June 1, 2015
Functional Areas of Business
The functional areas of business are vital to success of a company. It is necessary for a company to value each subdivision because of how interconnected they are to one another. In order for the company to thrive and be successful, each subdivision must be able to be work toward the same desired goal. The pursuit of a Masters of Business Administration concentrates on developing the necessary skills that are required to be a hirable manager. Being able to navigate functional areas are key to the success of a business and vital to be a successful manager with a long career.
The functional areas of business are the bread and butter of the company in today’s day and age. We look at a company from the ground up and suggest that a company would not be able to thrive without each part pulling its weight to make for a successful system. The relationship of a company’s resource are as valuable as the ones who run them. No matter how much money is focused into an area of a company, if the right tools and necessary measures are properly channel, the company fails. Since the early 1980's relationship marketing theorists have increasingly underlined the need to ensure harmonious interfunctional relationship between marketing and other functional areas, in order to profitably satisfy the customer (Abdullah, Promise, and Madichie 29.) The relationship of the different areas in business are what stakeholders and owners look to drive their company toward profitability. They hand those reigns to managers who they feel that can step right in and make the differences that are necessary to rise to the challenge of building a stable brand. Most companies are built on the success of how profitable they are with an annual year because it’s key to their cause; money makes more money in the world they are built upon. To function properly as well as effectively, they are built on a solid foundation between each subdivision they deem necessary to their survival. It is not enough for a company to simply float but they want to flourish. Encompassing all functional areas into a proper cog is the first step in a line of many for continued sustainability down the road.
Relationship between Different Functional Areas
For an organization to be able to thrive, the different areas of its subdivisions must be able to function properly. The functions of Management may start with the managers of the company, but the cycle does not end there. The Laws of the company as well as human resources management deal with issues behind the scenes while leadership takes charge of issues that may happen at the front of the house. When it comes to the financial part of business, economics dictates the factors of accounting and finance in the business. When the economics of the business looks promising, the company is able to be successful. Also, economics plays a role in the operations portion of business. Businesses plan their marketing around research and studies they do with surveys to gauge the needs and wants of their consumers. This plays in the strategic planning that gives their company it needs to be able to succeed. When a company makes sure each of these divisions are in cohesion, they are at their best in the long run. Overtime, the breakdown in companies happen because times change, and those companies have to be able to understand they must rebuild for the future. They are content with the direction they are headed in, but they must be able to utilize each division to overcome complacency.
Managerial Roles. The role that a manager plays in the workplace can be very tricky.