They are the activities that occur in a business and are controlled and directed by the business management. They are necessary for the efficient running of the business as well as production. The different functions are:
a. PRODUCTION: This deals with the actual manufacture of goods / products demanded by the customers. It requires co-ordination of all resources to produce the best product at lowest cost.
b. RESEARCH & DEVELOPMENT: It is to find out the exact requirements of customers as to the product and its price through market research. It also includes finding the right market segment to be aimed.
c. FINANCES: The finance and accounting function is the allotment of relevant funds for each and every function as well as to keep record of all incomes and expenses and the profits or losses.
d. MARKETING: This function involves the 4 Ps. Product & Packaging which is the development of the actual product as demanded by the customers and within an attractive packaging suitable for the segment aimed as well as keeping the product safe. Promotion of the product through advertising so the information of a product reaches the target audience. Charging the correct price is also necessary so that customers buy and profits are also made. And selling at the correct place is necessary too.
e. ADMINISTRATION: It is the physical office environment that ensures efficient working of different functions in co-ordination as well as good communication.
f. HUMAN RESOURCE: It deals with the recruitment and appraisal of employees to maintain correct standards of working in the company. Its function is identification of vacancy, finding a suitable employee and conducting training workshops.
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