Functional Areas of Business: Key Areas and Required Skills

This report explains the definition of business and functional areas of business, including marketing, HRM, customer service, finance, R&D, and sales. It also describes the skills required by employees to work effectively in these areas. The report is relevant to students studying BSc (Hons) Business Management with Foundation, course code BMP3004, at any college or university.

BSc (Hons) Business Management with
Foundation
BMP3004
World of Work
Functional Areas
Submitted by:
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Name:
ID:
Contents
1.0 Introduction 4
2.0 What is a business? 4
3.0 What is Functional areas of business – Definition
4
4.0 What are the key functional areas of a business?
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5.0 Description of the various functional areas in business
organizations 5-6
5.1 Marketing 5
5.2 Human Resource Management 5
5.3 Customer Service 5
5.4 Finance 6
5.5 Research and Development 6
5.6 Sales 6
6.0 Description of the types of skills needed by employees
to be able to work effectively in these functional areas
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6.1 Skills needed by Marketing employees 7
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6.2 Skills needed by Human Resource Management employees
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6.3 Skills needed by Customer Service employees
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6.4 Skills needed by Finance employees 7
6.5 Skills needed by Research and Development employees
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6.6 Skills needed by Sales employees 8
7.0 Conclusion 8
References 9
1.0 Introduction
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The world of work is known for its simplicity as well as complexity. It can be defined
as different things for different types of peoples. The term is generated from things
that all have acknowledged such as occupation, jobs, employers, employees, pay
checks, promotions and many more. In this report, different things related to
business organizations such as definition of business and functional area business
meaning, functional area of enterprises which is followed as marketing, HRM, client
services, finance, R&D and sales are explained. This statement all include data
related to kinds of skills required by staffs to be able to work effectively in these
functional areas such as skills needed in (marketing, HRM, customer service
employees, finance employees, Research and Development and sales employees)
(Christian, 2021).
2.0 What is a business?
It can defined as the activity of exchange of goods and services, manufacturing of
products or providing services in order to generate profit. Its an organizational
economic activity where exchanges of goods and services exist. Its an organization
that includes commercial, industrial or professional activities. A business can be held
for the generation of profit or may be non profit business. The example of well
successful business in the world is WALMART and Tesco.
3.0 What is Functional areas of business - Definition
There functions to be performed regularly in the small as well as large enterprises.
To identify and regulate the work normally without making any complexity different
functional areas of organization has been made in the large organization in order to
reduce the complexity. The aim of the functional area to check the activities related
to the business that can be carried out to make effective work.
4.0 What are the key functional areas of a business?
It is simple to find out the isolated functional areas in the large organization because
in the medium as well as large enterprises people work together in different
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departments. Every different task is assigned to different department areas. The
functional areas are given as administration, customer services, distribution, finance,
human resource, marketing, sales R&D and sales.
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
Marketing supports in finding the requirements and wants of clients and create and
design those products and services that full fill there needs.. market helps in
developing the features of products that includes quality of the products and the
pricing of it. marketing department helps in determining the best methods of
delivering the goods and services and the best means of promoting products to
attract and keep customers. They always make efforts in managing the relationship
with the consumers and making them aware of the desires of organizations and
power to satisfy there needs(Furnham, 2021).
5.2 Human Resource Management:
Employees are considered as the human resources of the business. In order to
make successful business , the organization looks in to the basic skills of the staffs
and train them well and make them committed to achieve the organizational goals.
The duty of Human resource functional area is to recruit the new staffs and make
sure that individually job is occupied by the best person for the job. The recruiting
process as time consuming and expensive. Human resources department has to full
fill their duties with full dedication because choosing the wrong person as the
employees can be costly and cause problem not only to the individual but also the
business firms.
5.3 Customer Service:
the customer services department or the functional are play a key role in the
management of the organization. It helps in resolving the customers inquiries and
problems about the products and the services. The department allow in providing the
specialist information and consultation to the the customers in order to meet their
needs. The main work of the department to analyses the customer complaints
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records to provide solution to problem areas. It undergoes improving the customers
services and satisfactions by the feedback from the customers.
5.4 Finance:
most of the business considered this functions as the important part of the firm as it
produces invoices, payment checking and chasing the overdue payments. It keeps
all the records of money acknowledged, inspection and paid invoices received. It
also prepare the payroll and paying the salary of the employees in the business. It
resolves all the issues related to the budget report and other financial accounts. It
one of the main work is to produce the statutory accounts every financial year. It
helps in generating money flow estimates and regular financial reports for higher
authority(Martov, 2022).
5.5 Research and Development:
The feature worried with new invention tendencies nicely upgrades to current
merchandise or product outlines. In numerous businesses, it additionally includes
invention design as well. The main function of this department is to innovate a new
product or introducing the new features in the same products. Different industry have
different work of research and development departments.
5.6 Sales:
functional area of sales is considered as the crucial function in the organization. It is
of no uses if the product is superb but no one is purchasing it. This department
allows in promoting the products which helps in increasing the sales of the company
and the brand valuations. It resolves the responding of the customer esquires. It
helps in keeping the customer record up to date and provide technical advises. ,
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:
different types of skills mandatory by the marketing branch such as good statement
skills. employee must be creative and can solve the problems regarding the
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marketing sectors. the employee must have the experience in digital and social
media marketing because most of the organization operates there business through
online. The employee must have leadership qualities, interpersonal skills, writings
skills and many more that helps in making a good relationship with the customers of
different areas(Warren and Dickey, 2021).
6.2 Skills needed by Human Resource Management employees:
most common knowledge required in HR staffs is communication skills because it
play a key role in the interaction within the organization. decision making skills,
organizational skills, training and development skills, budgeting skills and few more
because the hr management employees deals with the recruitment or hiring, training
and performance appraisals of new and existing employees(Neden, 2022).
6.3 Skills needed by Customer Service employees:
employees requires different types skills because it has to deal with the customers
problems and inquiries. These skills can be stress management skills, knowledge of
the product and the services, persuasive speaking skills , clear communication skills,
self control, and patience are some skills that helps the customer service employees
to perform well in organizations.
6.4 Skills needed by Finance employees:
first skill needed in the finance workers is accounting skills because the main
purpose of the finance employee is to make all the records of the financial statement
of the organization. The other main skills needed in the employees is the analytical
thinking skills, technological skills, writing and verbal communications, decision
making skills and many more.
6.5 Skills needed by Research and Development employees:
Main knowledge that this categories of workers must have is the thinking and
reasoning skills because this department innovate the new product and introduce the
new features in the existing products. The employee must be thorough and pay
attention to detailing. Knowledge of different subjects is required as skill. And R&D
employees must have the capability to use their initiatives.
6.6 Skills needed by Sales employees:
Information of product, message skills, active hearing skills, rapport building, time
managing skills, structural skills, social media skills and problematic resolving skills
are considered as the skills that must have in the sales employees because the sale
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employee have to sell the product or the serves of the company in order to generate
sales and increase the profitability(Newport, 2021).
Conclusion
the above text concluded that business activity is an structural action of buying and
selling of products in order generate profit. An organization have different functional
areas to perform different works. These functional areas includes finance, human
resource, marketing, sales, R&D, customer services. It has also been concluded that
different employees working in the different sectors in the organization requires
different types of skills that can helps in making there work simple and effective.
References
Christian-Smith, L., 2021. Everyday knowledge and uncommon truths: Women of the
academy. Routledge.
Furnham, A., 2021. The Protestant work ethic: The psychology of work-related
beliefs and behaviours. Routledge.
Martov, I., 2022. World Bolshevism. Athabasca University Press.
Neden, J., 2022. Sustainable, agile technology navigation accessing virtuality for
real-world learning: A SATNAV for social work educators. Social Work
Education, 41(2), pp.195-208.
Newport, C., 2021. A world without email: Reimagining work in an age of
communication overload. Penguin.
Warren, T. and Dickey, M.W., 2021. The use of linguistic and world knowledge in
language processing. Language and Linguistics Compass, 15(4), p.e12411.
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