BSc Business Management: Key Functional Areas - World of Work BMP3004

This report provides an overview of the functional areas within a business, focusing on marketing, human resource management, customer service, finance, research and development, and sales. It defines a business and its functional areas, highlighting the importance of each area in contributing to the overall success of the organization. The report details the specific roles and responsibilities of each functional area, such as marketing's role in identifying consumer needs and promoting products, HR's role in managing the workforce, and finance's role in managing the organization's funds. Furthermore, the report outlines the essential skills required for employees to excel in each of these functional areas, including creativity and data analysis for marketing, interpersonal and leadership skills for HR, communication and negotiation skills for customer service, analytical and technical skills for finance, experimentation and problem-solving skills for R&D, and persuasion and planning skills for sales. The conclusion emphasizes the importance of these functional areas and the skills needed by employees to ensure the smooth and effective functioning of the company.

BSc (Hons) Business Management with
Foundation
BMP3004
World of Work
Functional Areas
Submitted by:
Name:
ID:
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Contents
1.0 Introduction 4
2.0 What is a business? 4
3.0 What is Functional areas of business – Definition
4
4.0 What are the key functional areas of a business?
4
5.0 Description of the various functional areas in business
organizations 4-6
5.1 Marketing 4
5.2 Human Resource Management 5
5.3 Customer Service 5
5.4 Finance 5
5.5 Research and Development 6
5.6 Sales 6
6.0 Description of the types of skills needed by employees
to be able to work effectively in these functional areas
6-8
6.1 Skills needed by Marketing employees 6
6.2 Skills needed by Human Resource Management employees
6
6.3 Skills needed by Customer Service employees
7
6.4 Skills needed by Finance employees 7
6.5 Skills needed by Research and Development employees 7
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6.6 Skills needed by Sales employees 8
7.0 Conclusion 8
References 9
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1.0 Introduction
Functional areas of an enterprise refer to the areas of the company which play
primary role in effective daily operations of the company (Frias and Popovich, 2020). This
report aims to gain an understanding of the functional areas of the company along with
the abilities required by employees to perform effectively in different functional areas.
The functional areas which are covered in the present report are marketing, consumer
service, finance, human resource management, R&D and sales.
2.0 What is a business?
A business is defined as organizational or entrepreneurial entity which
engages in chimerical, industrial or professional activities. This includes both firms
which aim to gain profitability from their activities or non-profit organizations.
3.0 What is Functional areas of business - Definition
Functional areas of a company refer to group of workers with same skills and
expertise. These teams perform the same business functions and focus on solving
issues related to specific problem (Koibichuk and et. al., 2021). Business firms have
different functional areas according to the industry they operate in but specific
functional regions are present in a company which are essential for gaining global
success.
4.0 What are the key functional areas of a business?
Main functional regions of an organization include marketing, human resource
management, consumer service, finance, research and development and sales.
These functional areas are present in every business firms despite difference in their
business sectors.
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
This functional area focuses on identification of consumer requirements so
that the products and services of the company are able to fulfill every consumer
requirement in an effective manner. In addition to this the marketing functions
promotes the products and services of the company to generate consumer interest
and curiosity. The value of this functional area is depicted as it helps increase brand
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awareness, brand recognition and positive brand image. In addition to this,
marketing helps business firms gain success during internationalization as it creates
global brand image suitable for growth of the company.
5.2 Human Resource Management:
The focus of this functional area is to manage workforce of the company and
create talented workforce so that the company achieves continuous growth. This
involves hiring, managing worker rewards, employee compensation, worker
connection, Complying with HR, structure of the company, employee payroll and
employee learning and development (Kyalo and Odhiambo-Otieno, 2017). This
functional area is present in every organization as talented human resource are
important asset for business firms. Human resource management remains key
functional area for business even if the company is heavily automated and digitized.
firms as it helps the company This functional area plays a crucial role in progress of
the company as it fills the workforce with talented employees who are committed
towards achieving organizational goals. Human resource management is also
needed to implement effective change management and drive the organization
towards success.
5.3 Customer Service:
This functional business area deals with answering and solving all consumer
problems and quires. Consumer service provides reactive support and immediate
response to consumers when an issue pops up. Consumer service provides front-
line defense to business firms by dealing with unsatisfied consumers and solving
various consumer issues in a quick and effective manner. This consumer department
is highly important for business firm as it helps resolve issues of unsatisfied
consumers and increase consumer retention. In addition to this the responsibilities of
the consumer service department impact brand image of the firm. This is because
quick resolution of consumer issues increase consumer satisfaction and create
positive brand image about the company.
5.4 Finance:
The main aim of the finance function is to plan for, obtain and manage funds
of an organization (Luftman, Lyytinen and Zvi, 2017). This function is essential as it
handles financial capital available at the company. Finance function plans for short
and long term financial requirements along with analyze the impact of loans on the
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fiscal position of an company. The finance function ensures that capital required to
facilitate continuous growth of the company is available. The finance function
enables business firms to acquire funds from suitable sources to initiative
development activities and enter new markets. In addition to this financial
assessment of various business projects helps understand the feasibility and risk
associated with various projects
5.5 Research and Development:
This function includes activities which are undertaken by business firms to
innovate and introduce new products. This functional are helps business firms
commercialize innovative products and offer innovative solutions for various
consumer problems (Perger, 2018). This functional are holds a significant value as it
helps the company survive in their industry for a long time period by offering
innovative products which provide competitive advantage to the company and adapt
to external environment changes.
5.6 Sales:
The sales function of a company sales forecasting and taking sales order. The
goal of sales functional are is to operate profitably especially in case of B2B
organizations. Sales aims to exploit leads created by marketing activities to enhance
profits of the company. This functional area has direct impact on the profitability of
the company and is therefore essential for the growth of the company.
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:
Primary abilities which need to be present in employees working in marketing
field include creativity, problem solving, attention to detail and data analysis skills.
Creativity is essential for developing interactive and unique marketing campaigns as
well as differentiated brand perception which attracts large amount of consumers
(Powell and Bartolome, 2020). Problem solving is an essential skill for marketing
employee as they have to quickly find solution for various barriers which reduce
effectiveness of a marketing campaign. Attention to detail helps marketing
employees develop positive campaigns while data analysis skills helps them analyze
large amount of consumer data top gain precise consumer insights.
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6.2 Skills needed by Human Resource Management employees:
Interpersonal skills, communication ability, leadership competency, conflict
management ability and negotiation capability are the primary skills which need to be
in a human resource management employee. Interpersonal and communication
skills are needed to understand and effectively interact with employees and build
positive employee relations (Ros-McDonnell and et. al., 2018). Leadership skills are
needed to direct workforce towards continuous improvement and success. Conflict
management skills are required top resolve workplace conflicts. Negotiation skills are
needed to handle labor unions and and employee complaints.
6.3 Skills needed by Customer Service employees:
Main abilities needed by employee in consumer service sector include
communication abilities, negotiation skills, emotional intelligence, ability to adapt
and persuasion skills. Communication skills and negotiation skills are needed to
understand consumer issues effectively and strike negotiation with unsatisfied
consumer. Adaptability and empathy are needed by consumer service employee to
handle different consumers effectively and adapt consumer interaction on the basis
of changing situation to completely satisfy the consumer. Finally persuasion skills
skills are required by consumer service employees to persuade consumers to reach
best solution for the consumer and the company.
6.4 Skills needed by Finance employees:
Analytical skills, technical knowledge, budgeting and accounting skills.
Analytical skills are used by finance employees to effectively analyses financial data
and make accurate decisions. Technological knowledge is must have requirement
for financial employees as most firms utilize digital tools to complete financial
activities. In addition to this accounting and budgeting skills are basic requirements
for preparing financial statements and handling financial resources owned by the
business firm.
6.5 Skills needed by Research and Development employees:
Experimentation abilities, networking skills, risk taking skills and problem
solving skills (van der Merwe ,Grobbelaar and Bam, 2019). The ability to experiment
helps R&D employees come up with original ideas top solve various problems faced
by the company and developing new products. Curiosity plays an important role in
creating innovative environment which makes it essential requirement for R&D
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employees. In addition to this risk taking skills helps R&D employees challenge
assumptions and conventional business practices to come up with radical ideas and
innovation. Problem solving skills are needed by R&D employees as process of
creating innovative products is filled with challenges and barriers which need top be
resolved as quickly as possible to ensure growth of the company.
6.6 Skills needed by Sales employees:
Primary abilities which need to be present in workers in sales field are
persuasion skills, communication skills teamwork skills and planning skills. The
persuasion skills of sales employees helps them come up with ideas to booth sales
by persuading employees to increase purchase of products (Rapp and Beeler,
2021). Communication skills helps employees at sales department communicate
with employees at different department and take coordinated action to attain sales
objectives. Teamwork skills are necessary for sales employees as sales objectives
are achieved by collaborating with marketing employees. Apart from this planing
skills are needed by sales employees to forecast sales goals and formulate sales
plans.
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Conclusion
From the above report it is determined that the primary functional business
areas which need to be included in effectively functioning company are finance,
research and development, sales marketing, human resource management, and
consumer service. These functional areas are highly important for growth of the
company. employees in these Areas require different skills to ensure smooth
functioning of the company.
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References
Books and Journals
Frias, K.M. and Popovich, D., 2020. Bridging Marketing and STEM Education:
Cross-Functional Teamwork for New Product Development. In Preparing
Students for Community-Engaged Scholarship in Higher Education (pp. 284-
305). IGI Global.
Koibichuk, V. and et. al., 2021. An overview of the elemental and functional content
of the health indicators system as an economic category. Health Economics.
(2), p.9.
Kyalo, C.K. and Odhiambo-Otieno, G., 2017. Towards a well-functional
computerized health management information system: A case of Mbagathi
County Hospital, Kenya.
Luftman, J., Lyytinen, K. and Zvi, T.B., 2017. Enhancing the measurement of
information technology (IT) business alignment and its influence on company
performance. Journal of Information Technology, 32(1), pp.26-46.
Perger, É., 2018. Planning and development activities in functional regions–the
Hungarian case. Europa XXI.35. pp.37-56.
Powell, D.J. and Bartolome, C.P., 2020, December. Enterprise-wide Value Stream
Mapping: From Dysfunctional Organization to Cross-Functional,
Collaborative Learning and Improvement. In 2020 IEEE International
Conference on Industrial Engineering and Engineering Management (IEEM)
(pp. 551-555). IEEE.
Rapp, A. and Beeler, L., 2021. The state of selling & sales management research: a
review and future research agenda. Journal of Marketing Theory and
Practice, 29(1). pp.37-50.
Ros-McDonnell, L. and et. al., 2018. Analysis of freight distribution flows in an urban
functional area. Cities. 79. pp.159-168.
van der Merwe, E., Grobbelaar, S. and Bam, W., 2019. Exploring the functional
dynamics of innovation for inclusive development innovation systems: a case
study of a large scale maternal mHealth project in South Africa. Innovation
and Development.
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