Functional areas

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Introduction 3
Functional areas and skills 3
1. Marketing 3
Marketing Skills Set 4
2. Finance 4
Finance Skills Set 4
3. Sales 5
Sales Skills Set 5
4. Human Resources 5
Human Resources Skills Set 6
5. Administration 6
Administration Skills Set 6
6. Production 6
Production Skills Set 7
7. Research and development 7
Research and Development Skills Set 7
8. Customer Service 7
Customer Service Skills Set 7
Communication between different functional areas 8
Conclusion 8
References 9

Extras din referat

Introduction

This report provides information on John's request for understanding of responsibilities and functional skills in business organizations, such as Marketing, Finance, Sales, Human Resources, Administration, Customer Service, Research and Development, and Production. The report outlines the essential skills needed for employees to work efficiently in these functional areas and how these functions communicate with each other.

Functional areas and skills

Stimpson and Smith (2015), define functional areas of a business as the grouping of activities or processes to fulfil one or more tasks related to their particular field. Businesses are structured into hierarchies, by size and type, which means that each department is concerned with a separate functional area (Hall et al., 2008).

1. Marketing

Marketing is the functional area of a business that oversees understanding consumer needs and creating the right products, establishing the right price, advertising, and distributing products in the right way (Surridge and Gillespie, 2011).

Marketing provide new valuable opportunities for creation and growth by identifying opportunities to meet the unmet demands of current customers or new customers for current and new products and services (Jiang, 2009). Can expand their market by offering their products and services to a broader set of customers or extend the set of offers to existing markets (Wind, 2005).

Marketing Skills Set

The general skills for marketing practitioners are oral communication, written communication, decision making, ability to collaborate, organization, planning, and computer skills (Hyman and Hu, 2005).

2. Finance

Finance is the department of analysis of a business that evaluates investments and raise capital for financing (Moodle, 2020). This department divides into two branches: Accounting and Managerial accounting (Hall et al., 2008).

Financial accounting has the role of collecting data, analysing, and providing financial information for a business. The data is used in the production of financial statements (income statement, balance sheet) that shows: the financial health of the company the accounts are real, the data analysed are from the past, company law, tax law, and accounting technique (McLaney and Atrill, 2017).

Managerial accounting has the role of making investment plans based on the interpretation of the data provided by accounting. These plans constitute forecasts and costs that must be included in the budget (Hall et al., 2008). Financial accounting realizes financial balances based on the past data presented by managerial accounting based on which business plans are made. A business needs a source of funding. This source can be internal (own capital, refinancing of profit, sales of goods and assets), and external financing (stock market listing, investors). Moreover, a business produces more cash by making investments short-time (credit control, credit reduction, timely payment to suppliers) and long-term (financial leasing, rental-purchase contract, and ordinary shares) (McLaney and Atrill, 2017).

Finance Skills Set

To make the right decision, a finance employee needs to compare data, and this requires skills like numeracy, financial data interpreter, specificity, meticulous and organizational (Hall et al., 2018).

Bibliografie

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