MANAGEMENT CHEAT SHEET: THE MOST IMPORTANT DEFINITIONS FOR EACH OF THE BRANCHES COST MANAGEMENT It is a method of reducing production or
It covers full life cycle of projects from
It employs tools from competitive strategy
operating expenses to give less
initial planning up to actual cost
and economics in analyzing the industry
expensive services or products to
performance to project completion.
context in which a company operates. It
consumers.
It is the process of controlling and
Cost management is a process
planning the costs included in a
management that uses in analyzing its
business. It considered as one of the
production as well as its streamline to
challenging tasks in business
keep costs low and manage expenses in
management.
the future.
Cost management is being employed by
Cost management is the managerial
numerous businesses as essential part of
accounting focus helping a firm forecast
business management.
It is the process of executing and planning
future expenditures in reaching their
Cost management is considered a form
the pricing, conception and distribution and
budget goals.
of accounting management that helps in
promotion of services, ideas and goods in
Cost management is divided in 3 main
identifying future expenditures in certain
creating exchanges with certain groups in
phases: implementation, planning and
business in reducing budget overages.
includes analysis of strategic groups of competitors, Porter’s 5 forces, value chain analysis and much more. Marketing management often conducts
final analysis.
MARKETING MANAGEMENT
marketing research and market research in performing marketing analysis.
Marketing management according to Philip Kotler:
satisfying organizational and customer objectives.
It is concerned with chalking out a definite
Marketing management according to American Marketing Association:
program after forecasting and careful
It is the process of planning as well as
analysis of market situations and execution
executing the pricing, conception,
of plans in achieving the organization
distribution and promotion of goods, services
objectives.
and ideas in satisfying organizational and
or project. It includes activities like
Marketing management is the tracking,
individual objectives.
estimating, planning, financing,
application and review of the company
budgeting, managing, funding and
marketing activities and resources.
Marketing management according to Cundiff and Still:
controlling costs in order for a project
Marketing management is the developing
Marketing management is a branch area of
to be completed within approved
strategies process as well as planning for
management. It is concerned with
services, product, promotions, advertising
purposeful activities for the attainment of
and sales in reaching desired customer
marketing goals.
Cost management basic concept is to gather details about current operations, analyzing it and evaluating results. It is concerned with planning process as well as budget controlling of a business
budget.
segment.