Four Functions of Management
University of Phoenix
This paper will discuss the four functions of management, planning, organizing, leading, and controlling. The paper will also show how each function relates to SunTrust Mortgage.
In the business world today, the great executives not only adapt to changing conditions but also apply—fanatically, rigorously, consistently, and with discipline—the fundamental management principles (Bateman 2009). These four functions are planning, organizing, leading, and controlling. The four functions of management are a crucial part of the fundamentals of management. Each function is an important step to a successful organization. Without each function, the organization could suffer and the performance of the organization will not be optimal.
The first function, planning is the first step for a successful organization. Planning activities include analyzing current situations, anticipating the future, determining objectives, deciding in what types of activities the company will engage, choosing corporate and business strategies, and determining the resources needed to achieve the organization’s goals (Bateman 2009). Without planning, the organization would quickly spiral out of control. Each of the other three functions depends on solid planning to implement them.
SunTrust Mortgage has implemented strategic planning in response to the current economic conditions. With the downturn of the economy, SunTrust has had to change it business model. This is also a good example of planning for change. SunTrust had plans in place for a changing economy and quickly implemented the contingency plan. The result has been for SunTrust to emerge as one of the top 10 banks in the country and well situated to handle the current and future economic climate.
The second function of management is organizing. Organizing is assembling and coordinating the human, financial, physical, informational, and other...