Sales finances5/20/2023 ![]() The Finance function involves planning for, obtaining, and managing a company’s funds. Sales works to exploit the leads created by Marketing and activities generated by the sales force itself. Again, depending on the nature of the market and the company size, Sales functional areas can vary in structure and approach: inside/outside representation, vertical/horizontal focus, direct, etc. The goal of Sales is to close the revenue the company needs in order to operate profitably, especially in B2B businesses. Today, social media marketing is one of the fastest growing sectors within the marketing function. In today’s technology-driven business environment, marketing is also responsible for building and overseeing a company’s Internet presence (e.g., the company website, blogs, social media campaigns, etc.). The marketing function also includes promoting goods and services, determining how the goods and services will be delivered and developing a pricing strategy to capture market share while remaining competitive. Marketing consists of all that a company does to identify customers’ needs and design products and services that meet those needs. Operations controls the supply chain, including procurement and logistics. Operations is the heart of a business-providing goods and services in a quantity and of a quality that meets the needs of the customers. Operations is where inputs, or factors of production, are converted to outputs, which are goods and services. The manager may also be seen as the leader of the organization when it interacts with the community, customers, and suppliers. Leading: Managers serve as leaders for the organization, in practical as well as symbolic ways. The manager may lead work teams or groups through a new process or the development of a new product.When people or processes stray from the path, managers are often the first ones to notice and take corrective action. Controlling: A large percentage of a manager’s time is spent controlling the activities within the business to ensure that it’s on track to achieve its goals.Organizing: Managers are responsible for organizing the operations of a business in the most efficient way-enabling the business to use its resources effectively. ![]() ![]() Planning: Managers plan by setting long-term goals for the business, as well as short-term strategies needed to execute those goals.Most management activities fall into the following categories: The primary role of managers in business is to supervise other people’s performance. In general, the key functional areas of a business are the following:Įach of these functional areas is represented in the following organization chart. On the other hand, retail companies may have no R&D functional area per se, but will be heavily invested in Operations areas surrounding Supply Chain Management. Functional areas in a business vary according to the nature of the market and the size of the business. For example, manufacturing companies like Nike and Apple have significant Research and Development (R&D) departments in order to stay in the lead in their respective business segments. One of the reasons for separating business operations into functional areas is to allow each to operate within its area of expertise, thus building efficiency and effectiveness across the business as a whole. Just as different functions in the human body are performed and regulated by different organs, different functions within a business are performed and controlled by different parts of the business. Identify key people and explain the activities within each functional area.Identify the primary functional areas within a business.
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