Functional Areas of Business: Key Areas and Required Skills

This report discusses the various functional areas of business, including marketing, human resource management, finance, and sales. It also describes the skills needed by employees to work effectively in each of these areas. The report emphasizes the importance of having a balanced team with a presence of harmony among each department for the success of the enterprise.

BSc (Hons) Business Management with Foundation
BMP3004
World of Work
Functional Areas
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Contents
1.0 Introduction 3
2.0 What is a business? 3
3.0 What is Functional areas of business – Definition
3
4.0 What are the key functional areas of a business?
3
5.0 Description of the various functional areas in business
organizations
5.1 Marketing 4
5.2 Human Resource Management 4
5.3 Finance 4
5.4 Sales 4
6.0 Description of the types of skills needed by employees to be
able to work effectively in these functional areas
6.1 Skills needed by Marketing employees 5
6.2 Skills needed by Human Resource Management employees
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6.3 Skills needed by Finance employees 5
6.4 Skills needed by Sales employees 6
7.0 Conclusion 6
References 7
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1.0 Introduction
The present work focuses upon the various functional aspects in a organization
company emphasizing upon the main processes that John is required for the successful
functioning of his business. The report also focuses upon the various skills which are needed
along with their transfer-ability across various areas of business functions emphasizing upon
their significance and how these permits the workforce to perform their task effectively in
every area of business operation (Adegoke, 2020). Further, various models will be applied in
order to support the analysis which are being made in order to assist John in identifying the
requirements as well as responsibilities which are involved in daily business operations &
how they eventually leads to John achieving the success in his business.
2.0 What is a business?
The concept business denotes to a economic system or any organization in which
goods and services are being bought and sold for each other in against of any monetary gain.
3.0 What is Functional areas of business?
The concept of functional areas of organization denotes to specific skillet set or a job
that is being utilized in order to have successful operations of a business & leads the
organization to develop a specific functional structure which can be applied in different
models of business (Banerjee, 2021).
4.0 What are the key functional areas of a business?
There are majorly 4 areas of organizational functions within an organization. These
are mentioned below:
 Human Resource
 Sales
 marketing
 Finance
The strategic thoughts of above mentioned departments eventually guides the
complete business for its long term sustainability. Each departmental function performs their
task in better manner as a cohesive unit instead of working separate distinct from each
department. In overall, the organization working as a integrated unit proves beneficial for the
success of enterprise with a presence of harmony among each.
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5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
According to Han and et. al., 2020 the term marketing can be defined as a science and
an art of formulating, delivering and exploring a value to fulfill the target market
requirements with an am of generating profits out of it. Though, the concept of marketing
could be generally stated as a meeting the requirement of the company's consumers through
promotion, market research, placing a product & wholesome pricing for such product.
Marketing is categorized as an essential & a fundamental areas which is highly
important in present organizational competition not only at regional level but also at
international level due to the presence of high market competition.
5.2 Human Resource Management:
According to Li, 2021 the concept of human resource is being defined as the
workforce performing their work beneath single umbrella in a business. This involves certain
activities which are being applied in line with heading company's staff with the aim of
ensuring the whole team to work with high level of productivity as much as they can.
Workforce is an important part in any business like other fixed assets within an organization
as they are categorized as a highly strategic asset eventually assisting the financial condition
of the specific organization.
5.3 Finance:
The concept of finance team is refereed as an inseparable part of any company where
the management or the acquisition as well as financing of company's asset whether strategic
or fixed takes position primarily focusing its own with long term sustainability of the
organization along with their daily operational functions. Any decision an organization may
consider at present or in future has some repercussion upon the financial standings of the
business & everything the organization considers needs the department of finance to consider
decisions. Therefore is is very essential that people within the department of finance are
expert as well as knowledgeable (Lin and Pazgal, 2021).
5.4 Sales:
This involves some common characteristics like of marketing but this is more refined
and includes the actual sales of a product or services of the company. That is why a person
within sales function must comprises of the soul of their organization. This functions with a
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co-ordination of finance team in order to met their set target. They are treated as the
representatives of an organization within a level of operations & creates strategies in order to
ensure the success of the organization. These are the front line superiors & are important to
the organization for its success and needs a significant volume of skills so to ensure the
organizational progress (Menon and Mady, 2021).
6.0 Description of the types of skills needed by employees to be
able to work effectively in these functional areas
6.1 Skills needed by Marketing employees:
The different skills which a marketing employee is required to have comprises of
abilities to modify with trending market scenario having exceptional interactive skills in
order to connect with drive engagement or with customers. There is also a need to have some
transferable skills which could create an impact upon marketer. Operating with strict
schedules or timelines, the capability to persuade others simultaneously having a confident
personnel (Odermatt, Beqiraj and Osterrieder, 2021).
6.2 Skills needed by Human Resource Management employees:
The different skills which are required within a department of human resource
management are mentioned below:
 Competent to work within a team including a group, company owners, clients as well
as customers.
 Being able to adapt the give responsibility for the actions they does (Roach and et. al.,
2021).
 Being unbiased & not developing their own conclusion in absence of any evidence.
 Leading by establishing an example in front of others within a business.
6.3 Skills needed by Finance employees:
The different skills which are needed within finance department varies and in some
circumstances seems common for instance, the skills which are needed needed within an
organizations comprises of the capabilities to evaluate the accounting documents, technology
which are categorized as essential as now a days almost every company utilizes the computer
in their department of finance, for solving various complex problems which is also necessary
within finance department as they too experiences complex situations while making
decisions. The transfer-able skills which are needed in finance department comprises of the
capabilities such as flexibility which could be used to accept new situation in day to day
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basis, looking for the latest ideas which could assist the function in successful management
of time as well as target (Shyamapada, 2020).
6.4 Skills needed by Sales employees:
Listening to the things actively is very essential skill that a sales department requires
as this is important to identify needs of the organization as well as of the customers they
presently has or they plans to attain. The spirit of entrepreneurship is also essential especially
the organization takes any further step and enhances the capability to develop a rapport with
consumers as an important part in order to build a strong relationship to maintain customer
ratio much stronger than competitor. Maintenance of positive attitude is also a critical skill
which every employee within a sales department needs to maintain (Xu and Xiao, 2020).
Conclusion
From the above report it is concluded that John is being advised to pay focus upon
above mentioned functions of an organization in order to ensure the enterprise is established
in its finest way for experiencing success. The skills which are needed in every department is
the major part that could be transferred to some other functional department but also requires
certain personal skills which are depended on department to department basis. John is
advised to assure that he is having a proper team with a presence of balance among every
department & ensure that the business does not comprises of any hurdle which ultimately
does not creates any impact upon any other department of a business.
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