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Flashcards in Areas Of Management Strategies Deck (5)
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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



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


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


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


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