Different Functional Areas of Management

Functional financial statements

Accounts Receivable Inventory Balance Sheet Income Statement Cash Flow Statements

Human Resources Management

Also known as Human Capital Drives the performance of organizations along with other resources The process of attracting, training, developing, and maintaining an excellent work force

Functions of Marketing Management

Analyses, Planning, Implementing, and controlling of goods and services, and ideas to create exchanges that satisfy customer needs and company goals

Example of controlling

Ex: Advertising costs for a company during the promo season

Functions of financial management

Financial forecasting, financial analysis, financial performance evaluation

Management of Sales People

Good marketers are able to maintain win-win relationships by seeing to it that they always deliver high quality, good service, and fair and reasonable prices to the key parties

Controlling

Monitoring the progress of the marketing plan Monitoring of the budgets Reviewing of results after the execution of the markeitng plan

Management of Advertising

Build Awareness Build Comprehension of the good features of a product Leads customers to get in touch with the company via the sales team

Orienting and Training of Employees

Conducting needs assessment of the organization, of the person, and of the task/work Designing the training program by considering the institutional objectives, the trainee's readiness and motivation and principles of learning Implementation of the training program Evaluation of the training program

Planning Labor Need & Recruitment

Determining the number and kinds of people that may be attracted for employment Internal Recruitment vs External Recruitment

Analyses

Determining your target markets, market positioning, product development, pricing, distribution channels, physical distribution, communication, and promotion The marketing plan is carried out by Sales managers, marketing managers, advertising and promotions managers

Functions of ICTM

Developing the organization's hardware, software, and other computing and communicating technology (Hardware Software Computing and Communicating Technology)

Marketing Mix or 4ps

Important consideration in marketing management

Functions of OpMan

Inventories, Facilities, Work Flows, Technologies, Quality

Marketing Management

Is it the process of managerial planning and carrying out of the conception, pricing, promotion and distribution of ideas, goods, and services in order to bring about exchanges to satisfy individual and organizational goals

Operations Management

Is the study of how goods and services are produced in organizations

OpMan

It oversees the transformation processes that change resources into finished goods and services

Conducting Job Analysis, Planning Labor Need & Recruitment, Selecting Candidates for the Job, Orienting and Training of Employees

Main functions of HRM

Selecting Candidates for the Job

Matching of people and jobs Job specifications help identify the person-job fit, and, in particular, identify the individual competencies, their knowledge, skills, abilities, and other factors that may lead to excellent performance

Productivity

Measures the efficiency by which inputs are turned into outputs

Management of Marketing Research

Principles of the scientific method are used Research creativity is practiced Use of multiple research methods Interdependence of models and data Value and Cost of Information Healthy Skepticism Ethical Marketing Research

Financial Planning

Process of setting financial objectives and determining what should be done to accomplish them

Financial officer

Taking charge of the company's financial policies and strategies, investments, capital structures, and dividend policies

Value Chain

The actual sequence of activities that results in the production of good and services that have value for customers

"Lessons" from TD

The management and custody of the organization's funds, seeing to it that these are effectively and efficiently utilized in order to provide for all the needs of the organizations various operating units

Information and Communication Technology Management

The management of information and communication technology that collect, organize, and distribute data for use in the organization's decision-making functions

Financial Management and Control

There is also a need to control which makes sure that funds are properly utilized Project Management Working Capital Management Inventory Management Accounts Receivable Management The idea of Break-Even

Marketing Management

This function involves "influencing the level, timing, and composition of demand" so that an organization may reach its goals

Management of Sales People

This involves inculcating the establishment of satisfying long term relations with the customers, suppliers, and distributors in order to help their long-term preference and business

Conducting Job Analysis

the process of obtaining information about jobs needed to achieve the organization's goals/objectives by determining duties, tasks, or activities involved in jobs Data may be gathered through interviews, questionnaires, observations and diaries Decision-making regarding job-related problems is done objectively by analyzing the requirements of each job