Functional Areas of Business

Topics: Management, Business, Human resource management Pages: 3 (1106 words) Published: September 11, 2013
Analyzing the functional areas of Management
Adrean D.Thomas
MGT/521
September 3, 2013
Dr. Machen

Analyzing the functional areas of Management
In all types of businesses (big or small), managers play a key role in the efficiency, profitability, and functionality of how the business meets its goals and successes. The purpose of managers are to oversee and coordinate the work of others. As managers, it is important that ensure that the business’ greatest resource, which are its employees, are used effectively. There are several functional areas within business that managers play a role in one way or another. These functional areas are business law, human resource management, leadership, accounting, finance, economics, research and statistics, marketing, operations management, and strategic management. Each of these functional areas are like a piece of the pie, in where when they are assembled, represent the business as a whole cohesive unit. In business law, the manager ensures that the operations of a business are legally sound and that the business is compliant with any state, federal, or international codes and regulations. Many businesses use the services or products of other businesses, which requires the use of contracts. Managers must have an understanding of contracts to ensure they are current, fair, and meet the needs of the company. Managers also use business law to ensure all intellectual property is safeguarded such as patents. Human resources management is a key function in all businesses because it directly involves the development of personnel within a business. All managers play a role in the life cycle of their employees to include hiring, training, promotion, and disciplinary actions. The role of human resources managers is constantly evolving and many organizations have added the responsibilities of retirement benefits, and payroll accounting to their scope of practices. The leadership of managers involves the way in which...

References: Meers, K. A., & Robertson, C. (2007). Strategic planning practices in profitable small firms in the United States. The Business Review, Cambridge, 7(1), 302-307. Retrieved from http://search.proquest.com/docview/197300272?accountid=458
Murray, A. (2009, April 7). What is the difference between management and leadership. Retrieved from http://guides.wsj.com/management/developing-a-leadership-style/what-is-the-difference-between-management-and-leadership/tab/prints
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