Management Responsibilities Flashcards
Define human resources
Is an area responsible for managing all the activities involved from employing, retaining to terminating employees. Managers usually take this role.
Define operations
Is the managing process that transforms resources into goods and services.
Eg- inputs, processes &a outputs
Define sales and marketing
Creating awareness of the business’s products that result in increased purchases by customers.
This can be done by market research, advertising and branding.
Define finance
Involves the assessment and allocation of money within the business. This may include budgets, reporting and auditing.
What would happen if finance management is not done effectively.
The business will find operating difficult as they won’t know exact cash flow amounts they have to spend on resources and pay creditors.
Define technological support
Is the area responsible for installing and maintaining technology as well as providing assistance to users of the technology.
Eg- phones, computers & software packages.
Why is human resource management important?
It focuses on improving the motivation of staff and meeting their expectations. If a businesses human resource management is poor they may find higher staff absentee or turnover.
What is marketing responsible for?
Responsible for developing strategies such as market research, advertising and branding to create a relationship between the business and its customers.
It generates customer demand and understands the customers needs and wants.
Why do some business struggle to sell their product or service even though it’s a great product?
Because the target market are unaware of the product. The business need to advertise their product or service more to create awareness.
OR the product my not satisfy the target market.
What is sales responsible for?
Is about developing relationships with an individual customer.
Based on the realty that the product or service is is now able to generate a revenue for the business.
How is tech used in a manufacturing business?
To support production
Order resources
Tracking work progress
How tech used in a service business?
Record keeping of individual customers
Used to perform the service being sold
