Functional Areas of Business, Skills, and Employee Requirements Report

This report delves into the core functional areas of a business, highlighting their importance and interconnectedness. It defines a business as a socioeconomic structure involving the exchange of goods and services for revenue generation. The main body then examines key functional areas, including marketing, human resource management, customer service, finance, research and development, and sales. Each area's role and objectives are discussed, emphasizing how they contribute to the overall success of an organization. The report further explores the skills necessary for employees within each functional area, such as marketing, HR, customer service, finance, R&D, and sales, providing insights into the competencies needed for effective performance and organizational success. The report concludes by emphasizing the importance of analyzing and evaluating these functional areas to add long-term value to the business. The report includes references to academic journals and books supporting the analysis.

Business

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
What is a business........................................................................................................................1
What are functional areas of business.........................................................................................1
What are the key functional areas of a business..........................................................................1
Description of various functional areas in business organisations..............................................2
Types of skills needed through Employees.................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
The judgments relating to how to use marketing trends in an appropriate way to provide
products to consumers who require varied people to operate in different jobs within a company
(Holotiuk and Beimborn, 2017). As a company's size and scale grow, they must also increase
their focus on the challenges of its market segment. Furthermore, it promotes the establishment
of business functions inside organizations. Every business function generally makes a unique and
meaningful addition to the firm overall. This study summarizes the numerous organizational
functions that are relevant to enterprises, as well as the competences that are required of
employees in order to effectively manage the company into another object's product divisions.
MAIN BODY
What is a business
Commerce can be defined as a socioeconomic structure wherein goods and commodities are
exchanged for currency or cash goes counterpart. Furthermore, it is a business agreement that's
also primarily aimed to increase revenue and earnings by contemplating a comprehensive course
of action in conjunction to competing measures.
What are functional areas of business
Functionality domains can be considered as a collection of individuals who've been
relevant to an organization and have similar skills, competences, talents, and knowledge. In this
regard, it has been decided that every organization is made up of operational sectors that work
together just to coordinate and cooperate in order to provide profitable outcomes for the
organisation.
What are the key functional areas of a business
All entities operating inside the constraints of the market are combined into a set of people
depending on the tasks they undertake. The purpose of this arrangement is to elevate the notion
of business functions into entities. Furthermore, these are necessary for any individual's seamless
activities in industry sectors. Further, its been discovered that marketing, accounting, personnel
management, as well as other organizational units of company are among the most frequent.
There are many other operational domains which are associated with the company, and these are

the ones that are most important for the company and hence form the object's performance
(Lahti, Wincent and Parida, 2018).
Description of various functional areas in business organisations
Marketing- Advertising is among the primary operational domains that encompass
commercial processes involving the transfer of goods and services. In this regard, it is apparent
that capital is an essential job within such a company because it assists in the purchase and sale
of products. Furthermore, it should be noted that any organization's top aim is to achieve revenue
percentages since without them; the company will be unable to continue for an extended length
of time. Also, it's been discovered that organizations frequently might not survive sans strong
sales tactics. Secondly, promotional activities are avenues that enable them to communicate with
customers and also garner public notice that helps them achieve goals of the organization. In
addition, the marketing department is important for fostering the products and generating
revenue that contribute in the organization's growth.
Human resource management- Human capital strategy is a system of business functions
that are primarily accountable for overseeing a company's workforce. Further, the primary goal
of each division is to strengthen relationships between employer and employees so that
employees are dedicated to meeting corporate objectives and goals. In contrast, the personnel
management department recruits employees for the company. In particular, managers must
ensure that staff recruited for the firm possesses the necessary abilities, expertise, and
certifications. In fact, the people in charge of human capital business functions works on
selecting different steps that help them succeed their marketplace resilience. Performance
assessment, recruiting, development, and other HRM operations which have a significant impact
on employees and also their potential to improve their operational effectiveness and operations
are just a few examples. As a result, it is straightforward for the corporation or employees to
achieve their goals in the time allotted.
Customer service- Customer care is a main structural sector which is established for
people who want to provide customers with assistance offerings. Also, the goal of all company
activity in the region is to contribute to consumer pleasure with viewers in order to keep them
with the company for extended periods of time in the future. As a result, various agencies
maintain customers at the forefront of their minds and take all reasonable steps to keep them
satisfied at all instances. Moreover, it is frequently seen that viewers have queries or have issues

with products offered via the company. In this framework, customer care functional departments
provide rapid reaction providing support to certain customers whose difficulties can be resolved
quickly. Also it helps them maintain a loyal consumer base while attracting new ones to the
company (Sedláček and Sterk, 2017).
Finance- Financial functional departments of all entities are responsible for handling funds
related to company. Additionally, various target sectors are responsible for generating suitable
budgets which also aid businesses in managing their financial operations in a profitable manner,
and also enable businesses to build budget management utilizations of financial resources.
Likewise, every accountant must highlight the importance of expanding their understanding of
the main requirements of all divisions inside a comparable company so that they may effectively
build budgets for the same. It also supports businesses in forecasting their financial status,
whether they are profitable or losing money.
Research and development- The operational fields of research and innovation include
procedures which are examined with goal of launching and creating new products. Furthermore,
in the framework of the lifecycle, the appropriate division is critical. This organizational
structure is also frequently linked to many other divisions, such as sales and advertising.
Sales- Various target domains that are concerned with the administration of overall sales
growth and revenue generated by a business over a prolonged period of time. In light of this, it is
efficient, as the primary goal of all businesses from its inception has been to increase profits and
sales. Additionally, the sales increase will immediately increase the prospects of increased
company profits. As a result, purchases are made to effective business units with goal of
developing methods so that brand recognition can soar. As the system is manufactured, the key
stakeholder sectors grow in importance, and this trend continues until the entire production
output is converted into overall sales. As a result of this agency's support, an organization gains
the potential to identify certain consumers from of the global marketplace and grow revenues to
them by the use of successful strategies.
Types of skills needed through Employees
Skills needed by marketing employees- The marketing team is primarily responsible for
establishing the company's better name in the industry. For examples, each advertising staff
member needs to do this in order to build positive relationships with consumers and improve
sales efficiency. Few of the prevalent areas of expertise that would be required via employees of

advertising in order to execute its assignment in profitable manner are quantitative, squad
functioning, strengthened dialogue, affecting abilities, technical skills and many others. Within
which the, advertising human resource personnel must work on possessing the stated capabilities
overall, which cooperatively supports employees in implementing their operations in a more
effective manner. It’s been discovered that improved interview skills, emotional intelligence, and
persuasive abilities assist the marketing department in strengthening their positive relationships
with consumers as well as encourage people to make profitable purchases from comparable
businesses (Tone, 2018).
Skills needed by Human resource management employees- Human capital are viewed as
one of a company's most valuable commodities; as they assist the company achieve its planned
wellness goals. As a result, the employees working in this area have such a wide range of skills,
allowing them to generate positive relationships with both the company and the employees,
resulting in several benefits for both parties. Conflict resolution, multiplexing, communication,
employee engagement, and other vital abilities must be adopted into each company by human
resource managers. It may well be suggested that the existence of such skills usually enables
assistance for persuading the company's employees to remain in the company and efficiently
achieve its goals.
Skills needed by Customer service employees- Essentially, customer services are required
to concentrate on resolving customers' questions in order to successfully grow viewers' devotion
to companies. So, when doing this with the responsibilities, it's critical for customer service
representatives to provide a firm grasp on skills like effective communication, efficient
leadership, rapid reasoning, and many others. By using these talents, it is much easier for each
division to assist the company in succeeding by directly explaining employees' questions on
schedule (Yeoh and Popovič, 2016).
Skills needed by Finance employees- Treasury department work is just a little challenging,
and these persons must be extremely concentrated and they'll do not become disoriented in the
tasks and make mistakes. As a result, accounting information, company’s productivity,
understanding of technologies and processes, as well as other abilities are required of finance
employees. Employees can help to the achievement of the company by possessing such abilities
and a greater economic working ethics.

Skills needed by Research and development employees- Its staff members would need
improved R&D associated capabilities to perform research work connected to the business,
market, rivals, and many others, that will eventually assist them in implementing potential
knowledge that will assist it in adding value. As a result, thinking skills, human interaction, as
well as other talents are required in each field. As a result, all of these competences would've
been required of R&D personnel in order for them to be able to carry out their duties in an
effective and suitable way.
Skills needed by Sales employees- Personal interaction, teamwork, effective listening, and
presentation skills, as well as other talents are among those that salespeople must possess.
Despite possessing gaps, such talents enable sales staff in meeting their sales goals within a
specific time frame and increasing the profitability of the company (Wilson, 2016).
CONCLUSION
It can be concluded from the above that it is very crucial to analyse and evaluate all of the
above studied aspect so that it can add value to the company in the long run.

REFERENCES
Books and journals
Holotiuk, F. and Beimborn, D., 2017. Critical success factors of digital business strategy.
Lahti, T., Wincent, J. and Parida, V., 2018. A definition and theoretical review of the circular
economy, value creation, and sustainable business models: where are we now and where
should research move in the future?. Sustainability, 10(8), p.2799.
Sedláček, P. and Sterk, V., 2017. The growth potential of startups over the business cycle.
American Economic Review, 107(10), pp.3182-3210.
Tone, A., 2018. The business of benevolence: Industrial paternalism in progressive America.
Cornell University Press.
Wilson, M.R., 2016. Destructive creation: American business and the winning of World War II.
University of Pennsylvania Press.
Yeoh, W. and Popovič, A., 2016. Extending the understanding of critical success factors for
implementing business intelligence systems. Journal of the Association for Information
Science and Technology, 67(1), pp.134-147.