Abstract
According to the University of Phoenix MBA Overview Module (n.d.), there are 11 functional areas of business that managers play an important role. However, for the purposes of this paper, we will focus on in my opinion the four major functional areas of a business (management, human resource, finance and marketing) that managers play a key role, regardless of the company size. Each line of business have specific duties and responsibilities, however, they all come together to work for the success of the company. Management
Management is the practice of coordinating and overseeing the work of others so that organizational goals can be accomplished. Managers ensure business success through efficiency and the effective use of employees, the business’s most important resource (University of Phoenix, n.d.).
Managers are the first line of defense to interpret the culture and atmosphere management wants to present to the business as a whole. In addition, they must provide the tools and resources to employees for the company to accomplish the goal’s management has implemented. If the goals are not being performed employees have to work with management to address the changes and make corrective actions to maintain positive stability in the business environment.
The Business plan on Introducing Performance Management System Yen Employees
... business objectives, including good communication. In conclusion it must be emphasised that an effective Performance Management system ensures that both Managers and employees ... lacked what Herzberg believed motivated employees in the work place. These Motivators included recognition, ... Objectives and goals reflected in PMS Appraisal system Weaknesses: Possible Unionisation amongst employee base ( ...
human resource Managers use Human Resource management throughout the employee life cycle, including hiring, training, proper compensation for work, and taking disciplinary actions to remediate, if necessary (University of Phoenix, n.d.).
Managers also use human resource to address educational and health benefits, complaints about other co-workers and immediate supervisors. One of Human Resource most important role is hiring new personnel. Managers have the responsibility to hire qualified candidates for positions available in the company. According to Dobre (2012) “in order to evaluate the ability of an employee, managers should determine whether the worker has the right skills and knowledge to perform a certain job properly”. Managers must be proactive when a person shows weaknesses in position. Manager should identify the skills or experience employee lacks and offer solutions, such as training, coaching or better feedback (Dobre, 2102).
Human Resource managers handle personnel issues, which allow immediate managers in all line of businesses to focus on the departmental goals. Finance Depending on the size of a business Accounting and Finance is one line of business, however, for the purposes of this paper Finance will be focused as one line of business. Finance addresses the process of setting up and maintaining the fiscal success of the firm, including revenue (University of Phoenix, n.d.).
Finance is imperative for the survival of a business. Managers determine clear, precise goals at beginning of the year for company wide budgets that cover all line of businesses. Managers also must have detailed research strategies and make sound decisions for the financial investments of the company. Marketing Managers use marketing to identify what products or services to offer, how to advertise their wares to consumers, how to ensure they are meeting the needs of their customers, and how to create a good image for the firm’s brand (University of Phoenix, n.d.).
The Business plan on Human resource management of McDonald
... four areas A) STRATEGIC HUMAN RESOURCES MANAGEMENT: McDonald’s human resource strategies and practices were synchronized to the company business strategy and thereafter the ... -human-resource-strategies-implemented-by-mcdonalds-business-essay.php McDonalds (2014), Corporate Info, Retrieved March 22, 2014, from, http://www.mcdonalds.com/us/en/our_story/Corporate_Info.html Yahoo finance ...
There must be a consensus from upper management trickled down of a budget that will allow the company to have a chance to benefit from marketing. Managers must employ various tools to get an edge over the competition that convince consumers to buy their product (also known as a competitive advantage).
SWOT (strength weakness opportunity threat) analysis can also determine company strengths and weakness and external opportunities and threats from the competition or the demographics the company targets. According to Berri, Leeds, Leeds, and Mondello (2009), the most successful managers take advantage of market inefficiencies or find previously undiscovered niches. Managers must be aware of the different factors that determine the success of the company’s marketing campaign. Conclusion
The role of managers within the functional areas of business was discussed briefly in four lines of businesses. The four lines of businesses also work together to support the operations of the company. Human Resource works with Finance to set company budgets so bonuses, incentives & wages according to performances can be determined. Management works with Marketing and Finance to determine strategies to capitalize on product market area and set budgets for the year. Management works with Human Resource to make sure policy and procedures are up to date with standards. Management works with Human Resource and Finance to determine profitability of company in terms of increasing, decreasing or no change in current staff positions. These are examples of several reasons line of businesses come together although not limited. Each line of business have specific duties and responsibilities, however, they all come together to work for the success of the company.
References
University of Phoenix. (n.d.).
MBA Overview Module. Retrieved from University of Phoenix,
MGT521-Management website.
Berri, D.J., Leeds, M.A., Leeds, E.M. & Mondello, M. (2009, May).
The Role of Managers in Team Performance. International Journal of Sport Finance, 4(2), 75-93. ProQuest database. Dobre, O.I. (2012, December).
The Homework on Time Management Work Business Make
Theory: Time is a scarce resource. It is irreplaceable and irreversible... There is a whole system of smaller metaphors under the! (R) time is money! umbrella, such as: ! +/- yesterday is a canceled cheque, tomorrow is a promissory note and today is ready cash. Use it. ! +/- (John A. 1988, P 9) Therefore, to save time we must spend time. Maybe there are hundred ways of time management, but today I ...
The Impact of Human Resource Management on Organizational Performance. Management Research and Practice, 4(4), 37-46.
