four functions of a business (management process)

Question 1

what is 1. operations

Answer 1

the methods and production
processes of the business

Question 2

what is 2. marketing

Answer 2

the promotion and product
targeting processes

Question 3

what is 3. finance

Answer 3

The function concerned with the
funding of the business

Question 3

what is 4. human resources

Answer 3

the hiring and maintaining of
an effective workforce

Question 4

what are the four functions of a business

Answer 4

operations
marketing
finance
human resources

Question 5

what is operations concerned with? 1st function

Answer 5

Converting materials and labour into goods and
services
* As efficiently as possible
* To maximize the profit

Question 6

what is the product process in operations?

Answer 6

input -> transformation -> output

Question 7

what is finance in a buisness? 2nd function

Answer 7

refers to how a business funds its activities. This includes a variety of sources which come with costs risks and benefits

Question 8

whats a cash flow statement in finance?

Answer 8

Indicate the movement of cash receipts and payments from
transactions over a period of time

Question 9

whats an income statement in finance?

Answer 9

Show the revenue and expenses (and thus profit) over the accounting period

Question 10

whats a balance sheet in finance?

Answer 10

Shows the business’s assets and liabilities at a point in time

Question 11

what is marketing? 3rd function

Answer 11

system of interacting activities
designed to plan, price, promote and
distribute products to present and
potential customers.

Question 12

whats the purpose of marketing?

Answer 12

-awareness for the product.
-improve the product’s image.
-consumer loyalty.
-to increase sales
-satisfy consumers needs and
wants.

Question 13

whats a target market?

Answer 13

a group of customers with similar
characteristics who presently, or who may in the future, purchase the product

Question 14

whats the marketing mix?

Answer 14

the four ps:
product
price
place
promotion

Question 15

whats human resources? 4th function

Answer 15

The personnel of a business
or organisation. Regarded as a significant asset in terms of skills and
abilities.

Question 16

human resource cycle

Answer 16

acquisition (hire employees)
development (training)
maintenance (contracts)
seperation (leave business - voluntary or involuntary)

Question 17

what are ethical business behaviour?

Answer 17

the application of moral standards in
business behaviour

Question 18

common ethical issues

Answer 18

fairness
honesty
respect
conflict of interest
financial management
truthful communication