Question

Explain the functional areas of management.

Answer 1

Answer:

Functional Areas of Management – Personnel Management, Financial Management, Marketing Management, Production Management and a Few Others. Functional areas of management mean the sum total of all those activities which are performed in an organisation to achieve the objectives of the organisation.

Answer 2

• Functional areas of management includes all those activities which are performed in an organization to achieve the objectives of the organization.
• This includes different departments of management like human resource management, financial management, marketing and production management and various other forms of management which are required for the smooth functioning of the Enterprise.  
• Human Resource Management is concerned with the people and the behaviors in an organization. They aim to hire the best people for the job who possess the required skill and knowledge.  
• Financial management looks upon the financial matters of the business. They look upon minimizing the cost so as to generate greater profit for the firm.  
• Production and marketing management looks upon the production and selling of the product. They tend to satisfy the needs of the customers by producing the right goods and making them available to the right customers at the right time.