February 27, 2024

Here are the features of business Activities

Management

The management team provides leadership, creates and implements strategy, approves initiatives, and engages in planning for the future. Executives, department leaders, and managers are a part of this functional area.

The management tier is connected with the other primary teams through department managers or supervisors.

For example, the department manager of sales and marketing might be part of the management layer but also have a role in the sales and marketing team.

Finance

This functional area is responsible for financial management, planning, and stewardship. This team must make decisions that ensure the organization’s fiscal

health so the company has the money it needs to achieve its goals. It must also ensure there is cash on hand for operations and emergencies.

The finance team is often led by the CFO. However, there may be other leaders serving under that role. For example, it’s common for there to be teams within the finance functional area.

HR, accounting, and legal often fall under the CFO. Each of these teams often has its own department head who reports to the CFO.

Sales/Marketing

Sales and marketing are usually combined into a single functional area. The work and responsibilities of each division tend to interrelate pretty closely.

The marketing team is responsible for understanding the target customer and presenting products and services in a way that aligns with their needs.

They determine how to promote products and where. Often, marketing teams also influence pricing, packaging, and even delivery strategy.

The sales team picks up where the marketing team leaves off. They are responsible for taking the leads and prospects created through marketing processes and converting them into profitable sales.

The sales team may be quite small. In many organizations, each sales rep handles all types of customer prospects. They are responsible for the entire sales lifecycle.

In a larger organization, the sales team may be much more complex. For example, some salespeople will work in the earlier stages of sales in lead qualification.

Others will take over to close deals. There may also be inside and outside sales teams or special sales teams to handle VIP accounts.

It is common for customer service teams to be part of sales/marketing. Customer support often integrates with sales, especially if the business relies on ongoing customer relationships.

The business function throws insight into a company’s goals, objectives, capabilities, and processes. At the same time, business processes involve initiating and completing the defined tasks.

Furthermore, business processes can be divided into more manageable parts, known as phases or stages of work.

For instance, receiving the customer’s order or purchase order is the first step of an order management process or order processing, which concludes with fulfilling the customer’s order and handling the post-sales processes.

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