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5.1 - Coggle Diagram
5.1
Business Sectors
Production
Production, the creation of products and services, is an essential function in every firm. Production turns inputs like resources, and money, into outputs, which are products and services.
Purchasing
The Purchasing function is concerned with acquiring goods and services for use by the organisation. These will include, for example, raw materials and components for manufacturing and also production equipment.
Human Resources
HR handle matters such as recruitment, payroll, employment policies and benefits. They may also act as a go between for employees and managers, and can clarify information such as maternity leave and sick pay
Research & Development
R&D involves researching your market and your customer needs and developing new and improved products and services to fit these needs.
Marketing
A marketing department promotes your business and drives sales of its products or services. It provides the necessary research to identify your target customers and other audiences.
Accounting & Finance :
The accounting and finance department is responsible for ensuring the efficient financial management and financial controls necessary to support all business activities.
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Feasibility Study
Conduct a Preliminary Analysis, Prepare a product income statement, Conduct a market survey, Plan business organisation, Prepare opening day balance sheet, Review & Analyse All Data, Make Go/No Go Decision.
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EPOS
Electronic Point of Sale
EPOS is a combination of hardware and software designed to help run a business more efficiently.
EPOS systems records transactional data and also generates a report in response.