Sunday, October 8, 2017

7 Sectors of Business Management

Business management can't be boiled down to one department, one aspect, or one person. Breaking down the different types of business management can be tricky, but separating and determining the key characteristics of each is a great place to start.

There are seven sectors of business management, each as equally important as the others: financial management, marketing management, human resource management, strategic management, production management, operations management and information technology management.

Financial Management; The planning, directing, monitoring, organizing, and controlling of the monetary resources of an organization.

Marketing Management; The use a company's resources to increase its customer base, improve customer opinions of the company's products and services, and increase the company's perceived value.

Human Resource Management; Conducting job analyses, planning personnel needs, recruiting the right people for the job, orienting and training, managing wages and salaries, providing benefits and incentives, evaluating performance, resolving disputes, and communicating with all employees at all levels.

Strategic Management; The systematic analysis of the factors associated with customers and competitors (the external environment) and the organization itself (the internal environment) to provide the basis for maintaining optimum management practices.

Production Management; The job of coordinating and controlling the activities required to make a product, typically involving effective control of scheduling, cost, performance, quality, and waste requirements. 

Operations Management; The design, execution, and control of operations that convert resources into desired goods and services, and implement a company's business strategy.

Information Technology Management; Set of tools, processes, and methodologies (such as coding/programming, data communications, data conversion, storage and retrieval, systems analysis and design, systems control) and associated equipment employed to collect, process, and present information.


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