BMP3004 World of Work: Functional Areas in Business Management

This report provides an overview of the key functional areas within a business, focusing on their definitions, importance, and required skills. It identifies marketing, human resource management, customer service, finance, research and development, and sales as crucial components. The report details the responsibilities of each area, such as marketing's role in understanding customer needs and promoting products, HR's focus on recruitment and employee relations, and finance's management of funds and financial reporting. Furthermore, it outlines the specific skills necessary for employees to excel in each function, including communication and brand management for marketing, negotiation and HRM expertise for human resources, listening and patience for customer service, decision-making and budgeting for finance, creativity and analytical thinking for research and development, and convincing and communication skills for sales. The report concludes by emphasizing the interconnectedness of these functions in achieving overall business objectives. Desklib offers a variety of similar documents and resources for students.

BSc (Hons) Business Management with
Foundation
BMP3004
World of Work
Functional Areas
Submitted by:
Name:
ID:
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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 Statement of the different functional areas in
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
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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
Business is an organization which involve in different professional
organizational and industrial activities in order to earn profit (Cooley and
Prescott, 2021). There is different function to be includes in business
including sales, marketing, purchase, research and development,
information technology and many more. This project report includes
discussion of various functional areas to be included in business. It also
includes discussion of skills required by different functions.
2.0 What is a business?
Business refers to organization which is engaged in industrial,
professional and commercial activities. Business organization can be profit
and non-profit organization which operates for attainment of goals of
company. For conducting any business, marketing research is important in
order to analyze feasibility of business ideas and for delivering consumer
values. There are various objectives behind any business which helps
them to run business for long term. Business is not only conducted for
earning profit but also for customer satisfaction which ensure long term
survival of business and allow them to earn profit.
3.0 Functional areas of business - Definition
Functional area of business includes strategy, human resource, operation,
marketing, technology and finance (Wang and et. al., 2020). It is
important for managers of business to conduct research before starting
any business as it provides them understanding of different functional
areas of business.
4.0 key functional areas of a business?
There are different functional areas of business which helps
managers of company to run business successfully in market. These key
functional areas include marketing, human resource management,
finance, customers service, research and sales.
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5.0 Statement of the different functional areas in
organizations
5.1 Marketing:
Marketing focus on identify needs of customers and also design
goods and service of company in order meet needs of customers. It
consists various functions like promotion of products and service in
market, developing strategy for price in order to get maximum marketing
share, determine ways in which good are delivered to customers
(Zhanlong and et. al., 2020). Marketing helps to define brand of company
and also to manage brand effectively. It also helps in monitoring and
managing of social media of company. It helps in creation of content on
website of company in order to increase traffic on website.
5.2 Human Resource Management:
Human resource management refers to a function in which helps in
recruitment and selection of people in organization. It is one of common
function of human resource management in any organization. It is duty of
this function or department to ensure that they are hiring right candidate
with right skills for right place. They ensure organization is hiring skilled
and qualified people in company. Apart from hiring and staffing, function
of human resource is also responsible for compensation as well as benefit,
employee relation, training and development, organization development.
5.3 Customer Service:
Customer service function is one which helps in interacting with
customers in order to increase their satisfaction with company. It helps in
answering various inquiries of customers and also helps customers to
overcome of concerns and problems related to products and service of
company. Customers service department helps to represent company and
made contact with people on basis of company. This function is concerned
with establishing good relationship of company with customers.
Customers is willing fand ready to pay for more for change of customer
service.
5.4 Finance:
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Finance is one of important function for an organization to conduct
operation as money is essential (Zeng and et. al., 2021). To start a
business, a person needs to invest some amount of money. Duty of this
department is to ensure availability of sufficient funds in business for
carry out day to day operation. These department is responsible for
reporting financial statement which is used for forecasting, budgeting and
other decision-making process.
5.5 Research and Development:
Research and development are one of function which helps to
conduct research in market in order to identify new products and service
ideas, adoption of new technology in market, improvement in existing
predicts and service. It helps to design products and service and also
helps to get feedback from customers. Research and development are
focuses on developing new design of products to make products more
usable and also to made products more reasonable for customers.
5.6 Sales:
Sales is another important function for any business as if business is
not selling any products and service to their customers, they are not able
to earn product and service. In order to attain goals and objective of
business, it is important for managers of business to attain sales targets
(Hao and Song, 2016). In order to attain sales target, business require
various sales employees which directly sales their products to customers.
Sales helps to build a link between customers and company as it includes
exchange of products for earning profit for company.
6.0 Explaination 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: Communication is one of important skills
for marketing function as it helps company to share their message and
information of products to their customers. It also increases awareness of
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their products and reminding customers about products and service of
company.
Brand management: Brand management is another important
skill required for marketing functions. Brand management is one of skills
which helps to manage portfolio of brand of company and also helps in
changing market situation It helps to increase competitiveness of
company and also to speed up movement of demand in order to satisfying
demand of consumers.
6.2 Skills needed by Human Resource Management
employees:
Negotiation skills: Negotiation skills is important for human
resource management as it helps to solve conflict occur in an organization
(Barkela, 2021). When employees face issues related to pay, job duty,
working hour or any other problem, managers of company need to solve
these issues as it creates conflict in company.
HRM knowledge and expertise: HRM knowledge and expertise is
one of important skills for human resource management. For this previous
experience of a person, education background of a person helps a person.
HRM knowledge and expertise helps managers of company to recruit right
candidate, providing them training, deciding job roles and other task.
6.3 Skills needed by Customer Service employees:
Listening skills: Listening is one of important skills for customers
service as it allows this department to listen to customers problems and
queries effectively. Customer service department helps to provide
solutions to problems of customers which helps company to build long
term relationship with their customers.
Patience: Patience is another important skill which is required by a
person who is working in customer service function. Sometimes customers
ae not satisfied with service and products of business and they sped very
rudely or insult people of customer service. In this situation it is important
for a person of customers service to have patience in order to satisfy
customers.
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6.4 Skills needed by Finance employees:
Decision making: Decision making skills are important in finance
function as a person needs to take various decisions in organization
related to finance, budget and cost of company (Naujoks, 2020) These
people also need to take decision related to from which source they need
to raise funds for business and also prepared budget in order to decide on
which activity firm needs to spend most and on which they need to spend
least.
Budgeting: Budgeting refers to a process of preparing budget for
company for specific purpose. This budget all source where firm receives
funds and where they need to spend most. Budgeting skills helps
company to saves cost of organization and also helps to increase profit of
company.
6.5 Skills needed by Research and Development
employees:
Creativity skills: Creativity is important for research and
development functions as it helps them to develop creative ideas and
technology in order to increase satisfaction of customers with products
and service of company.
Analytical thinking skills: Analytical skills is one of skills which
helps a person to think about identification of problems and finding
solutions to a problem (Oehlhorn and et. al., 2020). It helps employees to
think and develop new ideas and technology or made modification in
existing products and service.
6.6 Skills needed by Sales employees:
Convincing skills: sales function is one of function which is
focused with attainment of sales target. In order to sell products and
service of company to their customers, employees require convincing skill
(Pekkanen and et. al., 2020). These skills, helps sales person to increase
sales of products and service of company which helps them to earn more
profit and also increasing marketing share.
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Communication skills: Communication skills is one of important
skills for this function which helps to share information related to products
and service of company to their customers.
Conclusion
From above mentioned project report it can be concluded there are
various function in business which helps to attain their goals and
objectives. These functions include sales, marketing, finance, research
development. There are different skills to be required by different person
for performing these functions.
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References
Books and Journals
Barkela, B., 2021. Leadership Communication with Multiple Managers and
Its Influence on Internal Integration of Different Functional Areas.
In Conference Proceedings Trends in Business Communication
2020 (pp. 1-18). Springer Gabler, Wiesbaden.
Cooley, T.F. and Prescott, E.C., 2021. 1. Economic Growth and Business
Cycles. In Frontiers of business cycle research (pp. 1-38). Princeton
University Press.
Naujoks, T., 2020. Marketing functions and B2C e-marketplaces: An
exploratory analysis. Journal of Marketing Channels. 26(4). pp.250-
262.
Oehlhorn, C.E. and et. al., 2020. Human resource management and its
impact on strategic business-IT alignment: A literature review and
avenues for future research. The Journal of Strategic Information
Systems, p.101641.
Pekkanen, P. and et. al., 2020. Building integration skills in supply chain
and operations management study programs. International Journal
of Production Economics, 225, p.107593.
Wang, H. and et. al., 2020. Spatial distribution of pollution characteristics
and human health risk assessment of exposure to heavy elements
in road dust from different functional areas of Zhengzhou,
China. Environmental Science and Pollution Research. 27(21).
pp.26650-26667.
Zeng, Y. and et. al., 2021. Accumulation and health implications of metals
in topsoil of an urban riparian zone adjacent to different functional
areas in a subtropical city (Vol. 50, No. 3, pp. 744-755).
Zhanlong, C.H.E.N. and et. al., 2020. Identification of the urban functional
regions considering the potential context of interest points. Acta
Geodaetica et Cartographica Sinica. 49(7). p.907.
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