What are the functions of management? Explain with illustrations.

The functions of management are a fundamental framework that guides the planning, organizing, leading, and controlling of organizational activities. These functions serve as a blueprint for effective management in various industries, including retail management. In the context of retail management, these functions are crucial to ensure the smooth operation and success of retail businesses.

1. Planning:
Planning is the first and foundational function of management. It involves setting objectives and determining the best course of action to achieve those objectives. In retail management, planning encompasses various aspects such as:

   a. Merchandise Planning: Retailers need to plan their product assortment, pricing, and inventory levels. For example, a clothing retailer may plan to stock winter clothing before the cold season to meet customer demand.

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