WHAT IS THE ROLE AND THE ACTIVITIES ASSOCIATED WITH EACH FUNCTIONAL AREA?

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.

Recruitment Selection Training

Performance

Appraisal

Compensation andRewards

HRM

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

Input Transformation Process Output

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.

Materials Requireme

ntSpecificati

on

SupplierSelection

OrderProcessing

Procurement of

Materials

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

INFORMATION AND TECHNOLOGY MANAGEMENT ACTIVITIES: The use of information and

communication technology to obtain data needed for decision making.

OUTCOMES: Communication and information sharing among functions is facilitated.