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All businesses combine "Factors Of production" to produce HBOS's services. Combining these factors means the business has to carry out a range of functions.

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All businesses combine "Factors Of production" to produce HBOS's services. Combining these factors means the business has to carry out a range of functions. The main five departments within the organisation are: * Finance Finance is an important function in the organisation of HBOS, because those who work in the financial department keep track of the money coming in and going out. All functional managers are concerned with the financial of their own areas, not just at budget preparation and agreement stage, but also day-today checking whether they are meeting their budget forecasts. Staff in the financial department is responsible for controlling the money, they will advise managers when the company is over-spending. This means cutting back on expenditure. The effect of this could be that the new equipment can not purchased, the sales department may have to stop a proposed advertising campaign, production may have to reduce overtime, human resources may be told that no more staff can be hired or replaced for a while, administration may have to defer the purchase of a new photocopy machine. ...read more.


Performance Management In an ideal world business should plan ahead when it comes to human resources, for example HBOS is a well organised business, this means that the department of Human Resources in HBOS will have forecasts and projections of its future staffing needs. This then will be matching to forecasts and projections about labour market, which means the business, can develop appropriate strategies for their recruitment, training and developing for its staff. Since human resource department is responsible got achieving and motivating staff, therefore it fulfils its role and achieves this, and aims to improve the motivation of staff, this leads to achievements and objectives, a better customer service they provide, because the staff is motivated, which leads to achievement of custom satisfaction. If the customers are satisfied then the business it's highly likely to see a sale increase in business, which leads to the achievement of the profit. This is how HBOS achieves its objectives. ...read more.


Financial has a critical link with the production because the cost of the service is require before selling the service, and HBOS takes into account the prices charged by the competitors. The greatest link is between production, marketing and sales. Production is concerned with its own targets of providing a good service. Sales is concerned with the selling as many products as possible. * Customer Service Customer Service focuses on existing customers. Its purpose is to keep customers happy by fulfilling their expectations, by making them feel needed and important and by providing a range of services, which fulfils their ongoing needs. The two main customer services in HBOS are: - Providing Information - Giving Advice The strategy of HBOS is to offer their customers a wide choice of brands, each capable of meeting customers' specific needs, and a wide choice of access, whether it's through branches, via financial advisers or directly by phone or internet. At the same time, individuals are becoming more demanding in terms of the value for money and the service that they except financial services to deliver. Conclusion Each department contributes greatly towards HBOS achieving their objectives. ...read more.

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