Different Parts of a Business
GOALS FOR LEARNING
- Figure out what a business’s main useful areas are.
- Name the important people and describe what they do in each job area.
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different fields of business When it comes to businesses, different parts of the business control and do different things, just like different organs control and do different things in the body.
different fields of business
One reason for dividing business tasks into functional areas is so that each can focus on what it does best. This makes the whole business more efficient and effective. The types of functional areas in a business depend on the market and the size of the business. Some examples are Nike and Apple, which are both manufacturing companies that have big Research and Development (R&D) teams to stay ahead in their own business segments. Retail companies, on the other hand, might not have a separate R&D department, but they will put a lot of money into the Operations departments that deal with Supply Chain Management.
In general, these are the most important parts of a business:
- In charge of
- Job duties
- Sales and marketing
- Money Matters
- Making research and development
In the next organization chart, each of these main areas is shown.
Management.
different fields of business In business, managers’ main job is to keep an eye on how other people do their jobs. Most of what managers do can be put into the following groups:
- Planning: Managers plan by making short-term and long-term plans for how to reach their long-term business goals.
- Putting things in order: Managers are in charge of putting a business’s processes in order so that it can use its resources most effectively.
- Controlling: A manager spends a lot of time making sure that the business is on track to reach its goals by keeping an eye on what’s going on inside it. People who are in charge are usually the first to notice when people or processes aren’t following the rules and take steps to fix them.
- Leading: In both real and symbolic ways, managers lead the group they are in charge of. The boss might show work teams or groups how to do something new or help them make a new product. People in the community, different fields of business with customers, and with suppliers may see the boss as the leader of the business.
Operations
different fields of business Operations are the steps that take inputs, or factors of production, and turn them into outputs, like things and services. Operations are what keep a business going. They make sure that customers get the goods and services they need in the right amount and quality. Operations is in charge of the supply line, which includes logistics and buying things.
Sales and marketing
different fields of business Marketing is everything a business does to find out what its customers want and then make goods and services that meet those needs. Promoting goods and services, figuring out how they will be delivered, and coming up with a pricing plan to get a bigger share of the market while still staying competitive are all parts of marketing. In today’s tech-driven business world, marketing is also in charge of creating and managing a company’s online presence, such as its website, blogs, social media campaigns, and so on. Social media marketing is one of the areas of marketing that is growing the fastest right now.
When it comes to different fields of business B2B businesses, the goal of Sales is to bring in the money that the company needs to make a profit. Again, the structure and method of the Sales functional areas can change based on the type of market and the size of the company: inside/outside representation, vertical/horizontal focus, direct, and so on. Sales works to take advantage of the leads that Marketing creates and the activities that the sales team creates.
Money Matters
different fields of business Planning for, getting, and managing a company’s money are all part of the Finance role. The people in charge of finances plan for both short-term and long-term wants for money and look at how borrowing money will affect the company’s overall finances. The finance department of a business decides how to raise money (stocks vs. loans), how much it will cost in the long run to borrow money, and how choices about money will affect the business’s long-term health.
A very important different fields of business part of the Finance job area is accounting. Accountants help managers decide how to use the company’s resources by giving them the data they need. This section is eventually in charge of giving accurate information about a company’s financial dealings to people inside and outside the company, as well as to government agencies and owners or investors. According to financial accountants, their main job is to make financial records that help people inside and outside the company figure out how strong its finances are. Managerial accountants give information to management about costs, budgets, allocating assets, and performance reviews so that management can make decisions.
Important People in Different Functions
Here is different fields of business different fields of business an example of the functional parts of a big company that makes tech products, along with some of the most important jobs and people that work there.
One of the most important jobs different fields of business in most big businesses is to be the Chief Executive Officer (CEO). Depending on the size of the business, there may also be a President.
The Chief Operations Officer (COO) is in charge of the Operations business area. In this case, Operations includes Production, which is run by a Vice President (VP), the Supply Chain department, and the Procurement area, which is run by people at the Director level.
The Chief Financial Officer (CFO), one of the most important “C-level” leaders, is in charge of this part of the different fields of business. The CFO is in charge of Finance and Accounting and also reports the company’s findings to the financial world. Human Resources (HR) and the Legal department are often part of Finance as well. A lot of the time, the VPs of HR, Accounting, and Legal work directly for the CFO. HR handles things like hiring new employees, teaching current ones, and making sure they get paid and get benefits. Accounting does many things, like keeping records, cash flow, and accounts payable and receivable. The Legal department handles contracts, copyrights, and different kinds of agreements for the business.
different fields of business The Chief Revenue Officer (CRO), a relatively new position for C-level leaders, is in charge of marketing and sales. There may be a Sales VP and a Marketing VP who answer to the CRO, but sometimes the CRO may also be in charge of Sales or Marketing. There may also be Customer Service (and Support) in this functional area, which is run by a boss at the Director level. Some of the specific tasks that fall under marketing are communications (like news releases), social media, data science analysis, and product marketing. Customer Service is often in charge of Customer Relationship Management (CRM), helping customers, and solving problems.
Finally, different fields of business research and development is the most important part of any manufacturing business. Scientists, thought leaders, subject matter experts, and industry analysts work in R&D to give the company new information and ideas that will help it stay ahead of the competition. The Chief Technology Officer (CTO) is in charge of research and development. Depending on the type of technology being made—semiconductors, software systems, or dental appliances—the CTO leads a Development Vice President or someone with a similar title. In many companies, the R&D department is home to the Information Technology (IT) department, which is in charge of giving employees access to internal technology tools.