BMP3004 World of Work: Analysis of Functional Areas and Skills

This report provides an overview of the world of work, focusing on key business functional areas such as marketing, human resource management, customer service, finance, research and development, and sales. It defines business as an economic activity aimed at earning profit and emphasizes the importance of various functional areas in achieving business goals. The report details the specific skills required for employees to effectively perform in each functional area, including communication, problem-solving, interpersonal skills, tech-savviness, patience, adaptability, negotiation skills, and time management. It concludes that understanding these functional areas and skill requirements is crucial for individuals navigating the professional landscape. Desklib offers a platform for students to access this document and explore more resources like past papers and solved assignments.

BMP3004
World of Work
Functional Areas
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Contents
1.0 Introduction 3
2.0 What is a business? 3
3.0 What is Functional areas of business – Definition
3
4.0 What are the key functional areas of a business?
3
5.0 Description of the various functional areas in business
organizations 4-5
5.1 Marketing 4
5.2 Human Resource Management 4
5.3 Customer Service 4
5.4 Finance 5
5.5 Research and Development 5
5.6 Sales 5
6.0 Description of the types of skills needed by employees
to be able to work effectively in these functional areas
5-7
6.1 Skills needed by Marketing employees 5
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
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6.6 Skills needed by Sales employees 7
7.0 Conclusion 7
References 9
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1.0 Introduction
The world of work is referred to the various things such as jobs, occupations,
employees, employers, promotion, paycheck, etc. All these things are considered
under a different label such as organizations and employees. All the mentioned
things are experienced differently. A world of work makes a positive difference in a
person’s life where the individual has various co-workers and it allows the person to
grow. Work is something that is done by everybody in order to earn a living. Work
enables a person to survive which can be characterized by division of labour. The
report revolves around the study of the concept of business and its functional areas
(Degryse, 2017).
2.0 What is a business?
Business is referred to an economic activity which is done with the purpose of
earning profit. A business organization can be engaged in various professional,
commercial or industrial activities in order to earn profit. A business can be
established under various legal statuses such as sole proprietorship, partnership,
Limited Liability Company, etc. A business involves enormous efforts in order to
produce and sell the goods and services of the organization with profit. The definition
of business has broadened and at present the business is not just limited to the
extent of earning profits. There are various business organization that run as a non-
profit organization (Gilligan and Arnau‐Sabatés, 2017).
3.0 What is Functional areas of business - Definition
Each business has to perform various tasks in order to accomplish the goals
of the business. The functions are performed by the various businesses despite of
the nature of the business and despite the size of the business. The functions are
the tasks that are performed by the businesses such as bill payment, customer
services, buying stocks, etc. In the case of a small business these tasks are
performed by a single person but in the case of big organizations the business needs
to employ various people in order to complete the tasks.
4.0 What are the key functional areas of a business?
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An organization consists of various functional areas. The various functional
areas include finance, marketing, sales, Human resource, customer service and
research and development. Each function has its significant and distinct tasks to
perform. Also organization needs to hire employees for each function so that the task
can be accomplished in a professional manner. The employee of each functional
department needs to have some specific and distinct skills that are required to fulfill
the goals and objectives of the organization in accordance to the function.
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
Marketing function is a broader term in aspect of sales. The function of
marketing department starts even before the production of the goods and continues
even after the goods have been sold. The function of the marketing department of
the organization is to convey the product in the market and all the necessary details
in aspect of the product that can be required by the customers or the potential
customers. The marketing function is a crucial function that helps in sales generation
of the organization (International Labour Organisation (ILO), 2020).
5.2 Human Resource Management:
The human resource management work deals by being answerable for
employing the perfect individual at the perfect spot and at the ideal opportunity with
the right abilities. The human asset office additionally addresses the questions of the
workers and is capable to keep a sound climate at the association. The division
capacities to hold the workers and furthermore for giving them the necessary
preparing to work well.
5.3 Customer Service:
All associations should really focus on customers or clients who have a
solicitation, concern, or complaint. Today, customer suppositions are high. Exactly
when people contact a business, they expect a brief, affable, and capable response.
But on the off chance that they get a huge level of organization, they are most likely
going to take their business elsewhere later on. Subsequently, various associations
have customer care staff or a customer help division, where arranged staff handles
demands and fights determinedly and expertly. This doesn't infer that other staff can
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dismiss customers and their necessities. It simply infers that one social event has
some mastery in aiding customers (Kintu, Kitainge and Ferej, 2019).
5.4 Finance:
Finance is considered as the most important function of an organization
wherein the finance department aims to have a report of all the inflows and outflows
of cash in the business. The finance department keeps a track of all the incomes and
expenditures of the business in the organization. The function of the finance
department is to establish the budget, ascertain the financial position of the business
and interpret the efficiency of the business in aspect of revenue and profits (Lips-
Wiersma and Morris, 2017).
5.5 Research and Development:
This capacity is worried about new thing headways similarly as improvements
to existing things or item contributions. In various endeavors, it incorporates thing
design too. Upgrades to existing things are much of the time constant on account of
measurable reviewing or customer analysis. New things may be made because of
legitimate or mechanical sensible advances, similar to cells, new drugs, and satellite
course systems.
5.6 Sales:
Sales are an essential limit with regards to all associations. It is immaterial
having magnificent things or organizations if no one gets them. Consequently, most
associations have bargains centers as a part of their focuses and objections.
Meeting these is the commitment of the business staff or effort bunch. .
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 skills required for the employees of Marketing are as follows-
 Communication- Communication skills are quite important for a marketing
employee in order to communicate about the brand, organization, product or
services with the employees.
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 Problem solving- The problem solving skills are necessary for the marketing
employee in order to deal with the issues and challenges that come in the way
during the marketing process.
 Interpersonal skills- The interpersonal skills are important for a marketing
employee in order to deal with the various stakeholders of the organization.
This facilitates proper flow of communication among the employees (Lingam,
Lingam and Sharma, 2017).
6.2 Skills needed by Human Resource Management employees:
The skills required for the employees of Human resource management are as
follows-
 Communication- Communication skills are quite important for a Human
resource management employee in order to represent the organization that
further leads to building image of the organization.
 Tech savvy- The employee needs to possess technological skills so that they
can tackle with the HR software at the organization.
 Patience- The employees need to have huge patience in order to deal with
the minutest issues in the organization while trying not to lose temper.
6.3 Skills needed by Customer Service employees:
The skills required for the employees of Customer Service are as follows-
 Speaking skills- The employees of customer service need to possess good
speaking skills in order to communicate and interact with the customers.
 Listening skills- The listening skills are important in order to listen complaints
and feedbacks of the customers patiently and carefully so that they can be
provided with solutions.
 Adaptability- The customer service employees need to be flexible and
adaptable to various situations in the organizations that may occur in future
and act to every different situation accordingly.
6.4 Skills needed by Finance employees:
The skills required for the employees of Finance are as follows-
 Communication- The finance employees need to have good communication
skills in order to communicate the proper financial position of the organization
to its various stakeholders (Gardella, 2018).
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 Negotiation skills- The employees need to have good negotiation skills in
order to deal with the situation during the joint ventures so that both the
parties are equally benefitted.
 Adaptability- The employees need to be flexible enough to deal with the
various unforeseen and unexpected changes that may occur in the
organization and can adapt to the situation immediately.
6.5 Skills needed by Research and Development employees:
The skills required for the employees of Research and Development are as follows-
 Problem solving- The employees of research and development need to have
problem solving skills in order to tackle with the challenges of the
organization.
 Time management skills- Time management skills are important in order to be
a multi-task person and manage various activities within the same tenure and
within the decided limit.
 Technophile- The employees of research and development need to possess
knowledge of the latest technologies in order to adapt the feasible ones to
benefit the organization.
6.6 Skills needed by Sales employees:
The skills required for the employees of sales are as follows-
 Communication skills- The employees need to have good communication
skills in order to communicate the products and services to the buyers.
 Listening skills- The listening skills are important in order to identify the
demands of the buyer and respond accordingly.
 Negotiation skills- The negotiation skills are important in order to fix the most
feasible prices with the buyer in order to make sure that steep discounts are
avoided (Ginevra and Nota, 2018).
Conclusion
It can be concluded that it is very important for an individual to possess
knowledge regarding the world of work. The world of work is referred to the various
things such as jobs, occupations, employees, employers, promotion, paycheck, etc.
All these things are considered under a different label such as organizations and
employees. The study focuses upon the concept of business which defined business
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as an economic activity which is done with the purpose of earning profit. Each
business comprises of various functions that need to be performed by the business.
The study focuses upon the various functions such as finance, human resources,
research and development, marketing, sales and customer services along with the
skills required by the employees to be employed for the specific functions.
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References
Books and Journal
Degryse, C., 2017. Shaping the world of work in the digital economy. ETUI Research
Paper-Foresight Brief.
Gardella, L.G., 2018. Repair the world: Group work in the deggendorf displaced
persons center, 1945-1946. Groupwork, 28(1), pp.8-29.
Gilligan, R. and Arnau‐Sabatés, L., 2017. The role of carers in supporting the
progress of care leavers in the world of work. Child & Family Social Work,
22(2). pp.792-800.
Ginevra, M.C. and Nota, L., 2018. ‘Journey in the world of professions and work’: A
career intervention for children. The Journal of Positive Psychology, 13(5),
pp.460-470.
International Labour Organisation (ILO), 2020. COVID‐19 and the World of Work:
Country Policy Responses.
Kintu, D., Kitainge, K. and Ferej, A., 2019. An exploration of strategies for facilitating
graduates’ transition to the world of work: A case of technical, vocational
education and training graduates in Uganda.
Lingam, G., Lingam, N. and Sharma, L., 2017. Educational reforms and implications
on teachers' world of work: Perspectives of Fijian primary teachers. Australian
Journal of Teacher Education (Online), 42(1), pp.19-35.
Lips-Wiersma, M. and Morris, L., 2017. The map of meaning: A guide to sustaining
our humanity in the world of work. Routledge.
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