Each and every business despite the type of organization it is in or the type of field they are in. There are basic functions that a business needs to do to get the business working. The functions work together for the success of the company just like how all the cogs in a clock turn despite being different in size and speed, they work together tirelessly to make the clock turn. Here are list of common business functions that the modern businesses have to use and are using in their day to day activities.
Production – What is a business without anything to sell? This is the function that creates all the products that the business sells. The creation of goods and services is called production. Different techniques are used to get the production going. Some businesses have their own way of production that they do not reveal them because they believe that will cause advantage to their competitors.
Sales – Once the productions of goods and service are done, these goods and services need to be sold. Sales are done in different ways, sometimes it comes down to warehousing and distribution.
Where they hire the trusted transport companies to deliver their good to their customers. Sometime they go house to house selling their goods. Services are of course sold it different ways. They sell through the internet and other mediums of exchange depending on the service they are providing.
Marketing – This function sometimes has the power to break or make the company. This is the function that makes sure that the world knows about their company and their products and most of gives reasons to the customers to buy their product. This function has developed and changed in various ways that today there is no one method. You have online marketing, direct marketing, newspaper advertisements, TV commercials, etc. There are many ways you market your company.
Finance – This function takes of all things related to money. This function decides on how much we can spend for our marketing and other functions of the business. This function decides what price we are going to sell and how much profit do we have to make.
Research and development – Not all businesses have this function officially as a separate department but most of them do have employees who are striving to develop their company’s products and other services including the other functions as well.
No business is the same, each of them has different requirements and their functions will vary from what they have.