IOM Electronics Ltd: Business Functions and Required Skill Sets

This report examines the functional areas within a business organization, focusing on the scenario of a 21-year-old considering the purchase of IOM Electronics Ltd. It delves into key functions such as marketing, finance, human resources, production, research and development, and customer service, outlining the roles and responsibilities of each. Furthermore, the report identifies the essential skills required for employees to effectively perform in these various functions, including communication, interpersonal, accounting, analytical, attention to detail, machining, time management, leadership, information searching, problem-solving, self-control, and empathy. The analysis underscores the importance of these functions and skills for the smooth operation and overall success of a business, highlighting their interconnectedness and individual contributions to organizational goals.

World of work

Table of Contents
INTRODUCTION .............................................................................................................................3
Functional area in the business organisation.................................................................................4
Skills needed by the employees to work in these functions..........................................................5
CONCLUSION .................................................................................................................................7
REFERENCES...................................................................................................................................9

INTRODUCTION
Business functions are the internal behaviour of an organisation as these are required for
the production of the goods and services. It is a set of the activities which are performed by
management department that is initiated by transform information, events, business commitment
and the procedure an output. All types of business organisation depend on the different types of
function to run their business in an efficient manner. To carry out the process of business function
is a part of organisational mission. In this report, a 21 years old men has to decide to buy a local
company that is IOM Electronics Ltd. So, on this basis this report will include the marketing
function, finance, HR department, the production function and research and development function
of the business. It will also include the different types of skills need for different functions within
an organisation (Godoy and et. al., 2020).
Functional area in the business organisation
A business has various function which are very helpful to run the business smoothly.
These functions are given below (Marlow and et. al., 2021).
 Marketing functions- This function is concern about the promotion of goods and services
and also ensure the availability of potential customers for their business. Marketing
function of an organisation have many role such as understanding customer's requirement
and make sure that the company's product meets the consumer's needs. Their another role
is to making the organisational product well known in their target market as well as to
meet the required standard within the target market. This function has come up wit the
new strategies to spread awareness of their company's products by using advertising media
and other community events etc.
 Financial function- The finance department of an organisation concern about the security
of their financial resources and allocate these resources to the different parts of the
company. It provide funds required by the other functions of an organisation. The
financial department is responsible for providing all required materials by marketing and
operation to make them enable to complete their activities which are related to their
function. Financial function need to perform various critical tasks to ensure the success of

a business such as budging, managing cash flows, and financial statements etc. it has a
major role in the success of an organisation.
 Production function- It is key function of the organisation and it is concern about the
production of products and services in a business. The goods are tangible product which
are created from the raw material and the services are intangible that provide a sort of the
psychological value. This function is the heart of any business, pumping out the services
and goods in a quality and quantity that meet the customer's need. The production manager
is responsible for the overseeing day to day operation of their business.
 HR function- This function play a vital role in the organisation as it it hire skills and
talented employees for their vacant posts. They estimate the workforce requirement and
take different approach for the recruitment. They also formulate policies from the matured
tried as a clear and the well defined policy framework for the working of a business. It
make available the facilities of training and development for the employees within the
organisation. This function perform the activity of recognition and reward to the
employees on the basis of their work productivity and performance (Ostmeier and Strobel,
2022).
 Research and development function- The R&D is that activity, which is undertaken by
an organisation in order to develop their new products. It is a valuable tool for improving
and growing the business. It also introduce a new service or product in market by adding
some innovation with the purpose of increasing company's bottom line. It improve the
product and take risk, because of uncertain environment of the business. If an organisation
technologically feasible, then they can easily accomplish their goals. The R&D identifies
issues or opportunities and then focus to explore researching ideas which are feasible.
 Customer services function- In this they concern about why peoples buy their products
and use services. By this they determine its impact on the business and economies. Under
this function they create the effective marketing and the advertising campaigns. They
provide excellent customer services by exceeding the expectation of the customers. They
also provide the after sale services by resolve the customer's query and remove their
doubts.

Skills needed by the employees to work in these functions
To perform these function efficiently in the organisation the employees must have some
skills which are given below:
Skills required for marketing function.
 Communication skill- The marketing function is about the communication with public
and customer. Is is very essential for a marketer to have excellent communication skills to
convey a clear concept and provide information about their products to the audience.
 Interpersonal skill- In marketing area, this skills is very essential, because it create a good
relationship organisation with their customers, clients, shareholders and other etc. they
should interact frequently with the all kinds of different peoples. It is very important that
they have good interpersonal skills so that they can build a strong working relationship
with other parties (Polushkina and Voskresenskaya, 2020).
Skills required for financial function
 Accounting- This skill include a knowledge about necessary to record the accounting
transaction and strong understanding about applicable accounting regulations. It will need
to be the entirely comfortable reading and discussing the financial statements to give
financial advices. It include accounting principles, budgeting, calculations etc.
 Analytical- This skill looks at a situation accurately, work's understanding interpret the
means and come sup with an intelligent or thoughtful response. It has the technical
applications such as financial analysis, data analysis as well as the wider applications. It
include estimation, logic and planning etc. to handle finance related situation.
Skills required for production function
 Attention to detail - In the production function, the employees should focus on each and
every disparate piece of products while to make sure that it is properly packed or
assembled is key for the job achievement. The focusing ability during maintaining details
is very essential for the success (Yuan and et. al., 2020).
 Machining- It is also an essential skill that is required in a business, because it give a
competitive edge over the other applicants. It involve the creating shapes and structure
from the metal using special machines designed for their purpose. They should have the
knowledge of safe uses these machines for the production.

Skills required for HR function.
 Time management- This skill very essential and required for the HR professionals. Task
performed by the HR department are very time sensitive, because the time management is
incredibly significant when there is a situation of meeting deadlines. They should know
about how to manage time according to their activities.
 Leadership- This skill is very beneficial for HR function as they progress. Because having
a good leadership skill should their ability to take control and the responsibility for their
work and others, that could lead them gaining some more opportunities for the promotion
or a pay arise (Royal. and et. al., 2020).
Skills required for research and development function.
 Searching for information- In this skill, there are research include search for the credible
information that they can analyse and also use it to arrive at a solution. At the workplace,
information searched by them will help to complete their project and add value to the
organisation.
 Problem solving- In this skill, it consider the ability to handle a critical and difficult
situation to over come the complex business situation. In this, an employee required to
think critically about each and every element, analyse information they find and use this
information to form and effective method,
Skills required for customer services function
 Self control- Sometimes the customers may be irritating and completely confused. They
started to0 criticise the company and their services. At this time the employee must remain
to calm and should resolve the customer's doubts by explaining all details and features
about the products. They should have self control during the interaction with a customer.
 Empathy- The customer service is incomplete without an empathy. It is an ability to
understand the customer's emotions and their point of view. It shows the empathy toward
the customers. It is an important skill that is based on the how the customer feels they are
being treated (Sepehri and Nasiri, 2021).

CONCLUSION
From the above report it is concluded that, management is not easy without the business
functions as these are an essential tool to depict organisational activities. There are various
functions such as marketing, finance, HR, production and R&D. These function are very essential
to run a business in a proper manner. To perform these function it require several skill such as
communication skill, problem solving skills, time management and leadership skill etc. these
skills help all the function to work very effectively in the organisation. It is very significant that all
department have these types of skills to operate the management as well as the business.

REFERENCES
Books and Journals
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Marlow, H. and et. al., 2021. Eschatology in Antiquity: Forms and Functions. Routledge.
Ostmeier, E. and Strobel, M., 2022. Building skills in the context of digital transformation: How
industry digital maturity drives proactive skill development. Journal of Business
Research. 139. pp.718-730.
Polushkina, T. and Voskresenskaya, M., 2020, March. Genre and Discourse-Based Approach to
Building L2 Professional Interaction Skills. In Proceedings of the Conference
“Integrating Engineering Education and Humanities for Global Intercultural
Perspectives” (pp. 231-239). Springer, Cham.
Royal, C. and et. al., 2020. Product management in journalism and academia. Journalism & Mass
Communication Quarterly. 97(3). pp.597-616.
Sepehri, H. and Nasiri, M.H., 2021. Filgrastim Improved Spatial Memory functions in Rat Model
of scopolamine induced Alzheimer type memory dysfunction. Bulletin of
Pharmaceutical Sciences. Assiut.
Yuan, Y. and et. al., 2020. Business strategy and corporate social responsibility. Journal of
Business Ethics.162(2). pp.359-377.