→areas that contribute to business objectives Flashcards
what is the operation area responsible for?
The operations area is responsible for the production of the business’s product, whether it is a manufactured good or the provision of a service. It oversees the transformation of inputs into an output — that is, the finished product. Being responsible for production, the operation is a vital area of management responsibility — without a product to sell, a business would be unable to achieve its objectives. Operations strategies contribute to business objectives, including making a profit, improving productivity and increasing market share.
what is the finance area responsible for?
The finance area is responsible for managing the financial aspects of the business. This can include developing financial policies, raising finance, budgeting, accounting and reporting, and cash control. In doing so, the strategies used by the finance area contribute to analysing whether or not a business has achieved objectives, including making a profit and increasing market share.
what is the human resource area responsible for?
The human resources area is responsible for coordinating all the activities involved from hiring to terminating employees of the business. It manages the relationship between the employer and employees. A particular focus of this area of management is on positive work and employment relationships, assisting employee motivation and labour productivity, and ultimately supporting the attainment of these objectives.
what is the sales and marketing area responsible for?
The sales and marketing area is responsible for promoting the business and selling its products in the market. The sales and marketing department is likely to concentrate on the marketing mix, often referred to as the 7Ps (product, price, place, promotion, people, physical evidence and process). Marketing strategies arise through the marketing mix: developing the product, and pricing, promoting and distributing the product to present and potential customers. Sales strategies include forming relationships with existing and new customers, building brand loyalty and creating new sales channels, such as online.
Sales and marketing strategies contribute to business objectives, such as improving sales and increasing market share, thereby leading to making a profit.
what is the technology support area responsible for?
The technology support area is responsible for installing and maintaining technology, as well as providing assistance to the users of technology in the business. These technologies may include mobile phones, computers, computer networks, software products or other electronics. Technology support will often attempt to help employees solve specific computer-related problems. In doing so, the strategies used by the technology support area contribute to business objectives such as improving productivity, thereby leading to making a profit.
