Functional Areas of Business: Key Areas and Required Skills

This report provides an overview of functional areas in a business, including marketing, human resource management, customer service, finance, research and development, and sales. It also describes the skills and abilities required by employees to carry out functions and operations in these areas. The report is relevant to students studying business management and related courses.

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?
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3
5.0 Description of the various functional areas in business
organizations 4-5
5.1 Marketing 4
5.2 Human Resource Management 4
5.3 Customer Service 4
5.4 Finance 4
5.5 Research and Development 5
5.6 Sales 5
6.0 Description of the types of skills needed by employees
to be able to work effectively in these functional areas
p-p
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
6
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 7
7.0 Conclusion 7
References 8
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1.0 Introduction
Business is meant by concept of purchase and sales of goods and services in
the consumer market. Representatives engaged in this occupation and profession
are known as Businessperson. These activities are organised on organised over
profit or non-profit purposes according to representative engaged in organising these
activities and operations. This report assessment will be comprised of information
and knowledge of business and various elements relating to this huge concept. For
instance, it will be including functional areas in a business as well as skills and
abilities required by employees in order to carry out functions and operations of a
business (Alshare and Sewailem, 2018). Furthermore, it will result in providing
efficient understanding of business as well as factors and aspects relating to it.
2.0 What is a business?
Business could be determined as profession or occupation that deals in
purchase and sales of goods and services. Moreover, these efforts and actions are
initiated upon various purposes of representatives engaged in carrying out
operations and activities. The primary and foremost reason or purpose behind
business is to serve people in society in order to fulfil their needs and demands as
well as earning profit out of it.
3.0 What is Functional areas of business - Definition
This wider and huge concept is comprised of various functions that facilitates
in carrying out operations and activities in a business. For instance, it includes
production or manufacturing, human resource management, finance, sales,
marketing, etc. All these functions of business allows completion of activities and
operations in an efficient manner in order to accomplish organization goals and
objectives (Boone, Kurtz and Berston, 2019).
4.0 What are the key functional areas of a business?
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Every organisation is comprised of functional areas according to operations
and activities organised in that particular business entity. The primary and major of
these functional areas of a business are as follows:
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
This business function deals with promotional activities initiated by a business
firm or enterprise in order to promote their products and services. For instance, it
further includes advertising company's offerings with use of various marketing
mediums as well as spreading awareness for the same. Therefore, it results in
increasing overall sales of products and services of a business organisation in
consumer market.
5.2 Human Resource Management:
This function of business includes management of workforce engaged in
carrying out business operations in order to achieve desired goals and objectives
(Freeman, Parmar and Martin, 2020). Moreover, it includes various practices
including recruitment of manpower, development of efficient working environment,
training and personal development of employees, etc.
5.3 Customer Service:
This business function undertakes support provided by business entities to
their customer in order to fulfil their demands as well as providing assistance. For
instance, it includes before and after sales practices including contribution of
information before sales as well as after sales service of considering complaints and
feedbacks.
5.4 Finance:
Finance function in an business entity deals with raising sufficient funds for
regulating business operations as well as efficient allocation of funds. For instance,
this business function is organised in order to facilitate financial stability in an
organisation. It includes strategic planning for investment, credit control, tax and
insurance, payroll, dividend decisions, etc. All these activities in finance functions
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results in facilitating financial stability in the organisation in order to carry out
operations and activities to serve consumers.
5.5 Research and Development:
This business function involves accumulation of information through research
methods as well as approaches in order to develop innovative products to be
introduced in the market. Research and development function of business is
implemented in order to improvise and innovate existing as well as development of
new products with sufficient information and knowledge (Gitman, McDaniel and
Shah, 2018). Furthermore, it includes various market information including current
market trends, customer demands, competitive pattern in business environment, etc.
5.6 Sales:
This is one of the major function of business organisation which deals in
distribution and selling of final products of company into consumer market. For
instance, activities and practices initiated in this function facilitates in providing final
products and services to consumers. This function facilitates in developing a
interconnection between business organisation and customers in society by
providing them with company's offering in order to fulfil demands and satisfaction of
customers.
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 primary and foremost skills required in marketing employees are effective
communication and creative approach. For instance, other important skills required
includes problem-solving, teamwork, knowledge of marketing practices,etc. These
interpersonal skills and abilities in an employee facilitates in carrying out marketing
practices in an efficient manner. Furthermore, employees with these skills are able to
influence customers in an efficient manner towards company's products and services
in order to increase sales (Gray, 2019).
6.2 Skills needed by Human Resource Management employees:
The major skills required in Human Resource Management are considered
as administration expertise, leadership, communication, emotional intelligence, etc.
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These skills allows an representative engaged in HR practices in carrying out these
practices in an efficient manner. Moreover, it includes recruitment and selection of
suitable and appropriate candidate, development of productive workplace
environment, organising training and development for employees, etc.
6.3 Skills needed by Customer Service employees:
Primary skills required in customer service representatives are effective
speaking skills, empathy, patience, clarity in communication, etc. For instance, these
skills facilitates in providing assistance and support to customers in an efficient and
organised manner. It includes listening to customers, contributing information and
support, resolving complaints of customers, ensuring fulfilment of consumer
demands, etc. A representative comprising of these interpersonal skills and abilities
results in carrying out these functions and operations in a desired organisational
manner (Wagner, 2020).
6.4 Skills needed by Finance employees:
In order to regulate finance functions, desired skills of employees are
considered as problem-solving, analytical skills, quantitative and logical approach,
etc. In addition to that, finance functions are comprised of activities and practices
that includes analysis, mathematical practices, allocation of funds, consideration of
most suitable source of fund, etc. All these skills facilitates employees in carrying out
operations and activities in finance functions in order to enhance financial stability as
well as maximum profitability to business organisation. Therefore, these
representatives with efficient skills results in maintaining and ensuring maximum
profitability to business organisation with consideration of various aspects and
factors.
6.5 Skills needed by Research and Development employees:
The major and primary skills required by employees engaged in research and
development functions of a business organisation are efficient thinking and
reasoning, innovative and creative approach, patience, etc. For instance, research
and development function in a business organisation requires huge time in order to
accumulate and analyse information and knowledge. Moreover, employees with
these skills engaged in performing R&D operations and activities results in desirable
outcome with higher accuracy and efficiency. Furthermore, these skills allows
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employees to be patient and determined throughout this process of research and
development activities and practices (Wu, Buyya and Ramamohanarao, 2020).
6.6 Skills needed by Sales employees:
Employees engaged in sales functions requires various skills and abilities in
order to carry out these operations and activities in an efficient manner. For instance,
these interpersonal skills and abilities includes effective communication, product
knowledge, self-confidence, ethical approach, emotional intelligence, etc. A
representative engaged in sales practices has a necessity of these skills in order to
carry out activities and operations in an organised as well as efficient manner.
Furthermore, it results in increasing sales of products and services offered by
business organisation in the consumer market with presence of these skills and
abilities in representative of company engaged in carrying out sales functions.
Conclusion
From the above assessment it could be concluded that business is a huge
and wider concept comprised of enormous elements and components. Moreover, the
report determines various functions of business that facilitates in completion of
organised and regulated operations and activities in order to achieve organisational
goals. For instance, these determined functions includes production, marketing,
sales, human resource management, and customer service. Furthermore, it provides
understanding of skills and abilities required by employees engaged in these
business functions.
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References
Books and journals
Alshare, K. and Sewailem, M. F., 2018. A GAP ANALYSIS OF BUSINESS
STUDENTS'SKILLS IN THE 21st CENTURY: A CASE STUDY OF
QATAR. Academy of Educational Leadership Journal, 22(1), pp.1-22.
Boone, L. E., Kurtz, D. L. and Berston, S., 2019. Contemporary business. John Wiley
& Sons.
Freeman, R. E., Parmar, B. L. and Martin, K., 2020. BUSINESS AND ETHICS (pp.
129-140). Columbia University Press.
Gitman, L. J., McDaniel, C. and Shah, A., 2018. Introduction to business. Rice
University.
Gray, D. E., 2019. Doing research in the business world. Sage.
Wagner, S. M., 2020. Business and Environmental Sustainability: Foundations,
Challenges and Corporate Functions. Routledge.
Wu, C., Buyya, R. and Ramamohanarao, K., 2020. Modeling cloud business
customers’ utility functions. Future Generation Computer Systems, 105,
pp.737-753.
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