Written ReportGroup 3

Bachelor of Science in Business Administration I

Members:

Gracielle Anne S. IsonNicole Anne G. ArismeJona Joyce C. NicdaoJean Bhrose C. LarocoAngel Ria A. Bilaw

Outline

A. Financial Management• Definition• Characteristics• Scope• Objectives• Functions

• The Financial Manager Definition Titles

B. Production Management• Definition• Objectives• Functions• The Production Manager

Definition Duties and Responsibilities

C. Personnel Management• Definition• Nature• Functions• The Personnel Manager

Definition Roles

D. Purchasing Management• Definition• Objectives• Types of Purchasing• Purchasing Procedure• Functions• The Purchasing Manager

Definition Responsibilities

E. Marketing Management• Definition• Functions• The Marketing Manager

Definition Functions

F. Research and Development Management• Definition• Objective• Types• Functions• The R&D Manager

Duties and Responsibilities

G. Maintenance Management• Definition• Types

FINANCIAL MANAGEMENT

- “Financial management is the operational activity of a business that is responsible for obtaining and effectively utilizing the funds necessary for efficient operation.” -- J. L. Massie

- “Financial management is an area of financial decision making harmonizing individual motives & enterprise goals.” -- Weston & Brigham

- “Financial management is concerned with the efficient use of an important economic resource, namely, capital funds.” – Solomon

- Financial management is that managerial activity which is concerned with the planning, organizing, directing and controlling of the firm’s financial resources. It is the effective & efficient utilization of financial resources.

It was a branch of economics till 1890. It has no unique body of knowledge of its own, and draws heavily on economics for its theoretical concepts. Economics is the basis of financial management to make decisions because of its data that shows the results of production, distribution and consumption of goods and services. Therefore, there is a need to manage the monetary activities of a firm to result in success of operations.

It means creating balance among financial planning, procurement of funds, profit administration & sources of funds.

CHARACTERISTICS OF FINANCIAL MANAGEMENT

1. Analytical Thinking

Under financial management financial problems are analyzed and considered. Study of

trend of actual figures is made and ratio analysis is done.

2. Continuous Process

Before financial management was required rarely but now the financial manager

remains busy throughout the year.

3. Basis of Managerial Decisions

All managerial decisions relating to finance are taken after considering the report

prepared by the finance manager. The financial management is the base of managerial

decisions.

4. Maintaining Balance between Risk and Profitability

Larger the risk in the business larger is the expectation of profits. Financial

management maintains balance between the risk and profitability.

5. Coordination between Process

There is always coordination between various processed financial reports of the

business to the new one for comparison.

6. Centralized Nature

Financial management is of a centralized nature. There is only one department for

financial management and all authority concerning money is directed towards this

department.

SCOPE OF FINANCIAL MANAGEMENT

1. Investment Decisions

It includes capital budgeting and working capital decision.

Capital budgeting refers to the investment in fixed assets such as property, plant and

equipment and working capital refers to investment in current assets such as cash,

accounts receivable and inventories.

2. Financial Decisions

It relates to the generation of funds from various resources.

Their decisions will depend upon on the type of source of this project, period of

financing, and cost of financing and how long will it take to have the returns of

investment.

3. Dividend Decisions

It refers to the net profit distribution.

It is how the net profit of the company is divided into the stockholders or partners in the

business depending upon their agreement.

OBJECTIVES OF FINANCIAL MANAGEMENT

1. To ensure regular and adequate supply of funds

In the business firm, there are different departments and all of them needs fund to

sustain their operations and it is the responsibility of the finance department to ensure

that there will be regular and enough supply of funds for their operation needs.

2. To ensure adequate returns to the shareholders

As I said with one of the scope of financial management, the dividend decision which

refers to the division of the net profit of the business, financial management should

ensure that the net profit is divided rightfully and according to their agreement. It

should also meet the expectations of the shareholders of what amount does the firm

will generate.

3. To ensure optimum funds utilization

There should be an assurance that the funds are utilized in the maximum possible way

at least cost but in high quality. There should be proper handling of funds.

4. To ensure safety on investment

Funds should be invested in safe ventures so that adequate rate of return can be

achieved. Financial managers not make investment on something that they like. There

should be careful studies if the investment in the project will generate money or not and

it also considers the shortest time possible that the invested money will be returned.

5. To plan sound capital structure

It is the responsibility of the finance department to plan the capital structure of the

business so that balance is maintained between the debt and the equity capital.

FUNCTIONS OF FINANCIAL MANAGEMENT

1. Estimation of capital requirements

A finance manager has to make estimation with regards to capital requirements of the

company. This will depend upon expected costs and profits and future programs and

policies of a concern. Estimations have to be made in an adequate manner which

increases earning capacity of the enterprise.

2. Choice of sources of funds

For additional funds to be acquired, a company has many choices like:

a. issue of share and debentures

b. loans to be taken from banks and financial institutions

c. public deposits to be drawn in form of bonds

Choice of factor will depend on relative merits and demerits of each source and period

of financing.

3. Investment of funds

The finance manager has to decide to allocate funds into profitable ventures so that

there is safety on investment and regular returns is possible.

4. Division of net profits

The finance manager ensures that the net profit is divided accordingly.

5. Management of cash

Finance manager has to make decisions with regards to cash management. Cash is

required for many purposes like payment of wages and salaries, payment of electricity

and water bills, payment to creditors, meeting current liabilities, maintenance of

enough stock and purchase of raw materials.

6. Financial Controls

The finance manager has not only to plan, procure and utilize the funds but he also has

to exercise control over finances. This can be done through many techniques like ratio

analysis, financial forecasting, cost and profit control, etc.

THE FINANCE/FINANCIAL MANAGER

Also called the Financial Analysts or Business Analysts

A financial manager is responsible for providing financial advice and support to clients and colleagues to enable them to make sound business decisions.

The role of the financial manager is more than simply accounting, it is multifunctional. Financial managers must understand all aspects of the business so that they are able to adequately advise and support the chief executive officer in decision-making and ensuring company growth and profitability.

Financial managers also oversee the preparation of financial reports, direct investment activities, and implement cash management strategies. They also implement long-term goals of their organization.

DIFFERENT TITLES OF FINANCIAL MANAGERS

1. ControllersThey prepare financial reports and analyses future earnings or expenses It summarizes the organization’s financial position. Controllers are also in charge of preparing special reports required by regulatory authorities.

2. Treasurers and Finance OfficersThey direct organization’s financial goals, objectives and budgets.They oversee the investment of funds and manage associated risks, supervise cash management activities, execute capital-raising strategies to support a firm’s expansion, and deal with mergers and acquisitions.

3. Cash ManagersThey monitor and control the flow of cash receipts and disbursements.For example, cash flow projections are needed to determine whether loans must be obtained to meet cash requirements or whether surplus cash should be invested in interest-bearing instruments.

4. Risk and Insurance ManagersThey oversee programs to minimize risks and losses. They also manage the insurance budget.Risk and losses may arise from financial transactions and business operations undertaken by the institution and it is the responsibility of the risk and insurance manager to prevent the losses in the firm.

5. Credit ManagersThey oversee the firm’s issuance of credit.They establish credit rating criteria, determine credit ceilings, and monitor the collections of past due accounts.

REFERENCES

http://www.mbaknol.com/financial-management/financial-management-definition-and-its-features/

http://www.managementstudyguide.com/financial-management.htm

http://www.umsl.edu/services/govdocs/ooh20002001/119.htm

http://www.qfinance.com/balance-sheets-checklists/defining-the-financial-managers-role

PRODUCTION MANAGEMENT

- “Production is a process by which goods or services are created.” – Elwood Buffa

- Production is a value added process.

It started for over two centuries and has been recognized as an important factor in a country’s economic growth. From 1930s to 1950s, production management becomes an acceptable term

as Taylor’s works become more widely known, managers developed techniques that focused on economic efficiency in manufacturing.

Basically, production management is the step by step conversion of one form of material into another form through chemical or mechanical process to create or enhance the utility of the product to the user. Thus production is a value added process. At each stage of processing there will be value addition.

- Production management deals with the decision making related to production process of that the resulting goods and service is produced according to specifications in the amounts and at the scheduled demanded and at minimum cost.

It is a process of planning, organizing, directing and controlling the activities of the production function. It combines and transforms various resources used in the production subsystem of the organization into value added product in a controlled manner as per the policies of the organization.

OBJECTIVES OF PRODUCTION MANAGEMENT

1. Right QualityThe quality of the product is established based upon the customer’s needs.

The right quality is not necessarily best quality. It is determined by the cost of the product and the technical characteristics as suited to the specific requirements.As a producer, they should assure that the products they are producing are able to satisfy the customer’s needs and expectations.

2. Right QuantityThe manufacturing company should produce the products in right number.

If they are produced in excess of demand the capital will block up in the form of inventory, and if the quantity is produced in short of demand, leads to shortage of products.Producers should also asses how much to produce to avoid shortage and surplus.

3. Right TimeTimeliness of delivery is one of the important parameter to judge the effectiveness of production department.

So, the production department has to make the optimal utilization of input resources to achieve its objectives. There should be a specific time or deadline of production for the workers to be motivated.

4. Right Manufacturing CostManufacturing costs are established before the product is actually manufactured.

Hence, all attempts to should be made to produce the products at pre-established cost, so as to reduce the variation between the actual and the pre-established cost. The budget plan should be followed at all times to avoid shortage of money for the production.

FUNCTIONS OF PRODUCTION MANAGEMENT

1. Selection of Product and DesignProduction management first selects the right product for production. Then it selects the right design for the product.

Care must be taken while selecting the product and design because the survival for success if the company depend on it. The product must be selected only after detailed evaluation of all the other alternative products. After selecting the right product, the right design must be selected. The design must be according to the customer’s requirements. It must give the customers maximum value at the lowest cost.

2. Selection of Production ProcessProduction process refers to the type of technology, machineries and systems to be used.

They must select the right production process. They must decide about the type of technology, machines, material handling systems and the like.

3. Selecting Right Production CapacityProduction management must select the right production capacity to match the demand for the product.

This is because more or less capacity will create problems. The production manager must plan the capacity for both short and long term’s production. He must break-even analysis for capacity planning.

4. Production PlanningProduction manager decides about the routing and scheduling.

Routing – deciding the path of work and the sequence of operations.The main objective of routing is to find out the best and most economical sequence of operations to be followed in the manufacturing process. Routing ensures a smooth flow of work.

Scheduling – deciding when to start and when to complete a particular production activity.Scheduling helps the workers to be motivated at all times to achieve the goal of production.

5. Production ControlThe manager has to monitor and control the production.

He has to find out whether the actual production is done as per plans or not. He has to compare actual production with the plans and finds out the deviations. He then takes necessary steps to correct these deviations.

6. Quality and Cost ControlQuality and Cost Control are given a lot of importance in today’s competitive world.

Customers all over the world want good-quality products at cheapest prices. To satisfy this demand of consumers, the production manager must continuously improve the quality of his products. Along with this, he must also take essential steps to reduce the cost of his products.

7. Inventory ControlThe production manager must monitor the level of inventories. There must be no over stocking or under stocking of inventories.

If there is over stocking, then the working capital will be blocked, and the materials may be spoiled, wasted or misused. If there is under stocking, then the production will not take place as per schedule, and deliveries will be affected.

8. Maintenance and Replacement of MachinesProduction management ensures proper maintenance and replacement of machines and equipment.

There must be an efficient system for continuous inspection (routine checks), cleaning, oiling, maintenance and replacement of machines, equipment and spare parts. This prevents breakdown of machines and avoids production halts.

THE PRODUCTION MANAGER

- The head of the production department.

- He is involved with planning, coordination, and control of manufacturing processes.

A production manager ensures that goods and services are produced efficiently. They ensure the correct amount is produced at the right cost and at the right level of quality.

He is involved in both pre-production stage and the planning stage as well as the production stage or the control and supervision stage. A large part of production management involves dealing with people, particularly those who work on your team.

DUTIES AND RESPONSIBILITIES

1. Plan, organize and direct the manufacturing and maintenance operationsHe is the one responsible for the implementation of production plans which minimizes manufacturing costs through effective utilization of manpower, equipment, facilities, materials and capital.

2. Ensures that the production is cost effectiveHe is responsible for the right allocation of budget given to the production department.

3. Making sure that the products are produced on time and are of good qualityThe main objective of the production department is to produce a product that will satisfy their customers and also to achieve their deadline as much as possible.

4. Being responsible for the selection and maintenance of equipmentAs the head of the production department, he must assure that all of the equipment and machines is properly working so that there would be no interference in the production process.

5. Working with managers to implement the company’s policies and goalsProduction managers must also consult to the CEO of the company to ensure that he still following the company’s policies and his works are towards the success of the organization.

RESOURCES

http://kalyan-city.blogspot.com/2011/12/functions-of-production-management.html

http://www.prospects.ac.uk/production_manager_job_description.htm

PERSONNEL MANAGEMENT

- “Personnel management is the planning, organizing, compensation, integration and maintenance of people for the purpose of contributing to organizational, individual and societal goals.” - Flippo

- “Personnel Management is that part which is primarily concerned with human resource of organization.” – Brech

It can be defined as obtaining, using and maintaining a satisfied workforce. It is a significant part of management concerned with employees at work and with their relationship within the organization.

NATURE OF PERSONNEL MANAGEMENT:

1. Personnel Management includes the function of employment, development and compensation

These functions are performed primarily by the personnel management in consultation with other departments. The function of employment is hiring the people who will work in the firm just like the job of the human resource manager.

2. Personnel Management is an extension to general management

It is concerned with promoting and stimulating competent work force to make their fullest contribution to the concern.

3. Personnel Management exists to advice and assists the line managers in personnel matters.

Therefore, personnel department is a staff department of an organization. When there are problems in the people who are working in the company, they can consult the personnel manager for information about the employees.

4. Personnel Management lays emphasize on action rather than making lengthy schedules, plans, and work methods.

The problems and objection of people at work can be solved more effectively through rationale personnel policies.

5. It is based on human orientation

It tries to help the workers to develop their potential fully to the concern.

6. It also motivates the employees through its effective incentive plans so that the employees provide fullest co-operation.

Personnel managers also have their own policies in order to motivate the employees.

7. Personnel management deals with human resources of a concern.

In context to human resources, it manages both individual as well as blue-collar workers.

FUNCTIONS OF PERSONNEL MANAGEMENT:

A. Manpower Planning- Also called as Human Resource Planning

Consists of putting right number and kind of people at the right place and time doing the right things for which they are suited for the achievement of goals of the organization.

B. Recruitment- “Recruitment is the process of searching the candidates for employment and stimulating

them to apply for jobs in the organisation” – Flippo

It is the process of attracting, screening, and selecting a qualified person for a job.

C. Selection- The process of putting right men on right job.

It is a procedure of matching organizational requirements with the skills and qualifications of people.

D. Training and Development- The process of enhancing the skills, capabilities and knowledge of employees for doing a

particular job.

Training process molds the thinking of employees and leads to quality performance of employees. It continuous and never ending in nature.

PERSONNEL MANAGER

- Head of the personnel department

He performs both managerial and operative functions of management. He is the one responsible for the hiring and developing of employees in an organization.

ROLE OF PERSONNEL MANAGER:

1. Provides Assistance to the Top Management

- The Top Management are the people who decide and frame the primarily policies of the concern. All kinds of policies related to personnel or workforce can be framed out effectively by the personnel manager.

2. Advices the Line Manager as a staff specialist

- Personnel manager acts like a staff advisor and assists the line manager dealing with personnel matters.

3. As a Counselor

- Personnel manager attends problems and criticism of employees and guides them. He tries to solve them in best of his capacity.

4. Acts as a Mediator

- He is linking pin between management and workers.

5. Acts as a spokesman

- Since he is in direct contact with the employees, he is required to act as representative of organization in committees appointed by government,

Resource:http://www.managementstudyguide.com

PURCHASING MANAGEMENT

Purchasing is the function of procuring goods and services from some external sources.

“Purchasing is the procuring of materials, supplies, machine tools and services required for the equipment, maintenance and operation of a manufacturing plant.” – Alford and Beaty

In short, purchasing management is concerned with the act of buying materials, supplies, tools and services in order for a business to operate.

OBJECTIVES OF PURCHASING MANAGEMENT

1. To maintain continuity of productionBeing the one responsible for the supplies of the firm, the purchasing department should ensure that the supplies are adequate and constant to maintain the production process.

2. To establish and maintain good relations with the suppliersAs a customer of other firms, purchasing managers should maintain and see to it that they have good relationship to their suppliers. Having this relationship could be a way to have discounts on the materials and to have a consistent supplier of materials.

3. To keep the activity of purchasing within the limit of material purchase budgetAll of the departments in a business have definite budget to sustain their operations. In the purchasing department, they should use their budget effectively and efficiently so that the materials needed by the production department is adequately supplied and given to them in the right time.

4. To reduce the cost of finished goodsPurchasing department can help reduce the cost of the finished product by buying raw materials in low cost but high quality. This can also be achieved by having the good relationship with the suppliers in order to get discounts.

5. To acquire quality product so that quality output is served to the customersIt also the responsibility of the purchasing department to ensure that the supplies they are buying is in good and high quality. They should not only ensure that the price is low but also they should take into consideration the quality of the materials.

PURCHASING PROCEDURE

1. Purchase RequisitionAll the departments of the organization are asked to make a requisition for purchase. This request contains all of the materials needed by a department.

2. Decision of PurchaseCollecting requisition from various departments and handed it to the purchase committee head. The head will decide what to purchase and in what quantity.

3. Study of Market ConditionsMarket trends are analyzed to generate an idea of price and availability of product. As we all know, there are some raw materials that are seasonal, most especially in foods. Therefore, there is a need for study in the market to determine when to buy such materials and whether there are available substitutes or none.

4. Selection of VendorsThere is also need to select where to buy the products. It should be reliable and accessible.

5. Placing of purchase orderWhen the requisition is approved and there is a chosen vendor, it is time to place the orders or simply to order the product and sign an agreement between the buyer and the seller.

6. Receiving of orderLast is to receive the orders from the supplier and there should be an inventory count before using the supplies.

PURCHASE FUNCTIONS

1. Procuring MaterialsOne role of the purchasing department is to procure all necessary materials needed for production or daily operation of the company.

For a manufacturing company, this might include raw materials such as iron, steel, aluminum or plastics, but it also might include tools, machinery, delivery trucks, or even the office supplies needed for the secretaries and sales team.

In a retail environment, the purchasing department makes sure there is always sufficient product on the shelves or in the warehouses to keep the customers happy and keep the store well-stocked.

2. Evaluating PriceA purchasing department is also in charge with continuously evaluating whether it is receiving these materials at the best possible price in order to maximize profitability.

A purchasing department in a small business needs to shop around to find the best vendors at the most reasonable prices for the company’s particular size orders. Purchase officers may communicate with alternate vendors, negotiate better pricing for bulk orders or investigate the possibility of procuring cheaper materials from alternative sources.

3. Paperwork and AccountingPurchasing departments handle all of the paperwork involved with purchasing and delivery of supplies and materials.

Purchasing ensures timely delivery of materials from vendors, generates tracks purchase orders and works alongside the receiving department and the accounting department to ensure that promised deliveries were received on full and are paid on time.

4. Policy ComplianceThe purchasing department must also ensure that it is complying with all company policies.

Before making a purchase, the purchasing department must ensure that it heeds the proper protocols for purchase and budget approval and must ensure that any items are purchased in accordance with the overall purchasing policy of the organization.

5. Vendor RatingVendor ratings are used to rate vendors in different aspects, such as, its strategy, organization, products, technology, marketing, and financials.

Vendors with a clear focus, solid products and an advantageous market position may be rated positive while vendors or product lines that lack these qualities may be rated caution or negative.

THE PURCHASING MANAGER

- It is also known as Procurement Manager

- An employee within a company, business or other organization who is responsible at some level for buying or approving the acquisition of goods and services needed by the company.

The position responsibilities may be the same as that of a buyer or purchasing agent, or may include wider supervisory or managerial responsibilities. A Purchasing Manager may oversee the acquisition of materials needed for production, general supplies for offices and facilities, equipment, or construction contracts. A Purchasing Manager often supervises purchasing agents and buyers, but in small companies the Purchasing Manager may also be the purchasing agent or buyer. In short, he is the one responsible for buying the materials, equipment and supplies of the company as needed. The main aim of the job would be comparing costs, quality and service in order to get the best value for the employer.

Responsibilities

1. seeking reliable vendors or suppliers to provide quality goods at reasonable prices

As the purchase manager, it is his duty to look for consistent suppliers to provide them the materials they need in low cost but good quality.

2. negotiating prices and contracts

After looking for a reliable supplier, it is also his job to negotiate with them the prices of the materials. It is better to have a consistent supplier so that the company can get discounts.

3. reviewing technical specifications for raw materials, components, equipment or buildings

The company already has a supplier and the contract is made, now, the purchase manager’s job doesn’t end there. He is also responsible for the proper checking and inspection of the materials bought. He needs to determine the technical specifications of the products so that there will be no problem when it is time to use them.

4. Forecasting upcoming demand.

He also studies how much will be needed in the future to sustain the operation of the company. Also, how much money will be spent in the future needs for the company to allocate proper budget in their supplies.

RESOURCES:

http://www.authorstream.com/Presentation/narenmadhav-1236372-purchasing-and-vendor-management/

http://www.authorstream.com/Presentation/kiranaher1989-387753-purchase-management-mgmt-entertainment-ppt-powerpoint/

MARKETING MANAGEMENT

- Marketing management is the function of business management which identifies the need and demand of the prospective customers and accordingly plans to design and introduce new product in the market.

- “MARKETING IN ACTION IS MARKETING MANAGEMENT.”

- Marketing Management is the analysis, planning, implementation and control of programs designed to bring about the desired exchanges with target audiences for the purpose of personal and mutual gain. – Guru Philip Kotler

We can say that, marketing is the process of determining the needs and wants of the customers and being able to deliver products that satisfy those needs and wants. Basically it is marketing that serves as the bridge from the producer to the customers.

Marketing Management has the responsibility to perform many functions in the field of marketing such as planning, organizing, directing, motivating, coordinating and controlling. All this function aims to achieve the marketing goals.

Functions of Marketing

1. Marketing ObjectivesThese are goals or targets that must be achieved by the marketing department in order to achieve overall corporate objectives.

Objectives must be:S - specificM – measurableA - agreedR - realisticT – time related

Marketing Management determines the marketing objectives. The marketing objectives may be sort term or long term and need a clear approach. They have to be in coherence with aims and objectives of the organization. These are the things that keep the people in the marketing department to be motivated and eager to work to achieve the target of the company.

As we learned in our seminar, our objectives must be SMART. It must be specific, as much as possible very specific and not vague statements. It must be measurable, it is quantitative and

verifiable. It must be agreed by the organization. It must be realistic and achievable and lastly, it must be time related and to be achieved in a specific period of time.

2. Planning“Planning is deciding in advance what to do, how to do and who is to do it. Planning bridges the gap between where we are to and where we want to go.” – Koontz & O’Donell

After objectively determining the marketing objectives, the important function of marketing management is to plan how to achieve those objectives. It is through planning that we are able to see what we are in the future.

3. Organization“Organizing is a function by which the concern is able to define the role positions, the jobs related and the coordination between authority and responsibility.” – Chester Barnard

This is the function of management that comes after planning. Organizing function of marketing management involves the collection and coordination of required means to implement a plan and to achieve pre-determined objectives. It is a function in which the synchronization and combination of human, physical and financial resources takes place.

4. CoordinationIt is the act of making different people or things work together for a goal to fulfill desired goals in an organization.

Coordination refers to harmonious adjustment of the activities in marketing organization. It involves coordination among various activities such as sales forecasting, production planning, product development, transportation, warehousing etc. it is through coordination that the different activities of the organization is interlinked.

5. Direction“Directing consists of process or technique by which instruction can be issued and operations can be carried out as originally planned.” - Anonymous

Direction in marketing management refers to development of new markets, leadership of employees, motivation, inspiration, guiding and supervision of the employees. Therefore, directing is the function of guiding, inspiring, overseeing and instructing people towards the accomplishment of organizational goals.

6. Control“Controlling is the measurement and correction of performance in order to make sure that enterprise objectives and the plans devised to attain them are accomplished.” - Koontz

It consists of verifying whether everything occurs in conformities with the plans adopted, instructions issued and principles established. Controlling also ensures that there is effective utilization of resources to achieve planned goals.

7. Staffing“Staffing pertains to recruitment, selection, development and compensation of subordinates.” – Theo Hainman

Employment of right and able employees is very crucial to success of a market plan. The market manager coordinates with the human resource manager of an organization to e able to hire the staff with desired capability. There should be proper and effective selection, appraisal and development of personnel in order to achieve the desired goals and objectives.

8. Analysis and evaluationThese are the function where plans are examined and assessed whether it worked or not.

The marketing management involves the analysis and evaluation of the productivity and performance of individual employees.

Marketing Manager

- Formulates a firm's marketing strategy.

With the assistance of a marketing or sales team, marketing manager estimates demand for and identifies markets for the company or organization's products and services. A marketing manager and his or her team also set prices with an eye toward maximizing profits, increasing market share and keeping customers happy.

- A marketing manager is responsible for finding and developing customer bases for a company's products.

The marketing manager, along with assistants, product development managers and the market research team, is responsible for designing and implementing the company's marketing plan.

- The basic function of the marketing manager is to advertise the products of the companies and make them famous in the marketing using different techniques.

There are number of duties of the marketing manager in any business firm. The marketing manager and sales manager in some companies are the same while in other companies these are two different posts. If the marketing manager is also considered as the sales mangers then he not only market the company products but also monitor the sales of the company's products in the different areas which are define by the companies.

Functions of Marketing Manager

A marketing manager is basically in charge of the 5Ps

Product

Ensure target costumer’s needs integrated onto product design, work out nice & personality of the product/brand

Pricing

Setting and pricing of the product. Maintain/increase/decrease price, ser discounts

Packaging

Revitalize product packaging, change point of sale

Place

Select retail partners, oversee distribution product‘

Promotion

Create campaigns, work out media mix, engage advertising firms, purchase media

REFERENCES:http://en.wikipedia.org/wiki/Marketing_managementwww.gktoday.com/meaning-functions-of-marketing-managementhttp://careerplanning.about.com/od/occupations/p/marketing_mgr.htmhttp://www.ehow.com/how_2068874_become-marketing-manager.htmlhttp://www.ehow.com/how_2068874_become-marketing-manager.html

RESEARCH AND DEVELOPMENT MANAGEMENT

- “R&D is a creative world undertaken on a systematic basis in order to increase the stock of knowledge, including knowledge of man, culture and society, and use of this stock of knowledge to devise new applications.” – Organization for Economic Co-operation Development

- Research and development is one of the means by which business can experience future growth by developing new products or processes to improve and expand their operations.

It is the department that investigates activities that a business chooses to conduct with the intention of making a discovery that can either lead to the development of new products or procedures or to improvement of existing products or procedures.

- The main work of the research and development team involves in developing new products and improving current ones through various forms of research.

New products and improvements to current products are needed to meet the requirements of customers, taking into consideration changes in consumer demand, seasonal sales changes and the availability of new materials and technology.

The research and development team are the one responsible for the study of new products and if they are effective, the organization will implement them. They also develop the old products into an update one to meet the expectations and need of the customers.

OBJECTIVES OF RESEARCH AND DEVELOPMENT

Academic and Institutional Research and Development

The main objective is to obtain new knowledge, which may or may not be applied to practical uses.

As an academic institution, there is always a department which intends to improve what kind of education this institution is offering. As time goes by, new knowledge and ideas are being discovered and therefore this should be implemented in order to obtain a quality education.

Industrial Research and Development

The objective of industrial research and development is to obtain new knowledge, applicable to the company’s business needs, which eventually will result in new or improved products, processes, systems, or services that can increase the company’s sales and profits.

In the industrial or business world, the main objective of the research and development team is the same as with the academic research and development which is to obtain new knowledge but the purpose of this is to provide for the company’s business needs. This new knowledge will result in new products or improvement of the old products. Human in nature, eventually will not be satisfied therefore there is a need to improve the old products.

TYPES OF RESEARCH AND DEVELOPMENT

1. Basic ResearchThe research that advances scientific knowledge but does not have specific commercial objectives

It has an objective of a fuller knowledge or understanding of the subject under study, rather than a practical application. It is applied to the industrial sector, basic research is defined as research that advances scientific knowledge but does not have specific commercial objectives, although such investigation may be in the fields of present or potential interest to the company.

2. Applied ResearchIt includes investigations directed to the discovery of new knowledge.

It is directed towards gaining knowledge or understanding necessary for determining the means by which a recognized and specific need may be met. In industry, applied research includes investigations directed to the discovery of new knowledge having specific commercial objectives with respect to products, processes, or services.

This kind of research is directed towards discovery unlike the basic research; it does not have specific objectives.

3. Development

It is the systematic utilization of knowledge or understanding gained from research.

At this point, it is important to differentiate development from engineering, which can

be defined as utilization of state-of-the-art knowledge for the design and production of

marketable goods and services. In other words, research creates knowledge and

development designs, and builds prototypes and proves their feasibility. Engineering

then converts these prototypes into products or services that can be offered to the

marketplace or into processes that can be used to produce commercial products and

services.

Development is simply the application of the new knowledge obtained in the research.

FUNCTIONS OF RESEARCH AND DEVELOPMENT

1. Research for development of new products

The primary function of the R&D department is to conduct researched for new products and develop new solutions. Each product has a finite commercial life. In order to be competitive, the company continuously needs finding ways for new technological development of product range.

R&D is often thought of as synonymous with high-tech firms that are on the cutting edge of new technology, many established consumer goods companies spend large sums of money on improving old products.( For example) Gillette spends quite a bit on R&D each year in ongoing attempts to design a more effective shaver.

2. Product and Maintenance Enhancement

R&D helps to keep the company product range ahead of the competition and enhance the life of the products. Existing products should be maintained ensuring that they can be manufactured according to specification.

For instance, an element required for an existing product may become obsolete. When

this situation happens, the department is expected to discover an alternative quickly

way so that the product manufacturing will not be postponed. At the same time, the

commercial life of a product may be extended through enhancing it in some way like

giving it extra features, improving its performance, or making it cheaper to

manufacture, etc.

3. Quality and Regulatory Compliance

Quality is a major issue and R&D department is deeply involved in ensuring quality of

new products and attaining the required levels of regulatory requirements. In

cooperation with the quality assurance department, R&D department develops a quality

plan for new products. When a company sells a product on the marketplace, it should

keep regulatory compliance with legal requirements.

For example, a products sold in the European Community should comply with the

relevant European Directives. By introducing VIP Task Manager into the workflow, the

R&D department can effective cooperate with QA (Quality Assurance) department

through sharing tasks and projects aimed to development of quality plans for new

products. The R&D managers can attach regulatory documents to the tasks and share

them between engineers, technicians and scientists.

THE RESEARCH AND DEVELOPMENT MANAGER

- He plans, organizes, directs, controls and coordinates policy advice and strategic planning within an organization.

Duties and Responsibilities

- To be fully aware of all the things happening in terms of the scientific aspect of the projects.

- To become actively involved in the laboratory together with the scientist.- Planning research process- Allocating funds for every project

He should be updated about the new project that is being researched. He should also cooperate and help the scientist in order to finish the research faster. It is his responsibility to plan the research process and how it should be done to have order and motivation among the researchers to meet the desired deadline. It is also his job to properly handle the money for the research to avoid shortage of funds.

RESOURCES

http://www.bestjobdescriptions.com/management/research-development-manager-job-description

http://www.taskmanagementguide.com/solutions/departments/research-development-department/research-development-department-functions.php

http://www.investopedia.com/terms/r/randd.asp#axzz1miuxavKx

http://en.wikipedia.org/wiki/Research_and_development

Maintenance Management

- Is an orderly and systematic approach to planning, organizing, monitoring and evaluating maintenance activities and their costs.

- The word “Operation” is usually linked with “Maintenance”

TYPES OF MAINTENANCE MANAGEMENT:

a. Routine- ongoing maintenance activities such as cleaning washrooms, grading roads and mowing

lawns, which are required because of continuing use of the facilities.

b. Preventive- Periodic adjustment, lubrication and inspection of mechanical or other equipment to ensure

continuing working condition.

c. Emergency- Unexpected breakdowns of assets or equipment. These are unpredictable or reactive type

of maintenance and are more difficult to schedule than the above two categories.

Resource:http://publications.gc.ca

Case Study

THE QUICK TURN AT USAir

Ed Vilchis is in a hurry. So is his employer USAir Group, Inc.

A ramp-agent supervisor at the company’s Baltimore-Washington airport terminal, Vilchis used to have 45 minutes to see that bags moved off and on planes between flights. These days he and his crews have about half that. “Once that plane rolls in, you basically attack it,” says Vilchis, a 17-year USAir veteran. “You load it, fuel it, cater it, push it back, and it’s gone.”

What’s the rush? It’s all part of the “quick-turn” strategy being implemented by some U.S. airlines. To improve productivity and lower operating costs, these carriers are trying to cut the time that planes stay on the ground. After all, planes earn money flying passengers, not sitting on the tarmac.

The strategy offers flyers one big advantage. Because of delays in boarding, “people were telling is they weren’t getting their business done in one day,” says a USAir spokeswoman. Skipping away amenities such as meals, pillows, and blankets means caterers and cleaners can turn around the flights more quickly and passengers can get where they’re going faster, she maintains.

But flyers do lose some amenities, and there are other pitfalls. Some customers don’t like the stricter boarding procedures. USAir, for example, has a “10-minute rule,” which requires boarding 10 minutes or more before departure time. it also insists that all carry-on luggage fit into a “sizer box” at the gate, which is roughly the size of an overhead compartment. The box is intended to keep passengers from bringing on huge bags and holding up seating.

Some workers grumble about having to move faster. “They’re not used to working this hard,” says Tim Goodrich, a USAir ground-crew worker in Baltimore. “In the old days, you’d come to work and have 30 or 40 minutes before you did anything. Now, they’ve got to pick up the pace or get out.”

Source: USAir Group, Inc., Boeing Co.

Problem

In the case study, the main problem of the USAir Group, Inc., which is an airline, is there is a low productivity in their company.

A lot of time is consumed to ready the plane for take-off and customers wait for a long period of time before boarding. As one of the customers said, “They weren’t getting their business done in one day,” and this is because they have to wait for about 40 minutes before they can board.

Solution

1. The Quick-turn Strategy

This strategy aims to improve productivity and lower the operating costs of the company by trying to cut the time that planes stay on the ground or the turnaround time.

This is already implemented in the case of the USAir Group, Inc., but still they are encountering problems with their services. A lot of bad comments are coming from their customers due to their low productivity.

2. The USAir might consider implementing more effective training programs for employees and instituting more selective hiring procedures.

As part of our report, it is the duty of the Personnel Manager to oversee the employees if they are working productively or not. They are responsible for the process and selection of the employees by putting the right men on the right job. As one of the functions of a personnel manager, he should provide training for the employees in order to improve their working skills, capabilities and knowledge in doing a certain job.

3. Possibility of using robots

In our world today, it is all about technology. Everything we are using right now is a product of the new technology. One of their products is the robots, as we all know a robot works like a human being committing less mistake or errors. There is a possibility of using them to work for us in order to consume less time in working at a particular job and also to lessen the mistakes committed.

It is part of the job of the Research and Development Management team to look for new ways in order to make their company productive. This team

exists because they are the ones who are responsible to improve and expand the company’s operations and experience future growth.

4. Quality Assurance Program

There should be a program to be implemented which continuously monitors services to ensure that they are in the acceptable levels.

As part of the Production Management team, one of their duties and responsibilities is to make sure that the products are produced on time and are of good quality. In this case, the product of the company is their service; therefore it is the responsibility of the Production Management team to ensure that the service they are providing is of good or best quality. They should implement programs that will help their company to be sure of the quality they are offering to their customers.

RESOURCES

Modern Management 7th Edition

Samuel C. Certo