Functions of a Business Flashcards
What are the departments in a business dependent on?
The size of a company
Are departments separate?
No, they will have to confer with one another
What are the nine main departments?
Administration Purchasing Production Finance Risk management Human Resources Public Relations Marketing General Management
What is the administration department?
Managing information through people
What is the purchasing department?
Responsible for the acquisition of required materials, services and equipment
What is the production department?
The technical relationship between product out put and input the factors of production. It states the amount of product that can be obtained from every combination of factors, assuming that the most efficient methods of production are used
What is the marketing department?
Determine the needs and what’s of customers and being able to deliver products that satisfy those needs and wants
What are the four P’s of marketing?
Product that is being sold
The price
The place where the product is solved
The promotion of the product
What is the public relations department?
Create awareness of the brand of the company
It sends messages and an overall image to the public in order to make the public think favourably about the business
What is the financial department?
Planning, organising, auditing and accounting for and controlling the business’s finances. It usually produces the business’s financial statements
What are the roles of the financial department?
Prepare different budgets
Financial record-keeping
Provide financial information to management
Calculate the wages and salaries of employees
Organise tax
What is a budget?
An estimate of the amount of money that will enter and exit the company during the year
What is the risk management department?
Analyse a business’s exposure to risk, and determine how best to handle and minimise such exposure
What is the Human Relations department?
Focuses on the recruitment of, management of, and providing directions for the people who work in the business. They are responsible for hiring and firing people
What department works very closely with the Human Resource department?
Financial
