Main Functions of Business Flashcards

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Questions and Answers

Which of the following are main functions of business? (Select all that apply)

  • Operations (correct)
  • Marketing (correct)
  • Human Resources (correct)
  • Finance (correct)

What is the role of Human Resources in a business?

Responsible for managing employees and staff, including recruitment and training.

What is Finance responsible for in a business?

Managing the money in the business and ensuring finance reports are accurate.

What does Marketing do in a business?

<p>Identifies customer needs and ensures that products sell.</p> Signup and view all the answers

What is the focus of the Product aspect in Marketing?

<p>Ensures that their product meets the customers' needs.</p> Signup and view all the answers

What does Price refer to in Marketing?

<p>Pricing strategies created based on demand and other factors.</p> Signup and view all the answers

How does Promotion function in Marketing?

<p>Ensures the product is known by customers through advertising and media.</p> Signup and view all the answers

What is Place in Marketing?

<p>Selecting appropriate locations for distributing products.</p> Signup and view all the answers

What is the responsibility of Operations in a business?

<p>Converting inputs to outputs.</p> Signup and view all the answers

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Study Notes

Main Functions of Business

  • Human Resources, Finance, Marketing, and Operations are the four primary functions that must collaborate to ensure a successful business operation.

Human Resources (HR)

  • HR manages employee relations and is essential for recruitment and training, aiming to ensure a competent workforce.
  • Example: Starbucks' HR department recruits staff, specifically baristas, to fulfill operational needs.

Finance

  • Finance oversees the management of business funds and ensures proper financial reporting.
  • The Director of Finance is tasked with verifying the accuracy of financial reports, a crucial step in financial management.

Marketing

  • Marketing focuses on understanding customer needs and driving product sales.
  • The marketing function can be categorized into the Four P's: Product, Price, Promotion, Place.

Product

  • Marketing ensures that products align with customer requirements through various methods such as market research and test marketing.

Price

  • Pricing strategies are developed in marketing based on consumer demand and market dynamics, aiming to optimize sales and profitability.

Promotion

  • Marketing is responsible for creating awareness of products through various channels, including advertising and media, ensuring customers know about the product offerings.

Place

  • The marketing department determines the most effective distribution channels for products, ensuring they reach the target market efficiently.

Operations

  • Operations Management is tasked with transforming inputs (resources, raw materials) into outputs (finished products), playing a vital role in overall business efficiency.

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