Podcast
Questions and Answers
What is the primary role of management within a business?
What is the primary role of management within a business?
- To conduct market research
- To create advertisements for branding
- To promote products to consumers
- To plan, organize, and direct a group of people (correct)
How does marketing contribute to a business's success?
How does marketing contribute to a business's success?
- By managing the financial aspects of the company
- By generating raw materials for production
- By promoting and selling goods to create brand awareness (correct)
- By minimizing employee turnover
What is a major benefit of research and development (R&D) for a company?
What is a major benefit of research and development (R&D) for a company?
- Increasing customer complaints
- Creating brand loyalty
- Leading to innovations in products (correct)
- Lowering production costs
Which activities are part of the operations function in a business?
Which activities are part of the operations function in a business?
Which task is primarily associated with the sales function of a business?
Which task is primarily associated with the sales function of a business?
What is the primary function of Accounting in a business?
What is the primary function of Accounting in a business?
Which of the following best describes the importance of Customer Service?
Which of the following best describes the importance of Customer Service?
What is the main responsibility of the Finance function?
What is the main responsibility of the Finance function?
Which area is primarily focused on employee health and safety?
Which area is primarily focused on employee health and safety?
What is an example of a task handled by Information Technology (IT)?
What is an example of a task handled by Information Technology (IT)?
Which of the following best illustrates the function of Customer Service?
Which of the following best illustrates the function of Customer Service?
What role does Human Resources (HR) play in a business?
What role does Human Resources (HR) play in a business?
Which function is responsible for purchasing assets and raw materials?
Which function is responsible for purchasing assets and raw materials?
Flashcards
Accounting
Accounting
Recording financial transactions in a business, providing information about profit and loss, liabilities, and auditing financial statements.
Customer Service
Customer Service
Managing relationships with customers, including responding to feedback, providing support, and maintaining a positive attitude.
Finance
Finance
Managing, creating, and studying investments, income, and financial operations within a business.
Human Resources (HR)
Human Resources (HR)
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Information Technology (IT)
Information Technology (IT)
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Management
Management
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Marketing
Marketing
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Operations
Operations
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Research & Development (R&D)
Research & Development (R&D)
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Sales
Sales
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Study Notes
Functions of Business
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Accounting: Records financial transactions related to a business. Provides information on profit/loss and liabilities. Examples include income tax planning and financial statement audits.
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Customer Service: The support provided by a company to its customers. Improving customer relationships is important. Example responses include quick customer feedback and a positive attitude.
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Finance: Manages money, including creation, study of money, and investments. Helps in budgeting and organizing business operations. Examples include purchasing assets and raw materials.
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Human Resources (HR): Responsible for managing employees. Ensuring employee safety, health, and satisfaction are key aspects. Examples include payroll, employee relations, hiring, and workplace safety.
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Information Technology (IT): Supports, maintains, repairs, and protects computer systems and data. IT enables businesses to be efficient and productive. Examples include computer programming, hardware installation, and data protection.
Functions of Business, Part 2
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Management: Directs, plans, and upholds a business. Includes organizing and coordinating people. Examples include setting goals and leadership.
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Marketing: Promotes and sells products or services. Increases brand awareness, drives profit, and supports business growth. Examples include TV commercials, billboards, and pricing strategies.
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Operations: Activities needed to create goods and services. Effective management and supervision are crucial. Examples include planning, organizing, coordinating, and controlling production.
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Research and Development (R&D): Gathers knowledge to create new products and improve existing ones. This leads to innovations and economic growth. Examples include product design and testing.
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Sales: Activities related to selling goods or services. Helps businesses get qualified leads and customers. Examples include customer relations, conferences, and negotiations.
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