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The finance department is typically composed of accountants or any other position that deals with finance. Accountants record, analyze, and interpret financial activities of a business. For example, businesses conduct transactions daily and this includes paying staff, paying bills, etc. The finance department is one of the most important departments of a business because they do book keeping, budgeting, keeping track of assets and liabilities, etc. They provide useful information for decision makers.
As part of the course, BBI2OR explored the marketing department. Marketing is any activity that involves in getting goods and services from the business that produces them to the consumer, The department's two fundamental roles are to sell what a business makes and to manage the brand. Marketing does not include the production of goods and services. Marketing involves analyzing customers, competitors, positioning products, and deciding on targeting the most profitable segment.
MARKETING MIX: The marketing Mix consists of the 4 P's and 2 C's. Product, place, price, promotion, consumer, and competition. A good combination of all elements will result into an effective campaign. Marketers must ensure that each element of the mix are consistent.
- Fashion brands typically hire people from another country to perform a task that can’t be done by machines - Cotton is harvested by people in India or China because that’s where cotton is grown
Making connections: As part of the course, BBI2OR explored what is income in our accounting unit. Income is the money that an individual or businesses receive. Most people use their job income to pay for necessary items. People that are outsourced to make clothes don't get paid enough and it can be hard to sustain themselves and their families.
Making connections: As part of the course, BBI2OR did a CSR investigation task where we watched a documentary about the workers who make clothes in developing countries. The company Joe Fresh puts women and children in poor working conditions, lack of safety, and unreasonable wages. In 2013, one of the buildings collapsed which resulted in over 1000 women and children losing their lives. Communities all over the world started to point fingers at the top level of management as it was their fault for putting workers in horrible working conditions. Outsourcing is good for companies because the costs would be lowered but it infringes upon human rights. What the top level of management can do is to ensure there are regular checks like building inspections and an unbiased third party investigation into the working conditions. CSR is good for a company because people like buying from brands that treat their employees well. Also, workers are more likely to stay with the company.
o Cotton gins o Knitting o Spinning o Washed and dyed o Cutting fabric o Stitching o Finishing o Label stitching
Making connections: As part of the course, BBI2OR explored what is investing. When people invest in a company, they are essentially letting businesses borrow the money that was invested. People invest in businesses that they believe is going to do well. Investors don't want to spend money to launch companies with limited of growth.
Making connections: As part of the course, BBI2OR explored what assets are in our accounting unit. Assets are possessions owned by a company or person that has value and it can be converted into cash. Therefore, these capital goods are assets. Understanding what assets are is useful for how to calculate the equity the business has.
