Business Management 2 Essay Example | Topics and Well Written Essays - 1000 words

Business Management 2 - Essay Example Considerably, this also includes how leadership style and management skills affect the successful implementation of the four functions of management. In business, Planning, Organizing, Leading, and Controlling, are the four managerial functions vital to the success of every management vision. Management process is a system where the four managerial functions are sought to be very critical; that if one function ceases to be useful, success is difficult to attain (Rothbauer-Wanish, 2009). However, the functionality of the four managerial components is also affected by the type of leadership and the managerial skills the managers possess and exhibit. Planning. The successful execution of the four managerial functions leads to the success of a company. Planning, the fundamental function of management is where business goals and objectives are stated for future operations. It includes the basics of business planning—the business’ objectives and goals—and strategic planning, which includes â€Å"internal and external environmental analyses †¦ and the SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis† (Erven, 1999). Furthermore, planning also includes concerns regarding the kind of environment the company is operating (Barnett, 2010). One international company that had successfully executed the planning function of management is Toyota Motors Corporation. Planning, in Toyota, is done prior to the environmental conservation initiative of the company, which is reflected in its statement of corporate responsibility (Toyota, n.d.a). In fact, its motors are designed to foster environmental conservation and sustainable development as well (Toyota, n.d.b). Organizing. Another managerial function important in any organization is organizing. According to Management Study Guide (1998-2009), organizing refers to the coordinating of the different business resources to