BSc Business Management BMP3004 - Functional Areas in World of Work

This report provides an overview of the functional areas of a business, focusing on IOM Technology Co., Ltd., a company specializing in plastic and electric parts production. It defines a business and its functional areas, highlighting key departments such as marketing, human resource management, customer service, finance, research and development, and sales. The report details the roles and responsibilities of each department, emphasizing the skills required for employees to perform effectively in these areas. It covers essential skills for marketing, HR, customer service, finance, R&D, and sales personnel. The report concludes that these functional areas are interconnected, each playing a crucial role in achieving organizational goals, profitability, and business growth. The document also contains references to support the information. Desklib offers a range of study tools and resources for students, including similar solved assignments and past papers.

BSc (Hons) Business Management with
Foundation
BMP3004
World of Work
Functional Areas
Contents
1.0 Introduction p
2.0 What is a business? p
3.0 What is Functional areas of business – Definition
p
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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
7.0 Conclusion p
References p
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1.0 Introduction
A business is an activity organized and direct to supply offers and work to
the market with goal of earning profit. It is a method of making money
from commercial transactions(Alves and et. al., 2019). This following report is
based on IOM Technology co, Ltd it deals in producing the plastic and
electric parts. it was established in 2001, the company is well known
regional organization based over two sites in Liverpool and Manchester.
2.0 What is a business?
It is an commercial action which is completed by person with an objective of
generating revenue in the return of providing goods and services. It can be classified
with two objectives first is profit oriented organization and second one is non profit
organization.
3.0 What is Functional areas of business - Definition
It consist a group of individuals on the base of functions each perform in the
organization. In every range type of firm required a management areas to run a firm
smoothly and effectively with the mindset of achieving company goals.
4.0 What are the key functional areas of a business?
It determines the departments which assist in creating an effective
business environment are describe below.
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
It refers to activity which is perform to promote the offers or products which is
produce by the company in order to satisfy customer needs(Kirchoff, Nichols and
Rowe, 2019). It includes selling, delivering, products to user according to the
consumer taste and preferences. It is important for increasing awareness regarding
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product. In case of IOM technology they uses advertisement on tv, or offers by
company to promote the business.
5.2 Human Resource Management:
It is known as the person appointed by company for organization to hire a workforce,
provide training and look out at workplace environment and providing an offers of
employees benefits schemes(Kalabina and Belyak, 2020). No matter what is the range
of the company but the most important component of the administration is human
resource person. In extent of IOM technology, the department of this firm hires a
skilled and experienced employees for company as they provide a quality services
so the skilled workers try to come up with new technology and innovations.
5.3 Customer Service:
It is the department which creates a direct one to one interaction between a
consumer and a person representing company. It gives success to business and
ensures the brand image. The basic motive of the individual is to convert the
customer mindset towards the company product in order to increase sales. The IOM
technology has the department of customer executives for customer so that they can
experience the before and after services of the company.
5.4 Finance:
It is like a blood for business without this nothing can done in business. The person
involved in this department has the duty to provide fund to other sectors to ensures
the productivity and profitability(Seno and et. al., 2019). in terms of IOM technology the
finance department of the firm provides a funds to other sources so that they can
proceed their work further in order to assuring their profitability.
5.5 Research and Development:
It is a method of analyzing the market condition to understand the present
requirements before launching a new product in market to predict that the offer will
liked by user or not. It is important technique to grow and improve the industry. In
terms of IOM technology the team does proper researching before introducing new
product in order to see the preview before sales of new offer.
5.6 Sales:
The word is composed with two words that are management and sales. It consider
all marketing activities, advertising, sales, promotion, distribution and pricing. It play
an essential role in constructing a loyalty and trust between person and seller. In
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terms of IOM technology, the authorized body of the industry focuses on
maintaining a dedicated client base for institution. The company usually adapt a new
technique and automatons to attract consumer.
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:
Employees working in merchandising field should be cracking in human activity with
others, have a ability of resolving issues of buyer, accurate and clear knowledge of
product, they should be inventive and advanced so they can adjust as per
technology changes(Bag and et. al., 2020). The employees of IOM technology needs
to accurate and appropriate senses of working in organization. They should be more
concentration towards work and achieving the company objective.
6.2 Skills needed by Human Resource Management employees:
1. dedicated man power is the person who is selected by company for company
to working in company to hire a workforce for organization. They create a
secure and efficient environment at workplace by understanding the firm
requirements and workers too. The skills must having with them while
working communication skills, administrative expert, HRM knowledge, pro-
activity, advising, etc. the individuals of IOM technology should hire a skilled
employees that can create a effective production level in organization so that
the organization goal can be achieve in a effective manner.
6.3 Skills needed by Customer Service employees:
The ability needed by consumer executive are powerful speaker, they should have
ability of communicating very well with customers and in soft pitch. They should have
a capability of converting rude speaker in a cold and calm speaker. They must have
quality of accommodate things quickly, having clear-cut abstraction skills, self
control and having a overflowing knowledge of product(Kolb and Schmidpeter, 2017).
skill needed to the employees of IOM technology they should focus on speaking In
soft pitch and calm tone so that customer can feel comfortable and feel free to talk.
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6.4 Skills needed by Finance employees:
they should use a broad scope of skills to balance budgets and urge investments.
They must create a clear accounting records that could be under stable by upper
level to understand the exact position of business. Their duty is to create the books
and accounting practices like tax reports inflow and outflow of capital in business.
the skills need to the members of IOM technology are that they have record
appropriate accounting transaction which are related to business and they should
focus on earning more profit by controlling cost of production.
6.5 Skills needed by Research and Development employees:
The Ability required in this department is good learning skills and observation skills
these two are basic skills that can be analyze the market condition. The added
quality person must have are great in thinking and reasoning skills, having good
communication skills, knowledge of solving problems and logical thinking
skills(Herath and et. al., 2019). The employees of the IOM technology should have
power of solving problems in the organization or out of organization they must see
the opportunities in the market and convert them in business skills.
6.6 Skills needed by Sales employees:
The skills needed by this area person are they must be active and representative,
having good knowledge of offers an goods, ability of building good relationship, he
should be active listener, the person should be goal adjusted and aflame about
selling. The quality required to the workforce of the IOM technology, they must be
good observer and ability of changing mindset of consumer and power of convening
customer and have a mind set of selling goods.
Conclusion
From the above report it is conclude that the various function areas of business are
related to each other. Every sector have different duties and roles to perform. the
basic work of the associate is to achieve a goal and objective in a systematic way
and reducing complaisance. The main motive of all the functions of working together
is to have a profitability and growing business.
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References
Alves, R and et. al., 2019. Functional and environmental impact analysis of urban deliveries
in a Brazilian historical city.
Case Studies on Transport Policy, 7(2), pp.443-452.
Bag and et. al., 2020. Procurement 4.0 and its implications on business process performance
in a circular economy.
Resources, conservation and recycling, 152, p.104502.
Herath and et. al., 2019. Functional Disorganization. In
Business Plasticity through
Disorganization. Emerald Publishing Limited.
Kalabina, E. and Belyak, O., 2020. Cross-functional team as a high-performance practice for
sustainable development of Russian companies. In
E3S Web of Conferences (Vol.
208). EDP Sciences.
Kirchoff, J.F., Nichols, B.S. and Rowe, W.J., 2019. The impact of functional integration on
perceived risk and consumer-based brand equity.
Journal of Strategic Marketing,
27(2), pp.136-150.
Kolb, M., Fröhlich, L. and Schmidpeter, R., 2017. Implementing sustainability as the new
normal: Responsible management education–From a private business school's
perspective.
The International Journal of Management Education, 15(2), pp.280-
292.
Seno and et. al., 2019. Cross-functional interconnectedness as an enabler of customer value.
Journal of business & industrial marketing.
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