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A Description Of The Functional Areas That Exist In The Business, And An Explanation Of How They Help The Business To Meet Its Objectives

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Introduction

, E3 A Description Of The Functional Areas That Exist In The Business, And An Explanation Of How They Help The Business To Meet Its Objectives Whatever the size of the business - whether it is a sole trader or a public limited company (PLC) - or whatever the product, the factors of production are combined in a variety of functions. These include: Finance Production Human Resources Marketing and Sales Administration Research and Development (R&D) Finance is the control of money and the recording and reporting of money transactions - a central function in Supervalu. It is more widely known as The Finance Function, the finance department of a business is responsible for financial record keeping. This involves keeping records either in manual form, or on computer file - of money received and paid out. The financial records maintained would be used to produce the financial statements of the business, which in case of limited companies are required by law. The person who is mainly In charge of this at Supervalu is Paul Hennan the boss, but Charlene the manager also does this. Whenever they are closing up they take the tills down to the cash office and the float so that they can record the earning that day and if the float is ...read more.

Middle

Market Research is the process of gathering information on potential customers. You will probably look at information that shows buying habits, lifestyles and perceptions of BOTH current and prospective customers. There are various types of research and these are: Market - which concentrates on analysing the potential for those products/services you already produce, forecasting the possible demand for future products, forecasting sales, studying market trends, analysing market characteristics, looking for the reasons why companies have specific market shares. Product - which concentrates on how customers/consumers will react to proposed new products or developments, comparing the strengths and weaknesses of competitive products, researching various forms of packaging and presentation, forecasting how current products will have to change to remain fresh with consumers, testing marketing plans. Price - which concentrates on analysing price responsiveness (elasticity), looking at which products make a contribution to profits and how much, how customers view certain prices and 'price points', deciding how credit and the ways available for purchasing products affect consumer demand. Some companies also research customer perception of sales and advertising campaigns and which forms of product distribution work best for certain products. Remember Market Research involves BOTH Primary and Secondary data. The first refers to information that does not already exist. Its collection can therefore be expensive and time-consuming. ...read more.

Conclusion

* Selection Is maintaining a recruitment policy that guarantees a continuous supply of personnel in all areas of the business, that meets needs caused by retirement, resignations, promotions, maternity leave, business expansion or diversification across the organisation. * Performance Appraisal Is the appraisal of an employee's performance in a way that ensures the output of an employee matches the expectations of the organisation? This requires a proactive approach to the appraisal of the employee, in order that agreed targets can be set and analysed on a pre-determined basis. Often this performance may be linked to pay structure and bonuses. * Training Once an employee is on a payroll, they must be included in a rolling programme of personal development in order to maintain their interest and motivation. The organisation needs to ensure that employees are able to meet the challenges of their role as the environment under goes changes, especially in areas such as competition, technology and product development. The administration and support services are essential in keeping the wheels of a business turning. They include maintenance of the business premises and equipment, in-house printing, catering and computer services. At Supervalu the objectives of their business helps them get to their business objective, and that is providing the local people with a supermarket which is convenient, close and most importantly aware of their customer satisfaction. ...read more.

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