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There are four basic functions of business management, which reflect the phases of the business cycles. Those are :
This simple classification is often highly instructive because these basic functions apply to all types of companies and all types of business units.
The development includes the development of products and markets as well as that of the organization and its people. Development involves adaptation to the needs and it is essential to all business activities.
Marketing: his business is to create demand. Without demand from customers need structures, business can not exixter. The term ,marketing also includes the sale.
Production is the complete process of production of goods and fulfillment services that customers demand.
The administration (management) covers all actions required to control the resources. In a business unit, the term includes all necessary management support functions to the activity.
