BMP3004 Report: Functional Areas of Business at IOM Electronics Ltd

This report provides an analysis of the functional areas within a business, specifically focusing on IOM Electronics Ltd, a company recently acquired by a young entrepreneur. The report defines a business and its functional areas, highlighting key departments such as marketing, human resources, customer service, finance, research and development, and sales. It details the roles and responsibilities of each department and the essential skills required for employees to perform effectively within those areas. The report emphasizes the importance of understanding these functional areas for successful business management and strategic decision-making, particularly for new business owners like John seeking to expand and improve their operations. The analysis includes the skills needed by employees in each functional area, such as research, technical, and analytical skills for marketing; communication, problem-solving, and decision-making skills for human resources; and persuasive, empathetic, and communication skills for customer service. Desklib provides access to this and other solved assignments to aid students in their studies.

BSc (Hons) Business Management with
Foundation
BMP3004
World of Work
Functional Areas
Submitted by:
Name:
ID:
Contents
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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
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7.0 Conclusion p
References p
3

1.0 Introduction
The business management can be done with the help to understand the various areas
and aspects of the business that can help in making the strategies and decisions for the
successful operations of the organization (Nalawade and et.al., 2019). As per the case study
John is 21 years old and bought a company IOM electronics LTD and requires advice to
understand the business. The report will explain about the various aspects of a business that is
required to be analysed for the successful operations of the company. The aim of the report is
to understand and analyse the various aspects that can affect the successful operations of the
organization.
2.0 What is a business?
The business can be explained as the operations in which an organization and the
entities engages commercially with a view of achieving profits (Sheppard, Yeon and London,
2018). Business can be defined as the activities that keeps the entities engaged in working
hard and making the organization to achieve various goals and future objectives. In the case
study the IOM electronics LTD is a leading organization that is providing the services of the
electronic appliance and parts. The organization is operating at two sites with 200 employees.
The organization is a well-known regional company that is successfully providing the
services and products to the customers from the time of its incorporation.
The business is successful and has the huge investments from the new CEO John who
is a 21 year old person who purchased the company and running it by himself. John is
looking to expand the business and understand the various factors and aspects of his business
so that he can run the organization more successfully and efficiently.
3.0 What is Functional areas of business - Definition
The functional areas of the business is consisted with the team and the group of
employees who are skilful and expert in their operations. The areas can be analysed that there
are various departments in the organization that can help the business in achieving the various
objectives and goals by working together and effectively (Brondoni, 2018).
The 200 employees of the IOM electronic LTD are employed into various departments of the
organization in the cities Manchester and Liverpool. The functional areas of the business runs
and handles the different operations of the organization by dividing the different operations
of the company into various types of departments that handles the various operations and
tasks.
4.0 What are the key functional areas of a business?
There are various types of the key functional areas that can be found in the business
that contributes in the growth of the organization and achieving the goals and objectives. The
areas are functional for the business in a manner that it can provide the business with the
various benefits for the organization (Fatehi and Choi, 2019). The functional areas for the
IOM electronic LTD are different from others as the business is electronic and technology
driven that requires specific functional areas that can help the company in achieving the
business goals and run as a successful organization in the UK.
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 Sales- The department handles the various operations that are related to the sales of
the company.
 Marketing- The department works as the face of the company and provides the
information of the company to the customers.
 Human resources- The human resources are responsible for providing the
organization with the best employees for the various departments and operations.
 Equipment and technology- The department manages to help the organization by
providing the company with the various technology and equipments required for the
operations (Alanazi, 2021).
 Operations- The operations department is responsible for all the operations that are
required to be handled by the organization and its projects.
 Finance- The finance department is one of the main department in an organization as
it helps in handling the operations of the company related to the money and
transactions.
 Research & development- The research and development department plays an
important role in achieving the innovation and improvement in the product or services
of the company.
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
The marketing department plays an important role in the success of the organization
and making the business to achieve the various goals of the business. The marketing
department works as the face of the company that is presented in front of the customers. The
marketing department of the IOM electronic LTD is capable to handle the various operations
such as co-ordinating and producing the materials that represents the business to the people.
5.2 Human Resource Management:
The human resources department is the department that provides the company with
the best of the employees so that the organization can have the best staff that are working on
the operations of the business. The human resources management of the IOM electronic LTD
has appointed the best 200 employees to the various departments. The employees are capable
enough to handle the day to day operations very effectively (DaSilva, 2018).
5.3 Customer Service:
The customer service department plays one of the important roles in the organization
as it helps the company in improving the relationship of the customers with the company.
This helps the business by making the people to trust the company because the customer
services are given with a view that the services are required to be the best (Geissdoerfer and
et.al., 2020). The department of customer services of the IOM electronic LTD are skilful
enough in providing the customers with the best services possible. The department manages
to provide the company with the better and improved relationship with the customers so that
the customers stay loyal to the company and the retention of the customers remains high in
the business.
5.4 Finance:
The finance department of the organizations are very helpful in achieving the various
financial benefits for the business. The department helps the organizations in fund raising and
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implementing the various operations related to the money (Täuscher and Laudien, 2018).The
department is also responsible in handling the tax related operations and its compliance. The
finance department of the IOM electronic LTD is capable to provide the company with the
various benefits by handling the funds of the organization. The department also monitors the
flow of income and expenditure of the company so that the organization can have the record
of the transactions.
5.5 Research and Development:
The research & development department of the organizations helps the business in
achieving the new and innovative ideas in the business. The research & development
department of the IOM electronic LTD helps the company by achieving the innovation in the
products of the company.
5.6 Sales:
The sales department is one of key functional areas of the business as it helps in the
growth of the business by managing the sales of the services and the products of the business
(Mayer, 2018). The sales department of the IOM electronic LTD are capable enough to
handle the various operations of the organization related to the sales and the sales operations
of the business.
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 work in effective manner, each candidate that work in a marketing
department may have set of certain skills, such as good research competence, technical,
analytical, innovative, critical thinking, etc.
6.2 Skills needed by Human Resource Management employees:
They may also need to work with some important skills such as effective
communication, flexible, problem solving, decision-making, ICT, collaborative. It is essential
to have more skills like interpersonal, which play important role to make them successful
(Farid and Taher, 2021).
6.3 Skills needed by Customer Service employees:
The best way to work in CSR department is utilization of skills such as persuasive,
empathy, communication, collaborative, self-control, positive language, etc.
6.4 Skills needed by Finance employees:
It is necessary for candidates that work in account department to have analytical
thinking, accounting, financial, cash flow management, financial management, business
intelligence and other types of skills. Each skill they may utilize in appropriate way to obtain
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desire outcomes (Dachner and et.al., 2021).
6.5 Skills needed by Research and Development employees:
They may require utilizing time management, communication, research, collaborative,
team work and multitasking capabilities that help to obtain and provide expect results to each
stakeholder. It may help to achieve strategic aims and objectives of a company, where they
work in the workplace.
6.6 Skills needed by Sales employees:
Communication, problem solving, organizational and interpersonal as well as active
listening skills are required to have and use in the sales department by the employees (Nduati
and Wanyoike, 2022).
Conclusion
Thus, it can be concluded that the organizations are required to analyse and innovate
the various aspects of the business for the successful operations of the company. The various
factors of the business such as the key functional areas of the business and the skills that are
required to be given to the employees can help the business in achieving the various
objectives and goals. The case study of John and the IOM electronic LTD can help in
understanding that the business can achieve the success in its operations and the factors of the
business can be analysed with the help of understanding the key functional areas of business
and its employees.
References
Farid, K. and Taher, J., 2021. The Impact of Skills Development on
Employee Performance. International Journal of Computer
Science & Network Security. 21(11). pp.278-286.
Dachner, A.M. and et.al., 2021. The future of employee
development. Human Resource Management
Review. 31(2). p.100732.
Nduati, M.M. and Wanyoike, R., 2022. Employee performance
management practices and organizational
effectiveness. International Academic Journal of Human
Resource and Business Administration. 3(10). pp.361-378.
Alanazi, M.H., 2021. Towards a further step in understanding business excellence models: a
comparative approach. Benchmarking: An International Journal.
Brondoni, S.M., 2018. Competitive Business Management and Global Competition. An
Introduction. In Competitive Business Management (pp. 21-42). Routledge.
DaSilva, C.M., 2018. Understanding business model innovation from a practitioner
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perspective. Journal of business models. 6(2). pp.19-24.
Fatehi, K. and Choi, J., 2019. International business management. Springer.
Geissdoerfer, M. and et.al., 2020. Circular business models: A review. Journal of Cleaner
Production. 277. p.123741.
Mayer, C., 2018. Prosperity: Better business makes the greater good. Oxford University
Press.
Nalawade, R.K. and et.al., 2019. Employability Skills Required for Functional Areas of
Management. IUP Journal of Soft Skills. 13(1).
Sheppard, B., Yeon, H. and London, S., 2018. Tapping into the business value of design. The
McKinsey Quarterly.
Täuscher, K. and Laudien, S.M., 2018. Understanding platform business models: A mixed
methods study of marketplaces. European Management Journal. 36(3). pp.319-329.
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