Study the 6 functions of business for your Business exam. This guide covers management, marketing, finance, production/operations, human resources, and information management.
Q: production (function- first line)
Answer: creates or obtains products or services for sale.the primary reason for a business to exist is to provide products or services to consumers and earn a profit.This includes:Production of obtaining raw materialsProcessingchanging the form of the materials (paper, metals, etc.)Services(salons, tax returns, travel agents, etc.)
Q: operations
Answer: the ongoing activities designed to support the primary function of a business and to keep a business operating efficiently.
Q: accounting and finance function
Answer: plans and manages financial resources and maintains records and information related to businesses’ finances.
Q: management and administration function
Answer: involve developing, implementing, and evaluating the plans and activities of a business.
Q: marketing
Answer: -satisfying exchange relationships-important for business-make sure products and services are available to consumers and to ensure that effective exchanges occur.
Q: coordination of business functions
Answer: each of the functions of business is dependent on the other functions if the business is to be effective. Products can be produced, but if the company is not operated or managed effectively, if adequate records are not maintained, or if marketing is not successful, the products will not be sold at a profit.