...External/Internal Factors-Target Learning Team A MGT/330 June 11, 2012 William Roman External/Internal Factors-Target 2 External/Internal Factors-Target At Target, a well-known corporation that offers a variety of high-quality products to a broad range of consumers, there is much going on behind the scenes. Target’s mission statement, “Our mission is to make Target the preferred shopping destination for our guests by delivering outstanding value, continuous innovation and an exceptional guest experience by consistently fulfilling our Expect More. Pay Less. ® brand promise,” reflects the internal and external factors that affect the four functions of management, the impact of other factors on these functions, and delegation through management (Target Brands, Inc, 2012). Target is an organization that believes in embracing diversity, giving back to the community, and incorporating its positive morals, values, and ethics into its business, and these principles apply to the four functions of management within the organization- planning, organizing, leading, and controlling (Bateman & Snell, 2009, Chapter 4). Target uses these functions to determine which goals are accomplished and how the available resources strive to achieve these goals (Bateman & Snell, 2009, Chapter 4). The main internal and external factors that influence these functions of management at Target are human resources, marketing, operations, stakeholders, technologies, and industry...
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...of getting things done with the help of people to achieve a certain goal or target by utilizing all the available resources proficiently. Management has four major functions include planning organizing leading controlling. Bateman, (T. S, Snell, S. (2004).Every function has its own importance. All functions are used in organization to achieve a certain level of target. By using and managing financial, human and technological resources efficiently organization can achieve desired level of output. Leadership is a process of getting things done through people. By influencing them to achieve desired criteria. Leadership is defining a target and direction for organizational members and motivating them to achieve those targets by following the defined direction. Leadership means that person is taking responsibility to make things better and achieve a goal with the help of team work.( www.trainingbuz.com) Discussion Planning: This function of management deals with the decision making process about the goals and targets which are set by the organization need to achieve and it elaborate the strategy of organization by designing the actions for achieving the desired goals. Planning also helps in designing the future paths of organization. It helps in the anticipation of future. Organizing This management function deals with the coordination of different departments of organization. Organizing helps in defining the job responsibilities and allocation of resources. It also...
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...Functions of Management Paper Notes (700 – 1050 words) Planning (117 – 175 words) To put it in the simplest terms, planning is the decision of taking the organization in the direction managers think it should go. It is deciding on what goals need to be set and deciding on what actions will set the organization on the right path toward those goals (Bateman & Snell, 2009). Before all other functions, organizing, leading, and controlling, planning comes first. Too often managers undervalue the need to communicate planning foundations. When this principle is violated it is likely the plan will not be followed through (Sawyer, 2009). My boss at Target would be a subscriber to this function, every week he has a plan for everything that needs to be done in my department, everything from sales planners to which area needs to be detailed that day. He is not very good at communicating his plans; he will leave a note that an abbreviated version of version of what he wants. Although, once he explains his ideas letting me know what he is thinking everything runs smoothly. Organizing (117 – 175 words) Organizing is the function of management that brings together all resources, human and informational, available to the manager so that specific goals are met. Organizing includes getting people to the company, allocating responsibilities, forming work groups, and making sure conditions are adequate for a working environment (Bateman & Snell, 2009). Good organizations skill will always...
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...The management functions of planning, organizing, leading, and controlling are widely considered to be the best means of describing the manager’s job, as well as the best way to classify accumulated knowledge about the study of management. Although there have been tremendous changes in the environment faced by managers and the tools used by managers to perform their roles, managers still perform these essential functions Planning In this function it establishes goals and objectives to pursue during a future period. The planning function spans all levels of management. Top managers are involved in strategic planning that sets board, long-range goals for an organization. These goals become the basis for short-range, annual operational planning; during which top and middle managers determine specific departmental objectives that will help the organization makes progress toward the broader, long-range goals. Organizing In this function it typically follows planning and reflects how the organization tries to accomplish its goals and objectives. In relation to the structure of a company, organizing involves the assignment of tasks, the grouping of tasks into departments and the allocation of resources to departments. Organizing also involves establishing the flow of authority and communication between position and levels within the organization. Top manager performs these activities. Like wise middle manager and supervisors organize the tasks to create positions within their departments...
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...organization or business, the role of management includes planning, organizing, controlling, and leading (Bateman, T. S & Snell, S. A., 2011). Based on position, each member of management within a business or organization, is required to perform different duties and posses different responsibilities. Nevertheless, in order for a manager to be effective at any level of management, it is important for him or her to understand both internal and external factors and how both factors affect the establishment in which he or she works for. Functions of Management Planning is identifying goals to be achieved and deciding, in advance, on the actions necessary to achieve these goals (Bateman, T. S & Snell, S. A., 2011). This function of management combines a business or organization's objective, mission, goal and vision. Organizing is coordinating the financial, informational, physical, and human resources needed to achieve a company or organization's goal. The purpose of this function is to provide a way in which all people and things can work hand-in-hand an be successful (Bateman, T. S & Snell, S. A., 2011). Third is leading. Leading is encouraging people to perform to the greatest of their ability. This function serves as a motivator, guide and helper to employees. Due to the fact that success is not guaranteed even after planning, organizing, and leading, another function has to be implemented to better the chances. This function is known as controlling. Controlling applies necessary changes...
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...1. Which of the following best defines the entrepreneurship process? A. Providing both direct and indirect services to customers B. Using IT to assemble materials into the final product C. Acquiring and combining resources to create goods or services for customers to buy. D. Exchanging or selling services to other companies Correct : The main role of the entrepreneur is to provide the vision and resources to create goods. The other activities listed are typically the role of employees. Materials The Role of the Entrepreneur 2. How do managers help the company’s stakeholders? A. Assisting customers with their purchases B. Assembling materials into finished products C. Providing financing to grow the business D. Creating profitable goods and services Correct : Managers are employees hired by business owners to “use their resources to create profitable goods and services” (Jones, 2007, p. 74). Materials The Role of Management The Agency Problem: The Separation of Ownership from Control 3. What is a difference between an employee and a manager? A. Employees are responsible for providing vision and leadership B. Employees hold each other accountable for success of the business C. Employees have decision making authority over the organization’s resources D. Employees perform the many jobs to make, facilitate, and sell a product Correct : Employees perform “the many jobs necessary to make and sell a product” (Jones, 2007, p....
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...4 FUNCTIONS OF MANAGEMENT Numerous organizations in today's planet are utilizing an aged Chinese mystery on basics of administration from the top bosses to the base levels of administration. These essentials comprise of the four essential capacities of administration: planning, organizing, leading, and controlling. The different errands and exercises identified with every capacity of administration vary as per the particular structure in which administration is practice. The four capacities of administration are used by the administration group to realize the vision of the organization of the administration group. Every capacity of administration has a unique explanation behind its utilization. PLANNING Planning is the first function of administration. It is fundamentally the readiness of a particular approach. In the planning or arranging of an activity the administration sets particular goals or objectives, guaranteeing that they are itemized in their arranging and according to the vision of the task. An alternate part of arranging is the due date for the task. The due date is refined through a watchful growth of the undertaking-targets that are laid out in a timetable to guarantee that they are performed efficiently. This stage likewise involves the plan for the undertaking. The assets that are allotted for the particular venture are resolved and demonstrated in part to assure that the undertaking addresses all conceivable assets and portions the sum distributed for every...
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...Target MGT 330 Management for Organizations Prof. Anthony DiGaetano August 27, 2015 Target Target Corporation is a leading big box retailer with a unique outlook and approach to reaching consumers while offering upscale product at affordable everyday process. Working for large companies can be difficult because employees become numbers and are often lost in the everyday shuffle of information, products, and customers. However, while working for Target, one will find an immense respect and a collaborative effort among co-workers. Target Corporation utilizes the five management functions: planning, leading, organizing, staffing and controlling, to benefit their company, their employees, and their customers. Planning “Managers use planning to choose appropriate organizational goals and identify courses of actions to best reach those goals,” (Baack, Reilly, & Minnick, 2014, Section 1.3, “The Five Management Functions,” para. 2). According to an interview conducted by Jennifer Rooney, a Forbes staff member, Jeff Jones, VP and CMO of Target Corporation believes Target’s role in retail consists of knowing what the consumer wants and needs, while delivering top quality products at an everyday price point (Rooney, 2012). Mr. Jones reiterates the goal of Target Corporation is to continually fulfill the motto, expect more, pay less and states that the corporation as a whole relies heavily on the Target Brands that are unique to only Target (Rooney, 2012). These brands allow...
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...Unit 3 & 4 class notes The Entrepreneur: An individual who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it. Advantages include: Be your own boss Pursue a career that fits your lifestyle Make better use of your skills and knowledge Achieve financial freedom Example: Richard Branson Starting a Small Business: According to the CFIB, a business that is independently operated and has fewer than 500 employees The Importance of Small Business: • Job creation – see graph • Innovation – example • Small businesses help large businesses Industries with Small Business include: • Goods-producing sector (manufacturing, construction, agriculture, mining, and forestry) accounts for 34% Canadian SME’s • Service-producing sector (retail, wholesale, transportation, communications, finance, insurance, real estate, health care, advertising, accounting and personal services) • accounts for 66% of Canadian SME’s. Advantages & Disadvantages Advantages: Independence Financial rewards Lifestyle Learning opportunities Creative freedom and personal satisfaction Disadvantages: Financial risk Stress Time commitment Undesirable duties Starting a Small Business: What type of business is right for you? Manufacturer, retailer, wholesaler, professional/personal services, home-based? Do you want to innovate? What is your business idea? ...
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...Abstract The intent of this paper is to explain how each of the four functions of management effect managing a business, by using the fundamental tools to run a business effectively. The core elements of the management functions are Planning, Organizing, Leading, and Controlling. These are the critical functions required to manage a successful business. Planning The first function of management is planning it defines the steps necessary to fulfill the organizational objectives, current and future plans while providing alternative solutions to support goal achievement. Effective planning starts with management building a strategic plan aligned with the company’s business goals. These goals are achieved through the planning function of management. The planning function provides a roadmap on how the goals will be achieved. Planning includes analyzing and evaluating the conditions to determine what resources are required to reach the goal. The development of a plan sets the direction the team needs to go to achieve specific goals and objectives. Organizing The next function is organizing, which is very important in providing resources necessary to execute on organizational plans. Organizing is instrumental in building a successful business. Organizing provides the critical reporting structure and personnel responsible for the administrative duties required to function as an organization. Most successful organizations are built with flexible and diverse cultures, which are responsive...
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...Functions of Advertising Agencies Today advertising agencies are found in virtually every major city on the world and their role in stimulating economic growth is solidly established. To understand advertising, we need to examine the functions of an Ad Agency. These are: - a)Talent & Creative productions: The basic function of an Ad Agency is providing talent. The creative efforts of the art director, the detailed analysis of the research director and the political understanding of the campaign director, are just a few examples of the many abilities of Ad Agency personal have to offer. A business organization or person will contract the services of an ad agency to help market a product. This function involves processing the information collected from the client and through research and designing communication material in the form of advertisements and other publicity material. This also includes planning creative strategies, copy or script writing, visualization, designing, layout, shooting of films, editing, giving music, etc. b)Research: The second function of an Ad agency is research. In order to distribute the message to the public successfully, the agency must first know all that it can about the product. One of the first jobs is to research the product and the company, one must learn, one possibly can about both. The research must even take one close to the heart of the firm’s inner operations. Ad agencies use research as a tool to test consumer...
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...Wal-Mart: An Organizing Paper Wal-Mart: An Organizing Paper Lisa A. Long University of Phoenix MGT 330, Professor Stewart Edinger Wal-Mart: An Organizing Paper This is a time of organization. Capital arranges and consequently work must organize. Of the four functions of management organizing is vital in attaining the targets set by an organization and building the greatest use of the existing resources. Wal-Mart is one of the world’s leading merchants. It is important that there must be organization of work. A corporation that big has numerous stores, delivery networks, inventory, and staffs all over the world. The choice to make respectable use of those assets is very difficult, and one of the greatest significant conclusions to make. As an organization such as Wal-Mart produces, so does the complication of that choice. For Wal-Mart to succeed such a massive amount of resources and resources it should depend on the organizational structure to proficiently transport the organizing purpose. The second function of management is organizing, described as the method among which leaders coordinate and hire an organization’s human, tangible, and fiscal resources. For a business to be effective, it is vital to fully comprehend and use the organization function. The smallest error created by the management might...
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...Roles and Functions Paper HCS 325 08/11/14 Kristin Schmidt Roles and Functions Paper Health care managers in today’s society face challenges and opportunities but remain focused on the constant changes, demands, and expectations of the organization. Managers provide leadership as well as supervision and coordination of employees (Buchbinder & Shanks, 2012). Management has been defined as the process of working with and through people carrying out tasks that achieve the goals of the organization. The four major functions of a manager are planning, organizing, leading, and controlling (Hartzell, 2014). These functions are closely related to how managers treat their employees and how they manage them. In addition to the functions a healthcare manager must assume, there are roles that these managers and leaders need to abide by in this diversified health care industry. The first major function as a manager is planning. In this step the manager will set a detailed plan of action to determine the needs that need to be accomplished (Buchbinder & Shanks, 2012). Planning is an ongoing tool that can be based on organizational goals, department goals, team goals, or division goals. It is important for the manager to set the priorities and determine the performance target. Another function that is just as important is organizing. Organizing refers to how the resources will be distributed and assigning the right amount of employees to carry out the plan. This...
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...DIRECTION is said to be a process in which the managers instruct, guide and oversee the performance of the workers to achieve predetermined goals. It is said to be the heart of management process as Planning, organizing, staffing would have no importance if direction function does not take place. Therefore, direction means giving instructions, guiding, and counseling, motivating and leading the staff in an organization towards accomplishment of organizational goals. It is required at all levels of organization. Every manager provides guidance and inspiration to his subordinates. It helps in converting plans into performance. Without this function, people become inactive and physical resources are meaningless. Directing is a key managerial function to be performed by the manager along with planning, organizing, staffing and controlling. From top executive to supervisor performs the function of directing and it takes place accordingly wherever superior – subordinate relations exist. It is a continuous process initiated at top level and flows to the bottom through organizational hierarchy. So to maintain the hierarchy and how the employees will go ahead with the target profit to achieve, direction is necessary. If there is absence of direction no one will be under guidance to go ahead for getting the desired result in Bank as direction ensures that every employee work for organizational goals ,attempt to get maximum out of employees by identifying their capabilities and cope up with...
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...Internal and External Factors Trina C. Humphrey May 22, 2015. Management Theory and Practice XMGT/230 Craig Fowler In management there are four functions that managers must follow in order for the workforce too be able to produce products or services. The four functions are planning, organizing, leading and controlling. In the planning function management makes decisions about the goals and functions of an individual, a department, or a work unit. Organizing function coordinates human, financial, physical, information and other needed resources to obtain a common goal. Leading is motivating people to do the best job they can do. Leading helps to inspire the team to work towards organizational goals. Internal and external factors such as decision- making affects management are greatly influenced by the four management functions. The external and internal factors can be influenced by all four functions of the organization are required to make sure that they are properly addressing all functions in order to achieve its goals and meet targets for the success of the business. Competition is consist changing managers must take into account people and business around the world. Globalization, technology, innovation, diversity, and ethics require strategic planning in every aspect of management. Globalization is growth on a worldwide level. It is the process of integration and international influence. An example of this was when Airgas, opened...
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