Answering Questions For Management: Planning, Organizing, Leading And Controlling

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Management
Question 1
The four major functions of management include planning, organizing, leading and controlling. Focused on the organizational goal the management develops an action plan to meet their intents, and that is planning. Organizing involves the manner, in which managers distribute resources, delegate authority, assign duties and provide direction so that the team works according to the scheme. Leading is how managers enhance good connection between employees. Controlling involves taking a corrective action within the plan or organization structure so as to meet organizational goals.
Question 2
The roles of managers include interpersonal roles, informational roles, and decision making. Interpersonal roles cover the responsibility of building a good relationship within the team, which comprise figurehead, liaison, and leader. Informational roles include the way managers collect, monitor, disseminate and transmit information. Decision making is the process of coming up with a solution.
Question 3
Some of the broad skills managers need include leadership, communication, financial and project management skills. These will help them lead the team towards the organizational goal.
Question 4
Some of the challenges managers face include maximizing scarce resources, remaining relevant to employees and stakeholders, the art of employee retention and accumulation of competing metrics.
Question 5
Macro-environment denotes the general environment that can affect the working of an entire business enterprise.
External environment refers to those factors outside the firm that can upset its ability to function.
Demographics denote a statistical data concerning particular groups or the company’s population.
Competitive advantage refers to conditions or factors that are superior or more auspicious in business.
Question 6
The U.S. Postal service; because of exclusive franchise rights.
Kleenex and Jello because of product differentiation
Question 7
Environmental screening helps the company understand what is up-to-the-minute within both internal and external environment; hence, enhancing chances of developing strategies that reflect the organization’s environment. An uncertainty of the environment can cripple the corporation in that the company would not know its strengths, weakness, opportunities and threats; hence, putting the company in danger.
Question 8
Benchmarking is to check or evaluate something by comparison with a standard.
Forecasting refers t...