Management Planning
Planning is traditionally considered to be one of the four major functions of management, along with organizing, leading and controlling. Essentially, planning is deciding where a company or organization would like to go, why they want to go there, how they will get there, what they will need in order to get there and finally how they will know if they are there or not (McNamara, 2008).
Among all the important actions carried out by management, planning is the first function needed to lay out the foundation and goals a company will pursue. At this point, an organization will attempt to satisfy the first part of the planning process, where they would like to go. These specific goals are set into a mission statement. Tyco’s vision as to why they exist and the essence of their business is as follows (Tyco International, Ltd, 2008):
To be our customers’ first choice in every market we serve by exceeding commitments, providing new technology solutions, leveraging our diverse brands, driving operational excellence, and committing to the highest standards of business practices—all of which will drive Tyco’s long-term growth, value and success.
Legal Responsibility
The best way to reach the goals set forth by this mission statement is to design and implement a senior management structure. Management teams but realize the importance to create new strategic plans in order to address legal, ethical, or corporate responsibility issues because when the credibility of the senior management is at stake and this leads to a break down in authority of command. Any company can place a senior management team in but also will need to ensure the integrity of the team as they will be the point in which ...