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Functions of Business • Marketing • Finance • Human Resource Management • Operations Management • Relationships between them
Marketing Responsible for • Market research and analysis • Pricing • Promotion • How to sell and distribute
Finance Monitors the flow of finance in and out of the business • Keeps and analyzes financial accounts • Provides financial information to management
Human Resource Management Identifies the workforce needs of business • Recruits • Selects and trains • Creates motivational systems • Handles employment contracts • Deals with redundancy or redeployment of staff
Operations Management Responsible for adequate resources being available for production • Maintains production levels • Maintains quality levels • In charge of production efficiency
Business Sectors 3 types of business sectors • Primary • Secondary • Tertiary As economies develop in countries, business sectors tend to gravitate from primary to tertiary changing the economic structures of countries.
Primary Sector • Extraction oriented activities Fishing, farming, oil drilling
Secondary Sector • Manufacturing and processing industries Baking, clothing, construction, assembly
Tertiary Sector • Service oriented industries Retailing, transportation, banking, tourism
Changes in Economic Structure • Industrialization The growing importance of the secondary sector on the economy. ? When did this occur in our country ? What was the impact on our society ? What benefits have we enjoyed
Did you say: • Increase standard of living • Reduced imports into our country and increased exports to other countries • More jobs • More profits to companies, so more taxes to governments • Raw materials worth more to other countries because they have been processed
Did you say: • Creates depopulation in rural areas as people gravitate towards jobs in manufacturing • Stresses on farming and agriculture • Difficult to find enough qualified workers • Imports may increase to satisfy needs of raw materials • Pollution