Marketing is one of the most varied activities in modern firms. In the last 20 years, people in business have realised that it is not good enough simply to produce a product or service and hope it will sell.

• Product – the nature of the product, ie how it compares to competitors
• Price – the price at which it will be sold and also how it compares
• Place – where it is made and concerns problems getting the product to  market
• Promotion – how it will be advertised ie newspaper, radio also loss leaders etc

They are often summarised as ‘The Four P’s’.  Sometimes, a fifth ‘P’ is incorporated: Packaging, due to its great influence on a sale.  

-Finance

All businesses need to obtain finance, to start and grow.  Firms will have to meet short-term debts, which come from trading activities such as buying goods on credit.  This short-term finance is a firm’s working capital. Any business which has a lack of working capital will face difficulties in surviving.  It will not be able to take advantage of cost-saving discounts, since it does not have the cash available: and its creditors will be demanding payment of the money they are owed by the firm.  In this last instance, they could take legal action to recover the money, forcing it to close down and sell its assets to obtain the money.  Firms also need long-term capital, in order to expand.  There are many sources of long-term capital: personal savings of sole traders and limited company shares are two well-known examples of such sources.  Without sufficient capital, firms will find it impossible to grow. The finance department basically obtains, analyses and records organisation’s finance; make sure that money is used to the best advantage.

-Human Resources

The role of the personnel function is to deal with the people who work – or who would like to work – in that firm.  Lager organisations will have specialist Personnel Department, e.g. Pilkington Glass, which will be involved in ‘hiring and firing’: recruiting and training of staff, considering their welfare, keeping their records and handling their voluntary leaving, retirement or dismissal.