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The decisions about how best to use the factors of production to provide the goods or services of the business require a … This include activities like planning, organising, commanding, coordinating and controlling. Explore how each of the 4 functional areas discussed in the video might be affected: Manufacturing Operations, Human Resources, Finance and Marketing & Sales in terms of the key management roles of Functional Areas of a Business 1. The sixth function of Henri Fayol is mostly managerial. Other models do not make the distinctions between the three major functions. While ERP software can automate many functional areas, you’ll realize more business benefits if you optimize your functional areas prior to ERP selection. As your business grows, you can separate HR and accounting functions. Generally, the six functional areas of business management involve strategy, marketing, finance, human resources, technology and equipment, and operations. As your business grows, it’s a good idea to assign specific functions to individuals to prevent errors, streamline processes, reduce costs and ensure that the work gets done. The main functional areas of a business are marketing, human resource, finance, information systems and production. WHAT ARE FUNCTIONAL AREAS? The Human Resources department will also have records of former employees and what position they had in the company, this will determine the amount of pension money they will receive when they turn fifty-five years old. This is essential if the business is to achieve its aims and objectives. For instance, the marketing department is a functional area within an organization that has its own specific duties in relation to the organization. By: Kendra S Rankin 2. If you can clearly define each of these five processes for any business, you’ll have a complete understanding of how it works. The most common functional areas of an organisation discussed below. The functional areas of a business are the different domains that manage essential functions. Functional departments each serve a specific purpose with an organisation to achieve its objectives. 1. Functional areas are teams of employees who have similar skills and expertise. SPECIFIC OBJECTIVES At the end of the lesson students should be able to: 3. All these interact with each other in different ways but all contribute to effective management. Organisations are built about a group of functions, each of which provides support for the operations of the business. Sales and Marketing In a small company, the owner and one or two salespeople are usually responsible for revenue growth. . What you’ll learn to do: identify the primary functional areas within a business and describe their contribution to the organization. 4. The 5 Parts of Every Business are the basis of every good business idea and business plan. Another application of the functional area in the business is as a means to make the different sections more manageable and also accountable in terms of performance. Imagine that Holden has decided that it wants to develop a new solar-powered car. Business Functional Area – Business Functions Business functions that are part of the Supply Chain Management business functional area include purchasing and receiving of goods and raw materials, transportation and logistics, production run scheduling, manufacturing of goods, and plant maintenance 5. From there, you can determine which processes need improvement. Some businesses are small enough that all organization and decision making can be done by one or two people.When a business gets big, the work will have to be shared because its going to need good control, one person cant handle all of the paper work.What is meant by the term ‘functional area’? Some basic functional areas such as marketing and finance are shared by just about all businesses. Requirements gathering workshops can help you understand your business processes and identify pain points. The functional areas of a business are the different domains that manage essential functions. Functional area is a person, area or department which carries out a particular business function, for example, finance, sales or customer service. Key Functions of Business 9 After Viewing the Program 1. Fayol’s Sixth Function. Therefore, all business planners should concentrate on researching and thoroughly understanding these areas as they relate to the individual business. For instance, according to the Microsoft website, the main functional areas of a business are finance, sales, warehouse, purchasing, jobs, manufacturing, service, resource planning, human resources and IT.