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  • Entrepreneurship

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    charmainemaribate
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    The document outlines 7 key business functions: 1) Administration which handles important business information, 2) Purchasing which buys goods and services, 3) Marketing which sells products using market research and the 4 Ps, 4) Finance which acquires and manages funds, 5) Public Relations which builds a positive public image, 6) Human Resources which handles employees, and 7) Production which creates products/services. The General Management function ensures the overall business functions properly through planning, organizing, leading, and controlling.

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    The document outlines 7 key business functions: 1) Administration which handles important business information, 2) Purchasing which buys goods and services, 3) Marketing which sells products using market research and the 4 Ps, 4) Finance which acquires and manages funds, 5) Public Relations which builds a positive public image, 6) Human Resources which handles employees, and 7) Production which creates products/services. The General Management function ensures the overall business functions properly through planning, organizing, leading, and controlling.

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    © All Rights Reserved
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    5 views5 pages

    Entrepreneurship

    Uploaded by

    charmainemaribate
    The document outlines 7 key business functions: 1) Administration which handles important business information, 2) Purchasing which buys goods and services, 3) Marketing which sells products using market research and the 4 Ps, 4) Finance which acquires and manages funds, 5) Public Relations which builds a positive public image, 6) Human Resources which handles employees, and 7) Production which creates products/services. The General Management function ensures the overall business functions properly through planning, organizing, leading, and controlling.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 5

    Entrepreneurship

    Business Functions

    1. Administration
    This function is responsible for handling information that is important to the business. This
    information is then used by management to make informed decisions regarding the business.

    Information &
    Communication
    Technology, plays an
    important role in this
    function

    2. Purchasing

    This function is responsible for buying goods and services that are required by the business.
    This function is responsible for buying the required quantity and quality of goods and services
    and the right time, in order to maximize profits.

    3. Marketing

    This function is responsible for making sure that whatever the business is offering, it is sold to
    customers. Part of doing this is doing something called, market research. The marking function
    is made up of 4 elements which are known as the 4 Ps of marketing.

    4. Finance
    The financial function is responsible for handling the money of the business. Part of the
    responsibilities include acquiring and managing the funds that are used to generate profits:

     Planning how much money the business needs


     Finding the money to start, run, and expand the business
     Managing the funds in all the other functions
     Managing investments

    5. Public Relations

    The main responsibility of this function is to build and maintain a good public image for the
    business. This function ensures that the business is viewed in a positive light by the building.

    6. Human Resources
    This function is solely responsible for the employees in the business. It ensures that the right
    employees are hired for vacant positions, ensures that the employees are treated well and that all
    labour related mattered are taken care of.

    7. Production Function
    8. General Management Function
    Managers have certain responsibilities that ensure that the business as a whole, functions
    accordingly. They have four major tasks:

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