...Functional Areas of Business Most organizations base their company structure on several functional areas. The functional areas typically seen in business include finance, marketing, information technology, human resources and, operations (Coulter & Robbins, 2012). The functional areas of business must work together to insure the success of the organization. This paper will discuss the role of management in these functional areas of business. Management Management’s primary function is to guide an organization to meet the company’s vision, goals and objectives successfully. Productive managers understand that effectively planning, organizing, directing and, controlling are essential business functions in order for an organization to run smoothly (Coulter & Robbins, 2012). A functional manager is an individual who has controlling authority over a specific department within a business. Functional managers generally communicate within that specific department and with each other. The departments typically found in most business structures include finance, marketing, information technology, human resources and, operations. Finance The finance department is responsible for managing the organization’s budget, figuring out financial projections for the company, monitoring the company’s cash flow, future financial obligations and investments. It is imperative that the finance manager collaborate across business functions to determine how to best distribute and manage the business’...
Words: 580 - Pages: 3
...Management within Functional Areas of Business Management 521 September 3, 2012 Bridgette Hardy Functional Areas of Business Management is essential in the functional areas of business. Operational service is a functional area of business that demands effective and efficient managers. Management must possess certain skills will help the individuals to do their jobs in the functional areas of which they have chosen as a career. In each functional area of business there are three management levels. The various levels of management play a different but major role in the development and growth of a business. Goals set in designated area of business will vary, depending on the area of business and the level of management. Operational Services Management Armstrong (2006), states that operations management is responsible production of the business or organization's products. Operational service is the area of business that produces a product or services for customers. Managers in operational services oversee the work of their staff to ensure the organizational goals can be accomplished. Managers in this functional area are categorized on three different levels. There are lower level management, middle level management, and upper level management. The responsibility of the manager depends on the level of management in which the individual is classified. The lower level managers are those who manage non-managerial employees. Middle level managers are those...
Words: 634 - Pages: 3
...Functional Areas of Business Paper XXXXX MGT/521 June 8, 2015 Professor XXXX Functional Areas of Business Paper Understanding the importance of managers in today’s corporate world is crucial for an individual with a special interest in business management practices, especially if pursuing a Masters of Business Administration. According to Robbins and Coulter (2012), managers are important for three main reasons: organizations need their skills, they get things done, and they do matter. The responsibility of a manager is to coordinate and oversee that others are doing their work so that the goals of an organization can be accomplished (Robbins and Coulter, 2012), and to “ensure business success” (University of Phoenix, 2012). The manager’s efficiency and effectiveness when leading and overseeing the tasks needed to accomplish the organization’s goals will reflect in the functional areas of business. Functions of Management There are four functions of management: planning, organizing, leading, and controlling. This functions approach is the most popular used today, and managers address them “regardless of the order in which these functions are performed” (Robbins and Coulter, 2012, p. 10). Managers use their leadership to influence and inspire employees, participate in strategic planning to create plans, and ensure the objectives are completed (University of Phoenix, 2012). Manager’s Role The management of an organization is divided into different areas, depending...
Words: 826 - Pages: 4
...Functional Areas of Business Paper “A manager is someone who coordinates and oversees the work of other people so that organizational goals can be achieved” (Robbins and Coulter, 2012). Henry Mintzberg (1973) defined the ten roles that a manager plays in an organization – leadership, figurehead, liaison, monitor, disseminator, spokesperson, entrepreneur, disturbance handler, negotiator, and resource allocator. He categorized them into 3 roles – interpersonal roles, informational roles, and decisional roles (Robbins and Coulter, 2012). A manager plays these roles at varying degrees depending on the situations that arise. We will now identify some of these roles in the functional areas of human resource management and marketing management. Human resources management addresses the area of personnel development in the business. Managers use human resources management throughout the employee life cycle (University of Phoenix 2014, Week One Assignment). Human resources management is responsible for establishing policies and procedures to accomplish the strategic goals set. Human resource (HR) managers deal with but not limited to, employee hiring, training, employee development, performance management, salary and benefits, employee relationships and safety. A monitor looks for and receives information and maintain interpersonal contacts (Quinn, 2010). The responsibility of the HR manager who plays the role of a monitor is to identify and resolve workplace issues. By...
Words: 1119 - Pages: 5
...Functional Areas of Business Chavez Payne Management/521 October 20, 2013 Dr. Barbara Holloway Managers encounter infinite battles while engaging in the clash between business sustainability and marginal resources and must be prepared for combat. The evolution of managerial business functional roles necessitates several hats to be worn in order for success to be tangible. Some of these roles include efficient planning, organizing, leading and controlling, and all are equally essential. In addition, a deeper dive into these specific roles illustrates the need for support from a manager’s subordinates and supervisors. The absence of encouragement and assistance from staff members can be detrimental to the feat of an entire organization. In the end, the combinations of these influences contribute to the success of a prosperous manager. Designing a plan that effectively guides the activities of any business venture is invaluable for a manager. Because organizations exist to achieve some particular purpose, someone must define that purpose and the means for its achievement (Robins & Coulter, 2012). The first step in the process begins with the establishment of company goals, often referred to as objectives, which are aligned with the mission of a business and its offerings. Once goals have been identified and receive approval from the proper business members, strategies to achieve those goals require extensive development with input from all sectors...
Words: 880 - Pages: 4
...Functional Areas of Business This paper will address a couple of the functional areas of business. These functional areas are the ones that the author feels are of the most interest to them. Also there will be an explanation of what their role as a manager would be in these functional roles. In most organizations, there are several functional areas of business. These areas are marketing, operations management, finance and human resource management. All of these areas work hand in hand with one another so that organization can function effectively and efficiently. These functional areas of business are also known as task that the business needs to do in order for it to succeed. According to Jiang, “what a whole organization needs is to make strategic decisions and put the strategy into action” (Jiang, 02/2). This is what will make the organization thrive and grow. Human resources management is a part of administration. In administration, they do many things that are a necessity within any organization. They collect mail, store and retrieve paper and electronic records, organize meetings, and prepare documents to name a few. Also in the human resources department they work on the staff. This can include recruitment and dismissal, training and development, health and safety, also employee organizations and unions just to name a few. A manager in the human resources department is one of the most important jobs in an organization. They are responsible for taking employee complaints...
Words: 868 - Pages: 4
...Functional Areas of Business Managers have exciting, yet challenging jobs. While the role and scope of responsibility for managers can vary, one common trait among is that they generally manage indirectly, through a team of subordinates. In traditionally structured organizations, managers can be classified on levels as first-line, middle and top management Robbins & Coulter 2010). Each level of management plays an important role in the functional areas of business. Some of these areas of business included Human Resource Management (HRM), leadership and accounting. These functional areas of business are becoming a shared responsibility across levels of management, and are being lead cohesively or as cross-functional teams. The management of functional areas of business comes with great responsibility. Managers are responsible for coordinating and overseeing the work of other people so that organizational goals can be accomplished efficiently and effectively (Robbins & Coulter 2010). All management levels need to have a strong knowledge of the company and the industry. Managers also have a broad responsibility for the business, in addition to significant parts of the business such as HRM, leadership, strategic planning or operations management. Management requires strong skills and experience in multiple areas of business which includes human resource management, leadership and accounting. Human Resource Management addresses the concepts of personnel development...
Words: 1124 - Pages: 5
...Functional Areas of Business Barbara Butkiewicz MGT/521 June 6, 2014 Rodney Klein Functional Areas of Business Barbara Butkiewicz MGT/521 June 6, 2014 Rodney Klein Abstract Operating a business is a complex task which involves many facets. The MBA Overview Model defines eleven functional areas of business, including management, law, human resource management, leadership, accounting, finance, economics, research and statistics, operations management, marketing, and strategic planning. In order to succeed in business, the organization must bring together the functional areas accordingly to achieve organizational goals. A critical role in any business is the manager. The manager plays an important part in utilizing each area to align the organization collectively towards economic prosperity. In this paper, I will examine the role of the manager in each of the functional areas of business. A business organization is a very complex structure. In order to be successful, a business needs to coordinate and organize many areas within the organization to achieve its mission. According to the University of Phoenix’s MBA Overview Model (2014), the functional areas of business include management, law, human resource management, leadership, accounting, finance, economics, research and statistics, operations management, marketing, and strategic planning. An essential component to any business that intertwines the functional areas is the manager. The role of the manager...
Words: 1253 - Pages: 6
...Functional Areas of Business Paper MGT/521 August 3, 2015 Functional Areas of Business Paper Many companies base their organizational structures on various functional areas, creating departments around these functions and assigning responsibilities according to employees' job titles and experience. A functional organizational structure groups employees by various skills and expertise, leading to greater efficiency. Some of these areas include management, law, human resources, leadership, accounting, finance, economics, research and statistics, operations management, marketing, and strategic planning. According to Robbins and Coulter study (2012), the management concept can be defined as an individual who is involved in the coordination and supervision of all work activities of their employees to make sure that the assigned activities were completed in an efficiently and effectively manner. This efficient and effective aspect of the managerial process requires that managers are doing the right thing within a rightful nature (Robbins and Coulter, 2012). Project managers handle making project goals their own and use his or her skills and experience to create a shared purpose within the project team. They enjoy the presentation of creating new challenges and the responsibility of stimulating business results. Project managers also work well under pressure and have the capability to adapt with change and run into many different situations. This type of manager needs to...
Words: 1026 - Pages: 5
...Management within Functional Areas of Business Mike Bit MGT 521 5/25/14 Alish Flem Management within Functional Areas of Business Managers are an essential part of any functioning business. They are responsible for the planning and implementation of short and long-term goals, and for coordinating and supervising the work of a company's employees to meet these goals. Regardless of the size of the institution, managers play an invaluable role, as their responsibilities encompass virtually all areas of the business. Due to their complex interworking's, businesses are often grouped into smaller more cohesive functioning units to allow for better functionality. To be successful, a manger has to be diverse and possess a great deal of skills in today's ever-changing workplace. "In a continuously changing environment, for a sustained personal development, an expansion of a person's capacity to be effective in managerial roles becomes vital" Wickramasinghe & Zoyza, N. D. (2009). A manager's responsibilities are quite diverse because the very nature of their job requires that they be generalists with a solid understanding of these different business functions. It is essential they navigate and work within the vast array of business functions to ensure their business is efficient, effective, and able to meet its goals. Leadership The first and arguably most well-known way that a manager can enact influence is through their use of leadership. Managers...
Words: 1045 - Pages: 5
...Functional Areas of Business MGT 521 Instructor: Functional Areas of Business A successful business does not happen by sheer coincidence; rather the business’ success comes at the hands and leadership skills of strong management personnel. Much like a family, a business requires continual interaction and guidance from decision-makers while progressing through internal and external situations that positively and negatively impact short and long-term goals. According to Robbins and Coulter (2012) they express the concept of universality of management as, “management is needed in all types and sizes of organizations, at all organizational levels…work areas, and in all organizations, no matter where they’re located” (p. 17). Management’s functions at each organizational level are to plan, organize, lead, and control within their operating area of responsibility. Regardless of the management level or business construct, managers will be needed to serve in some capacity of interpersonal, informational, and decisional roles throughout the daily functions at all levels within the organization. Interpersonal Every achievement in life started from an idea in the past, those ideas and the path taken to accomplish them started with an interpersonal relationship from a parent, teacher, mentor, or a manager. Managers in the interpersonal role set the example, positively influence subordinates behaviors, and daily represent...
Words: 891 - Pages: 4
...Functional Area of Business Manager Role within Functional Area of Business Shyam Sunder Bansal MGT/521 July-28, 2014 Sandra Griffin Manager Role within Functional Area of Business Business functional areas are nothing but departments, teams or divisions where each unit performs similar tasks and activities carried out by employees possessing common skills and expertise. For example: Finance, Sales & Marketing, Administration, Human resource, Production, Legal and Research. Though all business performs all activities and actions for performance but big organization normally have a separate function for concentration of typical activities. Functional managers head these departments, who have role and responsibility to plan, organize, direct and control department/division or team to achieve department objectives and finally organizational objectives. Who are managers and what they do? “Manager is someone who uses authority and reason for efficient and effective problem solving and to mobilize, coordinate, and control organizational resources by the use of standardized procedures that are a part of organizational policy” (Prevodnik, M., & Biloslavo, R., 2009, P.87). As we know that Manager is a person who uses all management functions like Plan, Organize, Lead and Control to perform business functions successfully. The roles of manager include directing, overseeing and leading resources of the organization towards objective led by organization and then sub-divided...
Words: 1124 - Pages: 5
...Functional Areas of Business Regardless of the different strategies and missions companies may have, all types of organization share a common denominator. This common denominator is the functional areas of business that companies have no matter what types of industry they are in. The functional areas of business may vary from company and industry but its core elements exist in any operating entity. Some of the common functional areas of business are marketing, finance, and accounting. Although a company’s success greatly depends on the collaboration of different areas of expertise, strategic planning and human resources management are two important functional areas an organization must have to compete and survive in today’s dynamic economy. Strategic planning is the functional area of business that focuses on creating plans to make sure the organization’s goals are accomplished. Managers use strategic planning to bring aspects of the company together (University of Phoenix, n.d). Management from strategic standpoint is crucial in an organization because it provides leaderships and connects business functions together while making sure that they are working efficiently. With the ever-changing global workforce, managers face new challenges from the external and internal environment. One of the growing issues in strategic management is constant change of the external environment. Management not only has to focus on shareholders but also stakeholders and maintain good public...
Words: 572 - Pages: 3
...Functional Areas of Business Managment 521 May 4, 2013 Functional areas of business Technical assistance has become one of the most important aspects of business over the past ten years. More and more companies are implementing and or improving their technical use within the company. Whereas technical support is important, incorporating supportiveness throughout the business helps to make the work environment tranquil. Employees, no matter what age, who are comfortable and happy to come to work, are going to work effectively, efficiently, and diligently. Thus, helping the company excel and strive for greatness. Even though the older generation needs more training and support to gain technical knowledge, the importance of technical support within a business and management because technical support is needed for the advancement of a company and technical support is needed for running the business's day-to-day operations. Technical support is one of the major growing areas across a majority of businesses in the world today. There are an abundance of companies trying to implement new and advanced technology into their field. “According to statistics Canada (1996) less than one quarter of employed people used computers at work during the early 1980s; this figured increased to 48% in 1994” (Methot, 1998). Take the medical field for example; they are rapidly trying to change from actual paperwork to electronic paperwork. Not only to make the searching of data and information...
Words: 1663 - Pages: 7
...Functional Areas of Business Derek Davis MGT 521 July 22, 2013 Shelia Porter Functional Areas of Business A quality MBA program provides business leaders with the business acumen to succeed in all functional areas of business. These functional areas of business include management, law, human resource management, leadership, accounting, finance, economics, research and statistics, operations management, marketing, and strategic management (University of Phoenix, 2013). Two functional areas that involve leading people include leadership and human resource management. Organizations with a strong leadership team are poised for success in the marketplace. This success is a result of maximizing the human capital potential and growth opportunities within a company. Yukl (2009) in his book "Leadership in Organizations" proposes that the leadership function in business has 10 attributes critical for organizational success. The leadership function aligns objectives and strategies to facilitate movement toward a stated vision. To accomplish the organizational vision the leadership function must build mutual trust and commitment among all internal and external stakeholders. This sense of trust is developed through effective communication and sharing openly with others who have a stake in the business. Leadership teams explain the meaning of events and how that impacts the organization so that all stakeholders are well informed. This communication leads to building task...
Words: 1164 - Pages: 5
