Financial management is the management of money and investments. This includes how the organization creates, spends, or invests that money. Financial management can be split into major categories like corporate finance, public finance, and personal finance.
A business needs to manage their funds carefully in order to stay afloat. It also needs to invest money wisely so that it contributes to the organization’s growth.
Service management connects the organization and its customers. It deals with the intersection between sales and the customer’s point of view. The goal is to optimize services so that it can improve customer experience.
Service is an intangible product. But it brings value and utility to clients, and helps keep them loyal to the brand. Service management is important for building a strong client base.
Once products and services are optimized, they need to be marketed properly, so that the right audience can learn about them. Customers can’t buy something if they don’t know it’s available.
Marketing management refers to the activities that promote the buying or selling of a product or service. It is an art form that uses branding to tell stories that connect with people emotionally and intellectually. Marketers work to generate leads and convert those leads into paying customers.
B2B marketing is when marketers direct their product to other businesses while B2C marketing is all about selling directly to consumers.
Human Resource Management
Organizations need to manage the people in their company so that they can give their business a competitive advantage. Human resource management is designed to maximize employee performance to make sure the organization is hitting its strategic objectives.
Human resource management is concerned with policies and systems. It is also responsible for employee recruitment, employee benefits, training and development, reward management, and performance appraisal.
Strategic management is all about the initiatives being taken by companies to reach their short term and long term goals. They are often implemented by the organization’s top managers on behalf of its owners.
Strategic management considers internal and external factors when formulating a plan that would benefit the company. It also involves allocating resources to implement those plans.
Operations management is concerned with controlling business operations. It ensures that daily goals are met, and that business operations are efficient in its use of resources. Operations management is also involved in planning, organizing, and supervising production and manufacturing.
Information Technology Management
IT management, or information technology management, is all about managing information technology resources in accordance to an organization’s needs and priorities. These resources include tangible investments like computer hardware and software, as well as data and data center facilities. IT management also includes the staff members who work to maintain these resources.
There are smaller branches of management within every organization, but these are the major ones that you need to take care of if you want your business to thrive.