Functional Areas of Business: Key Areas and Required Skills

This report covers the definition of a business, the key functional areas of a business, and a description of each functional area. It also discusses the skills needed by employees to work effectively in these areas. The functional areas covered include marketing, human resource management, customer service, finance, research and development, and sales.

BSc (Hons) Business Management with
Foundation
BMP3004
World of Work
Functional Areas
Submitted by:
Name:
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Contents
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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?
4
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
6-7
6.1 Skills needed by Marketing employees 6
6.2 Skills needed by Human Resource Management employees
6
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
7
6.6 Skills needed by Sales employees 7
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7.0 Conclusion 7
References 8
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1.0 Introduction
Business could be determined as a commercial activity which includes buying
and selling of goods and services in order to meet needs and demand of consumers
in society. Business organisation it’s a separate legal entity which sales in carrying
out these commercial activities in order to serve customers in the market. This report
assessment will be comprised of essential insightful knowledge associated with
business and business organisation. Furthermore, it will be inclusive of various
functional areas in a business organisation as well as skill requirement for
employees in carrying out these activities and practices (Boone, Kurtz, and Berston,
2019).
2.0 What is a business?
Business could be defined as activity of purchasing and selling goods and services
in order to earn a decent amount of profit as well as satisfy customer needs. For
instance, various activities in a business include organising raw materials, producing
final goods, selling them to customers, etc. Moreover, each and every business has
a purpose or believe over which it is oriented in order to be accomplished the same.
In addition to that, a business has strategic set of actions or plans, objectives to be
fulfilled, target markets and customers, product portfolio, and many other elements
(Chen, and et. al., 2021).
3.0 What is Functional areas of business - Definition
Functional area in he business is basically referred to classification of significant
unnecessary activities to be carried out in order to accomplish goals and objectives
of business. For instance, these functional areas varydifferently for different
organisations according to their needs and requirements. In addition to that,
management representatives or higher officials classifies similar activities under
these functional areas in order to ensure effective and efficient completion of the
same (Freeman, Parmar, and Martin, 2020).
4.0 What are the key functional areas of a business?
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Referring to above mentioned information, there are various functional areas in a
business which contributes their own values towards accomplishment of goals and
objectives. In order to be precise, primary and major of these functional areas
include marketing, human resource management, finance, research and
development, and customer service. Employees engaged in these functional areas
have their suitable and appropriate skills and abilities which further facilitates in
effective and efficient completion of the same (Kasaev, Petrovskaya, and Kasaev,
2019).
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
In today’s business environment, marketing function has been considered as one of
the most supreme element in a business which facilitates in spreading awareness
and promoting products offered by business organisation to their customers. For
instance, major of these activities involved in marketing include advertising, selling,
and delivering suitable products to the target customers or customer base.
Furthermore, the marketing function is basically oriented upon 4 peas including
place, price, product, and promotion. All these elements of marketing for the
facilitating consideration of most suitable and appropriate strategy for the respective
business organisation.
5.2 Human Resource Management:
This functional area could be defined as strategies and approaches undertaken by
respective organisation in order to manage their workforce or manpower in a way
that it facilitates in Attaining a competitive advantage. For instance, this functional
area involves managing activities which initially starts with recruitment of an
employee and goes on throughout the life cycle of an employee in that particular
workplace. The primary activities under human resource management are inclusive
of talent management, compensation and benefits, training and development,
workplace safety, and many other HR related activities (Kumar, and et. al., 2020).
5.3 Customer Service:
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This particular functional area is comprised of activities or practices which a business
organazation regulates in order to provide assistance today customer before as well
as after sales of products or services. The primary purpose behind organising this
particular functional area is to provide customers with a delightful experience in
shopping and consumption of products and services offered by that particular
business organisation. The core values under customer service include
professionalism, patience, end customer-oriented approach which facilitates in
satisfied customer ways any ability of company in retaining existing customer ways
as well as attracting additional ones (Monden, and Talbot, 2019).
5.4 Finance:
This functional area is considered as backbone of any business organisation as it
includes Management of financial transactions in a business organisation. An
effective and efficient finance department of a business facilitate in providing
financial stability to the company by carrying out different activities and practices
required for the same. Furthermore, it includes investment decision, activities
associated with banking, raising of funds as well as appropriate allocation of the
same, etc.
5.5 Research and Development:
This particular functional area is aimed at contributing additional values with
improved technology and creative approach in order to provide business with
competitive advantage. For instance, the role of research and development function
is to provide business with insightful information and knowledge in order to carry out
business operations and activities in more effective manner. As it provides additional
values towards business organisation, it indirectly strengthens future growth and
development of that particular business.
5.6 Sales:
This function area deals with actual Selling of products and services to customers in
the market in a particular time span. For instance, it includes transactions between
two or more parties for the exchange of values or ownership over a product or
entitlement to a service. The major and primary purpose behind regulating this
functional area is to build loyalty by meeting customer demands and needs with
desired products and services. There are various type of activities under this
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functional area including transactional selling, solution selling, Consultative selling,
and provocative selling (Nalawade, and et. al., 2019).
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:
In order to carry out the meaningful activities of marketing, employees engaged in
the same request various different skills which facilitate in effective and efficient
completion of these activities. In order to be precise, primary of these skills include
communication, leadership, data analysis and analytics, creativity, and many other
individual skills or abilities. Moreover, sufficient command over these skills further
result in ensuring so to completion of these marketing activities and practices.
6.2 Skills needed by Human Resource Management employees:
The employees engaged in carrying out human resource management activities in a
business organisation requires various different individual skills in order to carry out
these activities in an efficient manner. For instance, the major of these activities
include organising approach, flexibility, patience, communication, negotiation, and
many other individual skills. All these determined skills and abilities further facilitate
an individual in managing workforce as well as Development of positive and
productive working environment.
6.3 Skills needed by Customer Service employees:
Persuasive speaking skills, empathy, adaptability, self control, responsibility, and
knowledge are some major and primary skills and abilities in customer service. In
addition to that, individuals practising customer service in order to provide assistance
to customers are facilitated with a good command over these skills and abilities in
carrying out their assign task and activities. Furthermore, it allows an individual
employee to understand the issue or problem faced by a customer in their shopping
or consumption experience in order to resolve the same. Therefore, these
determined issues or challenges faced by customers is further taken into
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consideration in order to implement effective strategies towards the same (Valcik,
Sabharwal, and Benavides, 2021).
6.4 Skills needed by Finance employees:
This particular functional area is one of the most complex and problematic area
which involves upright skills and activities of employees for accomplishment of
desired goals and objectives. For instance, problem solving skills, analytical skills,
technological savvy, presentation skills, strategic thinking, and exceptional
leadership are some of the primary and major skills and abilities required for an
employee in finance. As it includes huge calculations and interpretations off financial
results creativity and presentation skills of that particular employee influence this
practise of financial function.
6.5 Skills needed by Research and Development employees:
As this particular functional area is aimed at acquiring necessary and essential
information knowledge, there are various different skills and abilities which facilitate
in carrying out These activities in an efficient manner. For instance it includes
analytical thinking, teamwork, leadership, time management, organised approach,
and critical thinking influences the functioning of research and development.
Moreover, All these determined skills and abilities of an individual can facilitate in
acquiring and analysing required and sufficient amount of information for the
company.
6.6 Skills needed by Sales employees:
The primary and foremost skill needed by sales employees include knowledge of the
product or service served to their customers. For instance, another major skills and
abilities in sales function include communication, active listening, time management,
problem solving, prospecting, data analysis, etc. furthermore, an employee with good
command over these skills and abilities is believed to be efficient in carrying out
activities and practises associated with sales function (Yuan, and et. al, 2018).
Conclusion
From the above report assessment, it has been concluded that a business
organisation is comprised of various different functions which contributes their own
values towards accomplishment of organisation goals and objectives. this report
assessment has presented role of different business functions as well as skills and
abilities required by individuals in carrying out activities and operations under these
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functional unit areas. Moreover, marketing, customer service, human resource
management, and sales are some of the essential elements of business which
facilitate in further growth and expansion of the same. Therefore, it will provide an
understanding of business as well as mechanism of business organisation in
carrying out activities in practises to serve their target customers in the market.
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References
Boone, L.E., Kurtz, D.L. and Berston, S., 2019. Contemporary business. John Wiley
& Sons.
Chen, L., Jiang, M., Jia, F. and Liu, G., 2021. Artificial intelligence adoption in
business-to-business marketing: toward a conceptual framework. Journal of
Business & Industrial Marketing.
Freeman, R.E., Parmar, B.L. and Martin, K., 2020. BUSINESS AND ETHICS. In The
Power of And (pp. 129-140). Columbia University Press.
Kasaev, B.S., Petrovskaya, M.V. and Kasaev, M.B., 2019. Innovative approaches to
business managing functional areas in a territory. Industrial Engineering &
Management Systems, 18(3), pp.440-453.
Kumar, B., Sharma, A., Vatavwala, S. and Kumar, P., 2020. Digital mediation in
business-to-business marketing: A bibliometric analysis. Industrial Marketing
Management, 85, pp.126-140.
Monden, Y. and Talbot, B., 2019. The Toyota management system: linking the
seven key functional areas. Routledge.
Nalawade, R.K., More, D.K. and Bhola, S.S., 2019. Employability Skills Required for
Functional Areas of Management. IUP Journal of Soft Skills, 13(1).
Valcik, N.A., Sabharwal, M. and Benavides, T.J., 2021. The Functional Areas
Utilizing HRIS in a Public Organization. In Human Resources Information
Systems (pp. 115-124). Springer, Cham.
Yuan, D., Liu, Y., Guo, X. and Liu, J., 2018. Characteristic contaminants in snowpack
and snowmelt surface runoff from different functional areas in Beijing,
China. Environmental Science and Pollution Research, 25(36), pp.36256-
36266.
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