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