IOM Electronics: Marketing Principles and Effective Business Functions

This report analyzes the function areas within a business organization, focusing on IOM Electronics Ltd, a regional company with locations in Liverpool and Manchester. It discusses key business functions such as marketing, human resource management, customer service, finance, research and development, and sales, highlighting the importance of each for long-term success and profitability. The report also identifies essential skills required for employees to perform effectively in these functional areas, including problem-solving, communication, decision-making, negotiation, patience, persuasion, accounting, analytical, listening, and optimism. It concludes that skilled management and employees, effective marketing strategies, and customer service are crucial for building trust and driving sales, ultimately contributing to the organization's growth.

Principles of
Marketing

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
Function areas of business organisation's...................................................................................3
Types of skills needed by employees to be able to work effectively in business functions:......5
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Business refers to the commercial, professional or industrial actively in which an organisation is
engaged in order to earn monetary profits and reputation in the market share or it can also be non
profit organisations which function to accomplish social cause. Businesses are extent in standard
for sole proprietorship to large corporates. The following report is based on IOM Electronics Ltd.
Which is a well-known regional company working in two sites Liverpool and Manchester with
staff of over 200 working in the company. The following research will cover, function areas in
business organisation and skills needed by employees to be able to work effectively in
functional areas.
MAIN BODY
Function areas of business organisation's
Business- It is an activity in which people or organisations earn money for their long term
growth and to satisfy their personal needs. It can either be trade, profession or occupation which
is a earning activity that includes providing services and goods in return of income.
Functional areas of business- It refers to team of employees who have related abilities and
expertness or it can be any sector or area which executes specific work for smooth running of
operation, such as sales, human resource, finance etc. The main aim of it is to make sure that
every crucial business function carried out effectively and efficiently. Hence below are
mentioned function areas of businesses briefly (Dzikowska, 2019).
 Marketing- It refers to creating and distributing products or services which contains a
value. It consist of all activities which firms do to determine the needs and wants of the
consumer. It also involves the advertising of services and products in order to know how
the can be delivered and evaluate a pricing technique to gain market share which can give
firm a competitive edge. This activity is the best mode to understand the target audience
of the particular products or services. With proper strategy and decision making, it can
give long term growth, profits and success. In terms of IOM technology, firm can market
its products and services in various creative ways like by giving reward, compensation,
discounts, to their selected market segments which can give them large consumer base.
 Human Resource Management- It refers to the activities which manages every
problems related to the staff of the company and it also focuses on giving direction to the

employees and in recruiting of employs for the company. This factor is the reason for
maintaining and managing the work environment and employees of the company. There
are more several roles which human resource management perform such as well being of
staff, employ motivation, training, policy administration, communication, rewards, hiring
etc. In context to IOM technology, management should hire well skilled employees and
trained them according to the need of that particular department which can assist in long
term success of the organisation (Hossain, and Jagoda, 2018).
 Customer Service- It refers to strategies, technologies and practices which an
organisation uses to analyse and evaluate data and interaction with their consumers till
the customer cycle, with the main objective of assisting in retention of clients and of
improving business relations with their consumers with the main purpose of generating
more revenues for the firm. It helps the consumers have convenient and satisfactory
experience with the firm. So, every firm should be more service oriented. In context to
IOM technology, management should hire professional client executives who can provide
and resolve every query or need of the consumers so that they can utilise the good and
services without having any issues. This will help the firm in getting more goodwill and
brand awareness.
 Finance- It refers to capital which is utilised in business by their owners to meet the
requirements in the working of the business. It is very essential for any business, as it
determines the survival of it. The employees in finance department carefully record all
the transactions of the business such as purchasing of raw material, salary of staff, buying
an asset, selling their products everything. In case of IOM technology, this department
should make proper budget and allot them to different departments in order to keep their
expenses in control and can generate more profits (Lederer, Knapp, and Schott, 2017).
 Research and Development- It is very essential department of any organisation, as it
assists in modifying already existing products or in developing new service, product or
processes in order to be above their competitors. It is a risky task to do as it includes
uncertainties if the product or service which is in development fails. In case of IOM
technology, department can focus on the wants and desire needs of the consumers and
should explore the market trend in the particular product segment which can help
organisation in providing their client exactly what they need.

 Sales- It is the business agreement of buying selling of products and services between
two or more parties in which buyer gets any tangible or intangible assets, services or
products in return of giving anything of either cash, cheque etc. It also states that seller
and buyer agrees to set a price of the product or service are going exchange. It helps in
building trust between them. In terms of IOM technology, sales team of the firm should
focus on achieving there sales target on time which can help them in generating more
revenues (Russo, and Confente, 2017).
Types of skills needed by employees to be able to work effectively in business functions:
Skills needed by Marketing employees:
Here, some of the crucial skill which are needed by the employees in marketing department:
 Problem Solving Skills- Marketing is all about eliminating and solving all the problems
which occurred to the consumer of the product or service and by satisfying the clients by
proving everything they require or want in the organisation. So a marketer should posses
this skill which is very important.
 Communication Skills- It is the most essential skills which is required in the marketing
staff because it requires employees to communicate with their clients, in order to
convince and retain consumers to buy the product or services which are offered by the
company.
Skills needed by Human Resource Management:
Below are some important skills which are needed by the employs in Human resource
Department:
 Decision Making Skill- Human resource is all about taking major decisions, as hiring
right candidate for right job profile or department can be sometimes very difficult and
this skill also helps in making important decisions regarding the smooth operations of the
organisations (Santouridis, and Veraki, 2017).
 Negotiation Skills- Staff in this department should posses ultimate negotiation skills,
which can be beneficial for the staff as well as the company. They should be ability to
resolve and find a respecting solution to the conflict or query inside the company.
Skills needed by customer service:
Below are the skill required for customer service:

 Patience Skills- Customer service requires lots of patience at time of being insulted,
shouted and rude behaviour of consumers, it is a routine day for customer service
employ. As dealing with unhappy or unsatisfied customer can be sometimes very hard for
the employees.
 Persuasion Skills- This skill states that a customer executive have an ability to make
successful efforts in convincing their clients in order to make them purchase of the
product or service which organisation is selling.
Skills needed by Finance Employs:
Below are the skill required for finance department:
 Accounting Skills- It refers to the ability of an employ in finance department to maintain
all the records of every financial transaction of the organisation effectively and
efficiently.
 Analytical Skills- This is very crucial skill to have in finance department because
knowing and solving the problem of the companies financial issues by using proper tools
and analysis.
Skills needed by employees of sales department:
Some of the essential skills which are required by sales employees are as follows:
 Listening Skills- It refers to be attentive every time and focused to know what a client is
saying . Sales is all about listening to the requirement of the consumer and provide them
with the suitable product (Spillan, Mintu-Wimsatt, and Kara,2018)
 Optimism- Working in a sales team requires lots of positivity because of lots of
rejections in many forms like, unanswered emails, hung up call etc. So it requires a sales
man to be optimistic evertime it requires.
CONCLUSION
From the above report it is concluded that, business functions are very crucial for long term
success and profits of any organisation. Organisation can be only successful if they have
sufficient funds in order to survive and it can be profitable if they have skilled and trained
management and employs. Moreover, company should always focus on their marketing
strategies and customer service, which enable consumers to trust the product and services which
are offered by the company and main function on which business is dependable is their sale, firm

should always focused selling their products and services as much as they can which will firm in
long term growth.
REFERENCES
Dzikowska, M., 2019. Determinants of Functional Responsibilities of Subsidiaries and
Methodology of the Empirical Study. In The Role of the Subsidiary in International
Business (pp. 67-106). Palgrave Pivot, Cham.
Hossain, S. and Jagoda, K., 2018. Strategy, Process and Control: Theorizing the Integration of
Functional Strategy and Performance Measures. Available at SSRN 3218764.
Lederer, M., Knapp, J. and Schott, P., 2017, March. The digital future has many names—How
business process management drives the digital transformation. In 2017 6th
International Conference on Industrial Technology and Management (ICITM) (pp. 22-
26). IEEE.
Russo, I. and Confente, I., 2017. Customer loyalty and supply chain management: Business-to-
business customer loyalty analysis. Routledge.
Santouridis, I. and Veraki, A., 2017. Customer relationship management and customer
satisfaction: the mediating role of relationship quality. Total Quality Management &
Business Excellence, 28(9-10), pp.1122-1133.
Spillan, J.E., Mintu-Wimsatt, A. and Kara, A., 2018. Role of logistics strategy, coordination and
customer service commitment on Chinese manufacturing firm competitiveness. Asia
Pacific Journal of Marketing and Logistics.