What are the four main functional areas in any business?

What are the four main functional areas in any business?

This lesson will help you to revise the 4 main functional areas.

What is the HR function?

Watch the video, then answer the questions on the role of the HR function.

Multiple Choice

What does the abbreviation HR stand for?

• Human Reliability

• Heavy Resources

• Human Resource

Multiple Choice

Which of these is part of the role of an HR manager?

• Give people as much work as possible

• Give staff as little work as possible

• Manage staff workload

Multiple Choice

Which of these is part of the HR managers role?

• Ensure staff are productive and happy

• Ensure staff are busy

Multiple Select

Which of these is part of the HR function?

• To identify staff training needs

• To train new staff

• To develop current staff and assess their training needs

• To sack staff when they need training

Multiple Choice

What other tasks may form part of the HR managers role?

• Identify products to order

• Identify possible new job roles for the business

• Identify areas of possible cost savings

Multiple Choice

True or False the HR manager should develop and maintain an employee benefit scheme?

• True

• False

Multiple Choice

What should the HR manager do about internal disputes?

• Pass them on to senior members of staff

• Sort them out

Open Ended

Staff safety is important and part of the HR managers role this is know as what?

Open Ended

What is the key role of the finance function?

What is the purpose of the marketing function?

The Marketing Function

The main purpose of the marketing function is the Marketing Mix plus Market Research, but what does this mean?

The Marketing Mix

The marketing mix is the combination of product, price, place and promotion for any business venture.

No one element of the marketing mix is more important than another – each element ideally supports the others. Firms modify each element in the marketing mix to establish an overall brand image and unique selling point that makes their products stand out from the competition.

from BBC Bitsized

An exclusive brand of jewellery uses the best materials but comes at a high price. Such designer brands can only be bought at exclusive stores and are promoted using personal selling sales assistants. By contrast, cheap and cheerful jewellery for the mass market is best sold in supermarkets and can be promoted using television adverts.

Market research findings are important in developing the overall marketing mix for a given product. By identifying specific customer needs a business can adjust the features, appearance, price and distribution method for a target market segment.

New technologies and changing fashion means goods and services have a limited product life cycle. Ideally, the marketing mix is adjusted to take account of each stage. For example, the life of a product can be extended by changing packaging to freshen a tired brand and so boost sales.

There is no single right marketing mix that works for all businesses at all times. The combination of product, price promotion and place chosen by a business will depend on its size, competition, the nature of the product and its objectives.

The overall marketing mix is the business’ marketing strategy. It is judged a success if it meets the marketing department’s objectives, eg increase annual sales by 5%.

So. . . . .

By combing the four P's, a business can try to gain success, but this must be combined with Market Research so the business can make the decisions. This is what it means to combine the Marketing Mix with Market Research.

Multiple Choice

What is the Marketing Mix?

• Panther, Pride, Placement, People

• People, Place, Prime, Product

• Product, Price, Place, Promotion

Multiple Select

What kinds of things will influence the combination of the Marketing Mix?

• Business Size

• Stage in the product life cycle

• Market Research Results

What is the operations function?

Read the slides and watch the video on the operations function.

Multiple Select

What are the key features of the global supply chain?

• Production Planning

• Finance

• Logistics

• Marketing

• Stock Control

Multiple Choice

What does the term 'Just in Time' mean?

• Ordering products ready for when you will need them

• Ordering products when you need them.

Multiple Choice

What does the term 'Just in case' mean?

• Ordering products before you need them

• Ordering products when you need them

Multiple Choice

What is quality control?

• Making products

• Designing quality products

• Ensuring products are uniform and to standard