(i) The function of management involved is planning.
(ii) Steps involved in the function are:
(a) Setting objectives: Wants to increase profit.
(b) Identifying alternatives: Purchasing new high speed machines, increasing sales price or using the waste materials in manufacturing stuffed toys.
(c) Selecting the best alternative: Using waste materials in manufacturing stuffed toys.
(iii) To complete the function identified in (a), the manager should take the following steps:
(a) To implement the plan of manufacturing stuffed toys using waste materials.
(b) Follow-up action to ensure that the plan is implemented effectively.