Key Departments in an Organization

Flashcards covering the key departments in an organization and their functions.

Marketing

The department that serves as the 'face' of the company, conducting customer and market research, target market identification, branding, and advertising.

Human Resources (HR)

The department responsible for all employee-related issues, including labor laws compliance, recruitment and onboarding, payroll compensation and benefits, internal relations, training and development, and safety and maintenance.

Research and Development (R&D)

The department focused on product improvisation and new product development (NPD) to maintain market share and profitability.

Accounting and Finance

The department responsible for accounts payable, accounts receivable and revenue tracking, payroll and taxes, financial reporting, and financial controls.

Information Technology (IT)

The department that deals with all issues related to technology in an organization, including oversight, infrastructure, and functionality.

Customer and market research

Studying the market to evaluate the chances of the idea's success, setting pricing, and positioning of the product.

Target market identification

Identifying the potential target audience based on the unique selling proposition.

Branding

Defining and positioning the product and the company in the market to appeal to the target audience.

Advertising

Leading initiatives to reach out to prospective customers, including designing material, slogans, and visuals.

Recruitment and onboarding

Advertising open positions, interviewing, negotiating salary and benefits, hiring candidates, and preparing onboarding training material and policy handbooks.

Payroll compensation and benefits

Accurately calculating salaries and providing benefits such as healthcare, life, and disability insurance; leaves; tuition assistance programs; and any other benefits mentioned in the employment contracts.

Internal relations

Mediating any internal rifts and disputes among employees or between the employer and the employees.

Training and development

Preparing current employees for future leadership and management positions and providing more fulfilling work experience to the employees.

Safety and maintenance

Ensuring the maintenance of government-mandated and industry-specific safety standards and conducts workplace safety training to increase safety awareness.

New product development (NPD)

Companies develop and launch new products in the marketplace to meet the changing needs and preferences of the consumers

Accounts payable

Finding and negotiating deals, making timely payments to vendors, availing discounts and incentives, prioritizing payments, avoiding penalties and finance charges, and keeping the bills paid.

Accounts receivable and revenue tracking

Processing incoming payments and accounts receivables, creating invoices, tracking outstanding invoices, and pursuing collection procedures for delinquent accounts.

Payroll and taxes

Ensuring that all employees are paid on time and that state and federal taxes are accurately calculated and filed on time.

Financial reporting

Preparing financial reports such as profit and loss statements, balance sheets, and budget reports.

Financial controls

Ensuring compliance while avoiding errors, theft, and fraud.

Oversight

Oversees the installation of computer systems and networks.

Infrastructure

The department provides the hardware and infrastructure required for operating systems and networking.

Functionality

Responsible for the day-to-day functioning of systems.