What are the Key Business Functions

• Human resources

• Finance

• Marketing

• Operations

• Shareholders

What is Human Resources?

• Planning & implementation of business production system which transforms imputs into valuable output

• The process of recruiting, hiring, training staff, maintaining and enhancing the working environment

• Every party involved in the production of products

• Involves the organising & controlling of a business’s financial resources to achieve its objectives

What is Finance?

• Planning & implementation of the design, pricing, promotion & distribution of products for customers

• The process of recruiting, hiring, training staff, maintaining and enhancing the working environment

• The profits left over after business expenses have been deducted from sales.

• Involves the organising & controlling of a business’s financial resources to achieve its objectives

What is Marketing?

• Planning & implementation of the design, pricing, promotion & distribution of products for customers

• Planning & implementation of business production system which transforms imputs into valuable output

• The preperation of products prior to being released into the market.

• Involves the organising & controlling of a business’s financial resources to achieve its objectives

What is Operations?

• Planning & implementation of the design, pricing, promotion & distribution of products for customers

• Planning & implementation of business production system which transforms imputs into valuable output

• The business culture and workplace structure, from shareholders to employees

• The process of recruiting, hiring, training staff, maintaining and enhancing the working environment

What is a Vision statement?

• What the company desires to achieve in the long term (generally in the time frame of 5-10 years).

• A plan of action for a business.

• A small paragraph to describe the business's previous accomplishments

What is a Mission Statement?

• The upcoming events the business will be attending

• A small paragraph to describe the business's previous accomplishments

• A plan of action for a business.

What should a Vision statement aim to achieve? (Select 2)

• - Be an aspirational statement indicating the future achievement

  - Be positive, easy to understand

• - Pinpoints what the business does and why it does it

  - Is more precise than the vision statement

• - Is an actionable statement

  - States the purpose of a business, defining the business's culture, values and ethics

• - provide a clear image of the business's purpose

• - Brief persuasion of how the business is better than competitors

What should a Mission statement aim to achieve? (Select 2)

• - Be an aspirational statement indicating the future achievement

  - Be positive, easy to understand

• - Pinpoints what the business does and why it does it

  - Is more precise than the vision statement

• - Is an actionable statement

  - States the purpose of a business, defining the business's culture, values and ethics

• - provide a clear image of the business's purpose

• - Brief persuasion of how the business is better than competitors

Is this a Vision or Mission Statement:

To make Target the preferred shopping destination for our guests by delivering outstanding value, continuous innovation & exceptional customer service.

• Vision Statement

• Mission Statement