Functional areas of business management are as follows :
(i) Production Management :
Area of management which is concerned with planning, organising, directing and controlling the activities related to production function in an organisation.
(ii) Inventory Management :
This branch of management deals with purchase, storage and supply, lifting-keeping, maintaining stock and controlling raw materials or finished goods.
(iii) Marketing Management :
It is concerned with sale of finished goods, sales promotion, market research, establishment and operation of sales outlets, selection of distribution channels.
(iv) Personnel Management :
This branch of management includes activities like : Manpower, planning, recruitment, selection, training and development, etc. Its main objective is to manage the manpower of any organisation.
(v) Office Management :
This area of management is concerned with the activities of correspondence, obtaining records, disseminating information received, maintaining chain of communication within organisation.
(vi) Transportation Management:
It is concerned with transfer of men and material safely from one place to another at less cost and in less time.
(vii) Accounting Management:
Maintaining records, book-keeping ledger accounting, preparing balance sheet, making payments, etc. are part of this.
(viii) Import and Export Management:
The main function of import and export management is to plan, organise, direct and control the activities related to exporting and importing of goods and services.
