{"id":3211,"date":"2019-12-22T14:55:34","date_gmt":"2019-12-22T14:55:34","guid":{"rendered":"https:\/\/commerceiets.com\/?p=3211"},"modified":"2019-12-22T14:55:34","modified_gmt":"2019-12-22T14:55:34","slug":"functional-areas-of-management","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/functional-areas-of-management\/","title":{"rendered":"FUNCTIONAL AREAS OF MANAGEMENT"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/functional-areas-of-management\/#FUNCTIONAL_AREAS_OF_MANAGEMENT\" title=\"FUNCTIONAL AREAS OF MANAGEMENT\">FUNCTIONAL AREAS OF MANAGEMENT<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/functional-areas-of-management\/#The_functional_areas_of_management_are_as_follows\" title=\"The functional areas of management are as follows:\">The functional areas of management are as follows:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"has-text-align-center wp-block-heading\" id=\"functional-areas-of-management\"><span class=\"ez-toc-section\" id=\"FUNCTIONAL_AREAS_OF_MANAGEMENT\"><\/span>FUNCTIONAL AREAS OF MANAGEMENT<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p><a aria-label=\"Management (opens in a new tab)\" href=\"https:\/\/commerceiets.com\/management\/\" target=\"_blank\" rel=\"noreferrer noopener\">Management<\/a> is universal in nature. It is used everywhere. Its scope is not limited to the business only, wherever there is group of persons, management automatically comes into existence. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"the-functional-areas-of-management-are-as-follows\"><span class=\"ez-toc-section\" id=\"The_functional_areas_of_management_are_as_follows\"><\/span>The functional areas of management are as follows:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p><strong>PRODUCTION MANAGEMENT<\/strong><\/p>\n\n\n\n<p>Production management is also known as Operations\nManagement. Production means the creation of the utilities. The goods are\nproduced by the way of conversion of raw materials into work-in-progress and\nthen the work-in-progress into finished goods. Production management is very\nessential for the business because whatever is produced will be sold by the\nbusiness. Production management aims at ensuring availability of right type of\nproduct in the adequate quantity at the right time by incurring the least cost.\nThe other activities involved in production management are as follows:<\/p>\n\n\n\n<ul><li>Location and layout of plants and buildings<\/li><li>Designing of the product<\/li><li>Purchase and storage of the materials<\/li><li>Planning and control of production operations<\/li><li>Repairs and maintenance<\/li><li>Inventory control <\/li><li>Quality control<\/li><li>Research and development activities<\/li><li>Determination of quantity and quality to be\nproduced<\/li><li>Work analysis and listing<\/li><li>Time and motion study<\/li><li>Determination of method and procedure of\nproduction.<\/li><\/ul>\n\n\n\n<p><strong>FINANCIAL MANAGEMENT<\/strong><\/p>\n\n\n\n<p>Finance is the life blood of the business. The continuous\nmanagement of finances is needed at all the levels to ensure the optimum utilization\nof funds available with the business. Financial management aims at allocating\nthe funds from the source which will generate least cost and application of\nfunds from where the maximum profit can be generated. Management of finances\ninvolves following activities:<\/p>\n\n\n\n<ul><li>Assessing financial needs<\/li><li>Determining the sources of raising funds<\/li><li>Taking the investment decisions i.e.\ncapital&nbsp; budgeting decisions<\/li><li>Determination of optimum capital structure<\/li><li>Budgetary control<\/li><li>Determining cost of each source of capital<\/li><li>Proper utilization of funds<\/li><li>Working capital management<\/li><li>Ensuring fair return to the investors.<\/li><li>Coordinating the various departments financial\nneeds.<\/li><li>Preparation analysis and interpretation of the\nfinancial statements.<\/li><li>Negotiating for outside financing.<\/li><li>Determination of dividend policy, etc.<\/li><\/ul>\n\n\n\n<p><strong>MARKETING MANAGEMENT<\/strong><\/p>\n\n\n\n<p>Marketing management is the analysis, planning,\nimplementation and control of the programs designed to create, build and\nmaintain beneficial exchanges with target buyers for the purpose of achieving\nthe organizational objectives. Marketing management is responsible for organising,\ndirecting and controlling all the marketing activities included in the process\nof marketing. Marketing management consists of the following activities:<\/p>\n\n\n\n<ul><li>Identifying and assessing the needs of the\nconsumer by conducting the market research.<\/li><li>Planning and developing suitable products and\nservices.<\/li><li>Setting appropriate prices for products and\nservices.<\/li><li>Selecting channels for distribution.<\/li><li>Selecting the modes of promotion of the products\nsuch as advertisement using different medias, publicity, maintaining public\nrelations etc.<\/li><li>Making the marketing strategy.<\/li><li>Choosing appropriate marketing mix.<\/li><li>Conducting &nbsp;market surveys at regular intervals.<\/li><\/ul>\n\n\n\n<p><strong>PERSONNEL MANAGEMENT<\/strong><\/p>\n\n\n\n<p>Personnel management is also known as Human Resource\nManagement. To quote Mary Parker Follet, management is the art of getting\nthings done through others; this states that management is all about dealing\nwith the personnel of the organization. Personnel management is the management\nof manpower and is basically concerned with the recruitment, selection,\ntraining and maintaining the cordial relations, which contribute maximum\ntowards the achievement of the objectives set. The personnel management\ninvolves following activities:<\/p>\n\n\n\n<ul><li>Manpower planning<\/li><li>Recruitment of employees<\/li><li>Selection of employees<\/li><li>Training and development of employees<\/li><li>Orientation of employees<\/li><li>Compensation, promotion and transfers of the\nemployees<\/li><li>Motivation of the employees<\/li><li>Stress management of the employees<\/li><li>Ensuring proper communication among the\nemployees.<\/li><li>Supervision of the employees<\/li><li>Ensuring health, welfare and safety measures adopted\nfor the employees.<\/li><li>Controlling the performance of the employees.<\/li><li>Job evaluation.<\/li><li>Job description.<\/li><\/ul>\n\n\n\n<p><strong>&nbsp;OFFICE MANAGEMENT<\/strong><\/p>\n\n\n\n<p>Office is the nerve centre of the business. Office is to be\nmanaged properly for the quick, better and desired results. The functions of\noffice management involves:<\/p>\n\n\n\n<ul><li>Maintaining and keeping the records.<\/li><li>Developing efficient system of communication.<\/li><li>Development of time and labor saving devices.<\/li><li>Establishing cordial relations between all\nsections of an enterprise.<\/li><li>Keeping up to date system of accounting.<\/li><\/ul>\n\n\n\n<p><strong>&nbsp;MATERIAL MANAGEMENT<\/strong><\/p>\n\n\n\n<p>Materials form a major part of any product. It is very\nimportant for every firm to keep strict control on the materials receipts,\nsupply and use of materials. The following are the main functions of material\nmanagement:<\/p>\n\n\n\n<ul><li>Determination of requirements of materials<\/li><li>Selection of sources of supply.<\/li><li>Purchasing the right quantity of materials at\nthe right time from the right place at the right time.<\/li><li>Storage and preservation of the material.<\/li><li>Proper material handling<\/li><li>Inventory control.<\/li><li>Determining material levels. <\/li><\/ul>\n\n\n\n<p><strong>CUSTOMER RELATIONSHIP MANAGEMENT<\/strong><\/p>\n\n\n\n<p>The art of managing the organization\u2019s relationship with the\ncustomers and prospective clients refer to customer relationship management. It\nrefers to the study of needs and expectations of the customers and providing\nthem the right solution. This includes:<\/p>\n\n\n\n<ul><li>Identification of the target market.<\/li><li>Collecting and storing the data related to the market.<\/li><li>Establishing proper communication channel with the customers.<\/li><li>Analyzing the sales data.<\/li><li>Personalizing the interaction with the customers.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>ALSO STUDY:<\/strong><\/td><td><strong>ALSO STUDY:<\/strong><\/td><td><strong>ALSO STUDY:<\/strong><\/td><td><strong>ALSO STUDY:<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/management\/\">Management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/objectives-of-management\/\">Objectives of management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/functions-of-management\/\">Functions of management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-of-management\/\">Process of management<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/management-is-an-art\/\">Management as an art<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/management-as-a-science\/\">Management as a science<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/management-as-profession\/\">Management as a profession<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/joint-stock-company\/\">Company<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/incentive-plans\/\">Incentive plans<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/14-principles-of-management-by-henri-fayol\/\">14 principles of management by Henry Fayol<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/principles-of-scientific-management\/\">Principles of scientific management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scientific-management\/\">Scientific management<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/what-is-work-study\/\">Work study<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/time-study\/\">Time study<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/motion-study\/\">Motion study<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/method-study\/\">Method study<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/planning\/\">Planning<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/importance-of-planning-in-management\/\">Importance of planning in management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/benefits-of-planning-in-business\/\">Advantages of planning in business<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-of-planning\/\">Process of planning<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/types-of-planning-in-business\/\">Types of planning in business<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/setting-objectives-in-management\/\">Setting objectives in management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/objectives\/\">Objectives<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/smart-test\/\">SMART test<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/management-by-objectives\/\">Management by objectives<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/policies-in-business\/\">Policies in Business<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/management-and-business-administration\/\">Management and business administration<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/functional-areas-of-management\/\">Functional areas of management<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/limited-liability-partnership\/\">Limited Liability partnership<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-llp-and-company\/\">LLP Vs company<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-llp-and-partnership\/\">LLP vs Partnership<\/a><\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"152\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1.jpg\" alt=\"FUNCTIONAL AREAS OF MANAGEMENT\" class=\"wp-image-4836\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1.jpg 512w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1-300x89.jpg 300w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><figcaption>FUNCTIONAL AREAS OF MANAGEMENT<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>FUNCTIONAL AREAS OF MANAGEMENT Management is universal in nature. It is used everywhere. Its scope is not limited to the business only, wherever there is group of persons, management automatically comes into existence. The functional areas of management are as follows: PRODUCTION MANAGEMENT Production management is also known as Operations Management. Production means the creation&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/functional-areas-of-management\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;FUNCTIONAL AREAS OF MANAGEMENT&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":3212,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68],"tags":[],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/3211"}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=3211"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/3211\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/3212"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=3211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=3211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=3211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}