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    Business Environment Learning

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    Business Environment Learning


     Business Environment Learning Outcome 2 HND Business –Level 4/5 Functional Areas of the Organisation

    Introduction

    •All organisations have similar specialised business functions but the importance of each of them varies, according to the size and objectives of the firm. 

    •Functions include sales and marketing, Finance/Accounting, Human Resource Management or Personnel and  Operations/ Production. The purposes of functional areas

    •The main purpose of functional areas is to ensure that all important business activities are carried out efficiently. This is essential if the business is to achieve its aims and objectives.

    •In addition, specific areas will be responsibile for supporting specific types of aims and objectives. 

    For example:

    •Sales and Marketing will be involved in achieving targets linked to developing new markets or increasing sales

    •Human resources will be involved in arranging staff training activities and supporting the continuous professional development of all staff

    •Finance will be expected to monitor and support aims and objectives linked to keeping costs low to improve profitability

    •Production/Operations will be set targets relating to quality or meeting planned production schedules.

    The main Functional Departments of a Business

    •Human Resource Management Human Resource Management (HRM) is the function within an organisation that focuses on the recruitment of, management of, and providing direction for the people who work in an organisation

    Functions of HRM The HR  function covers all aspects of managing people:

    • Strategic human resource planning – numbers and types of employees required for future activities, and integration of staff that become part of the firm after an acquisition

    • Job design

    • Recruitment, retention and talent management  

    •Training and development

    •Performance and reward management

    • Redundancy systems, procedures and decisions

    •All legal aspects of complying with current employment law 

    Finance/Accounting

    •The part of an organisation that manages its money.

    •The finance department of a business takes responsibility for organising the financial and accounting affairs including the preparation and presentation of appropriate accounts, and the provision of financial information for managers

    Functions of the Finance Department

    •Obtaining the funds required to run the business.  This can be long term capital raised through share issues, long term borrowing possible by issuing debentures or short term working capital. • Managing these funds.  In large organisations this is the job of the Treasury Department that will also manage foreign exchange dealings.  BP, for example, has its own foreign exchange dealing room to do business with the banks.

    •Provision of information to the Board, shareholders and tax authorities.  All the financial accounts required by law and the information for investors and analysts are its responsibility.

    •Pay and pensions matters.  These are often outsourced to specialised organisations.

    •Internal budgets and financial information must be produced for every department and 1-11 section. 

    Marketing

    •The marketing department promotes the business as a brand and drives sales of its products or services. •It provides the necessary research to identify your target customers and other audiences. •Marketing is concerned with ensuring that the products and or services of the business are purchased by consumers.  It is involved in the whole process from research into new 1-12 products through to sales

    •Small businesses often organize their sales and marketing operations differently than larger businesses, putting more of an emphasis on sales until they have sufficient capital and staff to elevate the marketing function

    •A large company will have a Marketing Director with managers for speciFunctions of Marketing •Producing a strategic marketing plan that aligns with the organisation's strategic plan

    •Market research •Product management

    • Sales promotion, traditional and web based

    •Public relations

    • Selling and distribution

    • Servicing and paymentfied functions. 

    Production/Operations

    • Operations is that part of a business organisation that is responsible for producing goods and/or services.

    •The operations function in business can also be viewed from a more far-reaching perspective: The collective success or failure of companies’ operations functions has an impact on the ability of a nation to compete with other nations, and on the nation’s economy.

    •The objective of the production department is to provide an agreed quantity of products in line with the marketing plan. 

    •Products have to be of appropriate quality and made at the right cost.

    •Operations Management is the activity of managing resources that create and deliver serviceFunctions o

    •The indirect responsibilities of operations  include interacting with those managers in other functional areas within the organisation whose roles have an impact on operations. Such as marketing, finance, accounting, personnel and engineeringf Operations

    •Quality control- setting standards, checking, materials and components, monitoring production

    •The design, management, and improvement of the systems that create the organisation's goods or servicess and products. 

    • No functional area in a business organisation can work in isolation.  In a small firm, links and interactions between people responsible for different functions are usually informal and continuous

    • The situation is different in a larger organisation because people may work in separate areas or departments and rarely meet each other. However, all areas still need information and support from each other for the organisation to 1-20 operate effectively

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