Functional Areas of Business: Key Areas and Required Skills

BSc (Hons) Business Management with
Foundation
BMP3004
World of Work
Functional Areas
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Table of Contents
INTRODUCTION..........................................................................................................................3
MAIN BODY................................................................................................................................3
Definition and description of business ............................................................................3
What is Functional areas of business -.............................................................................3
What are the key functional areas of a business..............................................................4
Description of the various functional areas in business organizations ...........................4
Description of the types of skills needed by employees to be able to work effectively in
these functional areas.......................................................................................................6
...................................................................................................................................................7
CONCLUSION..............................................................................................................................8
REFERENCES ......................................................................................................................9
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INTRODUCTION
Business management is a important function of every major and minor
organization to manage employees. Many different companies also takes assistance of
business management in order to complete several functions and tasks (Barkela, B.,
2021). The companies in international and national market majorly focus on developing
precise management functions in order to gain desired growth at the marketplace. In this
report example of IOM electronics is taken into consideration which is major electronic
company based in Liverpool and Manchester. This project includes a detailed
explanation of functional areas of a business to develop a business entity like IOM
electronics. This project also contains information and related to skill development in
employees in order to achieve organizational goals.
MAIN BODY
Definition and description of business
The business is a economic activity which sells a product or service at the
marketplace in order to earn profit. Business is mainly performed by two or more
persons to increase revenue and turnover at the marketplace. In the recent times,
business organizations focus on development of effective business operations in
order to develop profitability of the business firm. Business includes major functions
which are performed by the management to lead the marketplace with competency
edge.
What is Functional areas of business -
The functional areas of a business are major areas which are supportive for a
business to maintain set of operations. Functional areas are helpful in managing day
to operations of a business entity in a major sense. It is compulsory for a business
entity to focus on major functional areas of a business to lead the marketplace with
competitive advantage (Kasaev, 2019). The functional areas of IOM electronics
requires professional and skilled workers who are trained to handle major
organisational activities in a systematic manner. In a business, functional areas are
also responsible for long term business development and helpful in achievement of
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