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