Management can be broadly divided into several different areas. There are those related to production and marketing; there are managerial positions responsible for production and sales; and there are also managerial positions responsible for the management and development of organisations. The most popular area of management is that which deals with production.
Production management involves both internal and external aspects of the business process. It involves the implementation of policies and procedures such as the planning and allocation of resources, management and control of production processes, decision-making on the utilization of resources, and the formulation of strategic plans. Production managers are responsible for implementing production methods and ensuring that the company maximises its capacity and reduces costs. Production management also includes the allocation of resources and the allocation of profits and losses among different departments.
Marketing management involves the process of identifying, developing, and communicating the products and services offered by a company to customers. Marketing managers are involved in setting priorities, managing and controlling expenditures, and setting objectives and strategies for marketing activities. Marketing managers are often involved in public relations, product development, public relations, and marketing research and development. They have a large amount of responsibility in managing the budget and generating revenue for a company.
Finance management is concerned with the management of financial resources and related information in a company. A manager is responsible for the management and control of financial resources of a company, and the allocation and distribution of the income from these resources. Financial management is essential for ensuring the long-term viability of any firm. Financial managers are responsible for the planning, preparation, allocation, collection, and distribution of the firm’s earnings.
Human resource management involves the management of the quality and capacity of employees and their training and professional development. Management in human resources involves the development of the knowledge and skills of the workforce through training, promotion and appraisal. This involves the evaluation of an individual’s ability to contribute positively to the firm’s future success, as well as the development of the skills and capabilities of the workforce in relation to the firm’s overall objectives.
Social responsibility management involves the management of social and environmental aspects of a firm. Social responsibility management deals with environmental impact on the productivity, health and safety of the company, its customers, and its staff. In other words, it deals with the problems that the firm faces when using and developing resources such as land, water, air, and space. A social responsibility manager is responsible for the management of a firm’s environment, providing for its sustainability and ensuring that the use of these resources do not damage the environment.
Financial management is responsible for providing and maintaining a firm’s capital. It involves the formulation of a strategy to secure the firm’s financial position and the management of assets for the firm’s economic viability. Managing the capital of a firm is usually done through investment management.
General management involves the management of the firm, including its production, sales, services, and finances. The term general management refers to the whole management system of a firm, including both internal and external components.
Production management involves the management of the company’s raw materials and processes used in production. Production management involves the determination of the correct cost-effectiveness of production methods to meet the company’s needs, and the use of those production methods to meet the company’s goals. Production management may also involve the management of the company’s waste disposal and its allocation of labor and materials.
Production management is required for determining and monitoring the productivity of each of the company’s production processes, and the improvement or enhancement of each of those processes. Production management is also required for deciding the appropriate use of company resources and materials and determining which processes should be eliminated in order to improve overall productivity.