More handpicked essays just for you.
Key factors that affect the four management functions
Key factors that affect the four management functions
Importance of four functions of management
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Factors Affecting the Four Functions of Management.
Numerous factors impact the four functions of management. The functions of management include: planning, organizing, leading, and controlling. Key components include: external, internal, globalization, technology, innovation, diversity, and ethics.
A prime external factor would include the current state of the of the United States economy. Consumers may not be purchasing as many Hershey products this year as they did last year, due to staple items such as milk, bread, and eggs being more expensive. During the planning process Hershey’s managers are going to have to implement forecasting more than ever.
The organizing process involves synchronizing the resources required to attain organizational goals. Due to internal factors such as correspondence and numerous phone inquiries Hershey’s decided to create a company website to address customer inquiries. On Hershey’s website, consumers can read anything from product descriptions to the organization’s philosophies. (The Hershey Company, n.d.)
The function of leading is the process of motivating employees to perform at their best. Hershey’s is a company that truly values their employees as the company’s website clearly states. Hershey’s mission statement reads, “Bringing sweet moments of Hershey happiness to the world every day. To Hershey’s employees this means winning with an aligned and empowered organization…while having fun.” This is a reflection of the organizations culture and its dedication to company employees.
Controlling is the process of monitoring development and applying modifications. Hershey’s must be aware of how internal factors can affect control. By reviewing annual reports Hershey’s can get a general idea of what products are selling. If sales are low, marketing may need to see about alterative marketing strategies.
“The Hershey Company (NYSE: HSY) is the largest North American manufacturer of quality chocolate and sugar confectionery products. The Hershey Company revenues nearly $5 billion and has almost 13,000 employees worldwide.”(The Hershey Company, n.d., 1) The Hershey Company is a highly globalized company. When managers are in the planning process they must look at whom they are serving and where. A product that sells out in Mexico may not have the same outcome in the United States. Hershey’s excels in the fact that they view employees as valuable resources. Hershey’s wants employees to feel empowered in their decision-making. Empowerment makes for a positive work environment. Since managers are to use the function of leading to stimulate employees, managers must lead in a positive manner. On Hershey’s website, the corporate philosophy states that Hershey’s “maintains a strong "people" orientation and demonstrates care for every employee.
“His decision to focus on the production of the Hershey milk chocolate bar is now hailed as one of the most important decisions in the history of American business” (Milton Hershey 1). Certain aspects of Milton Hershey’s life are impossible to not take notice of. A simple chocolate bar completely changed the world of business, Milton S. Hershey impacted the world in a huge way.
The Hershey Company is the largest manufacture of chocolate and candy in the United States. The Hershey Company produces and sells a wide variety of sweets, including gluten-free and sugar-free sweets (The Hershey Company). Some famous brands produce by The Hershey Company include, Hershey, Reese’s, York, Kit-Kat, Ice Breakers, Twizzlers, Almond Joy, and Mounds (The Hershey Company). Milton Hershey changed the candy making industry by turning his caramel business into a chocolate industry, caring enough to influence his company to help organizations and individuals, and by remaining successful for over a hundred years.
Market research and information about the industry is very important to the organization because it will allow the organization to position itself well in terms of sourcing chocolate raw materials and in identifying the market for its products. For example, understanding that some chocolate product purchases are seasonal, e.g., at Christmas; around Mother’s Day; and, on Valentine’s Day, allows the organization to have more product on hand and to create displays, in store, that will increase purchases and attract more customers when existing customers tell their friends about the availability of high end products, at reasonable prices, in their store.
The Hershey Company has a receivable turnover of 14.17 times when compared to 13.33 times for Tootsie Rolls, as a result, The Hershey Company is able to recover its receivables faster than Tootsie Rolls Company. Because of the higher turnover for The Hershey, the receivable days were at 25.76 for The Hershey compared to 27.39 days for Tootsie Rolls. This means that Hershey has an average sale of 25.76 days stuck in the receivable compared to 27.39 days for Tootsie Rolls. Among both the companies, the data analysis reflects that Hershey has better control over the receivables and more effective management. Overall, based on one year financial data, Hershey is performing better than Tootsie Rolls with higher turnover and lower receivable days.
The company has a self-organizing team and uses groupware, emails and blogs to communicate with the customers. 18.
In summary the five management functions were used at my time with Comcast Corporation. Each function is crucial to the success of the organization, its employees and their relationship with management. By all means “the linkages between the five management functions make them inseparable activities. Successful managers understand the links and carefully follow through on every aspect of the management program” (Baack, et al., 8.2). Without the influences of the management practices I mentioned, Comcast Corporation would not be a successful organization and I would not have had the joy of furthering my career there. It is important to work for a company that believes in its employee’s success and job welfare while operating under the management practices of planning, organizing, staffing, leading, and controlling.
The Hershey Food Corporation is a very successful and quality business. Many products are manufactured by this corporation. Most relating, but not limited to chocolate. The corporation plays a role in deciding where products are produced. Hershey’s has expanded to both Canada and Mexico, which calls for many corporate decisions. There are an amazing amount of products associated with Hershey. These include Jolly Ranchers, Hershey Kisses, Hershey drink mixes, the entire line of Reese’s products as well as good old fashion chocolate bars. These products serve in the candy/snack foods division of sales. Society could do without them... but why would we want to?
During a "chocolate scare" in the early 1970's when the supply of chocolate went way down and the price went way up Hershey's who uses chocolate as a main ingredient more than Mars does had to cut down on spending in some area of business, so they chose to cut down spending on advertising. Mars saw this as an opportunity to spend more money on advertising and even more importantly M&M/Mars saw an opportunity to knock Hershey's out of the #1 spot. M&M's plan was successful, they used very aggressive marketing and they become the #1 chocolate/candy company in America.
-Management is responsible for organizing the elements of productive enterprise which are material, money, and people interested in economic.
Controlling in management is a function of management that is concerned with making sure that all other functions of the management are put in place and operated effectively. Controlling ensures that it has taken into consideration the monitoring of the output of the employees as well as the establishing standards of performance that will guarantee that the performance of the will always meets the set standards (Spellman,
The third function, leading is the function by which managers are able to implement planning and organization to lead and motivate employees to finish tasks and work. It is important that the employees understand their tasks and responsibilities and this requires the managers to move them through these areas (Higgins, 1994). For example, if employees are not comfortable with their responsibilities than the manager must lead the person through the work process to ensure that it is being done
The four functions of management include: planning, management, leading and controlling. Internal factors impacted the PLOC in many different ways. Everything internal and external for this company deals with planning, organizing, leading and controlling, as it is the foundation for any management team.
"In everyday language usage, management refers to the people in organizations who manage, and to the activities they perform." (Fulop, Frith, Hayward 1992 p. 187) To be more specific, management is the process of organizing work activities with and through people to ensure the activities are completed efficiently and effectively (Robbins, Bergman, Stagg, Coulter 2006, p. 9). Through management, the goals of the organization or business are to be achieved. Henri Fayol, one of the most influential contributors to modern concepts of management, proposed that there are five primary functions for management, which consist of planning, organizing, commanding, coordinating and controlling. Nonetheless, the functions of commanding and coordinating have metamorphosed into leading (Crainer 2003).
Controlling is the fourth management function and its purpose is straightforward- to make sure that actual performance meets or surpasses objectives. It is well used for decision making and problem solving. Effective control depends on other management functions and it gives feedback to them. These functions are planning, organizing and leading. Planning sets directions and allocates resources. Organizing puts people and material resources together in working combinations. Leading motivates people to use these resources in the best way. Basically, the function of controlling is to make sure that the right things happen in a right time and in the right way.Control helps that overall directions of individuals and groups are consistent with short-range and long-range organizational plans. Also, it helps to ensure that objectives and accomplishments are coherent with one another throughout an organization. Moreover, it helps maintaining fulfillment with essential organizational rules and policies. Good example where we can see role of control is in helping to protect individual rights to become equivalent with employment opportunities at work. The control process practiced by managers includes four steps: 1) establish objectives and standards 2) measure actual performance 3) compare results with objectives and standards and 4) take actions if necessary1. The controlling process starts with establishing performance objectives and standards which means that the controlling process begins with planning. Performance objectives should be defined and associated with specific measurement standards for determining how well they are accomplished. Standards are the targets of performance. The next step of the control process would be measur...
function, managers need to analyse how activities and resources are to be grouped and carry out plans successfully (Bartol 2007). A manager have to understand their ability to manage the lower level employee which is the most valuable of the company as they are the key of output and implement in the planning. Then manager will coordinate the jobs between authority and responsibility that is to define the role position of them (MSG 2012).