In order to start or proceed with business, an entrepreneur needs to consider certain things and those functional areas are going to discuss in this report writing. Even if John is 21 years old and also has less experience, still due to owning a lottery he now wants to buy an organization called IOM Electronics Ltd. Therefore in order to run the business with 200 employees in to manage the two sites of operation in Liverpool and Manchester, John needs to consider certain functional areas. In addition to that in order to manage a certain number of workers, John also needs to understand different types of skills necessary for the workers to be able to work in an effective way in different functional areas. Thus those areas will also be stated in the following research.
The concept of business refers to the enterprising and organizational entity engaged in industrial, commercial or any kind of professional activities. Businesses can be non-profit and for-profit entities that operate in a charitable missing or work for social causes (Valcik, Sabharwal and Benavides, 2021). Business can also be considered as the activities and effort an organization or an individual gives to produce and sell services and goods for profit. In order to start a business, it is required to have a proper plan and strategies.
Functional areas are defined as the team of workers who have different categorize of expertise and skills can work from different areas such as the sales department of an organization is a common area of functionality and the workers in this areas all be focused on selling the products of the organization.
Functional areas mean a business needs to operate on certain things such as marketing aspects based on which the organization will sell their services and products to consumers. Similarly, there should be the management of Human resources who will manage the workers and set their roles of working (Pyza and Jachimowski, 2018). In addition to that consumer services and financial services are other key functional areas where John needs to work for his owned business.
Marketing: this is one of the functional areas where John needs to identify the needs of the consumers about the services to meet their needs. The organization that is owned by John is working on manufacturing electronics products. Therefore the organization can market their products to different shop owners and agencies. The organization is having a marketing team where John needs to ensure about adopting best methods to deliver the products by promoting using different media channels to keep and attract new consumers (De Oliveira et al. 2016). Marketers within the organization also need to develop the features and benefits of products and services including their quality and prices of them.
Human Resource Management: Managing the workers who are working for the organization is another key consideration where John as the CEO needs to ensure that the basic demand and needs of the workers are getting fulfilled within the business environment. This needs to be done in order to make sure that workers are keeping themselves motivated to produce effective outcomes from each and every activity. In addition, to maintain a diverse culture and positive aspects within the business workplace the team of human resources needs to consider certain things which need to be monitored by John.
Human Resource Management
Customer Service: Serving the consumers is the main consideration of every business organization. Similarly, in the case of John and IOM electronics Ltd, the organization needs to ensure that the consumers in both direct and indirect ways are getting benefitted from the services. In order to manage the queries and solve the issues of consumers on a day to day basis, the organization either can have an online portal or by telephonic call, the consumer executives within the organization can manage them (Dimitrova, 2017). John needs to ensure that queries are getting solved as soon as possible so the consumers do not fed up with solving their issues which can have a negative impact on their choices of consuming products from this organization.
Finance: this is another functional area where John needs to combine the planning for managing and obtaining the resources in terms of funds of the organization that he has bought. In order to buy resources and manage resources, the organization needs to strategize the funding so that a certain percentage can keep aside for further development and utilization (Lussier, 2017). Investment is required in different areas such as human resources management, research and development, marketing and many more other areas.
Research and Development: This is another area where John and the research team needs to implement and go for different research based on innovation. With the up-gradation of technology and changing demands of consumers, the electronic organization which John owned needs to strategize and plan for different research and development processes (KaluthanthriI and Osmadi, 2017). In order to compete with the competitors in this functional area, the organization needs to work.
Sales: based on the marketing and promotion the organization can ensure the process and quantity of sales. In addition to that John needs to strategize for increasing the number of sales to increase the revenue and the organization also needs to change its marketing plan to attract more target consumers for the business.
Skills needed by Marketing Employees: the number of workers that John has owned is around 200 among which different teams or groups of workers will have different skills and talents to work on certain functional areas. In this section of marketing, the team needs to have proper marketing skills such as communicating with consumers effectively on digital platforms (Jackson, 2015). The workers should have proper content marketing skills to attract the target audience and should have the capability to understand the needs and requirements of the consumers. In addition to that those marketing teams should also have an idea about researching the target segments to which the products and services will be delivered.
Skills needed by Human Resource Management Employees: the HR department within the organization is having the responsibility to not only manage the activities of the workers but also needs to take care of them. In addition to that the HRs should also have the skills for understanding what the workers want from the organization and accordingly providing them with their basic needs also falls under their responsibility. Along with that hiring and retaining a talented and skilled workforce is also considered as another skill that the HR management should take care of in the business environment (Idowu, 2017).
Skills needed by Customer Service Employees: in order to manage the queries and issues of consumers, the department or team of consumer services needs to have a good communication skills so that in verbally and in chat process as well they can solve the issues of the consumers in an effective way. In addition to that those people in consumer service also needs to have proper skills and should know the methods based on which they can quickly manage and provide solutions to their consumers.
Skills needed by Finance Employees: the finance department within the organization is needed with the skills to manage the financial resources to develop and to maintain future activities. In addition to that those people must need to know where to invest and where not to so that there will be no or less loss and more profit can be generated (Prifti et al. 2017). This is because the motto of every business organization is to generate revenue from different investments.
Skills needed by Research and Development Employees: in order to compete with the competitive business environment and to cope up with the up-gradation of innovation, the team of R&D needs to have the skills where they can understand the needs of innovation and development to ensure the level of competition. In addition to that, the organizations also have the skills for strategizing and adopting technological power to ensure an effective working process (Ilie, 2019).
Skills needed by Sales Employees: the sales employees who are working with the organization needs to know the requirements and needs of the consumers. Based on analyzing those things, the organization can produce services that will attract the target audience. In order to increase sales, the workers need to implement both the online and offline platforms and the logistics and supply chain also needs to have them ineffective order (Griffin et al. 2016).
The research has been discussed different factors and considerations that an organization needs to understand while going into the business market. In this case, John which is his new owned company IOM Electronics Ltd also needed to understand certain functional areas where they have to work on and those functional areas have been broadly discussed in the above research. In addition to that, the research also stated about the roles and skills and workers in different functional areas to keep the activities effective in a business environment.
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Valcik, N.A., Sabharwal, M. and Benavides, T.J., 2021. The Functional Areas Utilizing HRIS in a Public Organization. In Human Resources Information Systems (pp. 115-124). Springer, Cham.
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