Management Research Paper Example | Topics and Well Written Essays - 1000 words - 3

Management - Research Paper Example These four functional areas are subdivided into a large number of narrow business functions specific to each functional area. It has been observed that business organizes their structure according to business functions. The business functions which are associated with production management includes the management of material, carry out research and development for refining existing product lines or developing new products. It also includes the task of conducting various quality control tests to ensure customer satisfaction. Thus, the functional area of production management deals with planning the plant layout and deciding about plant locations for different products (Elsy, 2009). The functional area of marketing management includes the business functions of marketing a product to the targeted consumer segments, sales forecasting, providing customer support and conducting promotional activities, taking sales orders and customer relationship management. Marketing management also involves the responsibility of conducing market research to collect and analyze data about the demand for the products and also the marketing strategies of competitors in similar markets. This also helps the management to design effective marketing mix to promote new products in existing markets or to introduce the existing products in new markets (Lussier, 2011; Boldi, Santini & Vigna, 2009). The accounting and finance functional area includes the business functions of financial accounting, allocation of funds for various activities and projects, planning, budgeting and control of funds and cash-flow management. It also deals with the various direct and indirect taxes that the organization needs to pay. The functional area of human resource management deals with the effective utilization of manpower. Human resources personnel are involved in the processes of recruitment and selection, training