Business management is an important function and any organisation, and the role of marketing, finance, production and personnel management functions cannot be underplayed. These are crucial roles that determine the success of a business. If you have an assignment and need help on business management from a UK essay writing service, or are looking for useful information on the different functional areas of management, read on.
The Different Functional Areas
Each business has different management functions as outlined below. Students are expected to examine the various management functions mentioned above to study the importance of management functions in detail.
Production management process involves planning, controlling, directing and organising production activities with the intention of time management, quantity management, quality management and cost control.
The importance of production management lies in the following factors:
– achieving firm objectives
– new product development
– supporting other functional areas
– optimum resource utilisation
– minimising production costs
– quality improvement
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It also includes activities like operations management, product designing, demand forecasting, warehousing and material management, operations scheduling, Inventory management, quality, production planning etc. Thus the production function covers quality and technical functions too namely maintenance and repairs policy, capacity planning, quality control techniques etc.
Marketing management involves practical application of marketing techniques and management of marketing resources. Marketing managers are required to plan and influence consumer demand and an effective marketing management strategy will be needed for understanding business and future market options. Marketing management covers topics such as marketing research, strategic management, corporate governance, brand management, corporate social responsibility, consumer behavior, market segmentation, sales management, retail management, customer relationship management, e-marketing, business to business marketing etc.
Personnel management refers to getting hold of and retaining contended workforce and involves functions like employment, training and development and compensation. A personnel manager performs two management functions like managerial and operative functions. He provides assistance to top level management in policy formation related to personnel. Also, the personnel manager is a staff advisor to the line manager level supervisor. Being in direct contact with all employees he acts as a representative of employees as well as spokesperson of management too. Personnel management includes following aspects like Employee development, Motivational Strategies, Recruitment & Selection, Performance Appraisal, Quality Management, Leadership and development, compensation, training and development, employee behavior, knowledge management etc.
Middle level mangers include department heads of the functional areas like production, marketing, finance, purchases etc. Click to know more about the different levels of management, for management coursework help.
Financial management refers to planning, organising, directing and controlling functions of financial activities of the organisation. The financial activities include procurement and utilisation of organisation’s funds. Financial management covers investing decisions covering capital assets (capital budgeting) and current assets (working capital decisions), financing decisions involving sources of finance, how to raise finance decisions etc and lastly dividend decisions on net profit distribution. These three decisions will help in adequate availability and optimum utilisation of funds of organisation, safety of investments and capital structure planning. The functions of financial management includes estimation of necessity of capital, alternatives of fund sources, disposal of surplus via dividend distribution and retained profits, cash management, investment of surplus funds, and financial analysis.
These functions of management can be chosen individually and as a group to understand the various aspects of management functions in totality. With practical case studies of UK companies, the assistance we provide will help students further in clearly understanding the concept. Visit http://assignmentwritinghelp.com to know more.