Detailed Analysis of Business Organisation Report: IOM Electronics

This report provides a comprehensive overview of business organizations, focusing on their functional areas and the skills required for employees in each area. It begins with an introduction to business organizations, highlighting different types such as sole proprietorships, partnerships, and corporations, and their primary purpose of producing goods and services to meet customer demand. The report then delves into the functional areas of business, including strategy, marketing, finance, human resources, operations, and technology, using IOM Electronics Limited as a case study. It describes the importance of each functional area and the specific skills needed by employees in marketing, human resource management, customer service, finance, research and development, and sales. The report also discusses the significance of customer relationship management, communication, decision-making, effective listening, and collaboration. The conclusion emphasizes the importance of effective marketing strategies and product design in achieving business success.

World of Work

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Business organisations refers to an organisation which is identified and funded by
different businesses which operate in particular industry. There are different type of business
organisations like partnership, sole proprietorship, corporation and a limited liability company.
The main purpose behind a business organisation is to produce goods as well as services in order
to fulfil the demand of customers. They help in increasing managers efficiency. Business
organisations includes making different kind of strategies, marketing, using advanced
technologies and many more(Henkens and van Solinge, 2021). The below report includes an
introduction of business, functional areas of business, key functional areas of business,
description of all functional areas within each business organisation, types of skills needed in
order to work efficiently and skills needed by each employee. The below report is based on IOM
electronics limited. It is a well known regional organisation which is based in Manchester and
Liverpool.
MAIN BODY
What is a business?
A business refers to an organisation or any corporation which deals in commercial,
industrial as well as professional activities. It involve buying and selling goods and services
through which people can earn money and can live their life efficiently. It is not that business
will earn only profit; they can face loss also but business doesn't stop at that particular time.
When an individual or a group decides to start a business they must have a proper understanding
in relation to that specific business. Mainly there are four type of businesses and these were sole
proprietorship, partnership, limited liability company and a corporation. A business can be a
large organisation also and it can also be an small organisation.
Functional areas of business
It is considered as a group of employees who pursue similar type of skills. The main
reason behind functional areas of business is to assure that businesses are performing their
activities in a effective manner. These activities are performed so that businesses can achieve its
goals. It is important for the organisation because it includes sales and marketing, finance as well
as production also(Tassinari and Maccarrone, 2020).
Key Functional areas of business

In context with functional areas of business, there are six functional areas and these are
strategy, marketing, finance, technology, operations and human resources. It is been explained as
below:- Strategy:- A business can never be successful before making effective strategies to earn
profits. Business organisations have to create a vision and a mission to analyse what they
want to do, the reason behind it and how will they do it. The strategies must be made
while looking at four basic things which are strengths, weaknesses, opportunities and
threats. Business owners make their strategies by focusing on their competitor strategies.
A strategy must be made according to the organisation. If an organisation is a retail
business then strategies should be made according to that and whom they have to target.
In context with IOM electronics limited, they can use the strategy of applying an e-
business model. With the help of their stores, they also use online websites where they
can post about their electronic products(Susskind, 2020). Marketing: - In terms of marketing, it means that after making certain strategies they
must plan how they will reach to their customers. In some situations companies
companies often use an approach of inside-out in which they mainly plan their product
first and then focus on how to sell it but it is advised that business owners should use an
approach of build it and they will come in which business owners should first focus on
analysing whole market and demand of consumers and then design the specific product.
In context with the company as they just starting their organisation they can offer free
coupons and handouts to their customers which will be beneficial for them. Finance:- When a business gets start the owners have to take loans and do investment to
run their business in future. As money is the most important thing for a business so their
owners should be efficient financially also. They should form a budget so that they do all
things according to their that only. An investment can also be done by looking at their
competitors business and in accordance with that they can do everything in their
organisation. Human resources:- It is important for an organisation to hire effective employees by
focusing on the roles which they will perform. According to those roles employee should
get hired. They must have proper knowledge regarding that particular industry. Business
owners should always treat their employees as their customers so that they get motivated

to work in their business. In context with the company, those employees should be hired
who have knowledge regarding electronics. Operations:- It refers to the process of creating and providing products to customers.
When a business gets start not only employees but owners also had to perform
operations. While managing the role of operations the owners should not forget their
other roles and must focus on that. Without managing the business operations the
organisation cannot be successful because it is the main functional area of
business(Shmatko, Katchanov and Volkova, 2020).
Various functional areas in business organisation Marketing: - It means promoting all products in order to buy and sell all goods and
services. For a business organisation marketing is very important because if it would not
be done customers will not get to know about company specific products. There are many
activities involved in marketing and these are advertising, social media, selling and many
more. So, in terms of IOM electronic limited as its a start-up organisation so it was
necessary that advertising and usage of social media is necessary for them. Human resource management: - It means to manage all people in order to receive better
performance. It is necessary in the business organisation so that employee can increase
their performance in a better way and earn competitive advantage. There are different
functions involved in human resource like recruitment, selection, learning and
development, benefits and many more. The main responsibility of human resource is to
manage all employees like providing training to them, hiring best workers in accordance
with their job role. Customer service: - It is defined as a conversation between a person who is selling the
product and other person who is selling it. It is very important for business to ensure that
they are managing customer satisfaction. To provide an efficient customer service
company should provide all services at appropriate time and all demands and
expectations of customers are been met(MacLeave and Lapworth, 2020). Finance: - It means to manage, create and effectively focus on specific investments
owners would be doing in their business. It includes different activities like taking loan,
investing, forming a budget, saving all profits been earned. Mainly there are three types
of finance which includes public finance, corporate finance and personal finance.

 Research and development: - It involve different type of activities which an organisation
performs in order to innovate new things and provide new products to customers. When a
competitor introduce something new then company should do research and according to
that innovate their products. According to the concept of research and development, the
company focuses on the knowledge and in relation with that implement new and efficient
products. Sales: - It is defined as an activity which involve selling specific products in time to their
customers. It is done between two parties in which purchaser receive their goods and in
relation to that they gives seller money. There are various type of sales and these are
inside sales, outside, sales support, account managers and many more(Okrah, Ampadu
and Yeboah, 2020).
Skills needed by marketing employees Customer relationship management: - Employee who are needed while doing marketing
they must have the skill of managing relation between employees and customers. It is
considered as a software in which employees store information about all customers and
create a effective conversation with them. A good public speaker:- A good marketer must be confident while selling products.
Whether they are communicating with owner or with customers they must have
knowledge regarding their products so that customers don't have any doubt in relation to
that particular product.
Skills needed by human resource management employees Communication skills: - As an human resource it is very necessary to have efficient
communication skills because the main job role of them is to connect with all employees.
While hiring employees it is necessary that they communicate well with them. If
employees feel any problems then they must listen to those problems and build trust with
them. Decision making: - When recruitment is done then decision lies in their hands only. So,
they must have those skills so they can make right decision as whether the employee is
right for their organisation or not. So, they should have those skills in order to avoid
future conflicts.
Skills needed by customer service employees

 Effective listening: - While providing services it is necessary to have effective listening
so that if customers have any kind of issue then they solve it effectively. They should
never interrupt in between and listen to them with proper attention. Willingness to improve: - It is not necessary that interest of customers will always remain
same so it can get changed at any time. So, employees should always get motivation and
they should get certain incentives so that they get an interest of improving customer
service(Nabaggala, 2020).
Skills needed by finance employees Knowledge of IT software: - While performing the job role of finance department
employees must have effective knowledge of IT software so that they can handle all
financial problems efficiently.
Skills needed by research and development Thinking and reasoning : - It is necessary because while doing research proper thinking
and visualising is important as implementing strategies by effective research is important
which is needed in their skills.
Skills needed by sales employee
 Collaboration: - It is not possible to sell products alone. Team work is necessary at that
point of time. So, sales person should have the skill of collaboration so that they can work
in team and effectively sell all goods(Satrianto, 2020).
CONCLUSION
From the above report it is been concluded that in a business organisation marketing of
products and services is very important. It can be done in any way like advertising and many
more. To achieve success it is important to plan an effective strategy and according to that design
all products.

REFERENCES
Books and Journals
Henkens, K. and van Solinge, H., 2021. The changing world of work and retirement.
InHandbook of Aging and the Social Sciences(pp. 269-285). Academic Press.
MacLeavy, J. and Lapworth, A., 2020. A ‘post‐work’world: Geographical engagements with the
future of work.The Political Quarterly,91(2), pp.310-316.
Nabaggala, J., 2020. Sustainable Partnership in Action Research: The Role of Mentorship in the
World of Work.Africa Journal of Technical and Vocational Education and Training,5(1),
pp.66-74.
Okrah, A.K., Ampadu, E. and Yeboah, R., 2020. Relevance of the Senior High School
Curriculum in Ghana in Relation to Contextual Reality of the World of Work.Journal of
Curriculum and Teaching,9(1), pp.1-14.
Satrianto, A., 2020, November. The Influence of Educational Financing, Career Guidance,
Student Learning Motivation, Learning Discipline on Readiness to Enter the World of
Work on Students Senior High School in Padang City. InThe Fifth Padang International
Conference On Economics Education, Economics, Business and Management,
Accounting and Entrepreneurship (PICEEBA-5 2020)(pp. 286-296). Atlantis Press.
Shmatko, N., Katchanov, Y. and Volkova, G., 2020. The value of PhD in the changing world of
work: Traditional and alternative research careers.Technological Forecasting and Social
Change,152, p.119907.
Susskind, D., 2020.A world without work: Technology, automation and how we should respond.
Penguin UK.
Tassinari, A. and Maccarrone, V., 2020. Riders on the storm: Workplace solidarity among gig
economy couriers in Italy and the UK.Work, Employment and Society,34(1), pp.35-54.

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