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Questions and Answers
Which of the following is a function of Marketing and Sales?
What does Supply Chain Management (SCM) include?
Management of the flow of goods and services
Human Resources only deal with payroll management.
False
Accounting and Finance performs financial accounting to provide summaries of operational data in ______ reports.
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Which function is associated with Human Resources?
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What is the main purpose of a Business Process?
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Effective ______ is necessary for ensuring waiting time is short in customer service.
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Study Notes
Enterprise Resource Planning (ERP)
- Core software that businesses use to organize information across all departments
Business Process
- A series of steps that take input, create output, and deliver value to the customer
Functional Areas of Operation
Marketing and Sales (M/S)
- Responsible for promoting products and services, taking orders, supporting customers, and managing relationships
- M/S functions:
- Formulate advertising campaigns on social media
- Offer competitive pricing
- Provide excellent customer service, including efficient order taking and short wait times
- Offer discounts to repeat customers
- Create a welcoming atmosphere for specific customer groups
- Keep track of customers and identify repeat customers
- Develop products informally
- Utilize historical sales data to spot trends and create sales forecasts
Supply Chain Management (SCM)
- Manages the flow of goods and services, transforming raw materials into final products
- SCM functions:
- Develop production plans
- Order raw materials from suppliers
- Receive raw materials at the facility
- Manufacture products
- Maintain facilities
- Ship products to customers
Accounting and Finance (A/F)
- Responsible for financial accounting, reporting operational data, and managing finances
- A/F functions:
- Record financial transactions, including sales, purchases, and cash receipts
- Allocate and control costs
- Plan and budget finances
- Manage cash flow
Human Resources (HR)
- Focuses on managing people within an organization
- HR functions:
- Recruit and hire employees
- Train employees
- Manage payroll
- Administer benefits
- Ensure government compliance
Information System (IS)
- Includes the people, procedures, software, and computers that store, organize, analyze, and deliver information
Functional Areas and Business Processes of a Very Small Business
- Marketing and Sales (M/S) plays a crucial role in small businesses
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Description
This quiz explores core concepts of Enterprise Resource Planning (ERP) and its functional areas, including Marketing and Sales (M/S) and Supply Chain Management (SCM). Participants will learn how these elements interact to create value and improve operational efficiency in businesses.
