Functions of management: Analyzing and Developing a Business Strategy for Speedo Company (UK)
The management in any organization is tasked with different functions within the organization because it forms the core of the organization. One of the functions is planning which involves various aspects focused on determining the future of the organization. The management is in this context expected to prepare for the organization’s success and to decide on the business objectives and how they are to be achieved.
Furthermore, the planning function involves drawing the operational pathways in the organization and making decisions on the best evaluation procedures for organizational operations. The management at all levels such as the national management and departmental planners is involved in the organization of daily activities and planning what the goals of each department in an organization are respectively.
Another task of the management in the organization is that of providing resources such as personnel and materials. This task can only be accomplished by the management through organization of human resources and material organization during which the management designs and develops the human resources needed for every task accomplishment. In addition to this, managers responsible for resource allocation also assign roles to the different personnel within the task force and train those personnel to perform their roles effectively.
With respect to resources allocation, the management ensures that appropriate allocations are made for wages based on given wage scales which ensure equitable resource distribution. The objective of using appropriate wage scales is to ensure that all employees are motivated towards the performance of their tasks at all time. An example of this role is seen in the operation of Apple Company where the objective of the management is to ensure that each task has only competent staff assigned.
Besides these, the management in any organization also has the role of directing the movement of the entire organization towards a singular operational objective. Following the appropriate setting of materials, personnel and plans, the direction of the organization comes about through the use of motivation, communication and/ or leadership, where the leadership function operates through provision of examples to the subordinate staff. Motivation can be achieved either fiscally through provision of high returns or non-fiscally through other means that compel workers to stay within the organization.
Apart from the aforementioned, the management in an organization also has the role of controlling the organization towards ensuring that all operations fall within plans and objectives that were previously set. This is based on set standards of operation which ensures that the set objectives are met. The management is mandated to carry out evaluation based on methods they consider fit and to pitch the observed performance against the initially set standards. Based on the availability of information, the management can then decide to take corrective action in cases where there was disparity between the set objectives and the performance.
Through the controlling actions, it is possible for the management to ensure that all the operational objectives are eventually met. Apart from this, the management also has innovation as one of the fundamental roles. Innovation ensures that new products are produced and new operational ways formed through which the key objectives can be achieved. Through the innovation function, the performance of organizational management is best felt. Companies which use innovation develop new methods for the production of goods and services which end up being exceptional in profitability.
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