BSc Business Management BMP3004: Analyzing Key Business Functions

This report provides an overview of the functional areas within a business organization, emphasizing their importance in achieving organizational goals. It defines a business and its various forms, then delves into the key functional areas such as marketing, human resource management, customer service, finance, research and development, and sales. Each area's role is described, highlighting their contribution to business operations and overall success. The report also examines the skills required for employees to perform effectively in each functional area, including communication, teamwork, problem-solving, and technical expertise. The conclusion reinforces the significance of these functional areas in ensuring business efficiency, sustainability, and achieving desired outcomes in the competitive marketplace. The document is available on Desklib, a platform offering a range of study tools and solved assignments for students.

BSc (Hons) Business Management with
Foundation
BMP3004
World of Work
Functional Areas
Submitted by:
Name:
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Contents
1.0 Introduction 2
2.0 What is a business? 2
3.0 What is Functional areas of business – Definition
2
4.0 What are the key functional areas of a business? 3
5.0 Description of the various functional areas in business
organizations 3
5.1 Marketing 3
5.2 Human Resource Management 4
5.3 Customer Service 4
5.4 Finance 4
5.5 Research and Development 4
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
6.1 Skills needed by Marketing employees 5
6.2 Skills needed by Human Resource Management employees
5
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 6
6.6 Skills needed by Sales employees 6
7.0 Conclusion 7
8.0 References 8
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1.0 Introduction
The reason behind successful company is their effective way of organizing
employees into the functional areas. In order to achieve organizational goals effectively
and efficiently it is important to group staff with similar skills and abilities. Furthermore,
aids the manager to effectively review the work done by the staff. It assist in creating
strong bond amongst the staff, since they work on similar functions and share their area
of expertise (Tann and Scott, 2021). The main reason behind separating the business
operations into different functional areas allows to work efficiently. Planned and
systematically managed business enhances the chance of success and growth for long
term. The report highlights various functional areas in the business organization. It even
examines the types of skills requires by employees to work effectively in their respective
functional areas.
2.0 What is a business?
A business is refers to an organization which deals in commercial, industrial
or in professional activities. The term includes the activities as well as efforts of
individuals to produce and sell goods or services with the aim of earning profits.
While there are some organizations which engages in non- profit making activities
i.e. for social purpose or charitable cause (Gould and et. al., 2021). The business
ranges from small enterprises to large industries. There are various kinds of
business such as sole proprietorship, partnership, Corporation, Limited Liability
Company (LLP) and corporative.
3.0 What is Functional areas of business - Definition
Organizations comprises various functional areas of business each of which
focus on to support and contribute their best towards the organizational goals. Each
functional area serve its own purpose with an aims to achieve the organizational
objectives. Reason for separating the business operations into distinct functional
areas assist to operate within the area of expertise and ultimately increases the work
efficiency in the organization. For instance many companies have Research and
Development (R&D) department so as to gain competitive advantage in the market.
These business functional domains differ depending on the nature and size of the
organization.
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4.0 What are the key functional areas of a business?
Each functional areas carries out their own tasks with an aim to contribute
their best towards the organizational goals (Keeler, 2021). The main aim of these
functional areas is to ensure that the business operations are conducted effectively
and efficiently. The key functional areas of the business are:-
 Marketing
 Sales
 Human Resources
 Finance
 Research and Development
These specific areas have the certain responsibilities such as human resources
department aims to involve in activities of training and recruiting so as to provide the
organization with efficient workforce. The functional areas varies with the
organizations depending on the type of work. For example retailers does not requires
production function.
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
Marketing is crucial functional areas as it aids the business through customer’s eyes.
This function is all about identifying the evolving needs and demands of the
customers. The organization uses the marketing mix as their strategic tool to better
understand the market conditions. The marketing mix consist of Ps:-
 Product
 Price
 Promotion
 Place
The department analyses the market conditions and obtain the feedback from
the potential customers. Furthermore, engages in promotional activities through TV,
radio, direct mail and so forth. Nowadays, many companies have shifted to digital
and social media marketing to attract wide range. The department helps in targeting
and segmenting audience effectively.
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5.2 Human Resource Management:
The vital assets of the company is its human resource. The HR is responsible
for recruiting and hiring skilled workforce in order to achieve the desired goals
efficiently (Liu and et. al., 2021). The process of recruiting and selecting is time
consuming but need to be done appropriately as one wrong employee can shutter
the image of the organization. The HR department focus on arranging proper training
and development of the employees and further, helps to increase the morale
amongst the employees so that they contribute best towards the common goals.
Furthermore, resolve the employees’ grievances and keep proper record of the
disciplinary actions and their outcomes. Maintaining the staff records and monitoring
the working conditions are also the main functions under this department.
5.3 Customer Service:
The main objective of the business is to attain customer satisfaction as the
expectations of the customers are high. The business is require to effectively look
after their potential customers and resolve their queries or complaint. This area helps
in solving the queries of the customers related to products or services offered. The
aim of this functional area is to provide specialist knowledge and advice to the
customers to meet their demands. The staff under this area require to have effective
skills and knowledge to handle their customers. The function even make use of
consumer feedback to improve the service or product (Perkin and Abraham, 2021).
5.4 Finance:
This functional area is crucial for achieving business objectives by improving
the profits and lowering costs. It is the most important function in the organization as
all the business needs sufficient income to pay off the expenditures. The
organization hires financial experts to organize the area effectively. The department
also monitors the budgets and ensures whether managers are not overspending.
This area also aid the senior managers in respect of financial sources for capital
expenditure.
5.5 Research and Development:
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This functional area is essential for manufacturing businesses. The staff of R&D
comprises of skilled workforce such as scientists, experts, analysts and so on to
provide the knowledge as well as to sustain in the competitive market. The function
aims to devise innovative products and improving the existing ones. In most of the
organization the function includes the product design. The staff of R&D department
focus on manufacturing products at a reasonable cost. For instance, in
pharmaceutical industry, the R&D department assist the scientist to conduct
research and develop new medicines and drugs.
5.6 Sales:
Sales is crucial function for the businesses. Organization trains the sales staff
to increase the sales by effectively addressing the needs of the customers. Most of
the organization set their sales target and acquire skills staff to accomplish their
target. There is strong connection between marketing and sales and many business
has joint department (Gasparin and et. al., 2021). The role of sales is to pass on the
feedback of the customers to the marketing department. The sales staff must be
skilled and must know laws to protect customers. Employing skilled sales person can
aid to build strong links between the customers and even helps to encourage the
revenue.
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 key skills for marketing executives includes:-
 Teamwork skills
 Communication skills
 Creativity skills
 Interpersonal skills
 Adaptability
6.2 Skills needed by Human Resource Management employees:
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The skills which are require by the Human Resource Management employees
for achieving the organizational goals successfully are as follows:-
 Communication skills including non-verbal communication
 Flexibility in acquiring the policy changes
 Critical thinking skills to resolve the grievances of the staff effectively
 Require to take ethical actions
 Negotiation skills
6.3 Skills needed by Customer Service employees:
Following are skill require in by the customer service employees:-
 Efficient listening skills
 Conflict resolving skills (Calafiore and et. al., 2021)
 Must have clear communication and other interpersonal skills
 Fluent in respective language
 Possess decision making
6.4 Skills needed by Finance employees:
 Expert in the area of finance
 Effective knowledge of technology
 Problem resolving skills
 Expertise in management
 Interpersonal skills
6.5 Skills needed by Research and Development employees:
 Qualitative and Reasoning skills
 Analytical thinking skills
 Technological knowledge
 Analysts
 Flexibility
6.6 Skills needed by Sales employees:
 Communication skills
 Confidence and ability to build strong relationships
 Emotional intelligence
 Knowledge of the product or service
 Time management skills
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Conclusion
The above report concludes the importance of the functional areas in the
organization. The report briefly discussed the key functional areas in order to better
understand the business operations. These functional areas aids the organization to
achieve the desired goals as well as sustainability in the marketplace. The report
also examined the different types of skills require by the employees to work
effectively and efficiently in the functional areas. These skills are necessary to
increase the work efficiency in the organization.
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References
Calafiore and et. al., 2021. A geographic data science framework for the functional
and contextual analysis of human dynamics within global cities. Computers,
Environment and Urban Systems. 85. p.101539.
Gasparin and et. al., 2021. Business as unusual: A business model for social
innovation. Journal of Business Research. 125. pp.698-709.
Gould and et. al., 2021. Building, sustaining and growing: disability inclusion in
business. Equality, Diversity and Inclusion: An International Journal.
Keeler, H.R., 2021. Foundations of Library Services: An Introduction for Support
Staff (Vol. 7). Rowman & Littlefield Publishers.
Liu and et. al., 2021. Characterizing the polycentric spatial structure of Beijing
Metropolitan Region using carpooling big data. Cities. 109. p.103040.
Perkin, N. and Abraham, P., 2021. Building the agile business through digital
transformation. Kogan Page Publishers.
Tann, K. and Scott, A., 2021. Bridging disciplinary knowledge: the challenge of
integrating EAP in business education. Higher Education. 81(3). pp.453-470.
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