Business Functions 18- Business Functions

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Major FunctionsofBusiness Activities

Human Resources

Measuring the success of human resource efforts:-Monitor productivity levels-Monitor labor turnover-Monitor absenteeism

A human resources manager tries to:-Match employee skills to the strategic direction of the business-Develop a competitive advantage by maximizing quality and motivating the workforce to perform at their best-Maximize efficiency of the workforce

Affected by such factors as:-Trends in product demand-Trends in the numbers of people with particular skills-Trends in other internal and external factors

Two sides of Human Resources:-Soft Side:>Organizational Culture>Motivation>Employee Support>Employee/Employer relations-Hard Side:>Analyzing needs of employees>Predicting future workforce requirements>Measuring/quantifying labor turnover

-Firms need people to produce goods and services, maintain quality control, and reflecta positive image for the company

Finance

Forms of Finance:-Bank Loans-Debentures-Mortgages-Overdraft-Government Aid-Leasing-Hire purchase

-Every company needs money to pay for costs, promotional activities, and other important business aspects

Marketing

The Marketing Mix:4 P's:>Price>Product>Place>Promotion -Advertising, Publicity,Sales Promotion, Personal Selling

-Way for business to establish/develop an image-Generate interest in business-Reach the target market-Get the word out-Maintain customer base while increasing it-Meet needs of customers by effectively organizing the 4 P'sof the marketing mix