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5 Functions of business
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5 Functions of Business
Marketing
Action of promoting and selling products or services, including advertising and market research.
How Marketing is Important for Businesses
Marketing is important for businesses because it allows businesses to to share their products and services with specific audience.
How Marketing is Important for Businesses
How Marketing is Important for Consumers
Marketing is important for consumers because it allows them to see all the products available for them to purchase. This way they will get to know the value of the product and the brand will become more noticeable to them.
How Marketing is Important for Customers
Operations
Maintains daily activities and resources of the business
Operations
How Does This Help? (Consumers)
How Does This Help?
* If operations are smooth then consumers can get a better product for a cheaper price
* Also operations ensure that the product will be safe and serve its intend purpose
How does this Help Business?
What about The Business?
The faster and smoother a firm can operate, the faster it can get its product out there. (Selling More)
If a firm can operate safely, it can avoid a lawsuit by someone getting injured making the product or by the product.
Production
Business function that creates or obtains products/ services for sale
Production
How is Production Important to Businesses
How is Production Important to Businesses
Production is important to businesses because it is how they get their products to sell. It is especially beneficial if they can find way to make their product at a higher quality for a lower price.
How Production is Important to Customers
Production is important to customers because it introduces new products to them that may be beneficial on a daily basis.
How is Production Important to Consumers
Management
Developing, implementing, and evaluating the plans and activities of a business
Management
How Management is Important to Businesses
Managment is important to businesses because it keeps everything organized. It also increases profits because less time is wasted when things are done more efficiently.
How Management is Important to Consumer
How Managment is Important to Consumers
If a business is managed well, it can give off a good image of the company and the products it sells, producing loyalty and increases the chances of the consumers buying.
Management also helps with how smooth the operations are running so it can ensure that the consumer can get the product how they want it and when they want it
Accounting and Finance
Accounting & Finance
Manages income expenses and maintains financial records.
How can it help consumers
How Does it Help Consumers
An accounting and finance team may calculate that a cheaper price is a better option and can allow you to get your desired product for less money
How Does It Help the Business?
What About Business
By analyzing the amount of money going into the product and the money that's being earned is crucially important to making profit.
Also helps to see when the price needs to be changed to meet the demand