Unit 1 - 2.1 (Functional areas of businesses)

Question 1

Finance

Answer 1

Responsible for controlling the business’ finance.

• Monitor, analyse and record financial performance/transactions
• payroll, set budgets but don’t agree them

Question 2

Marketing

Answer 2

Identify customer needs and ensure that products and services are designed to meet the needs of the customers.

• Promoting the business using different and relevant forms of media, including social media
• promotions including advertisements using various medias
• make websites

Question 3

Sales

Answer 3

Communicate with existing customers and potentially new customers. In direct contact with the customers.

• Knowledgeable and products and services
• Provide excellent customer service
• represent the company (brand image)

Question 4

Human Resources (HR)

Answer 4

Care for the welfare of the employees within the company.

• Recruit new employees
• Identify training needs and organise training
• Ensuring everyone is paid appropriately
• Ensuring HR legislation is met (equality act)

Question 5

Operations Management

Answer 5

Responsible for transforming raw materials into finished products/ services.

• Inventory (storage of raw materials)
• Use either labour or technology and machines for the process
• manufacturing

Question 6

Customer Services

Answer 6

Liaising with customers, managing expectations and resolving queries

• Need to be knowledgeable and calm
• Need to manage the expectations of the customers (not promising what cannot be delivered)
• deal with faulty equipment

Question 7

Business Support Services

Answer 7

Responsible for the administration involved in the daily running of the business.

-managing resources
-maintaining equipment
-providing IT/administrative support
- arrange meetings/ make contracts

Question 8

Research Development

Answer 8

Responsible for developing new products and services in response to the research done by the marketing team.

• Do primary research on raw materials that can be used for certain products/services old and new.
• Test products

Question 9

Purchasing/Procurement

Answer 9

Source and provide raw materials, goods and services needing in the daily running of the business.

• Source and buy raw materials
• Talk to suppliers
• Sign contract agreements