Functional Areas of Business Flashcards
What are the key functional areas of business?
Management
Operations
Marketing/Sales
Finance
Research and Development
What is the primary role of management?
The primary role of managers in business is to supervise other people’s performance.
What is the primary role of Operations?
The primary role of Operations is to control the supply chain, including procurement and logistics.
What is the primary role of Marketing?
The primary role of Marketing is to identify customers’ needs and design products and services that meet those needs.
What is the primary role of Sales?
The primary role of sales is to close the revenue the company needs in order to operate profitably, especially in B2B businesses.
What is the primary role of Finance?
The primary role of finance is planning for, obtaining, and managing a company’s funds.
Management is led by?
Chief Executive Officer (CEO).
Operations is led by?
Chief Operations Officer (COO)
Finance is led by?
Chief Financial Officer (CFO),
Marketing/Sales is led by?
Chief Revenue Officer (CRO)
Research and Development
Chief Technology Officer (CTO)
What is the primary role of Research and Development?
The primary role of Research and Development is to provide the organization with knowledge and ideas to keep up with, and ahead of, the competition
