lo2 Flashcards
the key functional areas of a business
- finance
- marketing
-sales
-human resources - operations management
-customer services
-business support services - research and development
- purchasing/procurement
finance -
controlling the finance of the business
- producing financial forecast + statement
- making and recieving payments
- paying employees
- monitoring and analysing financial performance
marketing
responsible for identifying, anticipating and exceeding customers needs
- work with R+D debt to ensure products are designed to meet customers needs
- set prices
- decide promotion strategies
sales
responsilbe for communicating with current and potential new customers
- to achieve the sales target set
- represent the business and knowledgeable about their products
human resources
responsible for dealing with recruitment and training
- creating jobs ads
- identifying training needs and organising training
- overseeing redundancy procedures
- establishing policies
operations management
responsible for transforming raw materials into finished goods
- overseeing the manufacturing process
- ensuring quality standards are met
customer services
responsible for liaising with customers on a day-to-day basis
- likely to be the first contact if a customer has complaint
- resolve any queries promptly
support services
responsible for IT and administrations
- producing contracts
-organising travel plans
- scheduling
- maintain equipment
research and development
responsible for developing new products in response to market research findings
- must stay innovative in order to maintain a competitive advantage
purchasing / procurement
responsible for sourcing stock, raw materials for the day-to-day running of the business
- make sure the business has good quality stock for a good price
2.2 WRIGHT
