The field of management is very wide. The operational areas of business management may be classified into the following categories: (i) Production Management: Production management implies planning, organizing, directing and controlling the production function so as to produce the right goods, in right quantity, at the right time and at the right cost. It includes the following activities: (a) Designing the product
(b) Location and layout of plant and building
(c) planning and control of factory operations
(d) operation of purchase and storage of materials
(e) repairs and maintenance
(f) inventory cost and quality control
(g) research and development etc.
(ii) Marketing Management: Marketing management refers to the identification of consumers’ needs and supplying them the goods and services which can satisfy these wants. It involves the following activities: (a) Marketing research to determine the needs and expectation of consumers (b) Planning and developing suitable products
(c) Setting appropriate prices
(d) Selecting the right channel of distribution, and
(e) Promotional activities like advertising and salesmanship to communicate with the customers
(iii) Financial Management: Financial management seeks to ensure the right amount and type of funds to business at the right time and at reasonable cost. It comprises the following activities: (a) estimating the volume of funds required for both long-term and short-term needs of business (b) selecting the appropriate source of funds
(c) raising the required funds at the right time
(d) ensuring proper utilization and allocation of raised funds so as to maintain safety and liquidity of funds and the creditworthiness and profitability of business, and (e) administration of earnings Thus, financial management involves the planning, organising and controlling of the financial resources.
(iv) Personnel Management: Personnel management involves planning, organizing and...