To be an effective leader in modern business, one must utilize the four management functions of planning, organizing, leading, and controlling. But within each function, its role in business today can be examined through their correlation with globalization, technology, innovation, diversity, and ethics. We will examine each function separately, and provide examples on each topic.
Globalization describes the business practices that make companies operate globally, going beyond international borders. It allows for companies to obtain a workforce from all corners of the earth, and not reliant on a local applicant pool (Bateman & Snell, 2011). It can be described as a cause of the current financial collapse, or the answer to correct it (Naim, 2009). Despite which side is taken, it is the way that business is operated today. Technology refers to equipment that allows for easier, safer, or faster (Bateman & Snell, 2011). Certain technologies allow for globalization to be possible, such as the Internet, aircraft with fuel-efficient engines, ocean tankers able to carry larger loads of cargo. Innovation is the ability to offer new products and services, maintaining an edge in the market the company occupies (Bateman & Snell, 2011). At its basic concept, it is to do something different (Costello & Prohaska, 2013). Diversity is the growing differences in people and the necessity to ensure that everyone is treated equally (Bateman & Snell, 2011). With globalization at the forefront of business, the need to create a safe and fair workplace for all takes a similar focus. Finally, Ethics is “the body of moral principles or values governing or distinctive of a particular culture or group” (Dictionary.com, 2014). While not a universal belief, ethics dictates the way that companies do business (Bateman & Snell, 2011).
Planning as defined by the textbook is the specifying of goals