Company Management

5 FUNCTION OF MANAGEMENT

RMHZ COMPANY

PROF.GERMANN

GROUP 1:

BAO,LE(LEADER)

HUAN,LE

PHAT,LE

PHUONG,NGUYEN

INTRODUCTION BUSINESS

1.PLANNING:

Strategic Planning is a comprehensive process for determining what a business should become and how it can best achieve that goal. It appraises the full potential of a business and explicitly links the business's objectives to the actions and resources required to achieve them. Strategic Planning offers a systematic process to ask and answer the most critical questions confronting a management team—especially large, irrevocable resource commitment decisions.

A successful Strategic Planning process should:

Describe the organization's mission, vision and fundamental values

Target potential business arenas and explore each market for emerging threats and opportunities

Understand the current and future priorities of targeted customer segments

Analyze the company's strengths and weaknesses relative to competitors and determine which elements of the value chain the company should make versus buy

Identify and evaluate alternative strategies

Develop an advantageous business model that will profitably differentiate the company from its competitors

Define stakeholder expectations and establish clear and compelling objectives for the business

Prepare programs, policies, and plans to implement the strategy

Establish supportive organizational structures, decision processes, information and control systems, and hiring and

training systems

Allocate resources to develop critical capabilities

Plan for and respond to contingencies or environmental changes

Monitor performance

Planning is looking ahead. According to Fayol, drawing up a good plan of action is the hardest of the five functions of management. This requires an active participation of the entire organization. With respect to time and implementation, planning must be linked to and coordinated on different levels.  Planning must take the...