2 - Functional Areas Flashcards
Understand how the functional areas of businesses work together to support the activities of businesses
Name all 9 Functional Area
Finance, Business Support Services, Customer Service, HR, Marketing, Sales, Purchasing and Procurement, Operations Management, R&D
What is the financial departments key activities?
financial control and record keeping
What are the key activities of the marketing department?
promoting the business using different forms of media
What are the key activities of the sales department?
selling businesses products and services
What are the key activities of the Human resources department?
planning recruitment, redundancies, remuneration and reward systems
What are the key activities of operations management?
converting inputs to outputs
What are the key activities of the customer services department?
liaising with customers, managing expectations and resolving queries
What are the key activities of business support service?
managing resources, maintaining equipment, providing IT and administrative support
What are the key activities of the research and development department?
developing new products and services in response to research findings
What are the key activities of the purchasing department?
sourcing and providing materials or services
Describe the Roles of the Finance Department
- They record financial transactions
- They receive and buy payments
- Prepare the statement of financial position and the income statement
- Analyse financial performance to make a cash flow forecast
- Pay employees
What are some examples of financial statements produced by the finance department?
statement of financial position, income statement, cash flow forecasting
What do the marketing department decide on, based on research?
pricing strategies and appropriate distribution of products, eg.online or instore
