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Flashcards in Areas Of Management Strategies Deck (5)
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1

Operations

Responsible for managing the conversion of inputs to outputs
- aim is to create the good or service in the most efficient manner possible
- ensures the business stays competitive

2

Finance

Is the management of financial record keeping and decision making such as setting of budgets
- finance manager needs to ensure the business is making sound decisions with its finances
- managing money well can ensure business is making a return on investment and profit
- also ensures money is available to expand into new markets

3

Human Resources

This is the management of employees within the business. It involves activities from recruitment all the way through to termination
- helps achieve objectives by having the right people in the rigt jobs wth the right abilities. Highly skilful by being well trained will be more productive and perform at a higher level that enables the business to gain a competitive advantage

4

Sales and marketing

Refers to the actions taken to promote a business and or its products with the aim to increase sales and sell them to potential customers
- can lead to increased sales and improved market share

5

Technology suppor

Responsible for making, using and modifying of systems, processes and tools to achieve business objective. Technology can be both information technology and processes technology
- increase in the use of tech so it’s important this is supported and maintained. Looks to also implement new tech to improve efficiency