Managing a business requires undertaking several important functions. On the basis of these functions, we can classify the functional areas of management into –

1. Marketing Management:

Marketing management is the activity or function of providing goods or services from producers to customers. Over and above exchange of goods with money it also includes market research, distributive method, sales promotion, storage, insurance, etc.

2. Human Resource management:

The process which takes into consideration matters like proficiency, knowledge, intelligence, likes and dislikes, personal development, necessity, etc. of employees, integrates them with business objectives and channelizes the business towards the path of success and profitability is called Human Resource Management (HRM).

3. Financial management:

• Financial management is the process of dealing with all the finance related functions of the business.
• The function of acquisition, utilization and allocation of capital is called financial ‘ function or financial management.

4. Production management:

The process which includes planning for production, deciding programmes, maintaining co-ordination, direction, and keeping control is called production management.