Submitted by: Submitted by stepheart
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Category: Other Topics
Date Submitted: 05/02/2011 07:53 PM
Bank of America is known as one of the world’s largest banks. Having the ability to offer new products and services on a regular basis, the bank upholds its mission statement by “changing the way you do business.” Planning, organizing, leading, and controlling are what contribute to the success of the bank. Due to the changing economy, the management functions are mandatory in ensuring stability and continued growth in the financial industry.
Although planning is the foundation of an organization, it is a continuous course of action. People use planning on a day to day basis to assist with time management and financial management to name a few. Most companies focus on foreseeing future economic situations and being able to adjust to unanticipated objectives. Bank of America uses planning to decide future and current activities that the company should interact in. For example, in 2008, Bank of America bought Merrill Lynch while the stock market faced an economic downfall. Though at that time it didn’t seem a good move, the stock market has slowly began to rise making the value of the merger increase its worth. That plan of action has increased Bank of America’s revenue and offers to value to their customers.
Webster’s dictionary defines organize as systematic planning and united effort. Organize is the ability to arrange elements into a whole of interdependent parts. In management, organization is important for attracting people to businesses, identifying job responsibilities, creating teams for work units, marshalling and distributing resources, and generating principles for people and things work together to accomplish victory. Preparation is needed prior to any changes within a business. This function of management deals more with the configuration or the best approach in making changes and usually involves delegation.
Directing allows management to have power over and administer dealings of employees. Being able to lead contributes to...