Functional Areas of Business: Key Departments and Required Skills

This report discusses the functional areas of business and the skills required by employees to work effectively in these departments. It focuses on IOM Electrical LTD, a UK-based company dealing in electrical parts and plastic. The report covers the key functional areas of a business, including marketing, human resource management, customer service, finance, research and development, and sales. It also describes the skills needed by employees in each of these departments. Course code: BMP3004

BSc (Hons) Business Management with
Foundation
BMP3004
World of Work
Functional Areas
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Contents
1

1.0 Introduction p
2.0 What is a business? p
3.0 What is Functional areas of business – Definition
p
4.0 What are the key functional areas of a business?
P
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
p-p
6.1 Skills needed by Marketing employees p
6.2 Skills needed by Human Resource Management employees
p
6.3 Skills needed by Customer Service employees
p
6.4 Skills needed by Finance employees p
6.5 Skills needed by Research and Development employees
p
6.6 Skills needed by Sales employees p
2

7.0 Conclusion p
References p
3

1.0 Introduction
Business refers to the moneymaking process which is done by person with a motive of
earning profit and successful image of brand in market. It include the activity of buying
and selling of services(Kumar and Mehta, 2018). It is an integral part of activities which are
directly concerned with money. This report is based on UK based company named IOM
Electrical LTD. Which deals in electrical parts and plastic. The organization is well
known brand having large amount of employees o two sites Liverpool and
Manchester. This will cover the functional area of business and skills needed in those
areas so that work can be done effectively.
2.0 What is a business?
The activity which include exchange of good and services for benefit of individual
and to build a profit oriented organization. It is legally recognized design to supply
offers to government entities and businesses or consumers.
3.0 What is Functional areas of business - Definition
The group of bodies who work for company to make the objective achievable with a
view of long term sustainability of firm. These authorized bodies assist in conducting
activity smoothly and systematically.
4.0 What are the key functional areas of a business?
The departments which helps in achieving a goal in proper way with the view of
attaining business goals(Viljanen, Salminen and Hurmerinta, 2020). These areas are
describe below.
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
It is a management process responsible for identifying the needs and wants of
customers by satisfying them. It is an organized trading concept. It Includes
communication, delivering and exchanging offers by prioritizing the value of
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consumers(ZEKUN, 2021). In context of IOM technology the department perform this
action by analyzing the consumer behavior and requirements to provide them to
satisfy users.
5.2 Human Resource Management:
This section of organization is appointed for hiring a workforce for company to serve
the company a required workforce to attain a company objective. Even in small firm
the Human resource team required because the person or area plays a important
role in business. In case of IOM technology, the section of the firm assist in
recruiting staff as per the requirement of workplace by qualifying them according to
their skills and talents.
5.3 Customer Service:
The area which creates direct one to one communication with buyers and
understand their needs and want of users and new customers. The major mission f
the team to covert the consumer mindset to use the goods of the company or sell the
product anyhow(YUAN, 2018). In terms of IOM technology they appoint these
candidate to create a sales scale for company and create a loyal customer by
providing before and after services.
5.4 Finance:
It is major factor that is required from initial state to last stage of introducing firm in
market it is required in accomplishing any task regarding firm such as marketing,
producing, delivering etc. all the factors are totally depended on finance. The team of
this department are appointed for recording and analyzing the exact position of
business in market. In case of IOM technology the team records a proper inflow and
outflow of money transaction within the firm or outside the firm. The main focus of
these individual is to upgrade the business image in market with great goodwill and
brand image.
5.5 Research and Development:
This technique in business involve the study of consumer behavior or requirements
in the target market so that the firm can fulfill the requirements of consumers In
order to satisfy the customer and influence the to follow the brand. It is important
technique to grow and improve the industry(Lucardie, 2018). In status of IOM
technology the unit does correct researching y applying various method like
sampling, surveys before launching a new offers or improved product in market.
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5.6 Sales:
The word states that produce goods which are produce with the motive of selling
them in market. It has combination of two words that are sales and management. It
include all commercialism actions, promotion, sales, publicity, dispersion and cost. It
play an necessary part in building a commitment and reliance between individual
and marketer. In terms of IOM technology, the person who is working in this
department are liable for creating a good and expected customer base so that
business can grow substantially and gracefully with increment in sales scale.
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 person or team involve in this department should focus on the communication, have a
quality of partitioning content of purchaser, straight and broad knowledge of commodity,
they should be originator and advanced so they can adjust as per the updates in techniques of
working changes(Mauerhoefer, Strese and Brettel, 2017). The employees of IOM
technology needs to faithful and suitable senses of working in organization. They should keep
compactness for work and succeed the company objective.
6.2 Skills needed by Human Resource Management employees:
This department is hired by company for company to hiring a workforce for company
as per the skills and requirement of company so that work can be done skilled full
and under the expertise. It assist in doing work creatively and innovations. In case of
IOM technology the members should hire a skilled employees and talented
employees so that production can increase moreover they should implement the new
schemes regarding employees benefit policies.
6.3 Skills needed by Customer Service employees:
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The team of this area should be calm and cold while talking to the customers and
should have clear and complete knowledge of product and have a ability of handling
Customer softly and patiently. In case of IOM technology they should focus on
providing an appropriate knowledge of product and services to the users and make
them feel comfortable while talking.
6.4 Skills needed by Finance employees:
Individuals appointed in this department has to be loyal and attentive regarding
accounting frauds and legal practices. They should analyze the business position
time to time so that the firm can improve their mistakes and malpractices. In case of
IOM technology the person should write a proper and well summaries accounting
terms or transactions in systematic way so that it can be accountable to the top level
even they should allot a correct amount of money to other departments so that they
can achieve the goals accordingly.
6.5 Skills needed by Research and Development employees:
This method involves the critical thinking skills and mind reading concept of
consumers so that before introducing new offer or new product in market every
thing can be under stable to the researcher and production department(Vieweg,
2021). In terms of IOM technology they should understand the topic of research
properly and be focused on that, so that the target can be seen clearly and I also
the proper planning that how tit should be done and when it should be done.
6.6 Skills needed by Sales employees:
The individual is appointed for promoting the offers of company in target market by
including various activity like camps, digitization, advertising, posters or face to face
interactions. In terms of IOM technology the employees should set s target of selling
goods in market by adding a margin of profit in it by influencing the consumer to be
the dedicated consumer for company.
Conclusion
The above report conclude that the departments are divided as per classification and
skills to make a company and business activity professional and easily running
action for future. As above study the basic need is money in running a business but
these department gives a way to use the capital invested. These all are
interconnected with each other.
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References
Kumar, A. and Mehta, P.L., 2018, November. Internet of Ergonomics: The Network-centric
Functional Framework for Wise User Spaces. In 2018 21st International Symposium
on Wireless Personal Multimedia Communications (WPMC) (pp. 393-398). IEEE.
Viljanen, M., Salminen, J. and Hurmerinta-Haanpää, A., 2020. Functional Contracting: Re-
Conceptualizing Business Contracts in Face of New Forms of Production.
Copenhagen Business School, CBS LAW Research Paper, (20-34).
ZEKUN, R., 2021. Accelerate materials development using Machine learning: from
Photovoltaic to other functional materials.
YUAN, C.J., 2018. IDENTIFY FUNCTIONAL PROTEINS INTERACTING WITH
MMSET IN MULTIPLE MYELOMA.
Lucardie, L., 2018, September. A Functional Transformation of Intellectual Capital. In
European Conference on Knowledge Management (pp. 466-XXII). Academic
Conferences International Limited.
Mauerhoefer, T., Strese, S. and Brettel, M., 2017. The impact of information technology on
new product development performance. Journal of Product Innovation
Management, 34(6), pp.719-738.
Vieweg, S.H., 2021. Digitization: Learnings from Ancient Disruptions, AI and the Digital
Trio’s Functional Stage, and AI Superpowers Disrupting Us. In AI for the Good (pp.
95-142). Springer, Cham.
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