Introduction to Business Functions Assignment Help

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Assignment Help for "A Critical Analysis of the Market Context," RBP020L061A Strategic Marketing, MSc Global Business Management

Unit Name - Introduction to Business Functions

Unit Level - Level 4

Unit Reference Number - K/616/2721

Assignment Title - Introduction to Business Functions

Unit Number - Unit 05

Learning Outcome 1: Understand business objectives, accountability for them, and how they are resourced

Answer: When addressing business objectives, it's crucial to first clearly define them, ensuring they are SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) and align with the overall strategic vision of the organization. Once established, accountability for these objectives must be precisely assigned to individuals or teams, detailing their specific roles and responsibilities in achieving the desired outcomes. This often involves setting up clear performance metrics and regular reporting mechanisms to track progress and identify any deviations. Finally, adequate resourcing is paramount; this includes not only financial capital but also human resources with the necessary skills and expertise, technological infrastructure, and any other tangible or intangible assets required to successfully execute the strategies designed to meet those objectives. A well-defined understanding of these three pillars - clear objectives, robust accountability, and sufficient resourcing - is fundamental to driving business success and ensuring efficient operations.

Learning Outcome 2: Understand the structure and classification of businesses.

Answer: Understanding the structure and classification of businesses is fundamental to comprehending how they operate, are regulated, and fulfill their economic roles. Businesses can be broadly structured based on their legal ownership, which dictates liability, taxation, and management control. Common legal structures include: sole proprietorships, owned and run by a single individual with no legal separation between owner and business; partnerships, involving two or more individuals who share ownership, profits, and liabilities (which can be general, limited, or limited liability); Limited Liability Companies (LLCs), offering a hybrid structure with the liability protection of a corporation and the pass-through taxation of a partnership; and corporations, which are separate legal entities from their owners, providing limited liability to shareholders but often facing more complex regulatory and tax requirements. Beyond legal structure, businesses are also classified by their purpose (for-profit vs. non-profit), size (small, medium, large enterprises), and the industry sector they operate in (e.g., primary for resource extraction, secondary for manufacturing, and tertiary for services). These classifications help in understanding a business's operational framework, its position in the market, and the regulatory environment it navigates.

Learning Outcome 3: Understand factors that influence the production process.

Answer: The production process, whether for goods or services, is influenced by a complex interplay of various factors, often categorized as internal and external. Internal factors are those within the direct control of the business, including the traditional "factors of production": land (natural resources, raw materials, and the physical space for operations), labor (the human effort, skills, and expertise of the workforce), capital (machinery, equipment, buildings, and financial resources), and entrepreneurship (the innovative and risk-taking ability to combine the other factors effectively). The quality of raw materials, the skill level of employees, equipment performance and maintenance, and the efficiency of operational processes (including scheduling, quality control, and inventory management) all significantly impact production output and efficiency. On the other hand, external factors are those outside the immediate control of the business but still exert considerable influence. These include technological advancements (which can introduce automation, improve efficiency, and reduce costs), economic conditions (such as inflation, interest rates, and market demand), supply chain reliability (ensuring timely and consistent access to inputs), regulatory requirements (compliance with laws and standards), and social and political conditions. Understanding and effectively managing these diverse internal and external factors is crucial for optimizing the production process, ensuring quality, and achieving business objectives.

Learning Outcome 4: Be able to articulate the elements of the marketing process including strategy, planning and research.

Answer: The marketing process is a cyclical and dynamic endeavor encompassing several key elements, starting with robust research. This involves deeply understanding the market, including customer needs, wants, and behaviors, analyzing competitors, and identifying industry trends and external forces through activities like SWOT and PESTLE analysis. The insights gained from this research form the foundation for strategy development, where the organization defines its target audience (segmentation and targeting), establishes a unique value proposition, and determines how it will position its offerings in the market. This strategic framework then translates into detailed planning, which involves outlining specific marketing objectives (e.g., increasing market share, brand awareness, or sales), developing the marketing mix (the 4 Ps: Product, Price, Place, Promotion, often expanded to 7 Ps including People, Process, and Physical Evidence), allocating resources, and setting budgets. Effective execution of these elements, coupled with continuous monitoring and control to measure performance against objectives and adapt to changing market conditions, ensures the marketing process effectively drives business growth and customer engagement.

Learning Outcome 5: Understand accounting concepts and sources of finance for business.

Answer: Understanding accounting concepts is crucial for any business to accurately track its financial health and make informed decisions. Key concepts include the Business Entity Concept, which states that a business is separate from its owners; the Going Concern Concept, assuming the business will continue operating indefinitely; the Accrual Concept, where revenues and expenses are recorded when earned or incurred, regardless of cash flow; and the Matching Concept, which pairs expenses with the revenues they helped generate in the same accounting period. Other important concepts include the Money Measurement Concept (only monetary transactions are recorded) and the Dual Aspect Concept (every transaction has a debit and a credit). These principles ensure consistency, reliability, and comparability in financial reporting.

Complementing these accounting concepts, businesses rely on diverse sources of finance to fund their operations and growth. These sources can be broadly classified by duration (short-term, medium-term, long-term) and ownership (owner's funds vs. borrowed funds). Short-term finance (typically repaid within a year) is used for working capital needs and often includes trade credit, bank overdrafts, and commercial paper. Long-term finance (repaid over several years) is for major investments like equipment, expansion, or acquisitions, and commonly comprises equity shares (owner's funds, no repayment obligation but dilutes ownership), preference shares, debentures (borrowed funds with fixed interest), long-term bank loans, and retained earnings (profits reinvested in the business). The choice of financing depends on the business's needs, cost of capital, risk tolerance, and repayment capacity.

Learning Outcome 6: Understand factors involved in workforce planning and the importance of motivation.

Answer: Workforce planning involves a strategic and systematic approach to ensuring an organization has the right number of people, with the right skills, in the right places, at the right time, and at the right cost, to meet its current and future business objectives. Key factors influencing this process include demand forecasting (predicting future staffing needs based on business goals, market trends, and technological advancements), supply analysis (assessing the current workforce's skills, demographics, and potential for attrition or development), and gap analysis (identifying discrepancies between future demand and current supply, including skill shortages or surpluses). External factors like economic conditions, government regulations, and demographic shifts also play a significant role. Crucially, motivation is paramount within workforce planning, as a highly motivated workforce is directly linked to higher productivity, increased efficiency, lower absenteeism, better employee retention, and enhanced creativity. Understanding various motivation theories, such as Maslow's Hierarchy of Needs or Herzberg's Two-Factor Theory, allows organizations to implement effective strategies - whether through fair compensation, recognition, opportunities for growth, or a positive work environment - to engage employees and ensure they are committed to achieving organizational goals.

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Scenario

You are a junior analyst for Analysation.

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Assessment Task 1 - Word Portfolio
Instructions

Select an organisation for which you can find details and information easily and perform the following task:

1. Explain the various resources required by a business to function effectively.

2. Explain the different sectors of the economy, and state which sector your organisation falls under.

3. Summarise the main types of legal structure, and explain which one is used by your chosen organisation

4. Copy the Business Objectives of the organisation and underline key business terms You should then explain what those business terms mean

5. Create a table identifying the main stakeholders, their expectations and accountabilities

6. Create a mind map of the resources required by the organisation

7. An explanation of the concept of "Assets = Liabilities + Equity" and explain what a budget is

8. A table describing 3 ways to finance a business, including their advantages and disadvantages

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Assessment Task 2 - Factors affecting Production and Workforce Planning

Instructions

1. Draw a diagram showing the concept of economy and diseconomy of scales

2. Explain various factors that influence the selection of location for a business.

3. Discuss how effective motivation and workforce planning helps businesses manage labour turnover.

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Assessment Task 3 - Presentation

Instructions

You are required to make a presentation with the following:

1. An introduction providing an explanation of the key marketing term, including but not limited to: market segmentation, Product Life Cycle, marketing, mass market, niche market, Unique Selling points, etc.

2. A table explaining the type of market research

3. Draw and explain a flow chart showing the marketing strategy to follow depending on objectives, resources and market possibilities

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