1. Man (Man)
In the economic approach, human resources are one of the factors of production besides land, capital, and skill. Views that consider the same human with other factors of production are considered less precise, both in terms of conception, philosophy, and moral. Human is the most important element of management in achieving company goals.
2. Money (Money)
Money or money is one element that can not be ignored. Money is a tool of exchange and a measuring instrument. The amount of activity can be measured in terms of the amount of money circulating in a company or industry.
Therefore, money is an important element in achieving goals because everything must be calculated rationally. This will relate to how much money should be made to finance the salaries of labor, the tools needed and what to buy, and what the outcomes will be achieved from an organization.
3. Materials (Physical)
Companies generally do not make their own raw materials needed, but buy from other parties. Therefore, the company's managers try to get the raw materials at the cheapest price, by using cheap and safe transportation. In addition, the raw material will be processed in such a way as to achieve more efficient results.
4. Machine (Technology)
Machines have an important role in the production process after the industrial revolution with the invention of steam engine so much human work that can be replaced or assisted by the machine. Technological developments so rapidly also cause the use of machinery increasingly prominent. This is because the number of new machines found by experts to enable an increase in production.
5. Method (Method)
Work methods are needed for working mechanisms to be effective and efficient. Work methods that fit the needs of the company, whether involving the production process or administration can not happen just like that but it takes a long time.
6. Market (Market)
Marketing of products has a very important role because if the goods produced do not sell in the market, the production process of goods will stop. That is, the work process will not be able to take place.
Therefore, the control of the market in the sense of spreading the production is a significant factor in the company. In order for the market to be controlled, the quality and price of the goods must be in accordance with the tastes of consumers and affordable with consumer purchasing power.