LO2 - Understand how the functional areas of businesses work together to support the activities of businesses Flashcards
Key tasks of functional area
Finance
Controls money
Key tasks of functional area
Marketing
Promoting the business using different and relevant forms of media, including social media
Key tasks of functional area
Sales
Selling business products/services
Key tasks of functional area
Operations Management
Creation and delivery of goods/services
Key tasks of functional area
Human Resources
Planning recruitment, redundancies, remuneration and reward systems
Key tasks of functional area
Customer services
Liaising with customers,
managing expectations and resolving queries
Key tasks of functional area
Business support services
Managing resources, maintaining equipment, providing IT support, providing administrative support
Key tasks of functional area
Purchasing/procurement
Sourcing and providing materials or services
Key tasks of functional area
Research and development
Developing new products and services in response to research findings
how do these business functions interrelate
Finance and Marketing
Finance approves budgets for marketing campaigns
how do these business functions interrelate
HR and Operations Management
HR hires and manages staff based on operations’ production needs
how do these business functions interrelate
R&D and Purchasing/Procurement
R&D tells procurement what materials are needed for new products
how do these business functions interrelate
Sales and Customer Services
Sales uses customer service feedback to improve sales strategies
how do these business functions interrelate
Business Support Services and Operations Management
Business support provides the tools (like IT systems) needed for operations
