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Business studies notes
Transcript of Business studies notes
Influences -Wouter Beneke In order to fully understand the key business functions it is vital to understand that each business function plays a vital role in the success of a business. Each function has to interact in various ways with the other business functions in order for all of them to work. Each function is like a pillar or foundation that keeps the business from totally collapsing. Only when all four business functions have been mastered can a business achieve true success The key Business Functions Operations Human Resources Marketing Finance Role of Operations Influences on Operations Operations Processes Operations Strategies 1.Introduction The main function of operations is to transform inputs into outputs. (To utilize a range of resources and put them through various processes that leaves the business with a product or service.) Resource Process Product 2. Strategic Role of Operations Strategic decisions affects the business in the long term.
They are made by the operations manager with the aim ultimately achieving an input to output process system that is fast and efficient. Allowing the company to produce a product that is high in quality, while simultaneously being cost effective to produce. These decisions are made in the following areas: Product Process Capacity Factory
Layout Location People STRATEGIES Cost Leadership With this strategy the company aims to gain a competitive advantage over its competitor by being able to produce the lowest cost good/service. This is achieved by Economies of scale Accessing cheaper raw materials Innovative methods of production Outsourcing to focus on core function Exclusive access to large source of low-cost inputs Working with suppliers accepting lower profit margins Product/service differentiation Applying these strategies With this strategy the company aims to gain a competitive advantage over its competitor by making its product/service different (and superior) This is achieved by Better Quality Faster Delivery Custom-designed More features New technology Ergonomic design After purchase service In order to effectively apply these strategies, a business must go through the design process of the product/service. This involves the necessary research and development that identifies and analyses the various factors that will affect how the strategies will be applied. Case Studies: Cost Leadership Product Differentiation 3. Interdependence with other key business functions Operations Marketing Finance Human Resources Produces products/services according to the design requirements of the marketing department
Complete processes in such a way to meet the requirements of the finance department.
The productivity of a business' workforce as well as the quality of the end product service is directly affected by the effectiveness of the Human resource department in managing the needs of workers The various processes of the HR department ensure a happy, productive workforce as well as
a healthy business culture.
The financial department interacts with the HR department and often determines the various methods of maintaining employees that would be financially viable.
The Human resources department Has to decide whether a job vacancy should be filled by internal staff or external staff (If external then it is the marketing department's job to advertise this) Marketing greatly affects the success of a company's product line and in doing so , the businesses' sales figures.
The marketing department must accurately depict the product and thus need detailed information about the product from operations in order to communicate this to its customers.
The effectiveness in human resources to hire and maintain a range of qualified, innovative, productive and motivated staff members will greatly affect the success of the marketing department. The Financial department determines the scale of operations processes as well as the processes in the other functions.
The finance department also analyzes the expenses as well as income of the business and in doing so determine what course of action should be taken to achieve a balance (adjusting financial ratios in such a way that it gives the business short + long term financial stability, good ROI etc.) 1.Globalisation What is Globalization? Influence on business Increased international trade (import/export) --- meaning increased compitition for businesses which means lower cost goods for consumers. Domestic businesses may expand into foreign markets Increased movement of finance and people globally Different currencies (appreciation/depreciation altering costs/profits ) Emergence of global consumers - Broad consumer markets needing flexible marketing/ product strategies. Leads to a more competitive business environment