Funtional Areas Of A Business

Question 1

What are the functional areas in a business and describe each.

Answer 1

Production- converting raw materials (input) and transforming it into finished goods (output).

Marketing- promoting and advertising the good or service being sold in the most profitable manner.

Human Resources- are concerned with the management of the people within an organization

Research and development- this is the investigative activity a business carries out with the aim of getting new information which will be used to create new products or systems.

Finance- this provides access to all the resources employed in the production and management of products or services.

Question 2

What is a stakeholder?

Answer 2

This is any person or group of people that has an interest in the business and its activities.

Question 3

Name 3 internal stakeholders.

Answer 3

1) Owners
2) Employees
3) Investors

Question 4

Name 3 external stakeholders.

Answer 4

1) Customers
2) Suppliers
3) Government