CBMEOM - MODULE 2 Three Basic Functional Areas of Business Organization; Trends in Business.docx

ORGANIZATIONS, OPERATIONS

ORGANIZATIONS, OPERATIONS

Business __________ typically have three (3) basic functional areas: finance________ and marketing.

FINANCE, BUDGETING

_______ is responsible for securing financial resources at favorable prices and allocating those resources throughout the organization, as well as _________, analyzing investment proposals, and providing funds for operations.

MARKETING, COMMUNICATING

_________ is focused on selling and/or promoting the organization’s goods and services. It is also responsible for assessing consumer wants and needs, and for _________ those to operations people (short term) and to design people (long term).

MANUFACTURING, ESTIMATES

One important piece of information marketing needs from operations is the ________ or service lead time in order to give customers realistic _________ of how long it will take to fill their orders.

ADVANCES, TECHNOLOGIES

Predicting __________ can be tricky at best, and new ________ often carry a high price tag and usually a high cost to operate and repair.

INTERNET, RISKS

The ___________ offers great potential for business organization, but the potential as well as the _______must be clearly understood in order to determine if and how to exploit this potential.

OUTSOURCING, PRODUCING

A growing aspect of supply chain management is _________. It is buying goods or services rather than _________ goods or performing services within the organization.

SUSTAINABILITY, HARM

___________refers to production processes that use resources in ways that do not ______ ecological systems that support environmental and human existence.

DECISIONS, CONGRESSIONAL INVESTIGATIONS

In making ___________managers must consider how their decisions will affect shareholders, management, employees, customers, community and the _____________.

FINANCIAL, QUALITY

Businesses have important _________ concerns, and its success or failure depends in large part on the __________ of its financial decisions.

BUSINESS

is an enterprising entity engaged in the commercial, industrial or professional activities.

MARKETING

supplies information on consumer references so that design will know the kinds of products and features needed.

OPERATIONS

supply information about production capacities and judge the manufacturability of designs. This will also advise if new equipment or skills will be needed for the new product or service being propos

FINANCE

people should be included in these exchanges in order to provide information on what funds might be available and to learn what funds might be needed for new products and services

E-COMMERCE

is consumer-business transactions such as buying online or requesting information.

TECHNOLOGY

refers to the application of scientific discoveries in the development and improvement of goods and services.

SUPPLY CHAIN

is a sequence of organizations – their facilities, functions and activities - that are involved in producing and delivering a product or service.

FACILITIES

might include warehouses, factories, processing centers, offices, distribution centers, and retail outlets.

FUNCTIONS AND ACTIVITIES

include forecasting, purchasing, inventory management, information management, quality assurance, scheduling, production, distribution, delivery and customer service.

AGILITY

refers to the ability of an organization to respond quickly to demands or opportunities.

SUSTAINABILITY

refers to production processes that use resources in ways that do not harm ecological systems that support environmental and human existence.

ETHICAL BEHAVIOR

Accounting scandals, stock brokers releasing misleading information, product liability claims, and breaches in privacy and security of computer files are just some of the behaviors that have led to public outcry and congressional investigations.