Branches of Management
As many are aware, management is a great career for those who possess strong leadership qualities. Once one obtains these qualities through a variety of training and experience, they have a wide spectrum of management jobs to look at. In fact, there are six main types of management. This includes strategic management, technology and equipment management, human resource management, finance management, marketing management, and operations management. Having strong management skills as well as mastery in one of these six main branches of management can land hardworking employees a rewarding position.
Strategic management is the consistent planning and analysis of all essential parts of a company in order to achieve goals. In simple terms, they develop strategies to either maintain or simplify certain processes and overall better the company. It requires one to plan and then execute it. Here, they can help employees conduct analysis of its success or gather data. An important piece of strategic management is assessment. The assessment portion assists the company by discovering which direction they should go in. Many components that have to be carefully reviewed are the aspects of the competition, timing, and how to access opportunity.
Technology and equipment management refers to the management of various equipment. This includes having the necessary means of communication throughout technology readily available. An important aspect is understanding the demand and the budget of the workforce. The equipment manager has to be able to best plan when to restock on certain materials as the price of goods always fluctuates. These types of managers can greatly support a company by keeping the team prepared and cost efficient. Of course, this requires a lot of creativity and deep thinking.
Human resource management is a pivotal piece of the company. Someone in this position oversees who is being hired, relocated, fired, and what employee benefits are being offered. Not only is there concern as to who is hired, but if those who are hired are in the best role possible that fits their strengths and weaknesses. These managers are able to find what motivates their employees and how to extract the highest effort possible. Although this is often overlooked, driven people who see the vision of the company will boost the company ahead, especially when it is done as a collective effort. It's up to the human resources manager to ensure that their team is able to pull the right people.
Finance management involves managing a team that is responsible for developing investment plans, budgeting, keeping account records, and creating strategies to bring in either the most profits or save the most money. Many managers in this position have 5+ years of experience and have a degree in finance.
Marketing management is in regards to the person in the position to oversee a team that promotes the company brand or upcoming product. The manager has to ensure that the team finds the suitable target market and is able to reach them successfully. They also have to help design the product to attract these users.
Lastly, operations management involves the daily business activities that can lead to greater profit. Oftentimes these managers work from within the company to gradually make change. Operations managers have to be aware of the products their customers want to buy and restock it as necessary. It is noted that many businesses fail in operations for the lack of management and the overstepping of doing.
Now that you are aware that management is a much broader term, you can narrow down some of the career choices you may be interested in.