production manager manages the productive operations and he is responsible for all production related activities. There are numerous production activities. Purchasing which is associated with the purchase of different materials necessary by the organization. Purchasing involves procuring right quantity of materials of right quality, at the right time and at the right price from the right supplier. Another production activity is materials management that involves storing of materials, issue of materials to various departments. Research and Development is an important production operation that is mainly responsible for improving the existing products and process and developing new products and process.
2. Marketing
This functional area of management involves the distribution of organization's products to the buyers. Numerous activities of marketing are described by researchers for the success of organization. Advertising is major activity that transmits information about products to buyers. Marketing research is associated with the methodical collection, analysis of data relating to the marketing of goods and services. Next marketing tool is sales management that involves management efforts directed towards movement of products and services from producers to consumers.
3. Finance and Accounting
It handles investment of financial resources and record-keeping of various transactions. The various functions of Financial Accounting is dealing with record keeping of various transactions. Management Accounting performs analysis and interpretation of financial records to take wise decision. Costing is another finance function which deals with recording of costs, their classification and analysis for cost control. Investment Management handles financial resources to invest in various alternatives to maximize profit. Lastly, marketing function is taxation function that deals with various direct and indirect taxes to be paid by the organization.
4. Personnel
This functional area of management is related with human resources and has various activities. Recruitment and Selection deal with recruitment and selection of employees. Training and Development manages training of employees and making them more efficient. Wage and Salary Administration deal with fixing of salaries, job evaluation, promotion, and incentives. Industrial Relations deals with maintenance of good employee relations.
