IOM Electrical Ltd: Functional Areas, Skills, and Business Analysis

This report provides an overview of the key functional areas within a business, using IOM Electrical Ltd as a case study. It defines business and its functional areas, highlighting departments such as marketing, human resource management, customer service, finance, research and development, and sales. The report details the responsibilities of each department and the specific skills required for employees to perform effectively in these roles. Skills discussed include interpersonal, communication, data analysis, leadership, employee relations, customer service, project management, negotiation, critical thinking, and analytical thinking. The report concludes that these interconnected functions are essential pillars for a company's growth and success, emphasizing the importance of coordination and communication between departments. Desklib provides access to this assignment and other resources for students.

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 3
5.2 Human Resource Management 4
5.3 Customer Service 4
5.4 Finance 4
5.5 Research and Development 4
5.6 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 5
6.3 Skills needed by Customer Service employees 5
6.4 Skills needed by Finance employees 6
6.5 Skills needed by Research and Development employees 6
6.6 Skills needed by Sales employees 6
7.0 Conclusion 6
References 8
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1.0 Introduction
The present report pays emphasis upon the different functions that are operating in a
business with an aim of achieving organizational goal in collective form. The different
departments includes finance, human resource, marketing, customer service and several
others. The report emphasis upon different skills that are needed in employees according to
their department by the use of which employees will contribute to their best and bring fruitful
outcomes to the business (Chao, 2020). In the present report Mr. John is buying a company
that is IOM Electrical ltd for which he is analyzing different departments as well as skills
which are needed for the smooth running of his new business.
2.0 What is a business?
Business refers to a term which involves action of such activities or process that
generates revenues for the firm as well as employment in the society through utilization of
available resources such as land, capital, labor and enterprise. Any activity done with the
purpose of generating profits comes under the category of business (Kähönen, 2020).
3.0 What is Functional areas of business - Definition
The functional areas of a company represents a particular set of skills or workings
which are indulged in the attainment of company's goals. Different operating sections of a
business without which no company can run its operations are covered under the umbrella of
business functional areas (Khaerul and et. al., 2020).
4.0 What are the key functional areas of a business?
The key functional areas of any business are mentioned below:
 Marketing
 Human Resource Management
 Customer Service
 Finance
 Research and Development, and
 Sales
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
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The marketing function refers to a section of business operations that is responsible
for publishing advertisements that creates an appeal to customers for the purchase of
company's products and services. They disseminate the company's image to the customers in
eye catching manner and formulates various marketing campaigns for the growth of business.
The function works to attract more and more reach within market to enhance company's sales
and brand image (Kiraka, 2020).
5.2 Human Resource Management:
The department of human resource management refers to that section of a business
who is responsible for hiring the potential candidate for the actual workings of a company.
The department also takes care about employees remuneration, training and retention within
the business and performs their task with full productivity. The department keeps record of
employees performance and pays rewards or bonuses according to their performance when
necessary. A business without human resource department denotes to a business without
manpower which is not good for the company or cannot proceed their workings.
5.3 Customer Service:
The department of customer services refers to a function which is responsible for
assisting company's customers with their queries and developing strong communication with
customers so that they can be retained for long term. The department is aimed at meeting the
customer’s expectations and satisfying them with the services of company. The most
important thing which an employee needs to take care here is proper and patiently listening to
the customer and respond them with positive words.
5.4 Finance:
The finance function within a business is one which is focused towards bringing
various investments to the company and generate huge returns out of it at fewer cost. They
are the one who provides funds to the other sections who needs money for their workings or
processing their tasks. The department prepares an estimated budget for the firm according to
which they plans their actions and allocates funds to the different workings. After the
completion of a financial year finance department presents their report comprising all
revenues and expenditures that a business has occurred during the year. It also states the
company's profit and loss position along with a summary of assets and liabilities in a
structure known as balance sheet.
5.5 Research and Development:
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The department of research and development is created within the business with an
aim of searching for various potential in market as well as collect and analyses various data &
information. This is because to be a successful business in market it is extremely necessary to
research market as well as customer needs properly and provide accordingly (Konks,
Krasnov and Sumarokova, 2020). They provides such critical information that is helpful in
having various business strategic decisions for future growth. Every business tries to invest
their funds and resources more and more into the workings of department as this entails
essential statistics to the development of an organization.
5.6 Sales:
The purpose of sales department within a business is to enhance company's sales and
interacts with production department to manufacture adequate units of output that are
demanded by a market. Sales department employee's are called as superiors of front line who
are essential for the generation of high revenues to the business. They develops a straight
interconnection among customers & products or services of a company (My, 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:
Marketing employee of any business is required to carry various skills such as
interpersonal skills, effective communication skills, data and information analysis skills,
leadership and various others. This is because marketing employee is the one who will reach
to customers and makes appeal through developing advertisements to enhance company's
sales and create strong brand image for the firm.
6.2 Skills needed by Human Resource Management employees:
An employee from the department of HR is required to have employee relation skill
as he is the one who is going to maintain a good relations with company's employees while
training and developing their potential. He is also required to have customer service and
project management skills within the organization. The employee on the other hand should be
efficiently skilled with latest HRM software upon which he or she is goig to work for the
maintenance of employees records and all other essential information such as of payroll,
employee's details, hiring procedure and several others (Ross and Wright, 2021).
6.3 Skills needed by Customer Service employees:
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The different skills that are required by customer service employee includes proper
communication skills as their job is to assists company's customers through providing
solution to the queries of customers. They should be emphatically present to customers as this
would allow them to understand the customer more properly and provide the best service to
them. A customer service employee is required to carry the positive attitude and use positive
words while having interaction with customers because the customers are the king pin of the
market and are respected to the business.
6.4 Skills needed by Finance employees:
An employee from finance department should possess negotiation and influencing
skills so that can bring best deals to the company with respect to acquiring funds and
investing into beneficial project. He should also have effective interacting and critical
thinking skills so that can think effectively and have powerful interaction with management
team as well as investors. Finance field is categorized as the most important department for
any company because no company can work without the presence of funds, so there is a
chance that at any instance the company may face any hurdle. Here, in this case an employee
through effective problem solving skill can resolve the issue and can take business out of it.
6.5 Skills needed by Research and Development employees:
The employee of research and development function requires various skills such as
effective analysis of market or other aspects that assists business with proper information and
data. Time management is also another skill which needs to be present as through this an
employee can bring required data set or proper analysis within time after which the other
departments of company will take their respected decisions and work upon it. A research and
development employee should be required to be an analytical thinker so that can bring fruitful
solutions to the problem (Tadj and Djemili, 2021).
6.6 Skills needed by Sales employees:
The different skills which are needed by a sales employees includes identification of
organizational needs along with of buyers. This involves analysis of current demand and the
future forecasting about company's offerings. A sales employee is required to maintain a
positive and healthy attitude within his behavior so that can influence more and more
customers or distributors towards the product and services of IOM Electrical Ltd.
Conclusion
From the above report it is concluded that for a business it is necessary to have several
departments which are run by the expert personnel refereed as managers or leaders. No
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business function its tasks or attains its objectives in the absence of any of the above
mentioned department. Each department has its own role and specialization which is
necessary for the successful attainment of business goals. It can also be said that each
function of a business is interlinked or interconnected with each other and cannot work
without the effective coordination as well as communication. These functions of a business
acts as the pillar upon which company's growth and success lies.
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References
Chao, E., 2020. Leadership and Customer Service. In Customer Service Management in
Africa (pp. 161-175). Productivity Press.
Kähönen, S., 2020. A case study: marketing automation in digital multi-channel customer
experience management.
Khaerul and et. al., 2020, September. Decision Support System For Determining Inventory
And Sales Of Goods Using Economic Order Quantity Methods And Linear
Regression. In 2020 6th International Conference on Wireless and Telematics
(ICWT) (pp. 1-5). IEEE.
Kiraka, R.N., 2020. Ethical Customer Service. In Customer Service Management in Africa
(pp. 37-51). Productivity Press.
Konks, V.Y., Krasnov, E.V. and Sumarokova, E.V., 2020. Digital Marketing and Sales
Technologies: Dealership Marketing Management. Socio-economic Systems:
Paradigms for the Future, 2, p.451.
My, N.T.H., 2021. Dissatisfaction on commision of pos salesman in Ho Chi Minh City at
Mirae Asset Finance Company (Vietnam).
Ross, M.M. and Wright, A.M., 2021. A Three Question Math Quiz: Who Is Ready to Learn
Finance?. Available at SSRN 3882224.
Tadj, L. and Djemili, S., 2021. Joint optimization of the marketing and operations functions.
OPSEARCH, pp.1-20.
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