leading uses knowledge to produce the desired results by motivating employees to perform at their highest potential. customer acquisition activities. Therefore. Management determines how the business will operate by dividing work into smaller units called tasks or duties. Mutual of Omaha Bank has incorporated internal training programs. The main . This managerial function is influenced by the employees’ behavior because individuals in an organization have different attitudes and motivational levels. Without proper organization. These jobs are then assigned to employees by the managers.FUNCTIONS OF MANAGEMENT Employee Website). para. managers need to guide and motivate the employees depending upon their level of motivation and make decisions accordingly. 2009. and marketing that have allowed the company to rise above their competition to gain market share. the company's image could be come tarnished and position as a market leader would fall. “Community 3 banking is our philosophy. interwoven throughout every aspect of our bank. taking into consideration the capability and knowledge of the individuals. In addition. And at its very core. 4). Organizing Organizing allocates and configures resources to achieve the company set objectives and goals established during the planning process and is the second step of the functions of management.

and taking remedial action to improve an employee’s performance. The Bank continual gathers feedback from the banking customers. Conclusion . 4). marketing promotes the corporate image to build brand and be a market leader. Individual goals. and high-level of motivation. para. benchmarks. At the Bank. The controlling function includes the following aspects of setting standards. However. and metrics all play an important role in controlling the success of an organization. this requires employees to have a giving spirit. The Bank has set a high standard of responsibilities for the employees so the high standard of the company can be maintained. which is considered and used when devising new company strategies. committed attitude. assessing and monitoring employee’s performance. Employees are regulated and made disciplined by means of policies so the company can achieve their goals and objectives. The accounting department prepares invoices and record payments. Mutual of Omaha Bank is working to build a respected and honest banking community. comparing performance and achievements of employees to set standards.FUNCTIONS OF MANAGEMENT principle of leadership is to guide the employees behavior to achieve the company's goals and objectives. it is clear to see how the company objectives are being met through leadership in various departments. “Effective leadership is infectious and should be spread to as many areas of the organization as possible” (Rothbauer-Wanish. direct mail. which focuses on monitoring the 4 progress toward the company’s stated goals and objectives and making adjustments to processes as needed. and recruitment. and customer acquisition produces specific marketing activities such as Internet and journal advertising. 2009. analysis. Controlling Controlling is the fourth function of management.

and maintaining standards. and controlling monitors progress and makes necessary changes to achieve stated goals as determined by the planning and organizing functions. Leading stimulates high-performance by all staff. Organizing determines the organization structure and identifies the essential business functions from the planning process. so all employees participate in the day-to-day management of these functions. All four functions of management need to be visible in an organization.FUNCTIONS OF MANAGEMENT 5 The functions of management instruct all aspects of business on what to do and how to do it. All four phases of the functions of management are equally important and are executed by different levels of management. Planning is the first step toward systematically making decisions about goals and objectives. performance of the other phases will suffer. along with providing goals and objectives. Each level has its own importance. motivating resources. . When a company has the proper functions of management in place these roles will help to enable the smooth functioning of the organization for long-term success. If one phase is not implemented properly.

Leading as a Management Function. (2009).. H. Retrieved from http://www. Four Functions of Management.cgi?C=1349073 Rothbauer-Wanish. Management: Leading and Collaborating in the Competitive World (8th edition). New York.A.com/content/leading-as-a-management-function-a124060 6 . S. (2009). NY: McGraw-Hill/Irwin.FUNCTIONS OF MANAGEMENT References Bateman. Retrieved from http://www. & Snell.goarticles. T. (2009). T.S. Feinberg.suite101.com/cgi-bin/showa.

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