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11 Facts About General Managers

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1

A general manager is an executive who has overall responsibility for managing both the revenue and cost elements of a company's income statement, known as profit & loss responsibility.

An income statement or profit and loss account is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period.

In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something, and hence is not available for use anymore.

In accounting, revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers.

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A general manager usually oversees most or all of the firm's marketing and sales functions as well as the day-to-day operations of the business.

A sale is the exchange of a commodity or money as the price of a good or a service.

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Frequently, the general manager is responsible for effective planning, delegating, coordinating, staffing, organizing, and decision making to attain desirable profit making results for an organization.

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4

In many cases, the general manager of a business is given a different formal title or titles.

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Most corporate managers holding the titles of chief executive officer or president, for example, are the general managers of their respective businesses.

A chief executive officer in American English or managing director in British English describes the position of the most senior corporate officer, executive, leader or administrator in charge of managing an organization.

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6

More rarely, the chief financial officer, chief operating officer, or chief marketing officer will act as the general manager of the business but there is level of post between them therefore gm and CEO are different.

A Chief Operating Officer, also called the chief operations officer, is a position that can be one of the highest-ranking executive positions in an organization, comprising part of the "C-Suite".

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7

Depending on the company, individuals with the title managing director, regional vice president, country manager, product manager, branch manager, or segment manager may also have general management responsibilities.

A product manager communicates product vision from the highest levels of executive leadership to development and implementation teams.

Management is the administration of an organization, whether it be a business, a not-for-profit organization, or government body.

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In large companies, many vice presidents will have the title of general manager when they have the full set of responsibility for the function in that particular area of the business and are often titled vice president and general manager.

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9

In technology companies, general managers are often given to the product manager.

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In consumer products companies, general managers are often given the title brand manager or category manager.

In economics, any commodity which is produced and subsequently consumed by the consumer, to satisfy its current wants or needs, is a consumer good or final good.

In marketing, brand management is the analysis and planning on how that brand is perceived in the market.

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11

In professional services firms, the general manager may hold titles such as managing partner, senior partner, or managing director.

Professional services are occupations in the tertiary sector of the economy requiring special training in the arts or sciences.

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