5 Parts of Management

Topics: Management, Strategic management, Marketing Pages: 1 (288 words) Published: December 2, 2012
Five Functions of Management
The Five Functions

Restaurant companies come, and restaurant companies go. According to a study by Ohio State University, the first year failure rate of new restaurants is about 26%, or 1 out of 4 restaurants having to close during their first year of operation (www.restaurantreport.com). As an employee of a major restaurant company that has been in existence for nearly 45 years, I had to ask myself a few questions to ascertain how they were able to sustain their success over such a long history. Not surprisingly, the answer lies in the company’s ability to effectively utilize the “Five Management Functions”: planning, organizing, staffing, leading, and controlling. The process starts each year with “The Plan” for the coming year. The leadership comes together each to develop our strategic goals for the next twelve months. According to our text, strategic goals are defined as the long-term, sweeping targets a company seeks to pursue (Reilly, Minnick, & Baack, 2011). These strategic goals are communicated at our “Annual Company Meeting” to all director-level and mid-level managers. The meeting is a three-day event, during which the Executive Team reviews results of the previous year’s efforts and shares the vision and strategies for the upcoming year. The primary strategic goals discussed at this annual meeting include increasing market share, innovation (information technology and e-learning), physical and financial resources, profitability, management performance and development, and employee performance and attitude. These discussions are typically held in break-out sessions with employees from all different departments meeting together to share thoughts and ideas, as well as develop suggestions and recommendations for improvements, and typically start with a thorough SWOT analysis (strengths, weaknesses, opportunities, and threats).
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