BSc Business Management: Functional Areas of IOM Electronics Ltd

This report provides an overview of the functional areas within a business, using IOM Electronics Ltd as a case study. It defines a business and its functional areas, highlighting key divisions such as marketing, human resource management, customer service, finance, research and development, and sales. The report details the responsibilities of each area and emphasizes the skills required for employees to perform effectively. Marketing requires strong communication and creativity, HR needs patience and negotiation skills, customer service demands empathy, finance necessitates accounting and analytical abilities, R&D benefits from time management and innovation, and sales relies on product knowledge and active listening. The conclusion underscores the importance of these functional areas and the skills within them for the overall success and sustainability of a business. Desklib provides access to this and other solved assignments for students.

BSc (Hons) Business Management with
Foundation
BMP3004
World of Work
Functional Areas
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Submitted by:
Name:
ID:
Contents
1.0 Introduction p
2.0 What is a business? p
3.0 What is Functional areas of business – Definition
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
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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 function means to he several practices done by the firm. These practices are
separated into various operations or divisions. In the most common categorization, it can be
separated in to several functions. The following report will cover about the John. It will cover
about the essential functional areas of the firm such as sales, production, marketing and various
others in context to the IOM electronics Ltd which is a well establish local firm having more than
190 workers. The firms is based on the two places Liverpool as well as Manchester. It will also
include the skills that are needed to operate effectually in the several functional areas of the
business (Yu, and et.al., 2021).
2.0 What is a business?
Business refers to the entity in which a person or the group of person are
occupied in any kind of industrial as well as commercial practices. The
essential working of the business firm is to manufacture products or services in
accordance to the requirement and demand of the market area in order to sale it to
their customers to earn more revenue. The several organizational practices can be
done for the long term profitability aim or goal. It also includes non profits
organization who works for the betterment of the society or which works to attain the
charitable objectives (Yan, Hu, and Dong, 2021).
3.0 What is Functional areas of business – Definition
The functional areas of the firm refers to those functional division of the firm in
which the workers operates various practices in accordance to accomplish their all goals as
well as objectives of the firm. The functional areas of the organisation in case of IOM
Electronics is mentioned below briefly:
4.0 What are the key functional areas of a business?
There are various organizational functional areas that assist them to address
the business needs. The essential divisions are marketing, sales, production,
research and development, customer service, finance, human resource etc.
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5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
The marketing division of the firm is obliged for advertising the products and
services of the firm in the market area. The main aim of the company is to generate
more and more revenue and it can be attain with the help of the marketing. The
workers of the marketing division is also duty for operating the research and
developing of the campaigns. If there is not division of marketing then the firm is not
capable of enhancing their sales and grabbing the several opportunities. In
accordance to be very much successful in the market area the firm should have to
utilise various methods of social media and digital marketing. It also assist them in
enhancing their consumer base and also support them in the evolution in the better
bonding with the consumer.
5.2 Human Resource Management:
Human resource are the combination of individual that have experience and
talented employees for the firm, business and industry sector. This department has
an essential role for the firm. They concentrates on several areas such as hiring,
staffing, compensation, rewards, learning and employees relation and development
of the organization. Human resource is obliged for those practices and it also makes
sure that all the job roles are filled by the respective people in accordance to their
expertise. It is very much essential for the business as because recruiting process is
very much expensive and also time taking. Choosing the wrong people for the roles
can impact the smooth working of the business.
5.3 Customer Service:
This division of the firm is usually obliged for the addressing all the issues and
queries of the consumers in order to make the customers satisfied by the products of
the company. The primary function of this division is to give support to their
consumers related to the problems of the customers. Usually this division is known
as the main face of the organization as it is very much essential to give proper
customer services to them (Tarabon, Dutoit, and Isselin-Nondedeu, 2021)
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5.4 Finance:
The division of finance of the firm is totally obliged for the evolution of the
several ways of investment for the firm when it is required. The success of the firm is
directly linked to the effectual operations of the finance division. In addition to it, the
workers of this division are also very much responsible for maintaining the financial
books and also all the business transactions of the company. In accordance to be
more successful in the industry, firm should have to utilise the latest tech in order to
manage their fiscal transactions.
5.5 Research and Development:
The research and development division of the firm is obliged for evaluating
the market needs that required by the marketing division. The major responsibilities
of this division is to make modification in the current offerings of the company and
also to introducing new products in the market area. As the worker of this division
they focus on the goods of their competitors, so, the effectual operations of this
division assist the firm on attaining long term growth as well as sustainability (Sathe,
and et.al., 2021).
5.6 Sales:
It refers to the transaction among the two parties in which the purchaser ready
to but the products or services in return either of money or other equally valuabloe
instrument. It is very much important for all the firms as because it is the reason for
the survival of the company as well as this division. There is no use of having
products or services if there's no one to buy them.
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:
 Communication skills – It is one of the most essential skill that is required in
the field of marketing division. Communication is the key in this field and it is
crucial for the employees of the marketing department in order to give their
ideas and topics to their consumers in an appropriate way (Potluka, 2021).
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 Creativity and problem- solving – Marketing is all about eliminating the
hurdles and making sure the fulfillment of the customers. Solving major issues
in relation to marketing so it is the main quality of the professional of
marketing department.
6.2 Skills needed by Human Resource Management employees:
 Patience is one of the essential skill that is needed by the employee of this
department. The workers of these division should have to be calm in order to
manage their workers and conflicts among workers. So, it is very necessary
for the HR associates but calm as well as patient.
 The manager of the human resource management must have the negotiable
skill that can support both employees as well as company. The workers of this
division need to possess the quality to solve the issues among two parties in
the company.
6.3 Skills needed by Customer Service employees:
 Communication skills – It is one of the most essential skill that is needed in
the division of the customer service. Workers of this division mush be good in
their communication as it is very necessary for the employees of this
department.
 Empathy – It is the ability to understand the emotions of the other people and
to understand their point of view and most of the purchasing is done on the
basis of need of the consumers. (Pinnavaia, and Berisha, 2021).
6.4 Skills needed by Finance employees:
 Accounting skills assist in maintaining all the fiscal transactions of the firm in a
effectual way. Also, it supports in making the financial statements of the
company.
 Analytical Skill is known to be the most essential skills that is needed by the
workers in the finance department. It is very crucial for them to evaluate the
issues of the firm and provide the appropriate solution to better the over all
performance.
6.5 Skills needed by Research and Development employees:
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 With the support of the time management skill workers of this department can
work on the modification of their products in a effectual way. In addition to it,
this skill also assist them in accomplishing of their goals and task in the given
deadline (De Vass, Shee, and Miah, 2021).
 Innovating skills is also known as one of the most essential skill that is needed in this
division. It assist them in evaluating the market in an effectual way in order to
develop and innovate the firm's good in accordance to the need and wants of the
consumers.
6.6 Skills needed by Sales employees:
 It is very much essential for the workers of this division to have the full
understanding about the firm's services as well as products. It is very crucial
for the firm to know about their perks and aspects of the products of the firm.
 Active listening is very essential for the worker of the sales division of the firm
as the sale of the goods is basically focused on the knowing the needs of the
customers and with the support of the active listening skill it can be effectually
attain (Chen, and et.al., 2021).
Conclusion
From the above report it is concluded that several functional areas of the firm
and their vital skills that are needed in these division that can benefit the company as
well as the workers of these divisions. It is also concluded that these departments as
it has also concluded that how these divisions have the essential role in the success
and long term growth of the business that carries out the appropriate outcomes for
them.
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References
Chen, M., and et.al., 2021. Functional safety research of battery management system based
on risk graph methods. In IOP Conference Series: Earth and Environmental
Science (Vol. 645, No. 1, p. 012058). IOP Publishing.
De Vass, T., Shee, H. and Miah, S.J., 2021. Iot in supply chain management: a narrative on
retail sector sustainability. International Journal of Logistics Research and
Applications, 24(6), pp.605-624.
Pinnavaia, L. and Berisha, E., 2021. The role of cross-border territorial development.
Evidences from Albania. In Governing Territorial Development in the Western
Balkans (pp. 309-332). Springer, Cham.
Potluka, O., 2021. Roles of formal and informal leadership: civil society leadership
interaction with political leadership in local development. In Handbook on City and
Regional Leadership. Edward Elgar Publishing.
Sathe, N.A., and et.al., 2021. Evaluation of the functional goal setting and self management‐ ‐
tool for osteoarthritis, a patient centred tool to improve osteoarthritis‐
care. Musculoskeletal care.
Tarabon, S., Dutoit, T. and Isselin-Nondedeu, F., 2021. Pooling biodiversity offsets to
improve habitat connectivity and species conservation. Journal of Environmental
Management, 277, p.111425.
Yan, M., Hu, Y. and Dong, X., 2021. Managing complementary assets to build cross-
functional ambidexterity: The transformation of Huawei Mobile. Management and
Organization Review, pp.1-34.
Yu, W., and et.al., 2021. Feasible Management of Non-degradable Agricultural Mulching
Film Wastes into Functional Flame-retarded Materials. BioResources, 16(2).
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