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

This report provides a detailed overview of the functional areas within a business organization, focusing on marketing, human resource management, customer service, finance, research and development, and sales. It defines a business and the importance of functional areas in achieving business objectives. The report describes each functional area, highlighting their roles and responsibilities, such as marketing's focus on customer needs, HRM's role in recruitment and training, and finance's importance in revenue management. Furthermore, it outlines the essential skills required for employees to excel in each area, including analytical thinking for finance, communication for HRM, and product knowledge for sales. The conclusion emphasizes the significance of these functional areas and the expertise needed for effective operation, referencing various academic sources to support its analysis. Desklib provides access to this and other solved assignments.

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
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p
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
Functional areas in an organisation or business are group of staff which have
similar skill knowledge and set. As it makes the work easier in large organisation to
identify the different functional areas. In this project the various key functional areas
areas of an organisation will be explained in detail and these are marketing, human
resource management, customer service, finance, sales and research and
development (Alexander, Antony and Rodgers, 2019). Apart from this, in these
functional areas the various types of skills needed by the employees to get the work
efficiently and effectively.
2.0 What is a business?
It is defined as an enterprising or business entity engaged in industrial,
commercial or professional activity. It can be for non profit organisation or profit
entities. It is the activity of making money by buying, producing and selling of goods
and services in terms of profit. On the basis of concept the business model, vision,
plan and mission are developed. There are many type of business which are
classified as service, manufacturing,merchandising or hybrid.
3.0 What is Functional areas of business – Definition
Functional areas are the workers in a team who have similar expertise and
skills. When people work together in departments it is easier to identify different
functional areas in large organisation. The primary motive of functional areas is to
ensure the accomplishments of all business functions in an efficient manner (Ford,
2020). For an example, common functional area of a company is its sales
department and the employees of this area are focused on selling products of the
company. For the purpose of achieving its objectives and goals it is essential for the
business. It is an efficient method to keep the employees with similar skills together
grouped as the company will have the backup expertise if someone is unable their
task or work in an organisation due to any reason.
4.0 What are the key functional areas of a business?
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Before starting any profession one must have the business plan with them. As
it guides them to how the business will be managed and shaped. It should
understand and examine all the aspect of running and organising it so that is why
functional area of a business is an important management tool. Generally there are
six functional area of business management which involves marketing, human
resource management, finance, customer service, sales and research and
development.
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
It is all about analysing and meeting customer needs and wants. It develops
the features and benefits of products including quality and price. They make the
customers aware and manage good relationship with its customers of the company's
desire and their ability to satisfy the needs and wants (Gasparin and et.al., 2021).
The materials used by the sales function like manage promotional activities and
outside advertising, price lists and brochures are prepared by marketing team.
5.2 Human Resource Management:
Human resource is responsible for new staff recruiting and ensuring that each
vacancy for the job is filled by the best candidate. It is important as the process of
recruitment is time consuming and expensive. HRM is responsible for ensuring and
determining the commitment of employees towards attainment of organisational
objectives through providing proper training. Employees also have the basic
expectations from the employer that they need to be treated and fairly paid (Glas,
Lipka and Essig, 2019). These can be doing by providing training opportunities and
proper working conditions.
5.3 Customer Service:
All the business must look after consumers who have any concern, enquiry
and complaints as now a days expectation of customers are high. In a business
when a customer contact they expect a polite, prompt and knowledgable response.
For these many reasons businesses have customer service department where
trained employees handle complaints and enquiry professionally and positively. It
simply means in assisting customers that one group is specialise.
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5.4 Finance:
It is considered as most essential part of the enterprises in order to maintain
the continuous flow of revenues for the purpose of paying bills. These are based on
accurate information as it enables critical decisions to be made accurately and
rapidly. In large organisation they employed different type of financial experts which
are financial accountants, management accountants or credit controller.
5.5 Research and Development:
With the improvements to existing product line as well as new product
development the function of research and development is concerned. It involve
product design also in many industries (Moktadir and et.al., 2020). Many new
products might be developed because of technological or scientific advances such
as new drugs, satellite navigation system, mobile phones and Wi-Fi. R&D employees
are aim to work with the help of designers to innovate and develop a usable product
which can be sold at a competitive price, manufactured at reasonable cost and is
safe to use.
5.6 Sales:
For all the businesses the functions of sales is crucial. The job of sales
depends upon the industry or company. It is a pointless when a business or a
company having superb products or services if no one purchases them (Nazir and
et.al., 2019). For this reason, many businesses has the sales targets as part of
objectives and goals. It builds strong relationship and links with customers in order to
encourage repeat business which is the benefit of an effective sales person.
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:
There are various skills which are required by marketing personnels for the
future growth of an organisation. They should be have the customer knowledge to
highlight the pain points for customers and to identify the buying behaviour. They
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should be problem solving and critical thinking skills to identify what doesn't works
and what works. The marketing employees must have writing skills, storytelling,
teamwork etc. which help to increase the profitability and market share of the
company.
6.2 Skills needed by Human Resource Management employees:
In an organisation human resource is the backbone for improving the
performance of the business as it creates efficient and safe workplace for its
employees and try to solve their problems effectively and efficiently
(Podgorodnichenko, Edgar and McAndrew, 2020). They must have the skills of good
communication, organisation skills, tech savvy skills. They must be patience,
requires plenty of flexibility, commitment towards work and compassion.
6.3 Skills needed by Customer Service employees:
For the purpose of handle the customer in an effectively and efficiently the
employees must have the quality of persuasive speaking skills. Empathy which
understands the emotions and customers point of view. They must use positive
language while communicating, self control, take responsibilities etc. which will build
the customer satisfaction.
6.4 Skills needed by Finance employees:
The necessary skills which are required and needed by finance workers are
that they must have analytical thinking. Accounting skills which allow to record,
manage and track financial transactions effectively and efficiently (Prakash and
Srivastava, 2018). An employee of finance also must have the skills of financial
modelling, business intelligence, cash flow management and financial reporting etc.
6.5 Skills needed by Research and Development employees:
They must have the ability to perform data analysis at high level and to handle
large datasets. It must be critical problem solver, analytical thinker, independent
worker and time manager as it is all about productivity. It must have the skill of
awareness of industry trends and business skills which include regulatory and
financial changes. The one should have the understanding of regulatory and legal
issues.
6.6 Skills needed by Sales employees:
In order to increase the profit for the company the sales employees must have
various qualities with them. Some the skills are they must have product knowledge,
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active listing skills, good communication skills, rapport building skills, time
management skills. As they are highly beneficial for sales representatives.
Employees should have the problem solving skills, organisational skills, social media
skills etc. which the company to gain its market share effectively and efficiently.
Conclusion
From the above financial areas of business it has been concluded that
Functional areas are the employees in a team who have similar expertise and skills
(Schimanski And et.al., 2021). By which it can be easier to identify the different
departments. Apart from this it has six areas of functions that is marketing, finance,
human resource management, sales, research and development and customer
services. Further more to this, the various skills needed by employees in these
functional areas to work effectively and efficiently.
References
Alexander, P., Antony, J. and Rodgers, B., 2019. Lean Six Sigma for small-and
medium-sized manufacturing enterprises: a systematic review. International
Journal of Quality & Reliability Management.
Ford, J. B., 2020. Competitive advantage. In The Routledge Companion to Strategic
Marketing (pp. 141-150). Routledge.
Gasparin, M. and et.al., 2021. Business as unusual: A business model for social
innovation. Journal of Business Research, 125, pp.698-709.
Glas, A. H., Lipka, P. and Essig, M., 2019, April. Misperceptions in inter-functional
supply management: work-share coordination vs. integrated cooperation.
In Supply Chain Forum: An International Journal (Vol. 20, No. 2, pp. 89-103).
Taylor & Francis.
Moktadir, M. A. and et.al., 2020. Critical success factors for a circular economy:
Implications for business strategy and the environment. Business strategy
and the environment, 29(8). pp.3611-3635.
Nazir, M. and et.al., 2019. Opportunities and challenges for functional and medicinal
beverages: Current and future trends. Trends in Food Science &
Technology, 88, pp.513-526.
Podgorodnichenko, N., Edgar, F. and McAndrew, I., 2020. The role of HRM in
developing sustainable organizations: Contemporary challenges and
contradictions. Human Resource Management Review, 30(3). p.100685.
Prakash, G. and Srivastava, S., 2018. Role of internal service quality in enhancing
patient centricity and internal customer satisfaction. International Journal of
Pharmaceutical and Healthcare Marketing.
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Schimanski, C. P. And et.al., 2021. Integrating BIM with Lean Construction
approach: Functional requirements and production management
software. Automation in Construction, 132, p.103969.
Youdell, D. and Lindley, M. R., 2018. Biosocial education: The social and biological
entanglements of learning. Routledge.
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