BSc Business Management BMP3004: Functional Areas in World of Work

This report explores the functional areas of a business, emphasizing their importance in organizational operations. It defines a business and its functional areas, distinguishing between core and support functions. Key functional areas such as marketing, human resource management, customer serv...Read More

BSc (Hons) Business Management with
Foundation
BMP3004
World of Work
Functional Areas
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Contents
1.0 Introduction 4
1

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 5-6
5.1 Marketing 5
5.2 Human Resource Management 5
5.3 Customer Service 5
5.4 Finance 5
5.5 Research and Development 5
5.6 Sales 5
6.0 Description of the types of skills needed by employees
to be able to work effectively in these functional areas
6-7
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
6
6.4 Skills needed by Finance employees 6
6.5 Skills needed by Research and Development employees
6
6.6 Skills needed by Sales employees 7
7.0 Conclusion 7
2

References 8
3

1.0 Introduction
Business functions are the combination of a organization's capabilities and its activities to
account its work. These operations are essential as the whole structure of a company
count on its deliberate organizational functions. Additionally, organizational functions
makes sure all functions of a business operates at optimal standard that does better for
its stakeholders, consumers and employees (Boone, Kurtz, and Berston, 2019). This report
will cover several areas of business functions and its importance in conducting
operations of the business. Furthermore, it includes the skills required by people in order
to perform business operations efficaciously.
2.0 What is a business?
Business is an activity which is occupied in economic, commercial and industrial
practices that includes exchange of services and products. In involves activities that
targets to create products and services which is acquirable to the society in an
effectual way. It initial aim is to generate maximum revenues for the stakeholders
while enhance their CSR.
3.0 What is Functional areas of business - Definition
It refers to the several practices which are being functioned in the company. These
practices are separated into various divisions and play a crucial role in functioning of
the organization (Ritter and Lettl, 2018). These functional areas are divided into two
parts and are interrelated to each other. These two parts of functional areas are
mentioned below:
 Core business function- In this business functions it mainly focuses
on earning revenues in a business and involves manufacturing of
products and services that are made to sell in the market area.
 Support business function- This function of the business is done by
the organisation to give support the core functions and improve overall
organisation operations. It involves various activities like warehousing,
supply chain, distribution and logistics.
4.0 What are the key functional areas of a business?
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There are several key areas of functions in the company like finance, sale, human
resource management, customer service, research and development that assist in
maintaining several prospect of the business. It is important for every division to
process and evaluate better co operation, good relationship and proper
communication.
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
it is concerned with knowing the wants and needs of the consumers to develop the
product or service in accordance to that. Its initial motive is to advertise the services
and goods of the company which deliberately make demand for them in the market
share (Macke and Genari, 2019).
5.2 Human Resource Management:
It Is concerned on handling employees aspects in the organisation. The main role of
this department are hiring, safety and motivation of employees, performance
management etc. It focuses on to enhance the productivity of employees and makes
sure organisation is safe from any problem with in the staff.
5.3 Customer Service:
The aim of this function is to make sure all the queries of consumers regarding the
services and product of a organisation are completed. It supplies a satisfactory
experience to consumers that assist in maintaining consumer base and motivates
growth in the business,
5.4 Finance:
This functions includes maintaining and getting capital for the organisation with the
support of effective planning (Melvin and Norrbin, 2017). It includes activities such as
managing financial statements, balance sheets, daily book keeping, salary
distribution, receivable and payable of accounts.
5.5 Research and Development:
It is a essential functional area for a company because it gives creative and
innovative ideas that helps organizations getting an edge over its competitors in the
market (Litton and Wacker, 2020). It also assist a firm in developing and producing
various products or better existing ones which can help in improving efficiency.
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5.6 Sales:
The goal of this function is to generate income for the firms in order to its long term
growth and success. These operations depend on approach and structure in
accordance of the scale of the business.
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:
 Adaptability – It is very crucial for the people at the organisation to be
adaptable in every situation, needs of the consumers or with dynamic trends.
It make sures that people at the work are fully aware about their environment
that helps in enhancing the efficiency (Kasaev, Petrovskaya and Kasaev, 2019).
 Problem solving – It is important for people to have better skills of problem
solving in order to minimize issues which is created by pricing of services and
products of the organisation. It assists an employee to improve their efficiency
in completing the goals.
6.2 Skills needed by Human Resource Management employees:
 Leadership Skills – It is essential for the people at the organisation to
possess better leadership skills in order to support and instruct their
subordinates about the goals and objectives of the business. Additionally it
assist in constructing optimistic bonds with their colleagues that enhance
performance in the business.
 Communication skills – This skill is required in every individual of any
institution in order to accomplish their goals and objectives by effectively
communicating with the colleagues . It make sure efficiency is sustained and
goals are achieved on time.
6.3 Skills needed by Customer Service employees:
 Emotional intelligence – It is essential for a worker to know the emotions of
the consumers while resolving their issues in order to supply them proper and
helpful solutions. Apart from this, it assist in making better bonds between the
consumers and the organization or business.
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 Active listening skills - This skill is mandatory for the staff to possess better skills of
listening to understand that what a consumer requires in order to properly give the
solution for it as this will make sure that less time is wasted during the resolving
consumer issues.
6.4 Skills needed by Finance employees:
 Technological Skills – In this workers required to have better understanding
of latest technology in order to consistently handle with inflow of various data
in a efficient and effective way. It assist in utilizing various resources which
are beneficial for the firm (Moncrief, 2017).
 Analytical Skills – It is an essential skill requires to have worthy analytical
skills which helps in understanding and analyzing of financial data to the over
all business.
6.5 Skills needed by Research and Development employees:
 Critical Problem solving skills – In it workers required to possess this skill
that helps them to understand opportunities for various innovating products or
services which can be beneficial for the organization. Additionally, it gives
them the capabilities to overcome complex situations and accomplish their
task effectively and efficiently.
 Team work – It is very essential for the people to have optimistic skills of
team work in accordance of resolving various tangled situations about
anything in the organization like innovation and development of the goods and
services as a team and it also helps in accomplishing a task efficient in a
given deadline.
6.6 Skills needed by Sales employees:
 Knowledge of product - In it people required know their services and
products which they are offering in order to give better brief about the product
or services to sell them to their possible consumers.
 Resonance building skills – It is essential for the people to possess this skill
in order to increase the possibilities of converting a negotiation in to the sale.
It helps in evaluating proper bonding with the consumers and to enhance the
business profitability for long term (Pearl and Fogel., 2017).
Conclusion
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From the above report it is concluded that organizational functions are essential for
the smooth operations of the business effectively and efficiently. These operations collectivly
support in maintaining the company profitable and it make sure minimizing any challenges
that might affects the over all operations of the firm. These functions of the organization
assist a business to make sure that each and every tasks are done at a optimum way with
better efficiency in managing the time . Apart from this, it helps in knowing and
understanding every operation inside the organization and in enhancing effectiveness during
the working to achieve a goal and in how a weak low productive division can be better.
Furthermore, it gives deep level understanding on the requirements of the skill to the workers
in accordance to execute a an objective in that particular organizational functions and that to
enhance their work by usage of their particular skills to support the firm in accomplishing its
tasks and goals in a proper way.
References
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Boone, L.E., Kurtz, D.L. and Berston, S., 2019. Contemporary business. John Wiley & Sons.
Ritter, T. and Lettl, C., 2018. The wider implications of business-model research. Long range
planning. 51(1). pp.1-8.
Macke, J. and Genari, D., 2019. Systematic literature review on sustainable human resource
management. Journal of cleaner production. 208. pp.806-815.
Melvin, M. and Norrbin, S., 2017. International money and finance. Academic Press.
Kasaev, B.S., Petrovskaya, M.V. and Kasaev, M.B., 2019. Innovative approaches to business
managing functional areas in a territory. Industrial Engineering & Management
Systems. 18(3). pp.440-453.
Moncrief, W.C., 2017. Are sales as we know it dying… or merely transforming?. Journal of
Personal Selling & Sales Management. 37(4). pp.271-279.
Pearl, R.M. and Fogel, A.L., 2017. New physicians will need business school skills. NEJM
Catalyst. 3(4).
Litton, E. and Wacker, J., 2020. Paired Courses: Using Liberal Arts to Improve Business
Education. Humanistic Management Journal. 5. pp.231-249.
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