Q2 2 FUNCTIONS OF MANAGEMENT

FUNCTIONS OF MANAGEMENT
What are the functions of Management?
1. PLANNING: includes anticipating future trends and determining the best strategies and tactics to achieve organizational goals and objectives, it is the KEY MANAGEMENT FUNCTION because the other functions depend on having a good plan. PLANNING: Planning involves the setting of the Organizational vision, mission, goals and objectives.
a) PLANNING A VISION: VISION: Is an encompassing explanation of why the organization exists (desired end state) and where it is trying to head; it is more than a goal.
EXAMPLE OF A VISION: Our vision reflects a dynamic environment through which our company will provide our clients with top of the line products.
b) PLANNING A MISSION: MISSION STATEMENT: Is an outline of the fundamental purposes of the organization (what do you do). A well-designed mission statement should address:
A. the organization’s self-concept
B. company philosophy and goals
C. long-term survival
D. customer needs
E. social responsibility
F. the nature of the company’s product or service
c) PLANNING GOALS: GOALS: Are the broad, long-term accomplishments an organiglzation wishes to attain. EXAMPLE OF GOALS:
A. Our long rage goals are to:
B. Create …….
C. Establish …..
D. Maintain ….
E. Expand ……
F. Provide ……
d) PLANNING OBJECTIVES: OBJECTIVES: Are specific, short-term statements detailing how to achieve the organizational goals. EXAMPLE OF OBJECTIVES: A. Our organization will:
A. Create …..
B. Establish ...
C. Provide ….
D. Integrate …

PLANNING THROUGH SWOT ANALYSIS
SWOT ANALYSIS: Is a planning tool used to analyze an organization’s:
A. Strengths
B. Weaknesses
C. Opportunities
D. Threats
While conducting analysis we must remember that:
STNRENGHTS/WEKNESSES ARE INTERNAL TO THE COMPANY
OPPORTUNITIES AND THREATS ARE EXTERNAL TO THE COMPANY

Examples:
Internal Strength: Cost advantage, market leader, better advertising
Internal Weakness: Weak market image,