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AREAS OF MANAGEMENTModule IX
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MANAGEMENT is a
very encompassing function yet it can be applied in specific areas to make a business more effective and efficient.
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FIVE AREAS OF BUSINESS
Marketing Management Financial Management Production Management Human Resources Management Office Management
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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.
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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.
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Generally concerned with:
• Analyzing marketing opportunities• Planning marketing programs• Formulating product strategies• Administration of marketing program
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Sub areas of Marketing Management
1. Sales Management2. Advertising3. Market Research
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Marketing Management Activities and the Management Process
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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.
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Sub areas of Financial Management
1. Management accounting2. Financial accounting3. Costing4. Taxation
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Financial Management Activities and the Management Process
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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.
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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.
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Functions of Production Control
Dispatching Authorizes the actual start of operations.
Expediting Monitors the execution of plans.
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RESPONSIBILITIES OF PRODUCTION MANAGEMENT
5M’sMANPOWERMACHINESMEHODS
MATERIALSMONEY
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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
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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.
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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
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Human Resource Management Activities and the Management
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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.