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Balanced Party
The most balanced approach is to create a party consisting of a Fighter, White Mage, Black Mage and Red Mage. This team is capable of dealing with every potential situation. The Fighter provides a powerful physical combatant that can both deal and take large amounts of damage. The White Mage provides strong healing capabilities. The Black Mage can dish out large quantities of damage with spells, which are more effective against some enemies. The Red Mage is a jack-of-all-trades class that is proficient at physical combat, white magic and black magic. He is not as effective as any of the specialist classes, but makes up for it with his versatility. The Red Mage's role is to support the specialists when needed. For example, providing healing as the White Mage is struggling to keep up with enemy damage.
Late Bloomer Party
The late bloomer party consists of a Fighter, Black Belt, Thief and Red Mage. This party is going to have trouble early on, but becomes more powerful at higher levels. The Fighter is your main physical fighter early on, but also provides some healing support after being upgraded into a Knight later. The Black Belt is purely a physical fighter, but usually does not use weapons or armor. This results in a very weak character early on. However, his attribute growth is incredibly high across the board, resulting in him becoming your most powerful physical fighter at higher levels. The Thief functions as a weaker fighter until he is upgraded into a Ninja. After the Ninja upgrade, he can use black magic and becomes nearly as powerful a physical fighter as the Fighter class. The Red Mage mostly provides magical support due to the lack of a White Mage or Black Mage.
Specialist Party
A more specialist-focused party is the Fighter, Black Belt, White Mage and Black Mage. It lacks the versatility of more balanced tactics, but has the most powerful specialist classes available. The Fighter and Black Belt provide physical support that is useful for the entire game. The Fighter provides most of your physical damage until the Black Belt reaches a high enough level to start reaching his potential. The White Mage provides healing and the Black Mage provides magic damage.
Red Mage Party
The Red Mage is the most versatile class in "Final Fantasy." He is capable of performing effectively in every aspect of combat. One tactic for your party is to just use four Red Mages. This is potentially one of the easiest options for most of the game. Unlike the other classes, there is no situation where a Red Mage can be rendered completely useless. Each member of your party is a capable physical combatant, healer and spell caster rolled into one package. In addition, you do not have any particularly fragile party members that you need to focus on protecting. The only downside to this party is that the game is a bit more difficult at the end. You are not going to have access to the most powerful weapons, armor, damage spells or healing spells with this party. While you lack the benefits of specialization, you still should have little trouble completing the game with this tactic.