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4 Management Functions in the Real Time @ Wall Street Journal

Definitions of Management Functions

Planning Function: The management function that focuses on defining goals for a company’s future direction and determining both the missions and resources to achieve that goal.

Organizing Function: The management function that deals with the type of framework used to distribute power, responsibilities, authorities, and roles in a manner where information gets properly communicated throughout the organization.

Leading Function: The management function that has top leaders of the organization influence workers below them both informally and socially. This influence later on results in a stronger motivation for the company to become better at what they do.

Controlling Function: The management function that executes the proper steps to ensure that performance of the company does not deviate from standards.

Examples of Management Functions

Planning Function: “Proctor and Gamble saved $370 million in Agency-Related costs last year”- Source: The Wall Street Journal. This article talks about how the households company P&G has made plans to save $500 million in both fees and production costs by cutting connections with the number of agencies they work with. According to CFO Jon Moeller, “These are nonworking savings that will enable us to invest in advertising and trials of consumer-preferred products.” This would be considered the planning function because current steps are being taken to reach a future goal.


Organizing Function: “Logistics Movers: Boston Beer Names Troupe Chief of Supply Chain”- Source: The Wall Street Journal. This article explains how the Boston Beer Co. Inc has announced the food industry executive Quincy Troupe as the new senior vice president. By doing this, Mr. Troupe will be tasked with taking the central role in expanding Boston Beer’s beverage industry among mass-market providers. This is considered a function of organization because the executive of the brewers' industry has announced a new vice president in their line of work.

Leading Function: “Yoga Guru Baba Ramdev’s Traditional Remedies Take on Big Brands in India”- Source: The Wall Street Journal. The article talks about how Baba Ramdev from Haridwar India has jumpstarted his own consumer goods by expanding a portfolio of products based on traditional medicine. The fame that he has gained in India over the years is a big asset to this business buildup. This is considered a leading function because the manager/entrepreneur has taken a large step in advertising his own products through the people around him.

Controlling Function: “EU Set to Give Auto-Sector Watchdogs More Bite After Volkswagen Scandal: - Source: The Wall Street Journal. This article explains how the European Commission Brussels plans to fine automakers of Volkswagen vehicles up to $32,700 per car for cheating on their evaluation tests. The European Union has still authorized the vehicles to be sold to the public. This is a controlling function because the European Commission has made a vow to correct and discipline those individuals that were not honest in the line of business.

RESOURCES

Page, Paul. "Logistics Movers: Boston Beer Names Troupe Chief of Supply Chain ." www.wsj.com. Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved., 13 Jan 2016. Web. 01 Feb 2016. <http://www.wsj.com/articles/logistics-movers-boston-beer-names-troupe-chief-of-supply-chain>

Tadena, Nathalie. "Procter & Gamble Saved $370 Million in Agency-Related Costs Last Year ." Www.wsj.com. Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved., 26 Jan 2016. Web. 1 Feb 2016. <http://www.wsj.com/articles/procter-gamble-saved-370-million-in-agency-related-costs-last-year>.

Rana, Preetika. "Yoga Guru Baba Ramdev’s Traditional Remedies Take on Big Brands in India ." Www.wsj.com. Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved, 30 Dec 2015. Web. 1 Feb 2016. <http://www.wsj.com/articles/yoga-guru-baba-ramdevs-traditional-remedies-take-on-big-brands-in-india>.

Steinhauser, Gabriele. "EU Set to Give Auto-Sector Watchdogs More Bite After Volkswagen Scandal ." Www.wsj.com. Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved., 27 Jan 2016. Web. 1 Feb 2016. <http://www.wsj.com/articles/eu-set-to-give-auto-sector-watchdogs-more-bite-after-volkswagen-scandal>.

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