To operate the enterprise efficiently management has sum of practices which achieve the condition. Several important areas of activities are guided by the managers. A series of steps are used to an idea for a product. These ideas become a final product when they are carried out in steps. This product can be exchanged in market for money.
The major areas of activity, which transform an idea into a product and then sell it, are
1. Research and Development
Two other areas of activity support these three product centered activity areas:
1. Industrial Relations
2. Financial Affairs.