Functional areas of business management are as follows :

(i) Production Management : 

Area of management which is concerned with planning, organising, directing and controlling the activities related to production function in an organisation. 

(ii) Inventory Management : 

This branch of management deals with purchase, storage and supply, lifting-keeping, maintaining stock and controlling raw materials or finished goods. 

(iii) Marketing Management : 

It is concerned with sale of finished goods, sales promotion, market research, establishment and operation of sales outlets, selection of distribution channels.

(iv) Personnel Management : 

This branch of management includes activities like : Manpower, planning, recruitment, selection, training and development, etc. Its main objective is to manage the manpower of any organisation. 

(v) Office Management : 

This area of management is concerned with the activities of correspondence, obtaining records, disseminating information received, maintaining chain of communication within organisation. 

(vi) Transportation Management: 

It is concerned with transfer of men and material safely from one place to another at less cost and in less time.

(vii) Accounting Management: 

Maintaining records, book-keeping ledger accounting, preparing balance sheet, making payments, etc. are part of this.

(viii) Import and Export Management: 

The main function of import and export management is to plan, organise, direct and control the activities related to exporting and importing of goods and services.