MGT / 521
July 07, 2014
Functional Areas of Business
In order to evaluate the roles of management within the functional areas of business, we first need to understand what the roles and functions are. Within this paper, viewers will read what the roles and functions within the MBA are and how managers use these functions to create a successful operation.
Roles of Management: Since there are different types of management, this paper will be using Strategic management as the main example for the definition and analyzing. Strategic management is what managers do to expand the company’s strategies. Strategies help figure out how it will participate productively with other companies and how it will catch the attention of and make happy its clientele in order to attain its goals. According to (Robbins, 2012) there are “six steps in the strategic management process encompass strategy planning, implementation, and evaluation.” These steps are as follows: recognizing the present goals, task, and strategies perform an external examination perform an internal examination put together strategies put into operation strategies and analyze strategies
Following these steps will help management stay on track with their company’s goals. It will also prepare managers to take care of any issues that arise inside and outside of the organization.
Functions within the MBA: There are 11 aspects that a person will need to know in order to obtain their Master’s degree in Business Administration (MBA). This section will allow you to view these functions of the course and how they are used by managers.
1. Management – Ensures company accomplishment through good organization and the successful use of a strong workforce.
2. Law – Managers use company law to make sure that the company’s operations are lawfully sound and that the company is in obedience with all international, federal, and state policy and requirements.
3. Human Resource Management – Human Resources are in use throughout the company’s employee life cycle. The life cycle includes everything from hiring an individual to disciplinary action if necessary.
4. Leadership – Managers us leadership to help motivate and inspire workers. It allows them to have the knowledge to take care of any conflicts that arise within the company.
5. Accounting – Gives managers the knowledge to make successful decisions based on managerial accounting information that is obtained by the financial accounting.
6. Finance – Allows managers the ability to recognize how financing occurs from new organization ventures.
7. Economics – Helps managers determine what factors may need investigated when entering a new market, particularly in an international location.
8. Research and Statistics – A manager uses research to gather data about the customers and business then interprets them through statistics to analyze and modify the company’s future.
9. Operations Management – Managers use operations to make sure the firm is operating correctly, and the supplies are shipped to the necessary places.
10. Marketing – Managers use marking to recognize what goods or services to present and how to generate a high-quality image for the company’s trademark.
11. Strategic Planning – Implementing and planning brings all aspects of the company together to ensure the organization’s success.
According to (Tiffan, 2011) there are four parts to people management that ties into the functions of an MBA. Most of these four can are noticed within the first function which is the management. It is the Manager’s duty to place understandable