BMP3004 World of Work: Functional Areas in Business - IOM Tech

This report provides an overview of the functional areas of business, using IOM Technology Co., Ltd., a manufacturing company specializing in plastic materials and electronic parts, as a case study. It defines a 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 roles and responsibilities of each department within IOM Technology, emphasizing the skills required for employees to work effectively in these areas. It also describes the importance of each functional area in achieving the organization's goals and objectives, with a focus on maintaining smooth and systematic operations. The conclusion emphasizes the interconnectedness of these functional areas and their collective contribution to the company's success. Desklib provides access to this document and many other solved assignments for students.

Business Management with Foundation
BMP3004
World of Work
Functional Areas
Submitted by:
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Contents
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
7
6.3 Skills needed by Customer Service employees 7
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 7
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7.0 Conclusion 8
References 9
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1.0 Introduction
A business is a commercial activity which includes providing goods and
services with an objective of earning monetary profit and goodwill in market. For
running an organization the company has various department which helps in smooth
working of operations(Rendon and Snider, 2019). This following report is based on
IOM Technology co, Ltd it is a manufacturing company that deals in producing
plastic material and electronic parts. it was founded in 2001. The firm is well known l
organization which works in Liverpool and Manchester. The report will cover the
functional areas of business which helps organization to run smoothly.
2.0 What is a business?
It is a way of generating revenues and purchasing the product or services. It
can be profit or non profit organization, that operate to execute charitable goals or for
a social cause. It can be range in size small or large . The entity begins with a
concept and name it include proper planning to achieve a goal and objectives of
industry.
3.0 What is Functional areas of business - Definition
It is the person, area or sector which performs a particular activity such as
finance, sales, or customer service. In small company task and functions are
performed by one or two people or In large venture, it is easy to determine the
department because people work in team in different areas (Foltête and Vuidel,
2017). Each sector carries out the tasks related to particular area. The basic purpose
of various sector is to assure that all the activities are working efficiently. This is
necessary for achieving the goal and objective.
4.0 What are the key functional areas of a business?
The organization has several department to perform the activities smoothly
and systematically by the person who are working in the venture. These all areas are
describe below.
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5.0 Description of the various functional areas in
business organizations
5.1 Marketing:
The state of creating and distribute valued, relevant, or regularity of attracting
and get a target consumer for business. Promotional activities and advertising are
the best way to convey with your target segmentation for them to know the product
and services (Yang, Cao and Zhang, 2018). Effective marketing technique and
proper strategy will give long term success, profitability, and growth in market share.
In case of IOM technology, the company promotes their services in the target
marketplace to make a good customer base. they choose a creative technique of
promoting their valuables like advertising with good offers, social sites etc.
5.2 Human Resource Management:
It refers to the area which majorly focuses on recruitment of manpower and providing
guidance to the members. They are authorised to formulation of managing people and work
culture. The responsibilities of this department are compensation and benefits, recruitment,
firing and keeping updated with the new laws that can affect the organization and
employees. In relation to IOM technology, the mangers recruit the skilled and qualified
workforce for the organization, because choosing wrong person can cause heavy loss for the
company.
5.3 Customer Service:
It is the support team which offer their services on call for customer to have
product knowledge before and after they buy and use the product or services. That
help the user to have an enjoyable and easy experience with the organization. It is
an important part of the business who promises to come up with the customer for
brand. In terms of IOM technology, the customer executives of the company
provides a good services to the users. They resolve the issues of the buyers with
proper solution so that they can use the product without facing any issues.
5.4 Finance:
It is like a blood for business that keeps a business alive, this requires a
correct prediction of cash flow, even its hard to predict a future. The finance staff
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record all inflow and outflow of money to examine the current position of business
whether it is giving profit or it is on downfall(KalabinaandBelyak2020). In context of
IOM technology, the finance mangers of the company keeps the records of all
transactions so that they can analyze the current position of business they can
invest in new market or not.
5.5 Research and Development:
It is a priceless tool for growing and improving concern. It involves
investigating market or customer needs, develop new and improved products and
services to fill the needs. The goal of the function is introduce new commodity in the
market. In terms of IOM technology, the team of researchers explore the market and
study a consumer needs and behavior after that they decide where to introduce
new product and what to produce.
5.6 Sales:
The word is combined with two words that are sales and management. It
includes all marketing activities, advertising, sales, promotion, distribution and
pricing. It play an important role in building a loyalty and trust between user and
seller. In terms of IOM technology, the sales mangers of the firms focuses on
building a loyal customer base for company. They majorly follows the advance
techniques to increase the sales volume.
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:
The employees working in this area field should be good in communicating
with others, have a capability of solving problems of buyer, full and correct
knowledge of product, they should be creative and innovative so they can adapt new
technology fast. The employees of IOM technology needs to have a proper
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knowledge of goods and they should be more adaptive and innovative (Tsiotas,
Axelis andPolyzos, 2021).
6.2 Skills needed by Human Resource Management employees:
A devoted HR manger is keystone of booming business. They create a secure
and businesslike workplace by equalizing company needs with workers need. They
must have communication skills, administrative expert, HRM knowledge, pro-activity,
advising, etc. the workers of IOM technology should select the qualified candidate
so that they can increase productivity and create a good polices for employees.
6.3 Skills needed by Customer Service employees:
Ability needed by consumer executive are soft speaker, they should have
capability of adapting things fast, ability of using positive language, having clear
communication skills, self control and having a full knowledge of product. The skill
needed to the employees of IOM technology they have to be soft and confident
speaker on call and they have to be fast adaptive that they can catch the things fast.
6.4 Skills needed by Finance employees:
They should record accurate terms and details so that the reduction of fraud
can reduce. Even they should apply proper techniques of accounting which can
analyses the profitability of organization. The employees of IOM technology needs
skills of recording a right inflow and outflow of monetary so that the upper level
management can predict accurate amount of profitability, and business can run
smoothly and systematically.
6.5 Skills needed by Research and Development employees:
the member of this department should be good in thinking and reasoning
skills, having good communication skills, ability of solving problems and analytical
thinking skills. The employees of the IOM technology need to think on wide range
with having a positive prospective and they have to focus more on problem solving
ability.
6.6 Skills needed by Sales employees:
The ability required by sales Representative such as building good
relationship, having product knowledge, he should be active listener, the person
should be goal oriented and passionate about selling. The power required to the
workforce of the IOM technology, they have to be more confident while presenting
their products and need to be progressive hearer and observer(Fox, 2018).
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Conclusion
From the above report it is conclude that the various function areas of
business are connected to each other. Every sector have different duties and roles to
perform. the basic work of the members is to attain a goal and objective in a
systematic way and reducing compliance.
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References
Foltête J.C. and Vuidel G 2017. Using landscape graphs to delineate ecologically
functional areas. Landscape Ecology 32(2) pp.249-263.
Fox R. 2018. Controlling the Chaos: A Functional Framework for Enterprise
Architecture and Governance. Technics Publications.
Kalabina, E. and Belyak O 2020. Cross-functional team as a high-performance
practice for sustainable development of Russian companies. In E3S Web of
Conferences (Vol. 208). EDP Sciences.
Rendon R.G. and Snider K.F 2019. Management of defense acquisition projects.
American Institute of Aeronautics and Astronautics, Inc..
Tsiotas, Axelis N and Polyzos S 2021. A methodological framework for defining city
dipoles in urban systems based on a functional attribute. Cities p.103387.
Yang J and Zhang L 2018. A unified clustering approach for identifying functional
zones in suburban and urban areas. In IEEE INFOCOM 2018-IEEE Conference
on Computer Communications Workshops (INFOCOM WKSHPS) (pp 94-99)
IEEE.
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