Business Functional Areas, Skills and IQM Electronic Limited Report

This report provides a comprehensive overview of various functional areas within a business, with a specific focus on IQM Electronic Limited. It begins by defining what a business is and then delves into the key functional areas such as management, operations, marketing, accounting, and finance. The report describes the roles and responsibilities within each area, highlighting the importance of customer service, human resources, research and development, and sales. Furthermore, it outlines the essential skills required for staff to perform their work effectively in different functional areas, including communication, problem-solving, decision-making, and organizational skills. The conclusion emphasizes the significance of understanding these functional areas and the skills needed for success in a business environment. The report also includes references to relevant books and journals to support the analysis.

BUSINESS

Table of content
INTRODUCTION.........................................................................................................................3
MAIN BODY..................................................................................................................................3
What is business...........................................................................................................................3
Explain Functional areas of business...........................................................................................3
What are important functional areas of organisation...................................................................3
Description of different functional areas within business organizations.....................................5
Explain skills required by staffs to be capable to perform work appropriately in various
functional areas............................................................................................................................6
CONCLUSION..............................................................................................................................6
REFERENCES..............................................................................................................................8

INTRODUCTION
A business is considered as an organisation that is engaged in industrial, professional as well
as commercial activity. The business focuses on increasing contribution of individual person to
manufacture and marketing of products and services for increasing profit margin in future period
of time. In given report, the company is taken as named as IQM Electronic Limited. The
organisation is famous regional company with 200 subordinates depend upon two sites within
Manchester as well as Liverpool. In this report, there is a discussion regarding different
functional area of business such as marketing, customer services and many more. In addition to
this, there is different kind of skill required by subordinate to perform their work in different
functional area (Boone, Kurtz and Berston, 2019).
MAIN BODY
What is business
The business is considered as an organisation that is engaged in industrial as well as
professional activity. The business can be determined as for profit organisation and non-profit
company which execute to satisfy mission or social purpose. Therefore, the business signifies
organised contribution and functions of individual person to marketing its product and services
for increasing profit margin in future period of time.
Explain Functional areas of business
There is different functional area of organisation including strategy finance, HR as well
as operation. Therefore, the business manager focuses on increasing understanding level of this
kind of area that is connected to individual organisation during particular phase of time period.
There are different functions or activity which is performed by various activities within a
company that are executed and monitored.
What are important functional areas of organisation
There are various important functional areas of organisation that is going to be mentioned
below:
Management the main role of management team is to monitor and supervise performance
of another individual person. There is different kind of activity including in management that is
given below:

Planning: the manager focuses on setting goal of organisation and they focus on
maintaining strategy that must be implemented in order to achieve goal.
Organising the manager focus on organise operation and activity of organisation in
appropriate manner that enable company to adopt resources in an appropriate manner.
Controlling herein, the management team focus is on controlling different activities and
function within business organisation to make sure that help in accomplishing goal in timely
manner.
Leading the manager focuses on leading its team members for perform different task in
proper way.
Operations are determined as a factor in which input conversion into finished good. The
operational manager focuses on various operations of day-to-day organisation that helps in
converting raw material into finished goods according to need and want of its user.
Marketing signifies need and want of customer and to satisfy that kind of need. The
functions of marketing involve promoting products and services considering how product and
services will delivered and improving price strategy in order to capture larger share of market
and achieving competitive advantage at marketplace (Freeman, 2018).
Accounting the accountant focuses on data needed to take decision regarding assigning
resources of organisation. This kind of area is responsible for appropriately representing
financial transaction related to organisation to other parties which is government, owner and
many more. Therefore, they are responsible for preparing balance sheet to assist organisations in
inner or outside company that underlies financial strength during particular phase of time period.
Finance this is connected to accounting, the functions of finance assists in planning,
obtaining, handling finance of organisation. The financial manager focuses on analysing need
and requirement of capital and assesses the effect of borrowing during particular phase of time
period. Therefore, in context of IQM Electronics Limited, there are different kinds of function
which must be followed by individual person during particular phase of time period.

Description of different functional areas within business organizations
There are different kind of functionality of business organisation like sales, marketing, HR
customer services which is adopted by IQM Electronics Limited that is going to be mentioned
below:
Customer services the business organisation look after user and as well as client who
possess concern & complaint. In present time, the expectation of customer is high therefore it is
necessary for chosen organisation to focuses on need and want of customer in order to satisfy
them. Therefore, then main focus is to satisfy its user by satisfying their need.
The finance is determined as most significant activities within business organisation. The
staff maintained all money that is spent so that the management team always understand how
much income or expenditure is made in every organisation and how much cash is presently held
by organisation during particular phase of time period. Thus, the chosen organisation focuses on
appropriately handle finance department during the period of time (Maylor, Blackmon and
Huemann, 2016).
Human resource functions the HR focuses on recruiting new subordinate and providing
training that help in performing different functions and activities in an appropriate manner. Their
main purpose is to motivate subordinate to perform their functions in proper way.
Marketing function marketing is regarding identifying and assessing need and want of
customer. It is significant to lead marketing activity in an appropriate manner. The other way is
to analyse marketing is marketing mix like 4 P's of marketing. Therefore, the organisation
focuses on qualitative product provide to its customers at reasonable prices in order to attract
number of user during particular phase of time period. They also use different kind of marketing
functions such as sales promotion, advertisement in order to satisfy the needs and wants of its
customer.
The research and development herein, the manager of organisation focuses on
conducting effective research in order to provide appropriate services to its user during particular
phase of time period.

Explain skills required by staffs to be capable to perform work appropriately in various
functional areas
There are different kinds of skills required by subordinate to be capable to perform work in an
appropriate manner. Thus, the skill required by marketing employees that is going to be
mentioned below:
Capability to understand need of buyer It is necessary for marketing employees to
analyse need and want of customer in order to increase profit margin in future period of time.
Ability to communicate clearly it is necessary for marketing employee to have a
capability to clearly communicate with another person in order to attract large number of user in
future period of time (Nielsen, 2016).
The skills required by HR manager
Decision-making skill it is necessary for HR manager to take appropriate decisions in
order to perform different activities in an appropriate manner.
Organisational skill they manage different kind of function such as recruitment,
training, performance, employee relation and many more. It is necessary for HR manager to
manage all these kind of function in an appropriate manner.
Skills required by Customer Service employees
There are different kinds of skill required by customer service employees that is going to
be mentioned below:
Patience is determined as important for providing services to its user during particular
phase of time period.
Problem solving skills it is necessary for customer service employee to have a good
problem solving skills in order to reduce queries which is occur from customers during particular
phase of time period.
Skills required by Finance employees
There are different kinds of skills which is required by finance employees that is going to
be mentioned below:

Interpersonal skill is determined as a skill which is needed by financial employees in
order to build appropriate relation with its user that help in increasing profit margin in future
period of time.
Management experience it is necessary for administration team to satisfy desire of
subordinate and manage different activities during particular phase of time period.
Skills required by Research and Development employees
Ability to resolve problem it is necessary for individual person to possess these kind of
skill in order to resolve problem during the period of time.
Communication it is necessary for research and development that it is necessary for
individual person to have a capability to effectively communicate with other person for
conducting different task in proper way.
Skills required by Sales employees
There are different kinds of skill which is required by sales employees that is given
below:
Listening skill is necessary for individual person to have a good listening skill in order
to resolve queries of customers during particular phase of time period.
Communication is determined as a main skill which is needed by individual person for
conducting different task in proper way (Storey, 2016).
CONCLUSION
On the basis of above mentioned report, it is assess that business is considered as an
organisation that is engaged in industrial, professional as well as commercial activity. The
business focuses on increasing contribution of individual person to manufacture and marketing
of products and services for increasing profit margin in future period of time. In this report, there
is a discussion regarding different functional area of business such as marketing, customer
services and many more. In addition to this, there is different kind of skill required by
subordinate to perform their work in different functional area.

REFERENCES
Books and Journals
Boone, L.E., Kurtz, D.L. and Berston, S., 2019. Contemporary business. John Wiley & Sons.
Freeman, R.E., 2018. The “business sucks” story. Humanistic Management Journal, 3(1), pp.9-
16.
Maylor, H., Blackmon, K. and Huemann, M., 2016. Researching business and management.
Macmillan International Higher Education.
Nielsen, R.K., 2016. The business of news. The SAGE handbook of digital journalism, pp.128-
143.
Storey, D.J., 2016. Understanding the small business sector. Routledge.