This activity is important because great executives not only adapt to changing conditions but also apply$$fanatically$,$ rigorously, consistently, and with discipline$$the fundamental management principles. They remain as relevant as ever, and they still provide the fundamentals that are needed in start$-$ups as much as in established corporations. But their form has evolved.

Next, you'll learn about Trader Joe's, an upscale specialty supermarket chain. As you read the mini$-$case, keep an eye out for evidence of each of the four functions of management. The goal of this activity is to test your ability to match elements of the Trader Joe$$s culture to examples from the details of this case.

The fundamental management principles include the four traditional functions of management: planning, organizing, leading, and controlling. Planning is specifying the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals. Organizing is assembling and coordinating the human, financial, physical, informational, and other resources needed to achieve goals. Leading is stimulating people to be high performers. It includes motivating and communicating with employees, individually and in groups. The fourth function, controlling, monitors performance and implements necessary changes.