learning outcome 2 Flashcards
finance key activities
Financial control: Ensuring that the business operates within its budget and complies with financial regulations.
Record keeping: Maintaining accurate records of income, expenses, assets, and liabilities for analysis and reporting.
marketing key activities
Promoting the business: Utilizing various media (traditional and digital) to enhance brand awareness and attract customers.
Leveraging social media: Engaging audiences and driving traffic to products/services using platforms like Facebook, Instagram, and LinkedIn.
sales key activities
Selling products/services: Engaging with customers directly to encourage purchases and build relationships.
human recources key activities
Planning recruitment: Identifying staffing needs and hiring suitable candidates.
Managing redundancies: Handling layoffs with compliance and sensitivity.
Developing remuneration and reward systems: Ensuring competitive and fair employee compensation.
operations management key activities
Converting inputs to outputs: Managing processes to transform raw materials or ideas into finished goods or services efficiently.
customer services key activities
Liaising with customers: Serving as a primary contact point to understand customer needs.
Managing expectations: Ensuring customers are informed and satisfied with products or services.
Resolving queries: Addressing and solving customer concerns effectively.
business support services key activities
Managing resources: Overseeing tools and facilities critical for business operations.
Maintaining equipment: Ensuring machinery and technology are in optimal condition.
Providing IT and administrative support: Offering technological and clerical assistance to enhance efficiency.
research and development key activities
Developing new products/services: Innovating based on market research and customer feedback.
Responding to findings: Tailoring developments to address identified needs or trends.
purchasing key activities
Sourcing materials/services: Identifying reliable suppliers and negotiating terms.
Ensuring availability: Procuring necessary inputs for production and operations.
5 consequences of poor relationships
Inefficiency and Increased Costs:
Misaligned goals between functions can cause delays, duplicate work, or wastage of resources.
Customer Dissatisfaction:
Disjointed functions can lead to poor product quality, slow service, or unmet expectations.
Employee Frustration and Low Morale:
Poor coordination between HR, finance, and operations can lead to overwork, late payments, or unclear roles.
Loss of Competitive Edge:
A lack of collaboration between R&D, marketing, and sales can result in missed opportunities and outdated products.
Financial Losses:
Ineffective communication between finance and other functions may lead to overspending or budget shortfalls.
