Business Activity, Marketing and People (OCR)

Business activity 

Business activity 

Refers to the range of operations and functions that businesses undertake to generate revenue and sustain their operations.

Production Activities

Production activities involve the creation or procurement of goods and services that a business sells to its customers or clients.

Manufacturing

this includes the physical production of goods through assembly, processing, or construction.

Procurement

involves sourcing raw materials, components, or finished products from suppliers.

Quality Control

ensuring that products meet specified standards of quality before they are delivered to customers.

Inventory Management

managing stock levels to meet demand while minimizing costs associated with storage and obsolescence.

Marketing Activities

Marketing activities focus on promoting the products or services of the business to attract and retain customers, and to generate sales revenue.

Market Research

gathering and analyzing data about consumer preferences, market trends, and competitor activities.

Product Development

creating and refining products or services based on market research and customer feedback.

Promotion

advertising, sales promotions, public relations, and other communication efforts to raise awareness and generate demand.

Distribution

planning and managing the channels through which products reach customers effectively.

Finance Activities

Finance activities involve managing the financial resources of the business to ensure profitability, liquidity, and long-term sustainability.

Financial Planning

developing budgets, forecasts, and financial strategies aligned with business goals.

Capital Management

managing investments, debt, and equity to optimize the financial structure of the organization.

Risk Management 

identifying, assessing, and mitigating financial risks such as market risks, credit risks, and operational risks.

Financial Reporting

preparation and analysis of financial statements to provide stakeholders with accurate and timely information about the financial health of the business.

Human Resources (HR) Activities

Human resources activities focus on managing the workforce of the organization to maximize employee performance, satisfaction, and contribution to organizational goals.

Recruitment and Selection

attracting and hiring qualified individuals to fill job roles within the organization.

Training and Development

providing employees with the skills and knowledge necessary to perform their jobs effectively and to grow within the organization.

Performance Management

setting goals, evaluating performance, providing feedback, and rewarding employees based on their contributions.

Employee Relations

handling issues related to employee well-being, workplace culture, conflict resolution, and compliance with labor laws and regulations.

Administrative Tasks

The necessary tasks involved in the day-to-day operation of a business, including office management, record-keeping, and compliance with regulations.

Financial Management

The process of planning, organizing, directing, and controlling financial activities such as procurement and utilization of funds.

Human Resources Management

The strategic approach to managing people effectively to help the organization gain a competitive advantage.

Employee Relations

Handling issues related to employee well-being, workplace culture, conflict resolution, and compliance with labor laws.

Customer Relationship Management (CRM)

Building and maintaining strong relationships with customers through personalized marketing, support, and loyalty programs.

Sales Revenue

The income generated from selling goods or services, representing the primary source of revenue for a business.

Quality Assurance

Processes and procedures implemented to ensure that products or services meet established quality standards.

Training Programs

Educational initiatives aimed at improving employees' skills and knowledge for better job performance and career growth.

Risk Management

Assessing and mitigating various financial and operational risks to safeguard the business.

Employee Performance Management

Setting performance goals, evaluating achievements, and providing feedback and rewards to employees.

Promotion

Planning and executing campaigns to build brand awareness, attract customers, and stimulate demand.

Distribution Channels

Managing the pathways through which products or services reach the end customer.

Product Development

Collaborating with teams to design and enhance products that meet customer needs and differentiate from competitors.

Market Research

Conducting research to understand consumer behavior, preferences, and market trends.

Delivering

Ensuring products or services are available to customers when and where they need them through effective distribution.