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Functional areas in a business (Marketing (Identify customer needs and…
Functional areas in a business
Finance
Roles and duties
Preparing annual financial accounts e.g. statement of financial position and income statement
Recording financial transactions
Making and receiving payments
Monitoring/analysing financial performance e.g. cash flow forecasting
Paying employees
Control the finance of the business
Marketing
Identify customer needs and work with the research and development function to ensure products/services meet these needs
They will also contribute to deciding the pricing strategy to use
They also decide on the best distribution channel
Responsible for promotion
Sales
Communicate with potential and existing customers
Representatives - Must show good customer service and knowledge of the businesses activities
Help achieve sales targets
E.g. in a jewellers the sales staff work face-to-face with customers
Human resources
Responsibilities include
Ensuring appropriate pay/benefit systems are in place
Overseeing redundancies/dismissals
Planning recruitment needs
Ensuring HR legislation is met e.g. equality act
Identifying training needs and organising training
Establishing company policies e.g. disciplinary/grievance procedures
Recruitment
Administration tasks e.g. making sure employee info is up-to-date
Operations management
Production
Transform raw materials (inputs) into finished goods/services (outputs)
Can rely on labour/technology
Ensure quality standards are met
Customer Services
Should be knowledgeable, helpful and calm
First point of contact for a complaint
Liaise with customers on a day-to-day basis
Need to manage expectations of customers and resolve the query quickly
Research and development
Responsible for developing new products in response to market research findings
Key to success of business - must develop products/services that customers want/need
Help a business to remain competitive and profitable
Business support services
IT/administration
Duties include
Maintaining equipment e.g. photocopiers
Arranging meetings
Producing contracts
Organising travel plans
Providing technical IT support and organising repairs
Administration in day-to-day running of the business
Purchasing/procurement
Source and provide raw materials, goods and services needed for day-to-day running of a business
E.g. Cadbury's needs raw materials (sugar, cocoa etc) and goods (packaging)
Source the lowest cost products with adequate quality