Table of Contents
Introduction
Business function is defined as a means of dealing with various aspects to keep a company profitable and maintainable to achieve business goals. There are different business functions whose activities and decisions are co-related thus the need for teamwork and communication among the different functions. This paper describes the different business functions.
Human Resource Management (HRM) is a function in charge in all activities related to employment of staffs in a business. HRM departments have genuine concern for staffs at their work and have transformed their working state after the industrial revolution. The HRM does not happen entirely in the HRM function thus will involve many individuals in the management and dealing with staffs in a business (Preston, D. 2006).
Marketing function involves activities occurring as a link between the customers and the business. Matching customer needs with services or products of a business is what entails marketing. The major aim of marketing is to ensure customers communicate direct to the business and not other people. Getting customers to buy what they are not interested is deemed as a negative image of marketing. The marketing concept was developed by other philosophies. These are:
- Product orientation since it was believed to succeed in the production process, efficiency had to be improved.
- Product orientation: Due to the rising prosperity in 20th century people were not prepared to acknowledge standardised products and thus more specified and better products were developed.
- Sales orientation: Due to increasing manufacturing capacity there is need for active selling to ensure products supply does not out do the demand.
- Consumer orientation: since customers know their wants they will only buy what they feel meets their wants. This forms the base of marketing concept of a customer being the centre of business. The understanding of the behaviour of customers and their making of decision makes an effective marketing (Booms, B. H. & Bitner, M. J. 1981).
Accounting and finance is a function responsible to convey suitable financial information to both external and internal stakeholders of which most of them are not financial experts. The activities of accounting and finance function differ in nature with the operational tactical and are manipulated by business external environment. The purpose and nature of accounting and finance duties carried out in a business are mainly in two categories of management and financial accounting. Management accounting entails production of information for internal management use in the business while financial accounting entails information to be used by individuals outside the business. The financial reports and accounts contain important information about cash flow, profit and loss and balance sheet to stakeholders about the business they invested.
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The operation function entails the transformation process, production of goods and delivery of services. The success of a business is determined by the ability to manage operations efficiently, use of the best resources and meet customer requirements efficiently (Preston, D. 2006).
Information management (IM) function entail managing of all aspects of information in a business. As business change with time, information systems and business processes should be built and retained. Information and Communication Technology (ICT) is capable of manipulating, analysing and transporting information new creative ways and thus is capable of bringing change in most business processes and critical to most innovation taking place. Due to the increasing ICT demand by customers the IM function thus has to think about internal and external communication and information systems thus bringing major concern about security on businesses and customers.
Cross-functional issues function help identify that we not only need to understand the purposes and activities of each of the business function but their interdependence too. Since businesses function cannot exist in isolation then people have to work as one functional role with customers and in the entire business (Hatch, M. J. (1997).
In conclusion the paper looks at the diverse business functions that constitute a business in diverse scales and their interdependent since what occurs in one business function has direct implications to other functions.