assignment_week1_mgt330

assignment_week1_mgt330 - Functions of Management 1...

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Functions of Management Functions of Management STUDENT University of Phoenix MGT 330 Management Theory, Practice and Application INSTRUCTOR DATE MGT330 1
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Functions of Management McDonald’s is the leader in global foodservice retail with more than 30,000 locations which serve approximately 52 million people in more than 100 countries each day (McDonald’s USA, 2008). Several factors determined the McDonald brothers’ success; the most important one is their effective and efficient management. Effective management refers to the ability to achieve established organizational goals; efficient management refers to the ability to achieve the goals by minimizing the waste of resources (Bateman & Snell, 2009). McDonald’s had to suit the local taste, cultural values, and traditions of the different countries where McDonald’s stores were opened without weakening its appeal as an American icon (Jandt, 2007). For instance, in India, McDonald’s does not provide beef patties as 80% of the Hindu population does not eat meat; in Jerusalem, McDonald’s has kosher and non-kosher restaurants. Kosher restaurant do not have cheeseburgers or milkshake as Jewish law forbids the eating of milk and meat products together. McDonald’s management made sure that the company adapted to the different environments without jeopardizing the company’s success. This research paper will define management and the four functions of management (planning, organizing, leading, and controlling). Further, the research paper will discuss how each function relates to the real estate company I currently work for. Management, Planning, Organizing, Leading, Controlling: Definitions Management is a process that utilizes human and financial resources in order to achieve established goals. Bateman & Snell stated that management is “the process of working with people and resources to accomplish organizational goals” (Bateman & Snell, 2009, p.19).
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