June 16, 2024

Executive Function of management

Executive function Of Management

  • Production Management
  • Marketing Management:
  • Financial Management:
  • Personnel Management:

Production Management

  • Production management implies planning, organising, directing and controlling the production function so as to produce the right goods, in right quantity, at the right time and at the right cost.

It includes the following activities:

  • designing the product
  • location and layout of plant and building
  • planning and control of factory operations
  • operation of purchase and storage of materials
  • repairs and maintenance
  • inventory cost and quality control

research and development etc.

Marketing Management: 
  • Marketing management refers to the identification of consumers needs and supplying them the goods and services which can satisfy these wants.

It involves the following activities:

  • marketing research to determine the needs and expectation of consumers
  • planning and developing suitable products
  • setting appropriate prices
  • selecting the right channel of distribution, and
  • promotional activities like advertising and salesmanship to communicate with the customers
Financial Management:
  • Financial management seeks to ensure the right amount and type of funds to business at the right time and at reasonable cost.

It comprises the following activities:

  • estimating the volume of funds required for both long-term and short-term needs of business
  • selecting the appropriate source of funds
  • raising the required funds at the right time
  • ensuring proper utilisation and allocation of raised funds so as to maintain safety and liquidity of funds and the credit- worthiness and profitability of business, and
  • administration of earnings
  • Thus, financial management involves the planning, organizing and controlling of the financial resources.
Personnel/Human resource Management:
  • Personnel management involves planning, organising and controlling the procurement, development, compensation, maintenance and integration of human resources.

It consists of the following activities:

  • manpower planning
  • recruitments,
  • selection,
  • training
  • appraisal,
  • promotions and transfers,
  • compensation,
  • employee welfare services, and
  • personnel records and research,

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