Business Functions

Josephine Lesman
Mind Map by Josephine Lesman, updated more than 1 year ago
Josephine Lesman
Created by Josephine Lesman over 6 years ago



Resource summary

Business Functions
  1. work towards the fulfillment of the business' goals
    1. be coordinated so that they have common purpose
      1. Operation management
        1. all activities in which managers engage to produce goods and services
          1. responsible for transforming inputs into outputs
            1. inputs are resources used in production process which include raw materials, capital equipment, labor, information, time, and money
              1. outputs are the finished goods and services
                1. Transformation
                  1. Elaborately Transformed Manufacturers
                    1. Simply Transformed Manufacturers
                2. influence the quality, cost, and availability of goods and services
                  1. characteristics of operation management depends on the type of the business (manufacturer that produces tangible (physical) goods or service organization that produces intangible goods (services))
                    1. Quality management
                      1. strategy that a business uses to ensure that its product meets consumer expectation
                        1. Quality control
                          1. inpections in the production process to check for problems
                          2. Quality assurance
                            1. a system where a business achieves a set of standards in production
                            2. Total quality management
                              1. ongoing business commitment to excellence that is applied to every aspects of business operation
                    2. Marketing management
                      1. marketing is a total system of interacting activities designed to plan, price, promote, and distribute products to customers
                        1. marketing concept
                          1. consumer's needs and wants are met while achieving business' goals
                          2. target market
                            1. group of customers to which a business intends to sell its products
                              1. approaches
                                1. mass marketing
                                  1. large range of consumers
                                  2. market segmentation
                                    1. total market is subdivided into groups of people who share common characteristics
                                    2. niche market
                                      1. narrowly selected market
                                2. marketing strategies
                                  1. actions undertaken to achieve marketing goals through the marketing mix
                                    1. product
                                      1. price
                                        1. promotion
                                          1. place
                                        2. Financial management
                                          1. Accounting
                                            1. financial management tool that is involved with the recording and analysis of all the business' financial transaction
                                              1. cashflow statement
                                                1. from operating activities
                                                  1. from investing activities
                                                    1. from financing activities
                                                    2. income statement
                                                      1. summary of the income earned and the expenses incurred during trading period
                                                      2. balance sheet statement
                                                        1. main elements: assets, liabilities, and owner's equities
                                                          1. shows a business' overall financial stability
                                                        2. how business funds its activities
                                                        3. Human Resource management
                                                          1. effective management of the formal relationship between the employer and employee
                                                            1. human resource cycle
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