BMP3004 - Functional Areas of Business: A World of Work Analysis

This report provides a comprehensive overview of the functional areas within a business, using IOM electronics as an example. It defines business and its functional areas such as marketing, human resources, customer service, finance, sales, and research and development, explaining their roles a...Read More

BSc (Hons) Business Management with
Foundation
BMP3004
World of Work
Functional Areas
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Table of Contents
INTRODUCTION..........................................................................................................................3
MAIN BODY................................................................................................................................3
Definition and description of business ............................................................................3
What is Functional areas of business -.............................................................................3
What are the key functional areas of a business..............................................................4
Description of the various functional areas in business organizations ...........................4
Description of the types of skills needed by employees to be able to work effectively in
these functional areas.......................................................................................................6
...................................................................................................................................................7
CONCLUSION..............................................................................................................................8
REFERENCES ......................................................................................................................9
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INTRODUCTION
Business management is a important function of every major and minor
organization to manage employees. Many different companies also takes assistance of
business management in order to complete several functions and tasks (Barkela, B.,
2021). The companies in international and national market majorly focus on developing
precise management functions in order to gain desired growth at the marketplace. In this
report example of IOM electronics is taken into consideration which is major electronic
company based in Liverpool and Manchester. This project includes a detailed
explanation of functional areas of a business to develop a business entity like IOM
electronics. This project also contains information and related to skill development in
employees in order to achieve organizational goals.
MAIN BODY
Definition and description of business
The business is a economic activity which sells a product or service at the
marketplace in order to earn profit. Business is mainly performed by two or more
persons to increase revenue and turnover at the marketplace. In the recent times,
business organizations focus on development of effective business operations in
order to develop profitability of the business firm. Business includes major functions
which are performed by the management to lead the marketplace with competency
edge.
What is Functional areas of business -
The functional areas of a business are major areas which are supportive for a
business to maintain set of operations. Functional areas are helpful in managing day
to operations of a business entity in a major sense. It is compulsory for a business
entity to focus on major functional areas of a business to lead the marketplace with
competitive advantage (Kasaev, 2019). The functional areas of IOM electronics
requires professional and skilled workers who are trained to handle major
organisational activities in a systematic manner. In a business, functional areas are
also responsible for long term business development and helpful in achievement of
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long and short term business goals.
What are the key functional areas of a business
The key functional areas in IOM electronics are Marketing, human resource,
customer service, finance, sales and research and development. These functional
areas play a vital role in development of whole business organization and helps it to
maintain functions in a systematic manner.
Description of the various functional areas in business
organizations
Marketing:
Marketing is a major department in a business which helps a
business to promote product at the marketplace. The marketing
department is also responsible for implementation of a precise business
marketing plan in order to increase the sales ratio (Knippschild, 2018)
Marketing management is also responsible to develop essential
application of marketing mix in order to develop desired marketing
tactics.
Human Resource Management:
In the functioning of a business at the marketplace, there is an
important role played by human resource management. The human
resource management is liable for maintaining employee performance
and culture in the organization for long term success of the business.
Customer Service:
The IOM electronics focuses on customer relationship management in order
to develop healthy relationship between different customers (Nalawade, 2019).
Customer service is most important for a business to increase customer satisfaction
and maintaining goodwill of the company.
Finance:
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In a business, this is considered as most important functional area which is
responsible for maintaining transactions of financial nature. The finance is backbone
of IOM electronics which has main duty to prepare final accounts of the company in
order to know financial position of the company at the marketplace. The finance
department includes accounts department which is liable for recording all the
financial transactions.
Research and Development:
This department is mainly present in a business entity to perform effective
research of current market trends. This business department also helps a business
entity to perform market survey in order to perform different goals and objectives
(Shi, 2019). The research and development is mainly responsible for making desired
modifications and changes in a product to rule the marketplace.
Sales:
The sales department of IOM electronics is majorly responsible for increasing
sale of products which helps in increasing business turnover. Sales department
increases sales and provides good amount of revenue to a business. The business
entity at the marketplace should hire skilled and trained employee in order to
increase the turnover of company (Valcik, 2021.). Most of the business organizations
in market, develop a comprehensive plan for increasing the sales of its products and
services in a specific period of time. The sales department also plays a major role in
fulfillment of wants and needs of the customers.
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Description of the types of skills needed by employees to
be able to work effectively in these functional areas
It is necessary for any employee of the organization to have some skills and
knowledge about the work because it is important for the completion of task
effectively. There are many department in any organization which contains different
types of employees and these employees has different skills which the managers of
the company uses in their business operations. IOM electronics goods
manufacturing company which deals in production and selling of electronic goods
and services (Xiang, 2020). This organization has many department under which
different types of workers are employees and the brief discussion related to the skills
needed these workers are given below.
Skills needed by Marketing employees:
Marketing is related to perform those actions which stimulate the demands of
company's products and services. It is one of the most important department of any
organisation because the success and failure of the product are depend upon the
marketing framework of the company. The marketing function of the organisation
need large number of employees because of their huge working area and multiple
functions. The marketing department of the IOM electronics are performed different
techniques to advertise their products and services with their huge employee base.
This employee base effective marketing skills and communication skills which
influence the customers to purchase the product of the company.
Skills needed by Human Resource Management employees:
Human resource management is the important part of the organisation and
this department is responsible for the staffing, recruitment and management of
employees of the organisation. The main aim of this department is to employee the
best talent in the business of the organisation. There are few members are
employees in the human resource department of IOM electronics which satisfy the
need of work force of the organisation. These employees requires different skills to
perform their work effectively. These skills are interpersonal skills, communication
skills and skills related to the identify the qualities of a employee.
Skills needed by Customer Service employees:
Customer service employees is related to those which provides different
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services such as installation services, after sales service and many more to the
customers on the direction of the company. There are many services which IOM
electronics provided to their customers such as installation of any electronic device,
after sales services and many technical services. These services required
employees related to the technical background. These employees should possess
technical skills in their personality which helps the employees to solve the problems
faced by customers about the product of the company.
Skills needed by Finance employees:
This department is responsible for the organise of funds and the allocation of
these funds in different business functions. The finance department of the company
requires employees having finance background in term of their academic
qualification. The employees of finance department of IOM electronics requires
superior market knowledge which helps them to organise for the organisation.
Skills needed by Research and Development employees:
The research and development department is responsible for the
development of new and innovated technology for the organisation. The R&D
department of the IOM electronics are well organised and invested because the
customers of the company requires new and innovated devices continuously so the
employees of the department requires innovative, creative and analytical skills to
perform their duty.
Skills needed by Sales employees:
It is one of the toughest work in the organisation because it includes the direct
interaction with the customer and influence their will to purchase the product of the
company. These employees requires specialised knowledge about the consumer
preference and effective communication skills.
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CONCLUSION
From the above stated discussion it can be concluded that, functional areas
helps a business to develop effective business practices that are essential to
dominate marketplace. The above discussion concludes that, in order to achieve
short and long term business goals, it is crucial for a business entity to take support
of all major functional areas. This project concludes the importance of skill
development in the employees to perform day to day tasks with increased efficiency
and effectiveness.
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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.
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.
Knippschild, R. and Schmotz, A., 2018. Border regions as disturbed functional areas: analyses
on cross-border interrelations and quality of life along the German–Polish border. Journal of
Borderlands Studies, 33(3), pp.371-391.
Nalawade, R.K., More, D.K. and Bhola, S.S., 2019. Employability Skills Required for
Functional Areas of Management. IUP Journal of Soft Skills, 13(1).
Shi, R., 2019, July. The Research of Urban Rail Transit Line Planning in Urban Main Functional
Areas. In 2019 5th International Conference on Transportation Information and Safety
(ICTIS) (pp. 1037-1041). IEEE.
Valcik, N.A., Sabharwal, M. and Benavides, T.J., 2021. The Functional Areas Utilizing HRIS in a
Public Organization. In Human Resources Information Systems (pp. 115-124). Springer,
Cham.
Xiang, Q., 2020, March. Functional Areas Layout in Logistics Park Combining Traffic
Organization by Genetic Algorithm and Fuzzy Clustering. In Green, Smart and Connected
Transportation Systems: Proceedings of the 9th International Conference on Green
Intelligent Transportation Systems and Safety (Vol. 617, p. 257). Springer Nature.
Zhen, Q., 2019, October. Quantitative Identification of Urban Functional Areas in Downtown
Area of Changchun Based on POI Data. In IOP Conference Series: Earth and Environmental
Science (Vol. 330, No. 5, p. 052001). IOP Publishing.
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