6 Major Functional Areas In Business Enterprise Flashcards
Information Technology (IT)
Systems that promote communication and information usage through the company or that allow companies to offer new services to their customers
Research and development (R&D)
Product design or engineering
Functional area responsible for conceiving and designing new products
Manufacturing, production, and operations
Supervises production activity and includes purchasing, logistics, and facilities management
Purchasing
Arranging to buy necessary materials for manufacturing
Logistics
Coordinating the incoming flow of materials and the outgoing flow of finished products
Facilities management
Everything from planning new buildings to maintaining them
Marketing, sales, distribution, and customer support
Functional area charged with identifying opportunities in the marketplace, working with R&D to develop products to address those opportunities, creating branding and advertising strategies to communicate with potential customers, and setting prices
Sales
Develops relationships with potential customers and persuades customers, transaction by transaction, to buy the company’s goods and services
Distribution
Help promote product to retailers and physically deliver products
Customer support
Ensures customers have the support and information they need
Social media
Enabled customers to participate in unstructured conversation with companies and with eachother
Buyers have power now
Finance and accounting
Functional area that ensures company has funds it needs to operate, monitor, and control how those funds are spent and draft reports for company management and outside audiences such as investors and government regulators
Financial managers
Planners
Accounting managers
Monitoring and reporting
Human resources
Responsible for recruiting, hiring, developing, and supporting employees
Oversees everything employee
Ensures company is in compliance with employee rights and workplace safety
