Function of Management

The four functions of management are Planning, Organizing, Leading and Controlling which are affected by internal and external factors of Globalization, Technology, Innovation, Diversity and Ethics. To be effective and efficient in management, you must be able to handle these factors and include them in detail for each of the management functions. Globalization is simply using the entire globe as a marketplace for you business. Whether it is out sourcing some of the product or the workforce, we have endless opportunities. Easier to do now more than before through digital technology which also allows us to vary the product as needed. That’s where innovation comes into play. There will always be newer and better products being manufactured due to the competition and the customers. Innovation not only includes the product but the way it is delivered. Successful teams have diversification. It is using or investing in different products or businesses or expands to evolve into a multi-product company. And lastly, ethics which is the age old system of standards and rules that govern our values. Now lets look at how these internal and external factors affect the functions of management.

Planning goals in advance and what it takes to achieve these goals is a crucial first step. If the big step of going global was not included in the initial planning phase, it would be difficult to go back and rework the goals to fit after the product has been produced. An example would be Toshiba which produced the HD DVD around the same time as the blue ray DVD. With Sony Playstation using blue ray as a storage device and a better marketing campaign and the new camcorders that could be played in blue ray players but not HD DVD players, Toshiba conceded. Now all we know is blue ray. The planning phase could have prepared better in the advertising and hardware availability which might have turned the tides. So globalization, technology, innovation and diversity had a negative effect on...