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Principles of Management Module 1

In: Business and Management

Submitted By collinsf
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“Principles of Management”
The McDonald’s Corporation has consistently been one of the leading corporations in America. Even though in our eyes McDonald’s was a thriving corporation, it was heading in a downward spiral on the economic side. In 2004, McDonald’s witnessed a turn around and has become very profitable since. This corporation was underwent a “surgery”, if you will. Many people were taken out, changed, and then the company came together again. There are five different facets of the functions of management. An image of this chain in shown below.

All 5 of these functions were used in the rebirthing of the McDonald’s brand. This corporation has also used the value of diversity to help rebuild its brand. An excerpt from http://www.businessweek.com/magazine/content/10_29/b4187022876832.htm says the following:
"The ethnic consumer tends to set trends," says Neil Golden, McDonald's U.S. chief marketing officer. "So they help set the tone for how we enter the marketplace." Golden says preferences gleaned from minority consumers shape McDonald's menu and ad choices, which are then marketed to all customers.”
This goes to show that the consideration of other ethnic groups very well play a vital role in the growth of businesses.
The function of management that was used the most in McDonald’s change was
Leadership. This company reconstructed its leadership/administration in order to move to the level that the company has come to today. A company can very well have great products, but of the company is not making profits, it will die. In order for McDonald’s to live, they realized that some changes must be made. Therefore; a new administration was formed and new facilities were put in different parts of the country, and this corporation continued to spread throughout the world. Once new leadership was put in place, a new plan had to be made....

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