• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

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

Extracts from this document...


, 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.


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.


* 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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level ICT in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level ICT in Business essays


    Tesco has a couple of departments as a company and they all carryout different responsibilities to contribute to the day-to-day running of the business. In this part of the assignment am going to discuss the human resource department broadly and why it might need information.

  2. For my business report I am investigating the Co-op erative society supermarket.

    to be obtained through owners and workers efforts and input into the business. Co-op obtains capital and resources to run and finance the business through investment form different sponsors and stakeholders, these include owners. Paying wages and salaries The finance department is responsible for paying the employees wages and salaries.


    These include market research the testing of products on consumers and the design of products. 13.3 Public relation (PR) is one of the organisation's ways to attempt to communicate with groups that form its public; this could include the government, shareholders, employees and customers.

  2. The functional areas of Cadbury's.

    Cadbury Dairy Milk with... Production The production department of Cadburys produces the products. The function of production is to change inputs in to outputs. The transformation is taken through by processes, these add value to the output such as materials and Labour so that the finished product can meet customer needs.

  1. Business Aims and Objectives.

    To become a PLC a firm must have a minimum of �50,000 share capital. Most PLC'S have a much bigger share capital totalling millions of pounds. All the shareholders have limited liability over the business. So if the business is going into debt the money invested into the business by its shareholders us used to keep the business running.

  2. Ao1 : aims and objectives

    They communicate via telephone, letters, and meetings. The operations department communicate with their landlords, workers, employers, and supervisors. They communicate through the telephone, meetings, and conferences, as they are important information passed along, their communication has to be formal. The administration and support department communicate internally and externally to customers, employers, employees, other department such as the I.C.T department and suppliers.

  1. My aim is to research and produce a formal business report on my the ...

    Men and women serving as elected representatives are accountable to the membership. In primary co-operatives members have equal voting rights (one member, one vote), and co-operatives at other levels are also organized in a democratic manner. The co-op retail group has two management styles, which are autocratic management style and

  2. Online Business

    Customers can get information about the company - new customers of Superdrug can read company's profile in their website if they are not familiar with Surperdrug or their products/services. This will benefit the customers because they can find out if the company is reliable and save to buy from, by

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work