FUNCTIONS OF BUSINESS - Weebly



FUNCTIONS OF BUSINESS

All businesses, whether big or small, must perform the following five basic business functions:

1. COMMUNICATION and MANAGEMENT

In general terms, the management of business has four (4) basic functions:

a) _______________ - involves management setting short and long-term goals.

b) _______________ - involves management defining responsibilities (eg. Who does what, when, where and how) so that the company’s goals can be met.

c) ________________ - involves setting rules and regulations that all employees will follow.

d) ________________ - involves setting standards for the goods produced or the services offered to consumers to ensure high quality.

2. HUMAN RESOURCES

This function of business used to be called “Personnel” but has recently been renamed to reflect the fact that the employees of a business are one of (if not) its most important resources. The human resources function of business involves many activities:

a) _______________ - a business must ensure that it attracts qualifies employees.

b) _______________ - once qualified applicants have been attracted, the best one(s) must be selected.

c) _______________ - once selected, new employees must be trained.

d) _______________ - it is important that good employees remain with the company. Thus the company must provide good working conditions, good pay and benefit packages etc.

3. ACCOUNTING & FINANCE

Businesses face financial decisions every day to make the right decisions; they must have accurate and up-to-date information. Examples of financial information that a business must collect and analyze include:

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4. MARKETING

Marketing is the process of distributing the goods and services from producers to consumers. Marketing is often divided into the “4 P’s”

a) __________________________ - both to protect the product and to promote it

b) ___________________________ - the price charged must allow the business to make a profit and also fit the image of the product.

c) _________________________ - the product must be in locations where the consumer wants to buy it. (transportation)

d) _________________________ - involves advertising, sales gimmicks etc. Market Research is important in the creation or improvement in quality of products.

5. PRODUCTION

The production process is divided into many parts:

a) _________________________ - involves buying raw materials and their supplies that are necessary for the business to operate.

b) _________________________ - the actual changing of the raw materials into finished products.

c) _________________________ - items are graded according to size and quality – e.g. gasoline, eggs, clothing

d) _________________________ - ensure that items being produced meet certain quality standards.

At the heart of every manager’s job is _________________ - if the employees are not happy and if they do not feel as if they are important to the success of the business, they will not produce top quality goods and services (happy workers are good workers!!!). If the quality of goods and services suffer, customers will turn away from the company to the competition, and no business can afford that!

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