Functions of management and roles of management Assignment

Functions of management and roles of management - Assignment Example Furthermore, this paper intends to ascertain the primary reasons of McDonald’s behind securing a leading and most profitable fast-food restraint in the world (Sabharwa, 2012). Discussion With the advent of globalization and the rapid development in technology, it is very vital for every organization to adapt new techniques and strategies that would help them in maintaining and retaining a leading position in the market. Accordingly, McDonald’s is considered to be one of the leading fast-food restaurants in the world. The fast-food chain was established in the year 1940 in California USA. Currently, the fast-food chain has a total number of 34,000 stores across the world and it further intends to expand its number of stores in future. It is worth mentioning that at the initially the business faced many challenges from increasing competitors like Burger King and Subway. However, the effective management practice has embraced the fast-food chain to establish itself as a le ading and one of the most renowned fast-food brand around the world. The primary reason behind its success can be attributed to adaption and execution of modern management function within the organization. ... Planning Planning is an important task and is the first function of management. Good planning contributes towards making effective decisions in subsequent stages. Accordingly, McDonald’s has framed and implemented different marketing strategies to seek large customer base and loyalty. The prime focus of the fast-food chain has been to offer products at affordable prices. The fast-food chain has also emphasized on meeting the needs of children by increasing its product line especially meant for the children preferences and expectations. The fast-food chain widely considers promotional activities as an effective tool for increasing its competitiveness at global market segment. The fast-food chain has uses slogans such as â€Å"We love to see you smile,† â€Å"I’m Lovin’ it,† and â€Å"Food, Folks, and Fun,† among others as a medium for promoting its product and services. Another important component of the fast-food chain has been its ability to change its strategies quickly according to the changing business environment (Conrad, Grover, Vinciguerra & McKnight, 2009). Organizing The business model of McDonald’s is slightly different manner than other fast-food chain. The organization is considered to be one of the largest holders of franchisors around the world. After its establishment the organization has almost 34,000 stores and serving millions of customer’s daily worldwide. The strategy of providing franchisee is considered to be one of the most important functions of the company as it has helped the business in managing its brand awareness and expanding its business globally. Leadership The leadership in McDonald’s has always been a prime factor for its success. The organization follows