LESSON 1 : HUMAN RESOURCE MANAGEMENT

(HRM)
- The process of attracting, training,
developing, and maintaining an excellent
workforce.
- Also known as, human capital, drive the
performance of organizations along with other
resources.
Human Resource Management Functions Include:

1. Conducting Job Analysis

Job Analysis is the process of obtaining information
about jobs needed to achieve the organization’s
goals/objectives by determining the duties, tasks, or
activities involved in the job.
2. Planning labor need and recruiting
It is important to determine the number and kind of
people that may be attracted for employment.
-External Recruitment
-Internal Recruitment

3. Selecting Candidates for the Job

Involves the matching of people and jobs.
4 . Orienting and Training New Employees
This is done in organizations so they could contribute
to the achievement of their organizational
goals/objectives.
5. Managing Compensation Or Pay
Compensation or pay represents a reward received by
employees in exchange for their contributions to the
achievement of organizational goals. In doing so, pay
equity must be considered.
6. Evaluating Employees‘ Performance
It is to find out who are doing their jobs well and
who are not. The purpose of such evaluation are
administrative and developmental.

7. Communicating
To be effective, managers must have good
communication skills both oral and written and
information technology proficiently.
8. Developing Employees
Programs should be designed to meet the special
needs of employees which will prepare them for
future jobs or roles that they may be assigned to do.

9. Building Employee Commitment

Binds employees to engage in activities that will
ensure the achievement of organizational
goals/objectives.
10. Providing Good Work Conditions
Giving a clear statement of the company’s mission ,
vision, goals, and objectives. Offering a good
compensation and benefits package, preparing a good
working area and practicing ethical management styles.

11. Handling Grievances and Industrial Relations

Managers must try to master the art of handling
grievances and industrial relations to bring peace in
their organization.
Importance of Human Resources Management
Human Resources Management deals with the management of people-
the most important business resource. Money, materials, and
information resources are not capable of moving the business
activities without the aid of the primary performance drivers, human
resources.
Therefore, mastering the activities involved in human resources
management (recruitment, selection, placement, training, and
development) is a must since all other management activities
(planning, organizing, staffing, leading, and controlling) could be
done easily if organization managers practice proper human resources
management.
Lesson 2: MARKETING MANAGEMENT
-Marketing Management is the process of managerial planning and
carrying out of the conception, pricing, promotion, and distribution
of ideas, goods, and services in order to bring about exchanges to
satisfy individual and organizational goals.

-As marketing expert Philip Kotler puts it, Marketing

Management " is essentially demand management." This is
because it involves "influencing the level, timing, and
composition of demands" so that an organization may reach its
goals.
Marketing Management Fuctions Include:

1. Analyzing, planning, implementing, and controlling of

goods, services, and ideas to create exchanges that satisfy
customer needs and company goals.
 
2. Management of Marketing resources.
Marketing resources include: salespeople, advertising, and
marketing research.
Management of Marketing resources.

•A. Management of sales people- involves inculcating the establishment of

satisfying long-term relations with customers, suppliers, and distributors in
order to help their long-term preference and business.

•B. Management of advertising-perform different functions such as: build

awareness, build comprehension of the good features of the product or
service; remind prospective customers about the product: provide the
company's contact information to customers, and lead customers to get in
touch with sales representatives.
•C. Management of
marketing research:
4. Analyze, plan, and implement, marketing programs that
aims to bring about an expected level and mix of business
deals with target markets.
 
5. Stimulate demands for the products of the company.
 
6. Make crucial decisions that will ensure the company's
competitiveness.
 
7. Make sure that marketing techniques employed are
efficient, effective, and socially responsible or ethical.
Importance Of Marketing Management:
Marketing management is important because it is the key to
organizational goal attainment, customer satisfaction, and
profit gain. Without or marketing management processes-
planning, execution, pricing. and promotion and distribution
of goods, services, and ideas to create changes with target
groups-satisfying customers and achieving orga tional goals
will not be possible.
Lesson 3: OPERATIONS MANAGEMENT
-is the study of how goods and services are
produced in organizations

Business managers today focus on productivity, technology use,

quality of goods and services, customer satisfaction, and speed.
Operations Management Functions Include:

a. Overseeing the transformation processes that change

resources into finished goods and services.

b. Improvement of productivity and competitive

advantage .
Importance Of Operation Management:

Through the study of the essentials of operations management,

businesses of different types and sizes may increase their
chances for survival and success in today's business
environment which is characterized as highly competitive and
fast-paced in producing quality products and services.
Lesson 4: FINANCIAL MANAGEMENT
Financial Management- the management and custody of the
-
organization's funds, seeing to it that funds are effectively and
efficiently utilized in order to provide for all the needs of the
organization's various operating units
 
Financial Planning - the process of setting financial
objectives and determining what should be done to
accomplish them.
Financial Management Fuctions Include:
1. Taking charge of the company's financial policies and
strategies, investments, capital structures, and dividend
policies.
Investment Policy- covers choice of product lines and capital
project.
Capital Structure Policy- covers a working capital policy ( for
balancing assets and liabilites) and leverage policy (for balancing
long-term financing).
Dividend policy- considers the use of either a systematic pattern
of earnings and retention or dividend distribution.
2. Financial Management and Control.

-Project Management
-Working Capital Management
-Cash Management
-Account Receivables Management
-Inventory Management
3. Financial Planning - is the process of setting financial
objectives and determining what should be done to
accomplish them.

Financial Forecasting: Financial Analysis: Financial Performance

-Cash Budgeting -Capital Budgeting Evaluation:
-Profit Planning Techniques -Assessment of Finanial
-Balance Sheet -Operating ratios,
Forecasting Leverage -Assessment of market-wide
-Financial financial indicators
Leverage Analysis
Importance Of Financial Management:
Financial management facilitates the choice of investments, financial
policies, and operating mechanism of the organization in order to
effectively achieve its goals and objectives. It includes maximizing its
profits as well as those of its shareholders and stockholders. In doing so,
financial managers are able to maximize the wealth of the organization
and its stockholders/shareholders and satisfy other goals like providing
good customer service, minimizing bankruptcy risks, and actively
participating in present societal concerns.
Lesson 5: INFORMATION & COMMUNICATION TECHNOLOGY
MANAGEMENT (ICTM)

ICTM-the management of information and communication

technology that collects, organizes and distributes data to be
used in the organization's decision-making functions

Management in the 21st century is driven by information and communication,

and digital network. Computers quickly provide more information to a greater
number of people, groups, and organizations than ever before.
ICTM Fuctions Include:

1. Developing the organization's hardware, software, and

other computing and communicating technology.

2. Developing the organization's management information

system(MIS) tailored to the needs of the firm's units.

3. Encouraging e-commerce through Internet use.

Importance Of Information &
Communication Technology Management:
The widespread use of ICT has brought about the emergence of a "knowledge-
based society" due to easy access to information at low costs through the Internet.
Management may use it for its different managerial functions. It may be used for
scenario planning or identifying future scenarios in the business environment,
which may need careful planning; decision-making through the use of information
generated by IT; aiding team work; facilitating productivity measurement; easy,
low-cost communication; worldwide selling through the Internet; and many others.
may be said, therefore, that ICT has revolutionized the business world.