The activities needed to operate a business can be divided into a number of functional areas,
management, operations, marketing, accounting, and finance.
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define managment
Managers are responsible for the work performance of other people.
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Management involves
planning for, organizing, leading, and controlling a company’s resources so that it can achieve its goals.
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Managers plan by
setting goals and developing strategies for achieving them.
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Managers design controls for
assessing the success of plans and decisions and take corrective action when needed.
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All companies must convert resources such as
(labour, materials, money, information, and so forth) into goods or services.
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The person who designs and oversees the transformation of resources into goods or services is called
an operations manager.
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define an operations manager.
The person who designs and oversees the transformation of resources into goods or services is called
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operations manager is also responsible for
ensuring that products are of high quality.
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Marketing consists of
everything that a company does to identify customers’ needs (i.e. market research) and design products to meet those needs.
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what do marketers develope
Marketers develop the benefits and features of products, including price and quality.
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who decide on the best method of delivering products and the best means of promoting them to attract and keep customers.
marketers
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marketing manages
Marketing manages relationships with customers and make them aware of the organization’s desire and ability to satisfy their needs.
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Accounting role
to give accurate, relevant and timely financial information,
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what else do accounts do
Accountants measure, summarize, and communicate financial and managerial information and advise other managers on financial matters.
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whoadvises other managers on financial matters.
accountants
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define finance
Finance involves planning for, obtaining, and managing a company’s funds.
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Financial managers address such questions as the following:
How much money does the company need? □ How and where will it get the necessary money? □ How and when will it pay the money back? □ What investments should be made in plant and equipment?
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functional areas of buisness
Sales □ Human resources □ Customer service □ Legal □ Press Relations □ Distribution □ ICT □ Research and Development (R&D)
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Other cards in this set
Card 2
Front
define managment
Back
Managers are responsible for the work performance of other people.
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