Functional Areas of a Business
What is the primary goal of the marketing function in a business?
To promote products or services, attract customers, and increase sales.
Name the external stakeholders
Suppliers
Government
customers
The community
Name the 5 functional areas of a business
Finance
Production
Human Resources
Marketing
Research and Development
How can community stakeholders influence a business?
By advocating for changes in the company's practices or holding it accountable through protests or petitions.
The research and development (R&D) function is primarily focused on:
designing new products or improving existing products
A stakeholder that is dependent on the business for their job and income.
Employee
what is the activity of the human resources (HR) function in a business?
Managing employee recruitment, training, performance, and compensation.
Name the Internal Stakeholders
Employees
Board of directors
Managers
Free
Free
What is the primary concern of the community as a stakeholder in a business?
Ensuring that the company operates in a socially responsible and environmentally sustainable manner.
Which function promotes products and services, that attracts customers
Marketing
The area of business that places the right product at the right place, at the right price at the right time and attracting the consumer to make a sale
Supplier
Which Function apply:
Managing the flow of raw materials and resources, and overseeing the manufacturing or creation of products.
production
Which function influencing laws, regulations, and policies that affect the business environment
Government
Production
Finance
Human Resources
The main stakeholders. They have invested money in the business (their ‘stake’) and they look for a return on their investment in the form of dividends and an increase in the value (appreciation) of their shares in the business.
Owner/shareholder
Customers
A stakeholder that is dependent on the business for their supplies of finished goods, raw materials or services, and rely on them to supply them at an economic price, on time and in good condition.
Customer