FUNCTION – IS A SPECIFIC MEANS EMPLOYED BY BUSINESS TO CARRY OUT A SET OF COMMON TASKS GROUPED ACCORDING TO KINDS OF KNOWLEDGE AND TECHNIQUES SPECIFIC TO IT.
Various Functions of a Business
1.Human Resource Management2.Marketing Management3.Operations Management4.Financial Management5.Material and Procurement
Management6.Office Management7.Information & Communication
Management
HUMAN RESOURCE MANAGEMENT
ACTIVITIES: It involves attracting, retaining and developing competent human resources that contribute to organizational attainment.
OUTCOME: Productivity among human resources is achieved.
MARKETING MANAGEMENTACTIVITIES: Organizations develop, price,
and distribute products to customwers through the anticipation and identification of consumer needs and wants
OUTCOMES: Increase sales, increase profitability, maintain market share, target new markets, and improve the image of the product or the organization
Product Planning
Distribution
Planning
Price Planning
Promotion
Planning
NEED,WANT,DEMAND
EXCHANGE AND TRANSACTION
OPERATIONS MANAGEMENT
ACTIVITIES: Provides goods and services to customers.
OUTCOMES: Inputs are transformed to outputs that create value for the organization
FINANCIAL MANAGEMENT
ACTIVITIES: Tapping different sources of funds at a cost and level of risk which the organization can tolerate
- Invests funds at attractive returns and manageable level of risks.
OUTCOMES:Risks taken by the firm are managed
Financial Manageme
nt
Preparation for an
Audit
Bookkeeping/Accounting
Finance Policies
and Procedure
s
Revenue/Fundraising
Strategy and Model
Financial Performance:Reporting and
Analysis
Financial Planning/Forecasti
ng
MATERIAL AND PROCUREMENT MANAGEMENTACTIVITIES: Concerned with the management
of the flow of materials from initial purchase to the service point.
OUTCOMES: The right quality and amount of material are acquired by the organization at the right time, right place, and for the right cost.
OFFICE MANAGEMENTACTIVITIES: Involves the design, implementation, evaluation, and maintenance of work processes within an office.
OUTCOMES: Offices in the organization run efficiently
Office Manageme
nt
Information/records
management
Administrative
personnel managemen
t
Office supplies
and equipment
Communication