Functional Areas of Business: Key Areas and Required Skills

This report discusses the definition of a business, the key functional areas of a business, and the skills required by employees to work effectively in these areas. It also provides a description of various functional areas in business organizations, including marketing, human resource management, customer service, finance, research and development, and sales. The report is relevant to the subject of World of Work (BMP3004) in the BSc (Hons) Business Management with Foundation course.

BSc (Hons) Business Management with
Foundation
BMP3004
World of Work
Functional Areas
Submitted by:
Name:
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Contents
1.0 Introduction p
2.0 What is a business? p
3.0 What is Functional areas of business – Definition
4.0 What are the key functional areas of a business?
5.0 Description of the various functional areas in business
organizations p-p
5.1 Marketing p
5.2 Human Resource Management p
5.3 Customer Service p
5.4 Finance p
5.5 Research and Development p
5.6 Sales p
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 p
6.2 Skills needed by Human Resource Management employees
6.3 Skills needed by Customer Service employees
6.4 Skills needed by Finance employees p
6.5 Skills needed by Research and Development employee
6.6 Skills needed by Sales employees p
7.0 Conclusion p
References p
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1.0 Introduction
A business is known as a firm or an enterprise or an organizational entity
which provides good and services to customers to fulfill their needs. It is an
economic activity which prime aim is to generate an income from the business. A
business is very much tough to start and acquire market to generate revenue. In this
report it will be discussed what is an business as an person has bought an company
name IOM electronics ltd. in this report the types of skills required to function a
perfect business as well the functional areas that it will help in generate revenue
(Podawca, Karsznia, and Zawrzykraj, 2019). At last of this report the skills that will
be required to generate revenue by the employee skills will be discussed.
2.0 What is a business?
A business is an organizational firm that ex hist to provide goods and services
to consumers. A business forms an economic activity which are mostly privately
owned. Business can be social as well as non profit enterprise or an state owned
business with fulfill specific vision as per their objectives. The business is established
to firmly transacts their activities of production, offering services and providing
retailing through businesses manufactured products (Wang, and et.al 2020). The
main objective of any business is to create new customers and attract customers to
confirm repetitive sale of their products. This is achieved by ensuring a customer
satisfaction in the market with exchange of monetary terms.
3.0 What is Functional areas of business - Definition
If any business is present neglecting even if it is small or large enterprise
there are several tasks and function that are needed to be performed regularly. Like
stocks must be bough, inventory must be managed, customers must be served and
customer feeds must be answered regularly. The jobs can be functioned by different
number of people as per the size of the organization. As IOM electronics ltd. Is an
small enterprise there is less work group. The main intention of the functional areas
performed is followed by monitor and regulate all the crucial activities that are carried
out efficiently and effectively to represent an well market position (Kirchoff, Nichols,
and Rowe, 2019). The situation can be for the company like sales and marketing is
considered in reaching goals to increase production and revenue of the company,
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human resource are needed to arrange and hiring new staff and provide training
towards development of the company.
4.0 What are the key functional areas of a business?
In a well establish business organization there is an essential requirement of
various functional areas to function properly and have good reputation in a market.
Different functional areas have their own function which fulfill the organizational
goals as it is obvious that organization have different parts and to function properly
they have to work parallel to achieve one common goal. The activities needed to
operate an organization properly are management which consist of mangers who are
responsible for the work performance of the staff and other people, operations in
which the business convert resources like labor and materials with others into goods
and services (Sharma, 2018). As IOM is an electronic it require all the fundamental
management areas. Marketing is required to identify customers and design products
to meet their needs. Accounting is needed to get financial information and
managerial information for advising and guiding. At last finance is required to plan
and obtain funds in monetary to manage company process.
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
Marketing is an basic fundamental structural area in an organization that
result in generating revenue, the marketing managers are required to determine and
reach potential customers with putting research work to engage with them with
various methods like campaigns, advertisements etc. IOM electronics is an new
bought organization by the owner a new strategy to plan for marketing will be
required and designing the product and service to reach to consumers differently
(Ma, and et.al 2018). By the help of marketing the business and can find
undiscovered areas which will shape the marketing product and service with gaining
new revenue locations.
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5.2 Human Resource Management:
Human resource of an business management are its employees. As good
organization look after their staff as per their aim and vision that business have been
decided to be successful. An HR aims to ensure that the business have goods and
experienced staff (Pitcher, Ianni, and Ungerleider, 2019). The human resource
ensures that hiring is done per ability and role for which staff is chosen. The IOM
electronic company is having 200 employees and for management of that number of
staff human resource functional area is needed.
5.3 Customer Service:
Customer service is the support or help which is provided to customers for
using the services by the business. It is primary offered before and after the buying
of product or service. This result in good experience of the customer. This often help
in gaining customer loyalty. This is also important for retaining customers for growth
of business. As the IOM electronics will see sudden change in business ownership
this will result in losing and shifting consumer base with the help of customer service
this can be handled effectively.
5.4 Finance:
finance is mostly used in function of monetary term and accounting of
financial records of an business organization, this involves obtaining and managing
company funds. The addressing of issues that involve in finance are how much
money the organization need? How much money will be necessary? I om electronic
is in need of financial help and good management is particularly important when
company is established.
5.5 Research and Development:
Investigation and improvement is needed to create fresh and improved
technological advancement for the company. With good research and development
company will have competitive advantage over others in formulating strategy.
Applying research in market and other aspects for the company will result in getting
a future vision of the company. IOM electronic must use research and development
to get valued result from consumers.
5.6 Sales:
Sales is an good and efficient business discipline practiced to get profit from
customers by introducing products to them and getting sales revenue. The function
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that are part of sales are sales forecasting, customer support, advertising, taking
orders etc. IOM electronic must use sales to get result in better revenue from market.
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:
A employee needs marketing accomplishment to execute marketing
usefulness for the employees. The skills can be divided into soft skills and hard skills
(Teng, and et.al 2021). The soft skills are focused in communication which are
widely used in the field where as hard skills are required for technical skills and using
tools and strategies. The soft skills are human activity, creative thinking in
employees and difficulty resolution, attention to detail, interpersonal skills,
leadership, adaptability. Hard skills are verbal creation, project management , data
analysis, research etc.
6.2 Skills needed by Human Resource Management employees:
Human asset management worker are very critical parts of an organization as
they have very basic functions to do in an organization they are required to assign
tasks to hire people for organization, they represent company in front of staff and
manage their issue for that the skills are required: Communication, Organization
Flexibility, Patience, Negotiation and Ethical Actions to not be biased toward any
employee.
6.3 Skills needed by Customer Service employees:
For an good work providing to customer requires an great amount of
engagement skills. The customer service skills that are required are Speaking Skills
as to deliver their message to consumer is important,Empathy as service provider
must be emphatic towards customer, Adaptability they must be adaptive toward
consumer behavior as to solve their issue, Ability to Use Positive Language as
without positive language there will be no positive feed back from consumer, Clear
Communication Skills to reach engagement and build relation, Self-Control and
Effective Listening.
6.4 Skills needed by Finance employees:
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A finance employee necessity is having different kind of skills to get efficient
result from their financial reporting and benefit management with their skills. Their
skills which are needed: Social Skills, Conventional Measure up of qualification,
Difficulty Solving Skills, Analytical Skills, Technologically Savvy, Relationship
Management Skills, Exceptional Leadership. These all traits are mostly required for
an finance employee.
6.5 Skills needed by Research and Development employees:
Skills needed to become Investigation and improvement employees are like
data analysis skills must be effective for organization, should be expert in solving
tough engineering question, Communicating and authorship skills must be good,
should know how to pass along their progress and solve problems both in orally and
written form. form to their team, managers, and the consumer as well as be able to
record written material, Cooperation power must be cracking in result giving, projects
will be analyzable and cognitive content will be solved in group,The ability to use
skills for leadership quality development, Active perception skills etc.
6.6 Skills needed by Sales employees:
A business development employee must be efficient in assisting customers
and using with implementing good sales strategies and close deals with customers
this requires skills such as product knowledge, human activity skills, active hearing
skills, report building skills, time direction skills, organizational skills, problem solving
skills, technological skill and information gathering skills.
Conclusion
From the above report it has been concluded that while establishing or owning
a business there is requirement of various strategies that are included for smooth
process in the business organization. There are various areas that must be taken in
consideration while establishing an business that are commerce, human assets,
customer service, economics, research and evolution and selling. The necessity of
this structural areas has been discussed in this report. At last of this report the
various functional areas skills that are must needed by an employee is been
discussed with relation to an business organization.
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References
Podawca, Karsznia, and Zawrzykraj, 2019. The assessment of the suburbanisation
degree of Warsaw Functional Area using changes of the land development
structure. Miscellanea Geographica, 23(4), pp.215-224.
Wang, and et.al 2020. Research on ecological compensation from the perspective of
main functional areas: A case study of Hubei Province. Acta Ecol. Sin, 40.
Kirchoff, Nichols, and Rowe, 2019. The impact of functional integration on perceived
risk and consumer-based brand equity. Journal of Strategic Marketing, 27(2),
pp.136-150.
Sharma, 2018. RELATING ORGANIZATIONAL VARIABLES TO FUNCTIONAL
AREAS OF THE FIRM. LAP LAMBERT Academic Publishing, Germany.
Ma, and et.al 2018. Contamination source apportionment and health risk
assessment of heavy metals in soil around municipal solid waste incinerator:
A case study in North China. Science of the Total Environment, 631, pp.348-
357.
Teng, and et.al 2021. Implementing marine functional zoning in China. Marine
Policy, 132, p.103484.
Pitcher, Ianni, and Ungerleider, 2019. A functional dissociation of face-, body-and
scene-selective brain areas based on their response to moving and static
stimuli. Scientific reports, 9(1), pp.1-9.
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