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The efficient and effective operation of a business, and study of this subject, is called management.
The major branches of management are financial management, marketing management, human resource management, strategic management, production management, operations management, service management, and information technology management.
Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." The term developed from the original meaning which referred literally to going to a market to buy or sell goods or services.
Marketing tactics include advertising as well as determining product pricing.
Simply put, it is "any activity or enterprise entered into for profit.
It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors." In legal parlance, the owners of a company are normally referred to as the "members".
Manufacturing is the production of merchandise for use or sale using labour and machines, tools, chemical and biological processing, or formulation.
The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale.
Finance can also be defined as the science of money management.
Owners may manage their businesses themselves, or employ managers to do so for them.