Final answer:
Planning is essential in management as it precedes all other functions and provides direction. Without proper planning, other management functions would lack effectiveness. For example, in a business planning to introduce a new product, careful planning is required to ensure successful implementation.
Step-by-step explanation:
Planning is crucial as a management function because it precedes all other management functions. It involves setting goals, determining the best course of action, allocating resources, and designing strategies to achieve the desired outcomes. Without proper planning, other management functions like organizing, leading, and controlling would lack direction and effectiveness.
For example, consider a business planning to introduce a new product. The planning stage involves identifying the target market, setting sales goals, determining the production capacity, allocating resources for research and development, and formulating marketing strategies. Only after this careful planning can the business effectively carry out the organizing, leading, and controlling functions necessary for product launch and successful management.