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A successful business is one that integrates all business functions:
Introduction
This assignment is based on business functions. It will explain what business functions are, lists the functions in a business and give a description of each and focus on two of the most important functions in any business. It will also give an example of a business that uses these functions.
A business has to use its resources in order to produce a product or service. It organises these resources into different functions, which are human resources, sales and marketing, research and development, production and operations, finance and accounts. These functions can also be used to structure the business.
Human resources:
Human resources are one of the most important functions of many businesses.
The role of human resources is to recruit and retain the employees of the business. Their job is to provide the business with the right type of people who have the right type of skills and they do this by careful selection and assessing of prospective employees. Human resources account for a large proportion of many businesses costs and it is these people that invariably drive a business. Management of these resources therefore is an integral part of business success
Their main responsibilities are manpower planning, recruitment and selection, training and development, employee relations and employee motivation and health and safety. It is an important business function that must be integrated with the other business functions in order for the business to function properly.
Manpower planning
Manpower planning means arranging that the organisation has the number of employees and the range of skills that it needs. (Fuller P. 2003)
It means planning ahead and forecasting the future needs of the organisation in relation to the type of job that will be done in the future, the level of employees needed to make sure the jobs are done.
Recruitment and selection
Recruitment is concerned with attracting a group of potential candidates to apply for the vacancy that the organisation has available. Effective recruitment procedures are a prerequisite to the development of an effective workforce. (Tiernan, Morley, Foley 2001)
Once the right candidates have been attracted to the vacancy, they go through a selection process that ensures that the right candidate is picked for the vacancy.
Training and development
The objectives of training and development are to make employees better at doing their jobs. Training is usually applied at worker level and development prepares managers and other professionals to take on more responsibilities in their present and future positions.
(Fuller P. 2003)
Training can be done on the job by an experienced worker, team leader or the supervisor.
Employee relations and motivation
When staff are absent from work they are not able to carry out the functions for which they have been employed. In many businesses, these functions have to be taken on by someone else. If not, the customer could suffer. Reducing absenteeism is an important feature of human resource management.
An important part of the retention of staff, reducing staff turnover and minimising absenteeism at work is ensuring that their staff is properly motivated. This is not as easy as it sounds. At first glance, you might be tempted to think that merely increasing wages is the way to motivation! Most people would argue that motivation is a far more complex issue than merely money.
Health and safety
Health and safety is concerned with the welfare of the companys employees. Making sure their place of work is a safe environment in which to produce the business products. Not only is it a legal requirement, but it also can affect the profits because working in unhealthy or unsafe conditions will effect productively
Sales and marketing
The role of sales and marketing in any business is to get the product or service to the customer. Marketing is linking the producers of a product or service with customers, both existing and potential. They do this by using several tools, which include market research and promotional strategies being two. Marketing is a business-wide function. It is not something that operates alone from other business activities
Marketing is about meeting the needs and wants of customers in order to get the right product to the right place at the right time and exceeding customer needs better than the competition.
The main elements of marketing in a business can be summarised as follows
Market Segmentation
Segmentation is used to identify groups of individuals or organisations with characteristics in common. Market segments have significant implications for the development of marketing strategies.
Market Research
Market research describes the process of gathering and information on the market. A crucial process if a business is to make effective marketing decisions, particularly when developing and launching new products or services.
Marketing Mix
The marketing mix provides a decision-making method for deciding how to manage the customer relationship. It includes the traditional “4 Ps” Ð- which are
Product or service: What the product or service is.
Price: The price at which the product or service sells.
Place: The place where the product or service is available
Promotion: How the customers learn about the product and are persuaded to buy it.
Research and development
Research and development (R&D) is an important business function because its main aim is to improve the product in order to retain the customers which in turn is the key to survival for any business. The job of any R&D department is new product development and product improvement; they do this to try and gain a competitive advantage over the companies competition.