Functional Areas of Business

The importance of managers within an organization is well documented. From the need of their skills and abilities in uncertain, complex and chaotic times to their contribution to employee productivity and loyalty the way employees are managed can affect the organization’s financial performance (Robbins, S. P., & Coulter, M. (2012). Management (11th ed.). Upper Saddle River, NJ: Prentice Hall.). Managerial ability has been shown to be important in creating organizational value. How managers plan, organize, lead and control in the functional areas of business is critical to the operating efficiency of an organization. For organizations to operate efficiently and effectively a strategic plan is a must have. Strategic planning and implementation creates plans that apply to the organization’s goals and then ensure that those goals are met. Managers use strategic planning and implementation to bring all aspects of the firm together, human resource management, accounting, operations management, marketing, and so on, to ensure the firm’s success. Individually, looking into the functional business areas of management, Law, Human Resource Management, Leadership, Accounting, Finance, Economics, Research and Statistics, Operations Management, Marketing and Strategic Planning we find the role of the manager is essential:

Management — Management is the practice of coordinating and overseeing the work of others so that organizational goals can be accomplished. Managers ensure business success through efficiency and the effective use of employees, the business's most important resource. (MBA Overview) Law — Business law is the study of the legal aspects of business that affect companies and small firms. Managers use business law to ensure that the firm's operations are legally sound and that the business is in compliance with all state, federal, and international regulations and requirements. Business law also helps managers safeguard the firm's intellectual property and...