Describe the four basic management functions: Planning, organizing, leading and motivating, and controlling.
Managers perform four basic functions, which do not occur according to a rigid, preset timetable. At any time, managers may engage in a number of functions simultaneously. However, each function tends to lead naturally to the next.
Managers engage in planning—determining where the firm should be going and how best to get there. One method of planning that can be used is SWOT analysis, which identifies and evaluates a firm's strengths, weaknesses, opportunities, and threats.
Three types of plans, from the broadest to the most specific, are strategic, tactical, and operational.
Managers also organize resources and activities to accomplish results in an efficient and effective manner, and they lead and motivate others to work in the best interests of the organization.
In addition, managers control ongoing activities to keep the organization on course.
There are three steps in the control function: setting standards, measuring actual performance, and taking corrective action.
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