BSc (Hons) Business Management - Functional Areas of a Business Report

This report provides a comprehensive overview of the functional areas within a business, focusing on the key aspects required for effective operation. It defines a business and explores its various functional areas including marketing, human resource management, customer service, finance, research and development, and sales. Each area is described in detail, highlighting its specific functions and importance within the organization. The report also examines the essential skills needed by employees to succeed in each functional area, such as communication, analytical abilities, and technical expertise. The document draws upon various sources to provide a well-rounded understanding of how these functional areas interact and contribute to overall business success. Finally, the report concludes by emphasizing the significance of these functional areas for the company's prosperity.

BSc (Hons) Business Management with
Foundation
World of Work
Functional Areas
0

Contents
1.0 Introduction p 4
2.0 What is a business? p 4
3.0 What is Functional areas of business – Definition
p 4-6
4.0 What are the key functional areas of a business?
p 6
5.0 Description of the various functional areas in business
organizations p 5-8
5.1 Marketing p 6-7
5.2 Human Resource Management p 7
5.3 Customer Service p 7
5.4 Finance p 7
5.5 Research and Development p 7
5.6 Sales p 8
6.0 Description of the types of skills needed by employees
to be able to work effectively in these functional areas
p 8-10
6.1 Skills needed by Marketing employees p 8
6.2 Skills needed by Human Resource Management employees
p 8
6.3 Skills needed by Customer Service employees p 9
6.4 Skills needed by Finance employees p 9
6.5 Skills needed by Research and Development employees
P 10
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6.6 Skills needed by Sales employees p 10
7.0 Conclusion p 11
References p 12-14
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1.0 Introduction
This assessment would examine the various functioning areas of a company, with an
emphasis on the important steps that John requires to effectively operate a company.
There should also be a heavy emphasis on the various knowledge required how they're
able to be transferred throughout various functional areas, emphasizing their significance
and therefore how they enable the employee to perform successfully within any of the
functional areas. In fact, the research will highlight how these fields interact with one
another.
2.0 What is a business?
Any organization that attempts to benefit from an operation is considered a
corporation. Business is a vague concept, although these revenue practices often
involve delivering a product or service that customers want or use. Companies may
lose money, however, that doesn't mean they're no longer in business. Everything
that matters in terms of describing a corporation is that the company wants to
prosper from what it produces. (firm, designed and Ward, n.d.). According to
Holzmann and Munter (2014) a company is made up of processes and strategies
that are added to those resources used to produce outputs. While outputs are
typically associated with companies, they are not necessary for an interconnected
collection to count as a company.
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3.0 What is Functional areas of business - Definition
Accioneduca.org. (n.d) is stating that since employees work together in groups,
different functional areas are often easier to identify in a broad organisation. Each
department is responsible for activities related to its specific region. The most
common ones you're likely to encounter in the industry are mentioned below.
www.bing.com. (n.d.). Bing. [online] Available at: https://www.bing.com/images/search?
view=detailV2&insightstoken=bcid_RJDw32IsoZ0CJ01Vf9QFN5U25BJ6.....-0
According to Accioneduca.org. (n.d.) a functional area is an entity, place, or
department that performs a specific business role, such as financing, marketing, or
customer support. The main purpose of business functions is to ensure that all
important business activities are successfully accomplished. This is necessary if the
organization is to achieve its objectives and targets. Furthermore, various areas may
be responsible for promoting specific categories of goals and priorities, such as:
 Purchases and promotions may be interested in meeting goals related to
entering new markets or growing sales.
 Human resources will be included in the planning of workforce preparation
programs and in promoting the ongoing career advancement of all
employees.
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 Finance will be required to track and promote goals and priorities related to
cost-cutting in order to increase profitability.
 The output would be given goals in terms of quality and meeting production
deadlines.
4.0 What are the key functional areas of a business?
According to Kalpana R (2013). the focus in time management is on completing the
goal in the shortest amount of time. Just one item is given fairly to any organism by
nature, and that is time, which is 24 hours per day. However, the one who
understands the science of time management comes in first. Japanese time
management is widely considered as the best in the world. Human resource,
production office, finance, and marketing are the five major functional fields of
administration, as mentioned below. Human resource growth, also known as staff
management or workforce management, is focused on achieving and retaining a
happy and productive labor force, i.e., workers. It is a subset of administration
dealing with "man management.". Production management is the planning,
organizing, orientation, scheduling, and regulation of the production function in order
to deliver desirable products and place and at the right time, in the proper amount,
and at the right expense. Some scholars consider content, purchase, and inventory
control to be a component of production management. Office management is
characterized as the organisation of an office in order to accomplish a specific goal
and make the best use of the staff by using the most appropriate machinery and
facilities, the absolute best ways of work, and by ensuring the most enjoyable
environment..
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
Analytics is the method of acquiring customers and retaining long-term brand
relationships. Management has two objectives: to attract new buyers by gaining a
competitive advantage and to maintain and enhance existing consumers by
delivering profitability and quality.. Marketing is a relational and administrative
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mechanism that enables individuals and organisations to achieve what they want /
need, as well as creating and expressing a curiosity with everyone In a brief,
advertising means establishing profitable, value-added trade relationships with
customers. (ezproxy.bolton.ac.uk. n.d.).
5.2 Human Resource Management:
According to Heathfield, S.M. (2007).human resource management is the corporate
role in charge of all matters about individuals in an organisation. Remuneration,
recruiting, and recruiting, improved performance, organizational growth, protection,
fitness, benefits, employee engagement, networking, policy administration, and
training are all examples. Human resource management is indeed a systematic and
practical way to organize employees, as well as the corporate community and
climate.
5.3 Customer Service:
According to Grant, M. (2020) customer service is yet another relationship that
occurs here between customers requesting a product and a member of the firm
providing it. Many other vendors regard to access to customer data as an important
factor in maintaining buyer satisfaction and enabling quality service. Also now, where
much of customer support is done by digital consciousness programs, most
companies consider the need to communicate with an individual to be important. It
is an essential part of leadership behavior.
5.4 Finance:
According to Hayes, A. (2019). financing is the method of obtaining resources to pay
commercial operations, acquisitions, or investments. Financial institutions firms
would be in the process of buying capital to businesses, investors, and consumers in
order to help them achieve their goals. Financing is essential in any economic
environment because it encourages businesses to buy goods that are out of their
direct control.
5.5 Research and Development:
According to Kenton, W. (2019). R&D refers to the practices that businesses engage
in to invent and launch new goods and services. It is always the preliminary step in
the manufacturing process. Usually, the aim is to get new goods and services to
customers and increase the overall economy. The concept of R&D is often
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associated with creativity in both the business and political worlds, as well as the
internal and external sectors.
5.6 Sales:
Selling is a trade between two or more entities in which the purchaser exchanges
money for real or tangible commodities, facilities, or properties. Other funds can be
billed to a vendor in some situations. To conclude a deal, both the purchaser and the
seller must be deemed eligible to conduct the trade. They may both negotiate on the
precise terms of the transaction.
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:
Monster Career Advice. (n.d.). is stating that to be competitive in this field, you will
require a diverse set of skills, and prospective applicants must demonstrate proof of
the following:
 interpersonal abilities
 oral and written listening abilities
 numeracy, and intellectual abilities
 teamwork and organizational ability
 ingenuity and innovation influencing and negotiating skills
 IT abilities, as well as market and commercial acumen
 tenacity and ambition
6.2 Skills needed by Human Resource Management employees:
According to Amato, K. (n.d.). human resource is a specialty that necessitates
managerial preparation in order to develop the skills that company executives need.
The below are the basic skills that any HR employee should possess:
 Communication abilities
 Corporate abilities
 Decision-making abilities
 Skills growth and learning
 Budgeting abilities
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 Compassion abilities
6.3 Skills needed by Customer Service employees:
According to McCabe, K. (2018). These are the twenty-first extremely important
customer service abilities:
 Compassion
 Communication abilities
 Product understanding
 Problem-solving abilities
 Be patient.
 a positive outlook
 Listening qualities that are positive
 a desire to go beyond and beyond
 Personal accountability
 Self-assurance
 tenacity and sincerity
 The desire to adapt
 Paying Attention
 eagerness to read
 The quality of professionalism
 The ability to adapt quickly in an acting situation
 Time control abilities
 The capacity to let go
6.4 Skills needed by Finance employees:
According to Careers, Search and Doyle, (n.d.) these are the types of financial skills:
 Observance
 Decision-making skills
 Flexibility
 Handling intricate tasks
 Investing skill
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6.5 Skills needed by Research and Development employees:
According to Edureka Community. (n.d.). below are Many of the requirements for
being a Research and Development Engineer include:
 Excellent oral and written listening skills.
 Thinking and analytical abilities
 The opportunity to read and write in English.
 To be rigorous and detail-oriented.
 Awareness in mathematics.
 Analytical reasoning abilities
 The freedom to act on your own initiative.
 Active listening abilities.
 The ability to perform simple functions on a monitor or handheld unit.
6.6 Skills needed by Sales employees:
According to Sales Hacker. (2020) these are the skills needed by sales employees:
 Building Relationships
 Recognizing That It Is Time To Say Goodbye
 Management Skills
 Creativity
 Research / Knowledge Collecting
 Descriptive Statistics / Conflict Resolution
 Technical Expertise
 Coordination
 Product Comprehension
 Knowledge of Successful Enterprise Software
 Business Communication
 Customer Contact
 Active Listening
 Leadership Skills & Management
 Marketing Demonstrations/Presentations
 Social Marketing
Conclusion
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Finally, John should concentrate on these four main business roles and ensure that
the company is set up for success. The skills used in each particular role can be
applied to other divisions for the most portion, although there are certain specific
things that are required on a division by organization level.
References
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Accioneduca.org. n.d. [online] Available at:
http://accioneduca.org/admin/archivos/clases/material/functional-areas-of-
organization_1563989637.pdf [Accessed 11 April 2021].
Amato, K. (n.d.). Skills All HR Managers Must Have. [online] TopResume. Available
at: https://www.topresume.com/career-advice/top-skills-for-human-resource-
managers#:~:text=Skills%20All%20HR%20Managers%20Must%20Have
%201%20Communication [Accessed 12 Apr. 2021].
Careers, F.B.F.L.F.T.A.D. is the job search expert for T.B., Search, O. of the I.M.H.-
R.J. and Doyle, career experts R.T.B. editorial policies A. (n.d.). Important Financial
Skills That Employers Value. [online] The Balance Careers. Available at:
https://www.thebalancecareers.com/finance-skills-list-2062397#:~:text=Because
%20many%20different%20roles%20and%20positions%20exist%20within [Accessed
12 Apr. 2021].
ezproxy.bolton.ac.uk. (n.d.). Shibboleth Authentication Request. [online] Available at:
https://ebookcentral.proquest.com/lib/bolton/reader.action?docID=5801049
[Accessed 11 April 2021
Edureka Community. (n.d.). What are the skills required to become a Research and
Development Engineer. [online] Available at:
https://www.edureka.co/community/33498/what-skills-required-become-research-
development-engineer#:~:text=Some%20of%20the%20skills%20required%20to
%20become%20a
[Accessed 12 Apr. 2021].
firm, F.B.F.T.S.W. wrote about small businesses for T.B.S.B. for 18 years S. has run
an I. consulting, designed and Ward, presented courses on how to promote small
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