Key Business Functions

Employment relations must:

Attract a pool of suitable people Develop an employees skills, knowledge and expertise through training and development Motivate and counsel employees to achieve goals of the business Set up monetary and non monetary rewards Comply with laws concerning people in the workplace Contribute to a satisfying and stimulating work environment

Marketing involves:

Identifying, anticipating and satisfying consumer demands Satisfying these demands in relation to the organisation's goals and objectives The management process of planning, implementing and evaluating marketing programs The exchange of goods, services and ideas in a market Generating income and profit maximisation for the business.

Accounting

Accounting allows business performance to be monitored

The human resource cycle follows:

Acquisition Development Maintenance Separation

CIM

Computer integrated design

Operational activities

Day to day type of activities- implement strategic plans

Segmentation can be based on:

Demographic, geographic, psychographic and behaviouristic characteristics

EDI

Electronic data interchange

JIT

Just In Time

Development

Training and development, and development and maintenance of databases

Separation

Voluntary (retirement, resignation), Involuntary (retrenchment, dismissal) and redundancy

Program evaluation review technique (PERT)

a planning and controlling technique based on a time-event analysis.

cash flow statement

a summary of the cash transactions which have occurred over a period of time. The inflows and outflows of cash. It is used to keep track of the liquidity of a business (the amount of cash a business has access to and how readily it can convert its assets into cash so a debt can be paid)

Current liabilities

accounts payable (creditors)

revenue statements

also known as a profit and loss statement is used to help the business calculate how much profit it has made over a period of time

Behaviouristic characteristics

benefits sought, loyalty

Current assets

cash, accounts receivable (debtor) and inventories (stock)

CAD

computer aided design

CAM

computer aided manufacturing

market segmentation

dividing a heterogeneous group of people into more homogenous -identical- group with similar product needs

Feedback controls

feedback after the process.

Concurrent controls

feedback and ideas during the process

Finance

finance relates to the external sources of funding that allow the business to perform its prime function and to make a profit using borrowed funds

Gantt Charts

illustrate the number of tasks involved in a project and the time needed to carry them out

Demographic Characteristics

income, sex, education, social class

Feedforward controls

input controls before the production process

Aquisition

involves identifying staffing needs, recruitment and selection.

Marketing

is a system of business activities designed to plan, price, promote and distribute goods, services and ideas in order to satisfy the wants and needs of customers

Employment relations

is aimed at finding, attracting, developing, rewarding and motivating people

Operations

is concerned with the process of planning and controlling all of the activities necessary to produce the output of the business which in turn will satisfy the needs and wants of its customers.

Non-current assets

land, office equipment, investments, goodwill

Psychographic characteristics

lifestyle, personality

Non-current liabilities

loans, mortgage, provisions

Strategic plans

long term plans

Maintenance

monetary and non monetary benefits

Debt Finance

money borrowed from external lenders

Equity Finance

money borrowed from internal lenders

owners equity

owners capital contribution or investment in the business, the amount the business owes to the owners and retained profits or accumulated losses

Balance sheets

records that show the financial position of a person or firm at a particular time

Geographic characteristics

rural, city

Critical Path analysis

sequences tasks and determines what steps are essential for the completion of a task

Tactical plans

short term plans

Accounting and finance

support the operations of the business

Functional Structures

the activities or operations

target market

the group of typical customers that will purchase the product

Span of control

the number of people of whom a manager is directly responsible for

the supply chain

the range of suppliers from which the business purchases materials and resources.

Division of labour

the separation of power that occurs within organisations on the basis of responsibility and expertise

TQM

total quality management

Market structures

types of organisational design based around markets or consumers