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Management is found in every industry, including food, clothing, banking, education, health care, and business services. All types of businesses have managers to formulate policies and administer the firm's activities. Managers may oversee the operations of an entire company, a geographical territory of a company's operations, or a specific department, such as sales and marketing.
Business managers direct a company's or a department's daily activities within the context of the organization's overall plan. They implement organizational policies and goals. This may involve developing sales or promotional materials, analyzing the department's budgetary requirements, and hiring, training, and supervising staff. Business managers are often responsible for long-range planning for their company or department. This involves setting goals for the organization and developing a workable plan for meeting those goals.
A manager responsible for a single department might work to coordinate his or her department's activities with other departments. A manager responsible for an entire company or organization might work with the managers of various departments or locations to oversee and coordinate the activities of all departments. If the business is privately owned, the owner may be the manager. In a large corporation, however, there will be a management structure above the business manager.
The hierarchy of managers includes top executives, such as the president, who establishes an organization's goals and policies along with others, such as the chief executive officer, chief financial officer, chief information officer, executive vice president, and the board of directors. Top executives plan business objectives and develop policies to coordinate operations between divisions and departments and establish procedures for attaining objectives. Activity reports and financial statements are reviewed to determine progress and revise operations as needed. The president also directs and formulates funding for new and existing programs within the organization. Public relations play a big part in the lives of executives as they deal with executives and leaders from other countries or organizations, and with customers, employees, and various special interest groups.
Although the president or chief executive officer retains ultimate authority and responsibility, a manager called a chief operating officer or COO may oversee day-to-day activities. Other duties of a COO may include serving as chairman of committees, such as management, executive, engineering, or sales.
Some companies have an executive vice president, who directs and coordinates the activities of one or more departments, depending on the size of the organization. In very large organizations, the duties of executive vice presidents may be highly specialized. For example they may oversee the activities of business managers of marketing, sales promotion, purchasing, finance, personnel training, industrial relations, administrative services, data processing, property management, transportation, or legal services. In smaller organizations, an executive vice president might be responsible for a number of these departments. Executive vice presidents also assist the chief executive officer in formulating and administering the organization's policies and developing its long-range goals. Executive vice presidents may serve as members of management committees on special studies.
Companies may also have a chief financial officer or CFO. In small firms, the CFO is usually responsible for all financial management tasks, such as budgeting, capital expenditure planning, cash flow, and various financial reviews and reports. In larger companies, the CFO may oversee financial management departments, to help other managers develop financial and economic policy and oversee the implementation of these policies.
Chief information officers, or CIOs, are responsible for all aspects of their company's information technology. They use their knowledge of technology and business to determine how information technology can best be used to meet company goals. This may include researching, purchasing, and overseeing the setup and use of technology systems, such as intranet, Internet, and computer networks. These managers sometimes take a role in implementing a company's Web site.
In companies that have several different locations, managers may be assigned to oversee specific geographic areas. For example, a large retailer with facilities all across the nation is likely to have a number of managers in charge of various territories. There might be a Midwest manager, a Southwest manager, a Southeast manager, a Northeast manager, and a Northwest manager. These managers are often called regional or area managers. Some companies break their management territories up into even smaller sections, such as a single state or a part of a state. Managers overseeing these smaller segments are often called district managers and typically report directly to an area or regional manager.
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