Essay on Functional Areas of a Business - 720 Words

Functional Areas of a Business Subject: Roles and activities of each functional area Finance- the department is responsible for taking care of the budgets for the individual retail outlets this is to ensure that they arent over spending. They keep financial records of all of their payments which they have made to their suppliers, also the payments that the customers have made to them from their customers. This function is used also to chase up late payment of invoices this is so the company do not find their selves in debt. This area also provides their directors with accounts for example profit and loss accounts and balance accounts. This helps the company to evaluate their performance†¦show more content†¦Human Resources- the responsibility of HR is a key feature in the strengthening of the administrations prospective, and maximising everyones possible right through out the business. Its a inspiring time as the companys new strategies get into full flow. The human resource department staff in co-op travel is in charge of the performance management; this includes locating the targets this is done to ensure that the employees are performing to the finest of their capability. Improving the employees relation is a key aspect of the human resource factor. The team work closely with trade unions and management to ensure that the company continues to run easily and stay clear of any type of industrialized act. CO-OP Travel Internal Communications Radial Diagram External Communications Radial Diagram Part 4 Co-op travel use memos to communicate internally within their business. For example the marketing department or the head of the marketing department may send the employees in the marketing team inviting them to a meeting. A memo is a good form of communication as it contains the exact message that needs to be transmitted to the receiver. This form of communication helps co-op travel to achieve their objectives as communication is flowing clearly in the business. Co-op travel use email as a fast and efficient way of sending dataShow MoreRelatedFunctional Areas of Business1107 Words   |  5 PagesFunctional Areas of Business Management MGT/521 Functional Areas of Business The functional areas of business are areas that allow the organization to operate, develop, and progress abiding by laws and regulations when implementing policies and procedures in the organization to all employees and management. There are 10 functional areas of business: Management, law, human resources management, leadership, accounting, finance, economics, research and statistics, operations managementRead MoreFunctional Areas of Business1020 Words   |  5 PagesFunctional Areas of Business La’Kisha Thomas University of Phoenix Management MGT 521 Greg Luce February 11, 2013 Functional Areas of Business The functional areas of business are management, law, human resources management, leadership, accounting, finance, economics, research and statistics, operations management, marketing, and strategic planning. Although, all of the functional areas are essential to the success of a organization, two areas stand out as key to getting the business startedRead MoreFunctional Areas in Business1844 Words   |  8 PagesTask 1: Research different functional areas, provide definitions of each of these functions: * Customer Servise Customer service is the provision of service to customers before, during and after a purchase. Customer service is a series of activities designed to enhance the level of customer satisfaction – that is, the feeling that a product or service has met the customer expectation. Its importance varies by products, industry and customer; defective or broken merchandise can be exchangedRead MoreFunctional Areas of Business Essay1117 Words   |  5 PagesAnalyzing the functional areas of Management Adrean D.Thomas MGT/521 September 3, 2013 Dr. Machen Analyzing the functional areas of Management In all types of businesses (big or small), managers play a key role in the efficiency, profitability, and functionality of how the business meets its goals and successes. The purpose of managers are to oversee and coordinate the work of others. As managers, it is important that ensure that the business’ greatest resource, which are its employeesRead MoreFunctional Areas of Business Essay1089 Words   |  5 PagesFunctional Areas of Business: Operations and Project Management Gregory J. Deschapell MGT521/Management February 12, 2013 Dr. Rosamaria Murillo Functional Areas of Business: Operations and Project Management There are several functional areas that compose a business. These areas frequently, if not constantly, interact with one another to ensure that the organization succeeds. This paper will summarize two of these functional areas: Operations and Project Management. We will also review theRead MoreFunctional Areas of Business Essay1174 Words   |  5 PagesFunctional Areas of Business MGT/521 October 12, 2012 Functional Areas of Business The pursuit of the MBA focuses  on developing  leaders in the area of business administration. Business leader development includes the study  on functional areas of business and roles that managers take to be effective leaders using this information.   This paper will focus on two functional areas of  business and also explain the role of the manager in our areas.   Human Resources and Project Management The firstRead MoreThe Functional Areas Of A Business Unit753 Words   |  4 PagesAccording to Parnell (2014), the functional areas of a business unit, such as marketing, finance, purchasing, production, research and development, information technology, and human resources, support the competitive and corporate strategies of the firms (p. 219). Marketing, the way a firm connects with consumers, is divided up into four categories: price, promotion, product, and place (Parnell, 2014, p. 221). With regard to price, firms with a low-price-differentiation with focus strategy mustRead MoreFunctional Areas of Business Paper917 Words   |  4 PagesFunctional Areas of Business Paper Takeia A. Arkwright MGT/521 Management December 5, 2012 Dr. Irvin Clark    Different operational functions are always in place when dealing with business. Healthcare Management and Human Resource are 2 points of interest that are a direction I would like to achieve. Coordinating the work of the department, work activities of a team of people. Finding out the direct purpose of the organization organizing people or department to performRead MoreFunctional Areas in a Business Organization Essay1975 Words   |  8 PagesFunctional Areas in Business Organisation In all industrial companies there are a number of key tasks or function that must be carried out regularly. Stock must be bought, the bills must be paid, the customers have to be served and the customer enquiries have to be dealt with. In a small organisation all the jobs may be done by one or two people occasionally, however in a large organisation people have to be specialised in many different individual tasks. A big company is usually easier to identifyRead MoreManagerial Roles Within the Functional Areas of a Business1026 Words   |  5 Pages ï » ¿Managerial Roles within Functional Areas of Business Adriana Tovar For a business to succeed there are lots of things and people required but among the most important people needed, the managers are the most essential and can make a difference between losing money and making profit. CieÅ›liÅ„ska describes a manager as â€Å"a person who fulfills the primordial managerial functions (planning, organizing, motivating and controlling) and is the superior of given human team† (2007). There are managers