Areas Of Management Strategies

Question 1

Operations

Answer 1

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

Question 2

Finance

Answer 2

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

Question 3

Human Resources

Answer 3

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

Question 4

Sales and marketing

Answer 4

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

Question 5

Technology suppor

Answer 5

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