LO2:Functions of a business Flashcards
what is Finance, functional area??
This function is responsible for dealing with everything involving finance within a business.
Keeping finical records
e.g., money coming in and going out
Monitor finical issues
e.g., budgets, credit control
Produce finical accounts
e.g., to meet statutory requirements
what is Marketing
This function is responsible for finding out what customers’ needs and wants are, and for promoting the business.
Undertake and analyse market research
To find out what customers want
Gather and maintain a profile of customers
To know how best to communicate with them
Co-ordinate the promotions of products and services
Using a variety of public relations activity and advertising media
what is Sales
This function is responsible for selling products or services to customers.
Responding to sales enquiries
By providing detailed information about products or services
Providing quotes to customers
Including negotiating any discounts
Completing the sale
what is Human Resources (HR)
This function is responsible for co-ordinating staff within the business
Recruitment
Training
Remuneration
Reward systems
Ending employment
what is Operations Management
This function is responsible for manufacturing finished goods that the business will sell.
Manufacture products
By turning inputs into outputs
Check the quality of products
To ensure consistency
Prepare products for distribution
By packaging and storing them
what is Customer Services
This function is responsible for dealing directly with customers.
Dealing with queries
Answering customers questions
Managing expectations
Providing information
Resolving problems
By solving issues and problems experienced by customers
what is Business Support Services
This function is responsible for supporting other areas of the business
Administration services
Arranging meetings, managing support etc.
IT support
Technical support, maintain equipment
what is Research & Development
This function is responsible for looking to the future and keeping the business up to date with changes.
Research into….
Alternatives raw materials
New technologies
Devlopment into….
New products
New production techniques and methods
More efficient processes
what is Purchasing
This function will source the materials and services that meet the needs of businesses.
It will:
Agree what is needed and the budget available
Invite bids or obtain quotations
Negations with suppliers
Issue contracts
Monitor supplier performance
what is meant by functional areas?
The person, or team, responsible for completing a specific task within a business. E.g. finance.
what tasks does the marketing functional area do?
promotion
marketing social media
what tasks does the operations functional area do?
maintain equipment
converting inputs into outputs
managing resources
what tasks does the business support services functional area do?
liaising with customers
admin support
it support
what tasks does the finance functional area do?
finical control
record keeping
what tasks does the research and development functional area do?
developing new products
