Functions of a business Flashcards
(9 cards)
What are the eight main functions of a business?
The eight main functions are: administration, purchasing, marketing, finance, public relations, human resources, production, and general management.
What does the administration function involve?
The administration function involves performing daily tasks, paying accounts, handling information, planning, scheduling, record-keeping, organizing, and managing the administration budget.
What is the responsibility of the purchasing function?
The purchasing function is responsible for acquiring raw materials at the best price, ensuring timely orders, staying within budget, and maintaining accurate records.
What are the key responsibilities of the marketing function?
The marketing function determines what goods to produce, branding, distribution channels, advertising, publicity, pricing, target market, and manages the marketing budget.
What does the finance function manage?
The finance function manages cash flow, budgets, income and expenses, taxes, accounts, investments, and raises capital for the business.
What does the public relations function do?
The public relations function assesses public perception, advises management, communicates with the public, and runs promotional events.
What are the responsibilities of the human resources function?
The human resources function involves recruiting staff, defining job descriptions, administering leave, retaining staff, training, and ensuring workplace safety.
What does the production function manage?
The production function manages resources for production, scheduling, production methods, budget, costs, and keeps up with technology.
What is the role of the general management function?
The general management function plans and strategizes, oversees other functions, manages managers, and ensures coordination among functions.
