BSc (Hons) Business management with foundation Assignment Sample

Introduction Of BSc (Hons) Business management with foundation Assignment

Assessment 1: Functional areas

The report will examine the commerce management task; IOM Electronics Ltd is the most important startup firm with almost 300 employees working in Liverpool and Manchester locality and the firm has been recognized by the chief executive John (Saura, et. al. 2019). This has been established that the organization has appropriate and effective harmonization between the group members so that it becomes convenient to bring out commerce. Furthermore, the workers employed in the business associate also have sufficient talent, experience, skills, and knowledge to function the business operations successfully (Welter, et. al. 2021). The report has been made to highlight the role of industry, the practical areas of the business with description and explanation, and the investigation of the ability requisite by the staff employed in the business organization.

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What is business?

A business is defined as an organization or any sole proprietorship that is connected with profitable, marketable, industrial, or include specialized activities. This comprises the profitable activity connecting the services and products in exchange for money from its clients or customers (Reyes and Hernández, 2021). IOM electronics ltd. is a company that is providing services and products of the necessary electronic goods in North West England.

Functional areas of business

The functional areas of business consist of a team of skillful workers that have similar expertise, talent, and skills in the downy and successful activities and everyday operation of the company (Stawasz, 2020). The functional areas are a department tasked with a detailed organizational function. The main reason for functional area is to ensure that the key business actions are carrying out capably.

Types of functional areas of business

The types of functional area of the business comprise the following:

1. Human Resources
2. Sales
3. Marketing
4. Equipment and technology
5. Operations
6. Finance
7. Research and Development (Monden, 2019).

Key functional areas in commercial organizations

• Research and development: this department can be considered the source of revenue for the industrialized business. This R&D department includes leaders, subject matter experts, scientists, and industry analysts with core knowledge and experience. They try their greatest to keep their head far above the ground in the organization. The research and development of IOM electronics limited are led by the leading technology executive who is in accuse of running the software, products, and other connected aspects of the business (Bizhanova, et. al. 2019). The (IT) Information Technology part is accountable for the condition of internal technological tools to the business’s employees connects in the R&D department.
• Human resource management: This department is accountable for the staffing of the new workers in IOM electronics limited and makes sure that the positions are filled by the most excellent and skillful person in the job. This procedure is significant because the staffing process is long and expensive. Furthermore, the human resource department is also concerned with the stipulation of suitable training and support in the constant expert growth and development of the employees within the business. It is the accountability of human resources to carry out the controlling, planning and organizing tasks efficiently by cooperating and interacting with the suppliers, customers, and workforce in the organization.
• Marketing: this includes recognition and the completion of the requirements of the customers. The workforce concerned with the advertising aspect must be taught and skilled to pay more concentration to the consumers and therefore offer them higher quality products and services to react to the customer feedback. To supervise the marketing function efficiently, it is fundamental to bear out market research and therefore obtain criticism on the accessible and potential customers (Rust, 2020). There should be an organized attempt made by the encouragement and advertisement of products and services through the enhanced level of promotional and advertisement methods. In IOM electronics limited it is established that the advertising administrators must attempt their top designs, and promotions and update the website of the business. This will also help out in carrying out an appropriate analysis of the market research answers and advise managers to examine the results and implications of the projects.
• Customer Service: The firms must also seem to look at the clients who have complaints regarding the product or service. As the prospects of the consumers are high, the workers must also get in touch with those companies that anticipate a polite, well-mannered punctual, and knowledgeable response for that reason (Omar, et. al. 2020). The commercial organizations that manufacture and sell the developed product employ engineers and technical specialists to run their business smoothly and efficiently.
• Finance: The finance section of IOM electronics limited is fully concerned with the manufacture of the invoice, inspecting whether the expenditure is conventional on the instance, and chasing up the past due expenditure for that reason. It is also the accountability of the human resources concerned in the finance section to make sure that the payment of the invoice is received. There must be a successful attempt made to the grounding of payment and payroll for the employees’ salaries on time (Léon, 2019). The finance supervisor must also advise the superior managers on the verdict of the suitable sources of assets expenditure for each time and thus produce the legislative report every year.
• Sales: it is considered to be critical for all types of industries, as it is essential to ensure and verify that all commercial business organizations which have a precise sales goal and objectives as a significant part of the business. In IOM electronics limited, it is established that consumers normally want superior products and services. They approach sales human resources to take delivery of an idea of the function of the product (Rodriguez, et. al. 2019). Furthermore, the sales section also displays the goods to the customers according to their wants, demand, needs, budget, and requirement.

The types of skills needed by employees to be able to work effectively in these functional areas

• Skills required by marketing workers: The ability that is necessary by the marketing employees of the case company includes adaptively and flexibility technical competency, organization style, strategic planning, vision, data analysis and interpretation, and customer and users experience (Deshpande and Munshi, 2020). Furthermore, marketing workers must also have the skills of innovative thinking and satisfying management to work efficiently in the business.
• Skills required by human resource management for human resources: these are the most significant asset of the organization, which helps the companies to achieve common goals and objectives. The skills and experience essential for human resource management workers comprise human capital development, business management and leadership, communication, and interpersonal, strategic thoughts and planning, and culture development of place of work Skills. This department must also have the patience, and, cooperation to carry out the job and duty efficiently (Bross, et. al. 2019). This department must also own the promises, ethical proceedings, and sympathy to bear out appropriate planning and commitment towards the workers.
• Skills required by customer service staff: The workers who are in charge of offering customer service must have influential speaking skills, flexibility, adaptness, empathy, understanding, and the ability to make use of enhanced and optimistic language. They are required to make sure that the workers have improved self-discipline, communication skills, and patience level to bear out the whole task as a result (Mutumba, et. al. 2021). The workers must also take accountability for sufficient knowledge about the business as well as charm and qualities to keep the consumers motivated and attracted to the goods and services of the company.
• Skills required by finance workers: The employees who are in incriminating finance must have sufficient education, skills, and training to establish and grow the business. The staff of the finance department must also have the capability and skills to communicate with the other workers and should take out financial exposure consequently. It is moreover essential to make sure that all the workers should have sufficient problem-solving experience and skills and knowledge of the artificial intelligence software to bring out the financial mission efficiently (Mosteanu, 2020). There should also be appropriate administration and management of analytical and knowledge of the workers to keep them modernized with the necessity of the business.
• Skills required by research and development staff: The workers who are concerned in the research and development section must have good communication skills, thoughts, and positive ways of thinking skills to stay themselves concerned with the company as well as help them to develop and flourish in the new areas of research to innovate their products. It is also essential to make sure that the workers also have systematic logical skills and the ability to make use of the plan in the best way (Karim, et. al. 2019).
• Skills required by Sales employees: The talent that is essential for sales workers comprise listening, communication, and teamwork. These aspects are needed to be infatuated by the staff of IOM electronics limited to help the business to raise and expand within a short period and whole cost-saving methods and approaches. Furthermore, as the business is likely to face sharp rivalry from the other electronics firms that are working in this industry, it is essential to ensure that all the human resources have flexibility to work productively and successfully. The sales individual must also have community speaking and opposition handling skills to take out the best decision (Martin, 2022). It is required for the company to be conscious of the feedback and criticism that is granted by the consumers of the company.

Conclusion

The above report states that IOM electronics ltd can flourish and produce only if there is correct harmonization among the staff and the managers of the organization. This is apparent only if the doable are provided with appropriate feedback. The company can grow and expand its business within the predetermined period. The report also highlighted the employees of the human resource department that must bring out mutual co-operation and co-ordination among the group members. The report concluded with the type of skills required by workers to be able to work successfully in these functional areas. It is the accountability of the HR section to maintain the follow-up with the workers of the other department. The development and research group must also be concerned with moving out constant innovation and is likely to assist in the growth, expansion, and development of the firm in different areas. So, the company can grow through effectual harmonization between the employees and employers.

References

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• Welter, C., Scrimpshire, A., Tolonen, D. and Obrimah, E., 2021. The road to entrepreneurial success: business plans, lean startup, or both?. New England Journal of Entrepreneurship.
• Reyes-Ruiz, G. and Hernández-Hernández, M., 2021. Fuzzy clustering as a new grouping technique to define the business size of SMEs through their financial information. Journal of Intelligent & Fuzzy Systems, 40(2), pp.1773-1782.
• Stawasz, E., 2020. Cooperation of enterprises in the functional area in the field of innovation. Economic Studies, (1 (99), pp.22-33.
• Monden, Y., 2019. The Toyota management system: linking the seven key functional areas. Routledge.
• Rust, R.T., 2020. Outside-in marketing: Why, when and how?. Industrial Marketing Management, 89, pp.102-104.
• Mutumba, R., Basika, E., Menya, J., Kabenge, I., Kiggundu, N. and Oshaba, B., 2021. A review of the human resource management dilemma for SMEs: Case of central Uganda. Art Human Open Access Journal, 5(1), pp.1-7.
• Omar, N.A., Kassim, A.S., Shah, N.U., Shah Alam, S. and Che Wel, C.A., 2020. The influence of customer value co-creation behavior on SME brand equity: An empirical analysis. Iranian Journal of Management Studies, 13(2), pp.165-196.
• Léon, F., 2019. Long-term finance and entrepreneurship. Economic Systems, 43(2), p.100690.
• Bizhanova, K., Mamyrbekov, A., Umarov, I., Orazymbetova, A. and Khairullaeva, A., 2019. Impact of digital marketing development on entrepreneurship. In E3S web of conferences(Vol. 135, p. 04023). EDP Sciences.
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• Deshpande, S. and Munshi, M.M., 2020. The Impact of Soft Skills Training on the Behavior and Work Performance of Employees in Service Organizations. IUP Journal of Soft Skills, 14(1).
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