Management Aspects

The Management of Functioning Areas

The management of the functioning areas of finance and marketing leads to funding for growth and operations, even though finance is a requirement to procure capital for a business to operate and grow. Marketing attracts the profits needed to procure or substantiate capital borrowed through financing.

The finance functioning area of business is the art and science of managing money. The function of finance is the procurement of funds, money, or capital. When obtaining capital a business must seek several sources of finance from institutions or organizations that offer various sources of finance. The various sources of finance can come from banks, private equity investors, government sources, investment firms. Finance deals with raising, controlling, and administering capital. Finance also entails aspects of budgeting, administration, forecasting, and analysis (Roehm, Giffi, & Chaudhuri, 2009).

Financial decision-making encompasses management principles in the functional area of finance, which perpetuates the enterprising goals of a company. The efficient use of finance in relation to financial management leads to the proper utilization of capital or funds obtained through financing. The financial manager therefore determines the basic financial objectives of any business. Finance is the procurement of wealth or profit. The main principle of finance is the use of money to maximize profit (Roehm, Giffi, & Chaudhuri, 2009).

The functioning area of business known as marketing emphasizes the actions a business takes in expressing a sale or profit. This simply means that marketing is a way of selling a product or service that a business has developed or produced. Though one aspect of marketing is selling products, another would be promoting the business image through the cultivation of internal and external stakeholders. The improvement of the relationship between customers is an effective way to determine a market. The market therefore by introspective is a group of customers attracted to a particular product or business.

The fundamental factors of marketing are put into perspective through market research. The market research illustrates product, price, location, motion. The market research opens the door to the implementation of a marketing plan. The marketing plan provides the characteristics of how a business should market the services or products it offers. The key to the successful implementation of marketing is the use of tactics and tools, which would be ineffective without a marketing plan (Layton, 2011).

Functional Finance

The role of this writer in the functional area of finance classifies two major parts of financing. The two types of financing are private and public. As a manager this writer must decide whether a business can obtain financing through grants or loans. Through a business plan or financial analysis of the business a financial