Report on Business Functions and Skills for Employee Efficiency

This report provides an overview of business and its various functions, including marketing, human resource management, customer service, finance, research and development, and sales. It highlights the importance of each function in ensuring the smooth operation of a business and discusses...Read More

WORLD OF WORK

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Business...................................................................................................................................3
2. Functional areas:......................................................................................................................3
3. Fundamentals of functional areas:...........................................................................................3
Different Functional Areas In A Business Organization.............................................................4
Skills Employees Required For Working Efficiently In Various Functional Department..........6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................1

INTRODUCTION
When an organisation engage in industrial, professional or commercial activity that
organisation will be known as a business and operate that business different functions are
performed to run it smoothly, becoming business functions.
In this report the business and business functions would be discussed in detail.
Additionally, required skills of employees from different department also would be discussed
further.
MAIN BODY
1. Business
Business refers to the activity of generating money by purchasing and selling of goods and
services. The core objective of any business is to earn profit and create more revenue with keep
in mind about the society. Business is legally organized organization which gives products or
services to the consumers as per their needs and wants. It is an undertaking which is engaged in
the activity of producing and distributing of products for selling in the market or providing
services for gaining profit. To satisfying the desire of the people audience analysis should be
conduct (Kournikova, Etwall., 2018). Business refers to the process of exchanging of products
and services for the purpose of earning profit and give satisfaction to the people's wants (Andrei
and Beltline 2017).
2. Functional areas:
Functional areas refers to the team of workers with having same specialization and skills. (Sub-
machine-gun 2018).
3. Fundamentals of functional areas:
Strategy — This is crucial for every business to formulate strategies for the better
operations. Every business must create their strategic visions and pre planned missions so it will
help to understand what to do, how to do and why to do. strategies also helps in identifying the
opportunities and how to grab it. SWOT analysis and PESTLE analysis should be conduct to find
out the competition and rival firms for sustaining in the global market. Every organization have
to maintain the quality.

Finance and budgeting — Establishment of any business needs money to invest in.
while generating the idea of business they should keep in mind that how financially they Sound.
They should know how can they get loans. The future is uncertain so it is very difficult to make
financial decisions. Cash flow, fund flow, balance sheet and Financial statements of the other
business should be studied before making any financial decisions.
Human resource department — For making better utilization of the limited resources
they must recruit specialized workers. Manager should understand how the workers attracts
towards the work. Motivates the employees with giving proper feedback for their work and
incentives. Give them proper skilful or specialized training for proper use of organization's
resources.
Marketing:All the area of business are interrelated with each other. Marketing includes
the activity of selling and buying of products and creating profit with better understanding of
satisfying the customer's needs and wants. This process includes advertisement, promotion of
products, labelling and designing. Marketing manager have to maintain better customer
relationship management. After sales services should be provided to the customers to attract
them (Sub-machine-gun 2018).
Production and operations:This includes both technical equipments or manufacturing
process. Operations are that which generate and distribute the goods and better services to the
consumers.
Better equipments and techniques: this not only includes technologies and tools but
also involves the techniques of better communication for selling and advertisement. Manager
have to make sure that manufacturing or marketing tools should not be time-consuming. It works
on purchasing raw materials from market at reasonable prices and with better quality.
Different Functional Areas In A Business Organization
Marketing — Marketing function of a business helps to understand potential customer in
the market and also helps to reach them. Marketing helps a company to promote buying and
selling of their products and services through different methods like, advertising, social
marketing promotions, media promotions, e-mail promotions and many more. An organisation
can also use marketing for their brand building and recognition and to stood out from other
competitors.

Human Resource Management — Every organization requires human capital to run a
business. Human resource management function is a strategic approach where efficient and
effective management of the employees is done (Munteanu and et.al, 2020). The HRM is in-
charge of recruitment and training of personal and manages them to work in the best interest of
the organisation. This department is a link between the organisation and the employees to rectify
any misunderstanding and maintain harmony at the workplace.
Customer Service — The customer service in an organization is one of the vital
function. Customer service directly reaches to the customers to meet their expectation and solve
any queries to ensure their satisfaction. For any organisation, eventually their customers are the
one that runs the company by buying their goods and services and having their feedback give
them actual insight about how their product is received by the market.
Finance — To start any organisation needs business capital. Finance is the core of a
business without which it cannot run, and even after investing capital without managing it a
company wouldn't operate smoothly. The main function of finance is to ensure a business
operates without having any financial crisis such as shortness in liquidity, inflation and other
funds and investment related crisis (Kembauw and et.al, 2020). Finance function direct finances
of business and helps in decision-making process.
Research and Development — As the name suggest, the research and development
department do research of various factors affecting business and provide insights for developing
and improving their new and existing products/services. The department of research and
development do not limit themselves to improve products but also to undertake development of
innovative products and introduce as new products. This function basically involves market
research including customer needs and also developing new and upgraded goods or services.
Sales — When it comes to generating revenues for an organisation the sales department
plays the most important roles. This function bridges the gap between potential customer's needs
and the company's offered product. Sales department ensures the final revenue coming from the
final consumers and without the fully functioning sales department a company cannot survive for
long run.

Skills Employees Required For Working Efficiently In Various Functional Department
Marketing Employees — As discussed earlier marketing department make strategies for
reaching potential customers. They are in-charge of branding of the company and for all the
different aspects an employee of marketing department must posses different skills such as
strong communication, leadership, adaptability, strong data analytic and interpersonal skills. In
the age of digitalization marketing employees also should be aware of new trends and latest
innovations used for promotions.
Human Resource Management Employees — HRM is responsible for maintaining
harmony between employees and organization and for that strong leadership quality one must
have. Any seasoned professional HR always have excellent communication and adaptability
skills. When it comes to technical knowledge an HRM employee should have basic computer
skills and knowledge of employment law and writing and critical-thinking skills. Strong ethics,
good listening quality and fairness will make best for HRM employee.
Customer Service Employees — Customer service employees directly interact with the
customers and while doing so, they must have persuasive speaking ability, patience and self-
control. The employee should be able to take responsibility, customer always observes how an
employee is helping them to solve an issue. They must be empathetic towards them, always
make use of positive language and have great communication skills.
Finance Employees — Financial function asks for formal qualification of an employee,
with formal qualification comes required skills of analytics and knowledge of finance subjects.
The formal qualification does require for expertise but with that interpersonal skills, desire for
innovation and being technological savvy and exceptional leadership skills are also required.
Research and Development Employees — An employee if research and development
department should be able to maintain large dataset and should be able to perform data analysis.
The employee should be a analytical thinker and possess critical-thinking and problem solving
skills. Since R&D department is highly based on technology it is expected for employee to be a
technophile. Other skills that are required are teamwork, communication and multidisciplinary
(Bernotienė and Kaprizkinas, 2018).
Sales Employees – When a sales employee interacts with potential consumers their
confidence do its work more than any other skills. Employee of sales is directly communicating
with the target market and without studying the market all other efforts would be in vain, so an

employee must be aware and well-informed about the market and its trend (Inyang and
Jaramillo, 2020). Convincing skills has along life in this department as the main motive of them
is to sale as much as they can to the potential buyer.
CONCLUSION
To conclude the above discussed report, it was discussed what is business and business
functions. The different functions of business like, marketing, human resource management,
customer service, finance, research and development and sales makes a business run, without any
of the mentioned function is working poorly or inexistent then it could damage organization's
working cycle. The required skills of employees for respective department is crucial for their
respective work with some similar needed skills for all like communication and leadership skills.

REFERENCES
Books and Journals
Andrei, D. and Beltline, C., 2017. Business model definition and boundaries. In Business Model
Innovation (pp. 25-53). Springer Cam.
Bernotienė, L. and Kaprizkinas, A., 2018. LINGUISTIC STRATEGIES OF
COMMUNICATIVE FUNCTIONS IN BUSINESS DISCOURSE. Res Humanitariae.
24.
Inyang, A.E. and Jaramillo, F., 2020. Salesperson implementation of sales strategy and its
impact on sales performance. Journal of Strategic Marketing. 28(7). pp.601-619.
Kembauw, E., and et.al, 2020. Strategies of Financial Management Quality Control in Business.
TEST Engineering & Management. 82. pp.16256-16266.
Kournikova, Etwall., 2018. Definition of the role of business modelling in the building of a
management information system.
Munteanu, A.I., and et.al, 2020. Analysis of practices to increase the workforce agility and to
develop a sustainable and competitive business. Sustainability. 12(9). p.3545.
Sub-machine-gun, L.A., 2018. Business Social Responsibility and Functional Areas of a
Tourism Business. African Journal of Hospitality, Tourism and Leisure. 7(3). Pp.1-9.
Wang, Etwall., 2021. Identification and analysis of urban functional area in Hangzhou based on
OSM and POI data. Slop one. 16(5). p.e0251988.
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