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Introduction to Business - Etsy

   

Added on  2021-01-03

9 Pages2538 Words47 Views
Introduction to business1

Table of ContentsINTRODUCTION3MAIN BODY3LO 1 Functional areas of business and the hierarchy of management3LO 2 Communication central to leadership and management and effective interdepartmentalcommunication5LO 3 Current drivers of globalisation and their impact on the businesses5LO 4 Comparison of two styles of leadership or management and the most suitable style formodern global organisation6CONCLUSION7REFERENCES82

INTRODUCTIONBusiness can be defined as an activity of making money by buying and selling goods andproducts. Etsy is an E-commerce website that focuses on craft, vintage & handmade suppliers. Itahs around employees and operates in a wide range of categories like Bags, Jewellery, clothing,home decor etc. This study will show and cover the importance of functions and functionalareas of any type of business and hierarchy of management. With the help of hierarchicalorganisational structure of a business, a company can manage its processes and all the activitiesin an effective manner (Bush, Bell and Middlewood, 2019). This present report will also showthe drivers of globalisation like competition etc that have an impact on the business’sperformance. Leadership style also play an important role in an organisation as manager andleader can motivate their employees towards achieving organisational goals.MAIN BODYLO 1 Functional areas of business and the hierarchy of managementEvery type of businesses has some functional areas like finance, accounting, HR,customers services that plays an important role as all the functions and areas help manager ofEtsy in achieving their goals by effective management. Functional areas refer the teams ofemployees who have similar knowledge and expertise such as: Sell department of a companythat is a common area of function and staff in this area focus on selling the products of company.Management: In business and Etsy, the first role of managers is to supervise performance of thepeople. Most activities of management fall into the following categories:Planning: The first and foremost work of manager of Etsy is to make goals and after makinggoals it is very important for them to plan accordingly. For achieving all the determined goalsthey make strategies and planning for executing all the functions in an effective manner (Gopeeand Galloway, 2017).Organizing: After making planning, it is require organising all the functions and operations byusing all the organisational resources. The main aim of organising is to operate all the processeseffectively.Controlling: Controlling is other step of management function. In order to see and analyse thatall the functions and processes are on the right track, manager of an organisation need to spenttheir time on controlling. The main aim of controlling is to reduce errors in processes and thentake the corrective actions accordingly.3

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