Functional Areas of Business: A Case Study of IOM Electronics Ltd

This report discusses the different functional areas of business and their significance in the context of a case study on IOM Electronics Ltd. It covers topics such as marketing, HRM, customer service, finance, research and development, and sales.

3004 individual report

INTRODUCTION
Functional areas means different functions in an organisation that are important to
perform in order to complete the project and attain profitability. In an organisation management
is responsible for all activities as they have power to allocate the work between employees
(Aggarwal and Wu, 2019). The current report is about case study of John who is 21 years old
little and having less work experience. This person has decided to buy local company name is
IOM Electronics Ltd that helps to generate money. There is ned to perform or manage different
functions effectively which provides higher profitability. The report covers different function
areas in relation to business.
MAIN BODY
2.0 Business
A business is defined as organization and enterprises in which number of employees are
engaged to work and earning the money by producing and selling the goods and services. The
aim of business is to decide goals and perform the activities for completing it properly. There are
different types of business operating by management that should be properly managed as it helps
to attain the productivity and profits (Li and et.al., 2019).
3.0 What is Functional areas of business
The meaning of functional areas of business is collection of functions and activities
which are needed to complete on time and managed the work properly. This involves team of
employees who have similar skills and expertise to develop the business performance. The
organisational functions are performing by individual who are involved in activities and get
competitive advantages.
4.0 The key functional areas of a business
In a business there are many key functional areas such as marketing, strategy, human
resources, technology, information technology, and operation that can help to increase the
business performance and attain the objectives effectively. In relation to IOM Electronic Ltd, IT,
finance, HRM, marketing and production are functional areas where number of employees
engaged in all functions that helps to introduce new technology and services for growing the
business (Naimabadi, Gholami and Ramezani, 2020).
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5.0 Description of the various functional areas in business organizations
In business industry, management should be focus on different functional areas that
relates to business and activities for the purpose of developing the functions and attaining
competitive advantages. In relation to IOM Electronic Ltd, owner is focusing on all function and
recruit the best employees who can work in dynamic environment effectively. The different
functions are explained below:
5.1 Marketing:
A marketing function is specialised activity which use by organisation to promote their
products and services. The aim behind using marketing function is to increase the sales and
profitability by influencing number of customers. This is essential function in each industry as it
maintain the good relation between employer and customers through providing right information
regarding particular products and services. If there is no marketing then it will be difficult for
organisation to manage their business and increase the sales. In relation to IOM Electronic Ltd,
marketing manager is playing important role as they conduct the market analysis and provide
right information to customers which helps to increase the organisational performance and
profitability (Nawaz and Koç, 2019).
5.2 Human Resource Management
In any organisation employees are important who understand goals and engaged in
business activities for the purpose of completing work and attaining business objectives. Human
resource management is function of identifying, recruiting, selecting, directing, on boarding, and
controlling the functions by filling vacant position. For instance, HR management of IOM
Electronic Ltd recruit the consultant and other number of employees for filling the vacancy and
getting work done properly. This helps to complete the goals by motivating staff as they works
properly.
5.3 Customer Service:
This is another function which is performing by most of the organisation is customer
service as it influence the people to buy more products and service from industry. This is
important for organization that their customers will be fully satisfied and motivated that can help
to increase the brand image and market share. In relation to IOM Electronic Ltd management
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mainly focuses in needs and provide the services accordingly which can help to attracts more
customers and increase brand image.
5.4 Finance
To start or run a business fund is priority which is important to collect by owner and
management in order to regulate the activities properly. Finance management is the activity that
connected with control and planning of financial resources and funding which can help to
perform the all functions activity. For instance John has just won £10 million on the lottery that
helped to start their business of electronic and developing the productivity by increasing sales
and investing money at right place (Pérez-Luño, Bojica and Golapakrishnan, 2019).
5.5 Research and Development:
This function is related to undertaking the innovation and introducing new products and
services that can help to manage the business functions and activities. This is needed function as
it helps to bring innovation in products as well as services. In relation to IOM Electronics Ltd,
management perform this function by conducting the research properly that supports to run and
attain profitability.
5.6 Sales
Sale is the another department which directly relates to selling the products and services
by managing all activities. The management of IOM Electronic Ltd uses different marketing
channel that helps to increase sales and profitability.
6.0 Types of skills needed by employees to be able to work effectively in these functional areas
In an industry number of employees are working who have different skills and abilities to
perform their role and responsibilities effectively.
6.1 Skills needed by Marketing employees:
Marketing is the main function in organisation where employees is required to have
interpersonal, communication, influencing, team work, marketing, and leading skills that
influences customers. The marketing employees of IOM Electronic Ltd is having such skills that
supports to increase the business sales and performance (Shi, 2019).
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6.2 Skills needed by Human Resource Management employees
The Human resources management of IOM Electronic Ltd is required to have time
management, advising, coaching, HRIS knowledge, motivation and problem solving skills which
helps to increase the business performance efficiently. Moreover, recruiting and selecting best
staff for particular profile is also needed to have in HR manager that can help to fill the
objectives properly.
6.3 Skills needed by Customer Service employees:
Customer services employees is required to have speaking skills, adaptability, empathy,
taking responsibility, self control, patience, problem solving and responding skills which helps to
develop a business effectively and increase the profitability. The customer service department of
IOM Electronic Ltd is providing 24/7 hours services, solve queries and and managing the
functions that can help to develop a business and grow it continuously (Wang, Bai and Wang,
2016).
6.4 Skills needed by Finance employees:
Finance management and allocation is important for business enterprises as it develop
understanding that how much fund can be use for particular activity. A finance management
should have ability of formal qualification in finance field, accounting principles, analytical
skills, mathematical skills and budget preparation skills that helps to allocate the fund properly
and complete activity. In relation to IOM Electronics Ltd, finance employees perform their
function by arranging funds, preparing budget and allocating the money effectively that can help
to maintain the profitability continuously.
6.5 Skills needed by Research and Development employees:
To grow and run a business continuously there is need to have research and development
skills that can help to increase the understanding regarding particular topic and increase the
profitability. The research and development employees needed research, analytical, critical
thinking, vision, communication and writing skills that supports to increase the business
productivity and profitability in changing environment. The R&D employees are IOM Electronic
Ltd uses this skills to bring some thing new or innovative that can help to attracts the large
number of customers and attain the higher profitability.
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6.6 Skills needed by Sales employees:
A person who is having communication, coordination, influencing, relationship building,
selling skills and others that increases the number of customers and increase the profitability.
The aim of IOM Electronic Ltd is to increase sales so employees are contributing in each activity
and performing their functions accurately. This develop the market share and brand image in
changing environment.
CONCLUSION
From the report it can be concluded that there are different functional areas such as
marketing, HRM, IT, sales, R&D and customer services which are important to consider while
running a business and managing the task. HRM function is playing role of hiring or selecting
skilled and experienced employees that can help to complete goals. Marketing staff helps to
attracts the large number of employees by providing right information regarding particular
products and services. Research and development function is uses to conduct proper research and
bring something new in market. Customer services is uses to provide higher level of satisfaction
in the business environment which helps to attain the competitive advantages.
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