Comprehensive Analysis of Business Functions and Employee Skills

This report provides a comprehensive overview of essential business functions, including marketing, human resource management, customer service, finance, research and development, and sales. It details the role of each function in achieving business objectives and highlights the specific ski...Read More

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Table of Contents
INTRODUCTION.......................................................................................................................................3
Main Body...................................................................................................................................................3
Business...................................................................................................................................................3
Functional area of business......................................................................................................................3
Key functional areas of business.............................................................................................................3
Description of various functional areas...................................................................................................4
Skills needed by marketing employees....................................................................................................5
Skills required by human resource managers...........................................................................................5
Skills needed by customer service employee:..........................................................................................6
Skills required by finance employees......................................................................................................6
Skills required by Research & development employees..........................................................................6
Skills needed by Sales employees............................................................................................................6
CONCLUSION...........................................................................................................................................8
REFRENCES..............................................................................................................................................9

INTRODUCTION
Business is a combination of different activities and functions which need to accomplish
in order to attain set goals in an efficient manner. Marketing, finance, customer service, sales and
more are some crucial business functions which need to perform for ensuring success and growth
of organization (Haga, 2019). The present report is based on case study under which John has
been started a new business and looking to hire talented and potential employees for helping in
business. Apart from different functional areas of business, skills required for performing such
roles have also been included in the following assignment.
Main Body
Business
Business is an organization wherein products and services are traded for earning
profitability. Main aim of each and every business entity is to earn substantial amount of profit
and offer necessary goods and services to customers. Business entity is likely to engage in
commercial, industrial and professional activities (Gieseking and Grönke, 2019). These entities
play a crucial role in economic growth and development.
Functional area of business
Functional areas are related with different activities which need to perform for running
business in systematic way. Different activities are concern with different functional areas which
put a positive impact over business. Generally, marketing, finance, customer service, sales,
research & development and more are some crucial function of business entity.
Key functional areas of business
In business, different activities are performed by different departments and functional
units. There are separate units in business for accomplishing different activities with utmost
perfection and efficiency (Kim-Soon, Ying and Ahmad, 2016). For this purpose, key functional
areas of business are marketing, sales, finance customer service and research & development.
Here, each and every functional units work in separate manner and handled by experienced and
knowledge individuals for driving positive outcomes in well defined manner. At end, combined

efforts of functional units are helpful in order to attain predefined business goals within
stipulated period of time.
Description of various functional areas
Marketing: It is a function which is related with promotion and advertisement of
products & services at wide level. In marketing, main focus is to attract more number of new
customers and retain old buyers for longer period of time. In addition to this, marketers also
prepare strategies for enhancing brand value and market share of company. Marketing aims to
promote product in such a manner that customers get attracted and eventually make the final
action by purchasing product.
Human resource management: Human resources are crucial part of organization who
are responsible to perform assigned work with utmost proficiency and efficiency. It is important
to maintain a separate department for the purpose of managing employees at work place. Human
resource management is concern with planning, organizing and controlling human resource so
that company can attain set goals within particular phase of time (Lassl, 2020). Main goals of HR
management is to manage employees in an efficient manner and also maintain positive
environment at work place for keeping staff members motivated & inspired. It is also the
responsibility of HR department to arrange appropriate training & development programs for
improving productivity of work force.
Customer service: This function is related with providing efficient services to customers
for building healthy and long term relationship with them. Customers are considered as vital part
of business that provide necessary funds by purchasing goods & services for running business
efficiently. Under this function, there is main emphasis is to provide best possible services to
customers and resolve their queries in timely manner. In customer service, employees make sure
to maintain long term relationship to buyers. For this purpose, customer service department keep
in touch with customers on regular basis so that they stay with company till longer run.
Finance: Finance is a function which needs to perform with utmost diligence and
carefulness in order to get necessary funds for running business in an efficient manner. Finance
function is related with procurement of funds from different sources like crowd funding, equity,
bank loan, dept and more (Balicol, 2017). In addition to this, finance manager also disburse

funds to other departments so that they can fulfill their activities in well defined manner.
Controlling the funds is also a crucial activity which is performed by finance department for
ensuring appropriate use of funds. Besides this, necessary financial documents are also prepared
by finance team. In General, they are likely to prepare Balance sheet, income statement, cash
flow statement for keeping a track over finance performance of company.
Research and development: Under this function, research is undertaken in order to
gather necessary information from market place which further provide guidance to manager in
preparation of suitable strategies. Data and information gathered through research &
development helps in bringing innovation creativity & uniqueness in business. Research makes
enable to marketers to produce products and serviced as per requirement of customers. By this
way, research is helpful in order to get and edge over competitors in market place.
Sales: It is one of the crucial functions by which company gets necessary revenue which
is crucial for operating entity. For this purpose, sales person are hired in order to represent
products & services to customers (Nedev, 2020). Sales function is concern with enhancing
current level if sales and revenue for benefit of whole business. Sales is a wider function which
also comprises activities related to post sales services for maintaining long term and healthy
relations with buyers.
Skills needed by marketing employees
For becoming a good marketer, communication and interpersonal skills are really
important as these skills are helpful in order to interact with customers in an efficient manner. In
addition to this, presentation skills are also crucial to present products and services to customers
in an impressive way (Kegeyan, 2017). It is required for a marketing professional to have
detailed and in-depth knowledge of market in order to gain familiarity with needs, requirements
and preferences of customers.
Skills required by human resource managers
It is the responsibility of HR managers to hire, select ad well as retain talent people
within company fir longer period of time. HR managers need to have interpersonal skills for
interacting with employees effectively and maintain an effective and positive environment at

work place. For maintaining data effectively, HR manager are also required to have appropriate
knowledge of technology and softwares.
Skills needed by customer service employee:
For making career in customer service, one needs to have knowledge about needs,
requirements and preferences of customers so that they can provide suitable products & services
to buyers. They are required to have good communication, interpersonal skills in order to resolve
the issues of customers and provide them an overwhelming experience. Problem solving abilities
also need to present in customer service employees so that they can resolve the issues of
customers in well define manner (Dery, Sebastian and van der Meulen, 2017).
Skills required by finance employees
Finance people need to have sufficient knowledge of financial aspects and sources so that
they can procure appropriate funds for meeting with business requirements. Analytical skills also
play a crucial role in the field of finance where one needs to execute detailed and in-depth
analysis for taking better and effective decisions. They need to good with numbers in order to
perform valuation and prepare necessary reports on regular basis. Microsoft skills are also
essential for finance people so that they can prepare necessary financial reports and statements.
Skills required by Research & development employees
For performing effective research work, it is imperative to have analytical skills for
analyzing and monitoring information in an effective manner. Critical thinking ability is also
required for dealing with data & information which has been gathered during research and
development (Zubenko and Surnina, 2018). Apart from this, communication skills are also
required for performing research work effectively. There is requirement of thinking and
reasoning skills for becoming an efficient researcher.
Skills needed by Sales employees
Sales people are required to have passion and aggressive attitude to achieve the set targets
within predefined period of time. There is requirement of presentation, communication,
interpersonal skills for making an enriching career in the field of sales. In sales, it is essential to
convenience customers so that they get ready to purchase the products & service. Higher level of
confidence and enthusiasm make sales people enable to attain their targets in set time duration.

Sales is a crucial function of business which need to perform with utmost confidence and
efficiency for accomplishing set goals (Tapanainen and Lisein, 2016).

CONCLUSION
After going through with above stated information, it is analyzed that business is a
commercial activity wherein products & services are exchanged in terms of money. There is
discussion regarding different business functions such as marketing, sales, finance, sales,
research & development and more in order to attain set business objectives. There is requirement
to have a lot of skills in order to perform various business functions in well defined manner.

REFRENCES
Books and Journals
Balicol, M.S., 2017. Centralization and outsourcing of accounts payable functions.
Dery, K., Sebastian, I.M. and van der Meulen, N., 2017. The Digital Workplace is Key to Digital
Innovation. MIS Quarterly Executive, 16(2).
Gieseking, S. and Grönke, K., 2019. How to Use Robotics Within Finance Functions?.
In Performance Management in Retail and the Consumer Goods Industry (pp. 153-164).
Springer, Cham.
Haga, K., 2019. Entrepreneurial Functions and Approaches for Sustainable Maintenance of
Aging and Shrinking Rural Communities. In Responsible People (pp. 65-87). Palgrave
Macmillan, Cham.
Kegeyan, S.E., 2017. Functions of strategic management and theories of management.
In Economics, management, finance in the view of modern research (pp. 68-73).
Kegeyan, S.E., 2017. Functions of strategic management and theories of management.
In Economics, management, finance in the view of modern research (pp. 68-73).
Kim-Soon, N., Ying, C.P. and Ahmad, A.R., 2016. Outsourcing of Human Resource Functions:
An Exploratory Case Study. Advanced Science Letters, 22(12), pp.4548-4551.
Lassl, W., 2020. Organizing the Secondary Functions. In The Viability of Organizations Vol.
3 (pp. 243-264). Springer, Cham.
Nedev, B., 2020. Spline-Functions-Theory And Applications. Yearbook of the Faculty of
Economics and Business Administration, Sofia University, 19(1), pp.129-146.
Tapanainen, T. and Lisein, O., 2016. IT manager leadership during crisis situations: Lessons
from real-life crisis management in IT functions during natural disasters.
Zubenko, S.V. and Surnina, I.V., 2018. The main functions of a logo and its role in tourist
industry. Современные научные исследования и разработки, 1(12), pp.23-25.