Functional Areas of Business Management: Key Areas and Required Skills

This report discusses the key functional areas of business management, including marketing, human resource management, customer service, finance, research and development, and sales. It also explores the skills needed by employees to work effectively in these areas. The report is relevant to students studying business management, particularly those taking the BMP3004 World of Work course.

Business Management with Foundation
BMP3004
World of Work
Functional Areas
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Contents
1.0 Introduction................................................................................................................................5
2.0 What is a business?....................................................................................................................5
3.0 What is Functional areas of business.........................................................................................5
4.0 What are the key functional areas of a business?......................................................................5
5.0 Description of the various functional areas in business organizations......................................5
5.1 Marketing:........................................................................................................................5
5.2 Human Resource Management:.......................................................................................6
5.3 Customer Service:............................................................................................................6
5.4 Finance:............................................................................................................................6
5.5 Research and Development:.............................................................................................6
5.6 Sales:.................................................................................................................................7
6.0 Description of the types of skills needed by employees to be able to work effectively in these
functional areas................................................................................................................................7
6.1 Skills needed by Marketing employees:...........................................................................7
6.2 Skills needed by Human Resource Management employees:..........................................7
6.3 Skills needed by Customer Service employees:...............................................................7
6.4 Skills needed by Finance employees:...............................................................................8
6.5 Skills needed by Research and Development employees:...............................................8
6.6 Skills needed by Sales employees:...................................................................................8
Conclusion.......................................................................................................................................8
INTRODUCTION.........................................................................................................................12
MAIN BODY.................................................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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1.0 Introduction
In order to conduct business operations and fulfil overall goals and objectives it is essential for
organisation to effectively focus upon functional areas of business management which include
Technology, human resource, marketing, strategy, operations etc (Naimabadi, Gholami and
Ramezani, 2021). Proper understanding of these functional area assist organisation to align goals
with them and satisfied customers in effective manner. Present report is conducted to determine
key business functions along with the skills which is needed to run company.
2.0 What is a business?
Business is termed as an entity organisation or enterprise which is engage in the operations of
commercial or industrial activities, limited liability etc. Business can be in different type of such
as limited liability, sole proprietorship, corporation partnership etc.
3.0 What is Functional areas of business
Within an organisation there are various forms of functional areas which helps in
guaranteeing that all the significant business exercises are being attempted or done in a
compelling way. With the assistance of various kind of functional areas, for example,
management, operations, marketing, finance companies can effectively fulfil objectives and
goals in a well define and effective manner. Furthermore, it has been determined that every
department relies on the other, this allow them to assure goals in an efficient manner.
4.0 What are the key functional areas of a business?
Functional area of business principally incorporate marketing, finance, technology, strategy,
human resources, equipment and operations. It has been evaluated that companies have separate
roles into functional area which permit them effectively achieve their jobs and obligations inside
its subject matter (Podili, 2021). With the assistance of building adequacy and effectiveness with
the assistance of this multitude of practical regions association can guarantee a positive outcome.
5.0 Description of the various functional areas in business organizations
5.1 Marketing:
It has been evaluated that marketing is most significant functional area of a business
which is related to advertising of items and administrations of organisations. This practical
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region is dependable to lead capacities like deals estimating, shopper support, taking deals
request, publicizing and advancing labor and products with the assistance of various notices
methods.
5.2 Human Resource Management:
Human resource management is among one of the important functional area within
organisation. It is essential for human resource manager within company to effectively
understand the importance of HR. This helps them to attract talented and skilled employees in a
well define and effective manner. In addition to this, it has been underlined that Human resource
management is an essential aspect which allow them to gain success in a well define and
effective manner.
5.3 Customer Service:
Consumer service is additionally a functional area within organisations as this area is
dependable to interface with customers to give them excellent shopper administrations. In this
capacities like answering enquiries, handling of requests, tending to buyer concern and
complaints is being attempted. With the assistance of having strong consumer service
organisations can not just give high fulfilment to clients. But will resolve in their inquiries in
time viable way yet can likewise hold shoppers for longer timeframe.
5.4 Finance:
To lead business exercises finance assumes a significant part. It is lifeblood in an
organisation. In addition to this, it has been underlined that with the help of effective functional
department organisation can manage operations effectively and can gain success. Finance
account planning, budgeting, cost allocation are some finance options With the assistance of
overseeing managing financial responsibilities organisation can manage financial risks and can
conduct business in a well define and effective manner.
5.5 Research and Development:
Research and development acts as an essential as well as major functional areas within an
organisation. This functional unit is having This is responsibility to identify strengths as well as
and weaknesses of companies (Shao, Liu and Lu, 2021). In addition to this, they are also
responsible to evaluate analyse trends. With the assistance of effective of research and
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development functional area organisation can generate market lead and can assure long term
growth.
5.6 Sales:
Sales is an essential function unit within an organisation is mainly includes sales forecasting
there is a direct link between organisations production services and customers fields Apartment
is also having responsibility to identify consumer needs and demands and provide them services
appropriately with the help of having good sales team organisation can significantly maximize
their conversion rate and can fulfill desired objectives in a well defined and effective manner
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:
To conduct responsibilities in getting department employees are needed to have skills and
knowledge associated to creativity, interpersonal skill, communication, problem solving, digital
advertising, consumer knowledge, critical thinking, story telling, teamwork, social media
management, time management etc. With the help of all these skills employers can not only
enhance marketing department overall output but can also assure higher growth.
6.2 Skills needed by Human Resource Management employees:
To effectively conduct roles and responsibilities in human resource management department
employees are needed to have skills such as flexibility, communication, HRM knowledge,
negotiation, patience, ability ,to develop HR strategy coaching, guiding etc, With the help of
these skills employers can successfully perform their roles and responsibilities and can assure
hire effectiveness.
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6.3 Skills needed by Customer Service employees:
It is essential for employees to have certain skills in order to perform roles and responsibilities in
consumer service management. In this skills such as adaptability persuasive speaking skill,
ability to take use of positive language, patience, clear communication skills, self control
responsibility taking extra are some certain skills. With the help of these skills employers can
efficiently provide higher satisfaction to customers in a well-defined an effective manner.
6.4 Skills needed by Finance employees:
In order to perform roles and responsibility in finance department employees within this
functional unit is required to have skills such as formal qualification, interpersonal skill, problem
solving and analytical skill, vertical expertise extra (Varava, Varava and Marchenko, 2021). All
these skills help employees to enhance effectiveness of their roles and responsibility and manage
financial operations and financial goals and objectives of organisation in efficient manner.
6.5 Skills needed by Research and Development employees:
Research and Development department plays important functional units within an organisation.
In this employees need certain skills such as thinking and reasoning skill, verbal, communication
skill and articles attentive skill extra. With the help of these skills they can successfully
accomplish objectives of research and development department and can offer productive
outcomes to company.
6.6 Skills needed by Sales employees:
In order to successfully accomplish goals of sales department there are some certain skills which
employees need which include positive attitude, active listening skill, ability to connect with
consumers, ability to understand consumer needs, self-improvement skill, time management,
active listening skill, social media goals of sales department. All these skills help employees to
perform sales roles and responsibilities in effective manner (Anwar and Abdullah, 2021). These
skills assist or help employees to perform sales roles and responsibilities in effective manner.
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Conclusion
As per the above report it has been concluded that in order to perform business activities
in a successful manner and fulfil overall objectives and goals. Business organisation owner need
to make sure that all the functional areas such as consumer service, human resource, marketing,
finance, research are operating in a coordinating manner. Along with this there are some certain
skills such as problem solving, time management, strong communication and extra which helps
employees to perform their roles and responsibilities in effective manner. This help them to
assist organisation in accomplishing overall objectives.
References
Stawiarska, E., Szwajca, D., Matusek, M. and Wolniak, R., 2021. Diagnosis of the Maturity
Level of Implementing Industry 4.0 Solutions in Selected Functional Areas of
Management of Automotive Companies in Poland. Sustainability, 13(9), p.4867.
Naimabadi, A., Gholami, A. and Ramezani, A.M., 2021. Determination of heavy metals and
health risk assessment in indoor dust from different functional areas in Neyshabur,
Iran. Indoor and Built Environment, 30(10), pp.1781-1795.
Podili, R., 2021. Farmers in Collective Business Through Watershed Development in Rain Fed
Agriculture.
Shao, S., Liu, H. and Lu, L., 2021. A Method of Discovering Urban Functional Zones Based on
POI Feature Vector and Network Kernel Density. In Human-Centered Urban Planning
and Design in China: Volume I (pp. 147-162). Springer, Cham.
Varava, L., Varava, A. and Marchenko, V., 2021. Distinctive features of managing functional
strategies under the conditions of an ore mining and processing company.
Anwar, G. and Abdullah, N.N., 2021. The impact of Human resource management practice on
Organizational performance. International journal of Engineering, Business and
Management (IJEBM), 5.
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