Areas of management

AREAS OF MANAGEMENTModule IX

MANAGEMENT is a

very encompassing function yet it can be applied in specific areas to make a business more effective and efficient.

FIVE AREAS OF BUSINESS

Marketing Management Financial Management Production Management Human Resources Management Office Management

Marketing• The performance of the business activities that

direct the flow of goods and services from producer to consumers or users for the latter’s ultimate consumption.

• It refers to all the activities involving the processing, sale and physical distribution of goods from the time they are produced, to the time they are delivered to the ultimate consumers.

• Also includes marketing research, transportation, product packaging and the use of advertising and credits as the means of satisfying consumer needs and influencing consumer patronage.

Marketing Management

• A business discipline which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities.

•  It involves sharing of the manufactured goods to the buyers.

Generally concerned with:

• Analyzing marketing opportunities• Planning marketing programs• Formulating product strategies• Administration of marketing program

Sub areas of Marketing Management

1. Sales Management2. Advertising3. Market Research

Marketing Management Activities and the Management Process

II. Financial Management

• Primarily concerned with investment and decision making.

• Managerial finance, a branch of finance that concerns itself with the managerial significance of finance techniques.

• Corporate finance, a type of finance dealing with monetary decisions that business enterprises make and the tools and analysis used to make these decisions.

Sub areas of Financial Management

1. Management accounting2. Financial accounting3. Costing4. Taxation

Financial Management Activities and the Management Process

III. PRODUCTION MANAGEMENT

Means formation of utilities by converting raw objects into final creation by different scientific methods and set of laws.

Covers production control, quality control and wage incentives.

Functions of Production Planning

Routing Determines the operations to be performed

and their sequence.

Loading Function of assigning work to a department

in advance.

Scheduling Determines the time at which each

operation is to take place.

Functions of Production Control

Dispatching Authorizes the actual start of operations.

Expediting Monitors the execution of plans.

RESPONSIBILITIES OF PRODUCTION MANAGEMENT

5M’sMANPOWERMACHINESMEHODS

MATERIALSMONEY

PRODUCTION MANAGEMENT ACTIVITIES AND THE MANAGEMENT PROCESS

Planning Organizing Staffing Controlling

DIRECTING

Scheduling production.Translating forecast demands.Determining optimum amount of inventory.Determining how many shifts to operate.Make or buy decisions for certain parts of finished products.

Forming departments or units headed by supervisors.Forming staff and other support units.Designing plant layoutOrganizing quality circles.

RecruitmentHiringTrainingPromotionsTransfersJob rotationApprenticeshipLay-off

Production budgetQuality controlProduction controlMonitoring production progress

IV. Human Resource Management

• The management of an organization's workforce, or human resource.

•  It is responsible for the attraction, selection, training, assessment, and rewarding of employees, while also overseeing organizational leadership and culture, and ensuring compliance with employment and labor laws. 

Personnel managers are concerned with:

1. The administration of employee benefits

2. The recruitment process which involves conducting preliminary screening interviews and tests for job openings

3. Performance evaluation of employees4. Orientation of new employees5. Maintenance of personnel records

Human Resource Management Activities and the Management

V. Office Management

Process of planning, organizing, staffing, directing, and controlling office activities and those performing.

Essential in the attainment of the organization’s objective.

THANK YOU!MAE & ATHENA