Role of a Manager within the Functional Areas of Business
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 is the practice of coordinating and ...view middle of the document...
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.). 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...