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Discussing the Importance of Management

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Please respond to the following questions: What is management? Why is management necessary?

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Solution Summary

This solution is comprised of a response of over 1000 words and includes 5 references. The solution explains the importance of management and also discusses related concepts such as planning, leadership, and controlling.

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What is management?
Management is an art of getting things done from others. Organizations are created by the human beings for an objective. Business organizations are founded to create wealth, to satisfy the stakeholders of the business and to achieve its mission and vision. Thus the role of the management is to make the appropriate decisions and is responsible for running the show smoothly in an organization. Its necessary to do the following important activities.
There are four important functions of Management:
- Planning
- Organizing
- Leadership
- Controlling
Let us discuss them one by one:

Planning:
Sound Planning is the first step of the success of a business. It will act as a guidance and road map for the organization.
"A business plan is a summary of how a business owner, manager, or entrepreneur intends to organize an entrepreneurial endeavor and implement activities necessary and sufficient for the venture to succeed. It is a written explanation of the company's business model."
(www.bplans.com)

The management must engage in strategic planning that plainly defines objectives and evaluates both the internal and external state of affairs to devise strategy, execute the strategy, assess the advancement, and fine-tune as necessary to stay on track. For example, a company's goal, say Vodafone, might be simply written "to achieve the sales target next year". While the goal statement is mistakenly written, the good one is "to record $850 million of sales in 2007". Based on the information from the environmental scan, the organization should match its strengths to the opportunities identified, while dealing with its weaknesses and external threats. The company seeks to foster a competitive advantage over its competitors to earn superior profits. A competitive advantage can be based on cost or differentiation. ...

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