Functional Areas Of A Business
In this paper we are going to be looking at all of he functional areas of a business, the first functional area we are going to research is management. Management Is the practice of overseeing and coordinating the work of others so that the companies goals can be accomplished. The way managers do this is by effectively using an organizations most important resource which is employees. In order to ensure this is accomplished managers assign task and activities to make that are required of the employees and oversee that the task are completed and that the organization is that mach closer to reaching the goals that have been set before hem.
Managers have a very Important Job and they are the driving force within an and employees which are the backbones of any business. The next Functional area of business is Business Law is the study of the legal aspects of a business that effect companies and small firms. Business law also help managers safeguard the organizational intellectual properties it helps managers comply with the local state and federal laws and ensures that the business is legally sound, it helps protect itself against any legal problems that may arise. For Instance in China according to (1988, Par 01 .
Star Tribune) -China proposes new laws giving business managers more freedom. “The government Thursday unveiled new laws that release businesses from the shackles of state plans and promise factory managers and foreign Joint ventures substantial autonomy in making decisions”. With a law like this we can say this law would provide more of a legal framework for joint ventures business in China as stated in the article. Human Resource Management is the next functional area in a business, Human Resource management focuses on the development of personnel within a organization. Human
Resource Management uses, Human resource management throughout the employment cycle the employee cycle includes hiring, determining the proper compensation for work, training and taking disciplinary actions if needed. Human Resource management is eve important because this functional area is what connects the public to an organization through hiring and training. The Next Functional Area of a business is Leadership leadership is a way for manager to achieve employees to achieve organizational goals through influence, Managers use leadership to inspire employees as well as motivate employees.
Leadership is an effective tool to combat conflict within an organization such as power struggles and organizational changes. As a Manager being a leader is a very important characteristic to have because you are in charge of people. People look up to you to make proper decisions, give them the motivation. And influence them in a positive way, where they can be the most productive at the task, activities, or Jobs set before them. The next functional areas of business are two that I believe are very similar, the functional areas are Accounting is the field of maintaining and auditing financial aspect of a business.
Accounting are comprised of two types the two types are financial accounting which creates financial statements such as income statements and balance sheets. Managerial accounting is where Managers take the information’s created by financial accounting and studies that information so that the proper decisions can be made such as allowing the organization to control cost and budget finances for upcoming projects. The next Functional Area of business that relate to accounting in my opinion is finance.
Finance addresses the project of setting up and maintaining the fiscal success of an organization including revenue Managers use Finance to help them obtain finance for new business ventures. Economics is a Functional area in business because it is the study of the production, distribution, and consumption of goods and services in countries and individual firms Managers use Economics to maximize profits and also as a means to investigate factors when entering a new market and handling market conditions.
An example of using economics to combat market condition would be the economic disaster of 2008. (2009, p. ) “Underestimation of risk has consequences for the risks facing both individual firms and for the system as a whole”. Another Functional area that can relate, is Operation Management the field of study that is in place to increase the organizations supply chain. Managers can use this to ensure that services and goods are delivered to the markets is smooth.
This functional area of business forecast future sales and profits while determine where to place to organizations facilities. We can take a look at Walter we would think that all of the product come from on action, but there are many many organizations that assist Walter in their operations, though each truck that many deliver goods or services to Walter may not be Walter Products they work together to get it to the final destination which is you the consumer.
Another important Functional Area of business is Research and Statistics research collect data which is very useful to Managers because they can use this information to find out important information on their business and determine what business practices should be kept and which should be discarded in he future, to make sure the company runs more efficiently. Marketing is a very interesting Functional Area of business because it consist of influencing a consumers interest of a product or services and keeping their interest up it helps determine which product or services to present to the public.
Managers use marketing to advertise their wares to the public, how to ensure that the needs of their customers are being met and how to promote the organizations brand. Strategic Planning is the last but one of the most important fictional areas of business it brings all of the national areas together such as accounting, finance and strategic planning to promote the success of the organization.
