MYP 5 FUNCTIONS OF A BUSINESS Class Summary MYP5 003-14-09-17

Summary FUNCTIONS OF A BUSINESS
MYP 5 FUNCTIONS OF A BUSINESS Class Summary MYP5 003-14-09-17
WHAT ARE THE FUNCTIONAL AREAS OF A BUSINESS?
A business, in order to operate effectively, supports it operation on FOUR functions. These are HUMAN RESOURCES, FINANCE, MARKETING, and OPERATIONS MANAGEMENT or sometimes called PRODUCTION. The 4 functions must work together in order to achieve organizational goals.
Human Resources (deals with people) – main focus: managing personnel. Most important tasks are: workforce planning (anticipating and meeting the company’s current and future needs of employees), recruitment (selecting the right person for a job), training (developing employees, not only professionally but also personally), appraisals (evaluating a workers job performance), termination or dismissal (managing when an employee leaves the company voluntarily or involuntarily), redundancies (dealing with the worker when a job ceases to exist), outsourcing (having another company or an outside party doing a functions of the business)
Finance (deals with money) – main focus: 1) managing the organization’s money and 2) accurately recording and reporting financial information. Most important tasks: secure funds (money) to run the company, comply with legal requirements so businesses report accurate information (no understating profits for tax purposes), and inform financial position to stakeholders (government, banks) and shareholders (owners & investors).
Marketing (deals with customers) – main focus: identifying and satisfying needs and wants. Main tasks: ensuring that the firm’s products sell. Marketing is based primarily on FOUR Ps.  PRODUCT – ensuring that goods and services meet the customers’ requirements. PRICE – using various pricing strategies to sell the products. PROMOTION – making sure that customers know about the firm’s products and benefits. And PLACE – ensuring that goods and services are available in convenient places so customers find them easily and buy them without problems.  Marketing is concerned with the DEMAND of goods and services by potential customers.  CREATES DEMAND.
Operations (deals with production)- main focus: converting raw materials and components into finished goods. Main tasks: have products and services ready for sale and delivery. Operations is concerned with the SUPPLY of goods and services by the business.  GUARANTEES SUPPLY.
HOW ARE THEY RELATED IN LARGE ORGANIZATIONS? IN SMALL ORGANIZATIONS?
In large organizations or corporations (big businesses) the functions or areas are effectively interrelated.  They are easily identifiable.
In small organizations or startups most of the functions are concentrated in one single person or group (the entrepreneurs who become a multi-task employee).


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