Interdependence

Question 1

What’s interdependence ?

Answer 1

Interdependence - Interdependent here means linked. Linked means that what happens in one business are will affect something in another area. For example, a decision by Human Resources could affect Finance, Marketing and Operations.

Question 2

4 main functional areas in a business

Answer 2

Marketing
Human Resources
Operations
Finance

Question 3

What’s the marketing function in a business responsible for ?

Answer 3

identifying market segments
undertaking
market research
to identify target customers
making marketing decisions based on the marketing mix, which consists of:
product
price
place
promotion

Question 4

What’s the Human Resources function in a business responsible for ?

Answer 4

the organisational structure and how the business works
communication within the business
recruitment and selection
motivation and
retention
training and development
complying with employment law

Question 5

What’s the operations function in a business responsible for?

Answer 5

production processes
quality
how products are sold, eg online or in-store
complying with consumer law
location
working with suppliers

Question 6

What’s the finance function in a business responsible for ?

Answer 6

identifying suitable sources of finance
monitoring
revenue
, costs,
profit
and loss
calculating the
break-even
point
cash and
cash flow
calculating the
average rate of return
so as to be able to advise on investment decisions