Objective Understand the six activitiesfunctions that are critical to operating a business Accountingrecording and reporting financial activity and transactions Examples Paying bills Collecting money from customers ID: 751460
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Slide1
Six Functions of Business
Objective: Understand the six activities/functions that are critical to operating a business.Slide2
Accounting—recording and reporting financial activity and
transactions
Examples:Paying billsCollecting money from customersPaying taxesPreparing employee payroll checksReconciling bank statementsInvesting cashPurchasing inventory
Functions of BusinessSlide3
Management
Makes sure that the entire organization meets its goals and
obligationsEffectively works with people in the organizationUses available resources to accomplish the organizations’ goalsFunctions of BusinessSlide4
Marketing
Satisfies the needs and wants of consumers through
exchangeBased on four “P’s”ProductPrice (establishing the price of the product)Placement (placing the product in attractive and convenient sales locations)Promotion (advertising)Functions of BusinessSlide5
Information Technology
Uses technology to share knowledge, facts, and
data with others (co-workers, customers, and suppliers)Examples:Maintains e-mail accountsMaintains software applicationsMaintains processing systemsMaintains hardware for all technology usedFunctions of BusinessSlide6
Operations
Considered the “back office
”Involves behind the scenes paperwork required to complete all transactionsFound in both the service and the manufacturing sectorFunctions of BusinessSlide7
Human
Resources
Manages “people” relations within the companyHelps workers develop the skills and knowledge needed to be successful on the jobResponsible for hiring and firing of employeesSelects employee benefits and enrolls all employees in the benefits (insurance, retirement, etc.)Helps employees pursue educational opportunitiesFunctions of Business