Areas of management

Marketing management
It is the analysis, planning, implementation and control of programs
designed to bring about the desired exchanges with target audiences for the
purpose of personal and mutual gain. It relies heavily on adoption and
coordination of the product, price, promotion and place for achieving
response. Or in other words,Business discipline because it is focused on
the practical application of marketing techniques and the management of a
firms marketing resources and activities.

Functions performed by marketing management

Marketing Objectives: marketing management determines the marketing objectives.

The marketing objectives may be short term or long term and need a clear
approach. They have to be in coherence with the aims and objectives of the
organization.
Planning: After objectively determining the marketing Objectives, the important
function of the marketing Management is to plan how to achieve those objectives.
This includes sales forecast, marketing programs formulation, marketing
strategies.
Organization: A plan once formulated needs implementation. Organizing functions
of marketing management involves the collection and coordination of required
means to implement a plan and to achieved pre determined objectives. The
organization involves structure of marketing organization, duties, responsibilities
and powers of various members of the marketing organization.
Coordination: Coordination refers to harmonious adjustment of the activities of the
marketing organization. It involves coordination among various activities such as
sales forecasting, product planning, product development, transportation,
warehousing etc.

Direction: Direction in marketing management refers to development of new

markets, leadership of employees, motivation, inspiration, guiding and supervision
of the employees.
Control: Control refers to the effectiveness with which a marketing plan is
implemented. It involves the determination of standards, evaluation of actual
performance, adoption of corrective measures.
Staffing: Employment of right and able employees is very crucial to success of a
market plan. The market manager coordinates with the Human Resource Manager
of an organization to be able to hire the staff with desired capability.
Analysis and Evaluation: The marketing management involves the analysis and
evaluation of the productivity and performs mace of individual employees.

FINANCIAL MANAGEMENT
Financial Management means planning, organizing, directing and controlling
the financial activities such as procurement and utilization of funds of the
enterprise. It means applying general management principles to financial
resources of the enterprise.
Financial management refers to the efficient and effective management of
money (funds) in such a manner as to accomplish the objectives of the
organization. It is the specialized function directly associated with the top
management.
Objectives of Financial Management
The financial management is generally concerned with procurement, allocation and control of
financial resources of a concern. The objectives can be To ensure regular and adequate supply of funds to the concern.
To ensure optimum funds utilization. Once the funds are procured, they should be utilized in
maximum possible way at least cost.
To ensure safety on investment, i.e, funds should be invested in safe ventures so that adequate
rate of return can be achieved.
To plan a sound capital structure-There should be sound and fair composition of capital so that a
balance is maintained between debt and equity capital.

RESEARCH AND DEVELOPMENT MANAGEMENT

^R&D management is the discipline of designing and leading R&D processes, managing R&D
organizations, and ensuring smooth transfer of new know-how and technology to other groups or
departments involved in innovation
^Defined as where the tasks of innovation management (creating and commercializing inventions) meet
the tasks of technology management (external and internal creation and retention of technological knowhow). It covers activities such as basic research, fundamental research, technology development,
advanced development, concept development, new product development, process development,
prototyping, R&D portfolio management, technology transfer, etc.

RESEARCH AND DEVELOPMENT CYCLE

Production
and
Operations
Management
Production &
Operations
Management

Production
:
Application
of resources such as people and machinery to convert materials into finished goods and services.

Production and Operations Management: Managing people and machinery in converting

materials and resources into finished goods and services.

Strategic Importance of the Production Function

A vital function is necessary for generating money to pay employees, lenders, and stockholders.

Effective production and operations management can:

lower a firms costs of production.

boost the quality of its goods and services.

allow it to respond dependably to customer demands.

enable it to renew itself by providing new products.

The Job of Production Managers

Oversee the work of people and machinery to convert inputs (materials and resources) into
finished goods and services.

Planning the Production Process

Choose what goods or services to offer customers.

Convert original product ideas into final specifications.

Design the most efficient facilities to produce those products.

Dispatching & Follow-up

Dispatching

Manager instructs each department on what work to do and the time allowed for its completion.
Follow-Up
Employees and their supervisors spot problems in the production process and determine needed changes.
Information system management (ism)
The application of information technology to support the major functions and activities of either a
private sector business or public sector institution.
All companies use information to set strategies and accomplish business objectives.
In the Past
- Organizations recognized the importance of managing resources such as labor, capital, and raw
materials.
Today
-It is widely accepted that managing the information resource is very often equally important. ISM
supports the process of collection, manipulation, storage, distribution and utilization of an organization's
information resources.
The vast majority of information systems are developed for and used by people in functional areas (e.g.,
manufacturing, human resources, accounting, finance and marketing). To develop information systems
that address the needs of the organization, ISM professionals must possess a solid mix of business and
technical knowledge. They must understand organizational structures, objectives, operations (including
processes and the flows of data between processes) and the financial implications related to these factors.
Only by understanding these factors can an ISM professional communicate effectively with users and
then design systems that support their needs.
Importance of ISM

Managers will develop better planning, management and technical abilities that focus on the
application of technology to create business value.

Without information, a business cannot perform its functions well.