BMP3004: Functional Areas of Business at IOM Electronics Ltd

This report delves into the functional areas of business using IOM Electronics Ltd as a case study. It defines business and its functional areas, highlighting key departments such as Marketing, Human Resource Management, Customer Service, Finance, Research and Development, and Sales. The report details the responsibilities of each department within IOM Electronics Ltd and further examines the specific skills needed by employees to perform effectively in these roles, including technical expertise, communication, problem-solving, and analytical abilities. The analysis emphasizes the importance of employee skills and coordination for the company's growth and success, concluding that a well-managed and skilled workforce is crucial for IOM Electronics Ltd to thrive in the competitive electronics market. Desklib offers this report and many similar resources to aid students in their studies.

BSc (Hons) Business Management with
Foundation
BMP3004
World of Work
Functional Areas
Submitted by:
Name:
ID:
Contents
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1.0 Introduction 4
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 6
5.6 Sales 6
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 7
6.5 Skills needed by Research and Development employees
7
6.6 Skills needed by Sales employees 8
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7.0 Conclusion 8
References 8
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1.0 Introduction
Business is defined as the entrepreneurial entity of the organization which has to do
with the business, industry, or profession. The report will project the different
functional areas in the organization for the purpose of getting the work done in the
organization (Heavin and Power, 2018). As per the given case study of John, he has
won lottery amount that is why he choose to buy a local company in the name of
IOM Electronics Ltd. Moreover, the employees of the company should have proper
skills and knowledge for the purpose of running the business successfully. The goal
of the above-mentioned report is to define the role of business, the functional areas
of business with descriptions, and an examination of the skills required by
employees of the business.
2.0 What is a business?
Business is said to be the entity and the organization which is concerned with
industrialized, moneymaking, or professional activities. This comprises of the
commercial activity that is in exchange of goods and services. As per the given case
study, IOM Electronics Ltd in Liverpool and Manchester, important electrical goods
are sold and serviced.
3.0 What is Functional areas of business - Definition
Various functional areas of business comprises proper team work and employees
who have various sets of expertness and ability for the purpose of bringing smooth
functioning in the operations of the organization. One of the common examples is of
sales department of the respective company (Pettinger, 2020).
4.0 What are the key functional areas of a business?
Various key functional area of the business comprises which are as follows-
 Research and Development
 HRM
 Promotion
 Sales
 Finance
 Management
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 Finance Technology
 Services to customer
 Purchase department
5.0 Description of the various functional areas in business
organizations
5.1 Marketing:
This department is responsible for identification of various needs and requirement of
the customers. In the relation to IOM Electronics Ltd., it can be said that marketing
management must design, formulate the website of the company for examining the
implications and outcomes
5.2 Human Resource Management:
In IOM Electronics Ltd., the recruitment of new workers is handled by the Human
Resource Department. That is why, it is vital to make sure about the vacancies for
choosing best individual in the job. This management is important as it is one of the
time-consuming processes.
5.3 Customer Service:
Customers that have an issue or a problem should be looked after by the company.
The business system must treat them politely and provide best knowledge (Beck,
Francis and Gunn, 2018).
5.4 Finance:
IOM Electronics Ltd.'s financial department is involved in the production and
management of invoices in order to keep a track and check the payments or
overdue.
5.5 Research and Development:
In reference to the given company, the process R&D is managed by the Chief
Technology Manager who is responsible for managing the working, researches,
products and all the related aspects.
5.6 Sales:
In IOM Electronics Ltd., the sales department takes care of products to the
customers as per their plan, needs, and demand.
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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:
IOM Electronics Ltd. employees demand and require certain abilities. It is made up
of a flexible and adaptable management approach (Li, Zhu and Park, 2018). With
proper vision and knowledge of strategic planning, technical expertise, data
interpretation and overall analysis. To operate, marketing workers must also possess
the abilities of creative thinking and content management. properly and effectively in
the system. Being in marketing segment, they are required to do more research for
the motive of making campaigns to deal with the competitions of the market.
6.2 Skills needed by Human Resource Management employees:
The employees under HRM require to take quick decisions about what is wrong and
right and these decisions are the main reason for protecting the company and its
employees. For the purpose of being successful, the human resource management
employees to care about the company by managing the human resources and
resolving the issues related to the employees. Employees of the chosen company
must have the various set of skills to perform their tasks well for succeeding in the
company. The employees in this department are to deal with many people from
doing work to salary related issues in order to resolve the issues at the company.
The main duty is to listen to the employees to make sure that they are valued and
important. As all the compensations and benefits packages are to go through HR
department and various services such as performance appraisal, social activities,
training and development and many others. Further, they should be more flexible to
carry out proper planning management which will remain committed towards the
employees for the overall development (He, Chao and Zhu, 2019).
6.3 Skills needed by Customer Service employees:
Customers are considered to be the important part for the company that is why
special skills are required to keep the customers happy and satisfied. The
employees who work in customer service department must have speaking skills,
etiquette skills, being patience and most importantly, the ability to stay in any
circumstances. Because being impatient can upset the customers. They also have
proper knowledge about company with the aim of attracting the larger audience. With
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the main target to persuade them to buy their products and make use of the
company's services.
6.4 Skills needed by Finance employees:
People who are involved in the department of finance should have proper training
and education in reference to formal qualifications in finance that is proper degree,
diploma or certificate for performing better in the operations of the company.
Additionally, staff in the finance department must be able to communicate with other
employees in order to complete financial reporting in the organisation Freeman,
Parmar and Martin, 2020). In order to carry out the company's financial operations
and activities, it is also necessary to ensure that all personnel have acceptable
problem-solving abilities and knowledge of IT software. Such employees are
required to have proper knowledge of management experiences and also the
analytical knowledge to keep them updated as per the need of the company.
6.5 Skills needed by Research and Development employees:
People who are working in the department of research and development and in order
to solve difficult challenges, employees must have the best analytical skills. Along
with it, they should have proper verbal communication, thinking skills to keep
themselves and others attracted to the system as well as assist the organization with
the aim of growing and prospering in the various areas of research. They should also
be aware about the trends of the industry that comprises of regulatory changes
which affects all the companies in the electronics industry. Also, Communication
skills are needed so that they must know how to communicate with their team,
managers and clients. On top of it, teamwork skills will also be useful so that
complex issues can be resolved in the team of company (Hauck, 2019).
6.6 Skills needed by Sales employees:
Product knowledge, organizational skills, problem solving skills ,listening skills, time
management skills, social media skills, time management and teamwork are some of
the talents expected of sales professionals at the given organization. All the above-
mentioned skills are required to be adopted by the employees of the IOM Electronics
Ltd. which will support the company in order to expand and grow. Along with it, the
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company will also face competition of the market form the other companies which
are doing great in the electronics sector of the industry. The sales employees should
master the art of being a good communicator In the market because this skill is
directly linked to building the level of trust among the people about their brand. Also,
they are required to be more confident in handling public in order to persuade their
buying decision. For that the sales employees can practice their sales pitch, knowing
their targeted customers and by having a great knowledge of their products (Kasaev,
Petrovskaya and Kasaev, 2019).
Conclusion
Therefore, it can be said that the respective company will surely grow and succeed
in the future only when all the employees perform their tasks in an efficient manner.
Also, there must be proper coordination between the employees and management of
the company. This can be achieved when employees are considered important and
provided proper framework with feedback in order to let them grow and their overall
development. Whereas, it can also be concluded that HR department must
coordinate with the employees so that coordination can be made in the company. It
should be the duty of HR department to manage the employees with the help of
employee life cycle
References
Books and Journal
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.
Hauck, M., 2019. Virtual exchange for (critical) digital literacy skills development. European
Journal of Language Policy, 11(2), pp.187-210.
Freeman, R.E., Parmar, B.L. and Martin, K., 2020. BUSINESS AND ETHICS. In The Power of
And (pp. 129-140). Columbia University Press.
He, H., Chao, M.M. and Zhu, W., 2019. Cause-related marketing and employee engagement:
The roles of admiration, implicit morality beliefs, and moral identity. Journal of business
research, 95, pp.83-92.
Li, L., Zhu, Y. and Park, C., 2018. Leader–member exchange, sales performance, job
satisfaction, and organizational commitment affect turnover intention. Social Behavior and
Personality: an international journal, 46(11), pp.1909-1922.
Beck, M.J., Francis, J.R. and Gunn, J.L., 2018. Public company audits and city specific labor‐
characteristics. Contemporary Accounting Research, 35(1), pp.394-433.
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Pettinger, R., 2020. Introduction to management. Bloomsbury Publishing.
Heavin, C. and Power, D.J., 2018. Challenges for digital transformation–towards a
conceptual decision support guide for managers. Journal of Decision Systems, 27(sup1),
pp.38-45.
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