Functional Areas of Business Paper Mgt/521

Functional Areas of Business Paper

MGT/521

A Master’s of Business Administration or (MBA) concentrates on the development in business administration. As a leader, I must become proficient in the functional areas of business and find ways to communicate information to managers for effective leadership and overall success of the business. Some organizations may consider other, if not all of the functions of business to be important. This paper will summarize the two of functional areas: Leadership and Strategic Planning and the importance of how this relates to the role of a manager.

Leadership

Leadership is earned. It is not granted by role or rite of passage. Once achieved, leadership is not sustainable without continuous proof of concept (Sederer, 2012). The author touched on a great point, I think it’s often misunderstood, the assumption that - just because one may hold the role of manager that automatically designates them a leader. (Robbins and Coulter, 2012) Strategic leadership is the ability to anticipate, envision, maintain flexibility, think strategically and work with others in the organization to initiate changes that will create a viable and valuable future for the organization. Leadership comes with an unsurmountable amount of task and responsibilities, catering to different forms of leadership is one of them, while still accomplishing the company’s goals.

Strategic Planning

Strategic planning is essentially the development of a structured scheme or method for effectively achieving a specific goal or objective. According to Kumpf (2004) Strategic plans are important for two reasons: they provide principals, managers and employees with structure and direction for pursuing the goals and objectives important to the business; and they provide measurable milestones to monitor progress and determine whether corrective action must be taken. Businesses that lack strategic plans are more...