The 8 Business Functions

Flashcards on the 8 business functions

What are the 8 business functions?

Production, Marketing, General Management, Purchasing, Human resources, Financing, Administration, Public Relations

What is the role of the General Manager?

Co-ordinating the other seven functions, Allocating(delegating) tasks to the top, middle and lower management levels, Creates the vision and mission for the business

Name the levels of management.

Top level, Middle level, Lower level

What is the role of top-level management?

Long term strategic planning – what needs to be done and why? Planning the business’s future and setting goals and objectives

What is the role of middle-level management?

Medium-term tactical decisions. Make sure strategic plans (from top level) are carried out. Acquire resources needed in their department, Responsible for achieving the goals and objectives set for specific departments.

What is the role of lower level management?

Short-term operational decisions (day-to-day activities). Make routine decisions (day to day decisions), Control everyday activities

Name the Management tasks.

Planning, Organising, Leading, Controlling

Describe the process of planning.

Determine what you want to achieve, Gather all information needed, Analyse information and consider different plans in achieving goals, Find the best way to reach your goals – choose the best plan, Decide on a back-up plan, Implement the chosen plan, Evaluate / follow-up / monitor to make sure the plan is successful.

Describe the process of organizing.

The process of looking what needs to be done and organising resources (people too) in a way that you will meet your goals and objectives. It involves putting the plan into action and allocating duties to specific people. Definite instruction, power and responsibility channel is given to each role player.

Describe the process of leading.

Process to guide, inspire, and motivate people. Influencing the activities of the employees positively by inspiring them and to perform to their full potential. Shaping the attitude of workers to give their best. Leading requires excellent communication and interpersonal skills to make sure that workers are always informed.

Describe the process of control.

To make sure(check) everything is going according to plan. Controlling enables you to monitor the progress of your plan. Do spot checks (random checks) and follow-ups. Controlling enables you to adapt your plan.

Differentiate Management vs leadership

Management is task orientated while Leadership is People orientated. Managers are Appointed in the position and Leaders are born