IB Business and Management Business Functions IB Business and Management

Recap - Questions What is a business? What does a business do? What is the difference between a good and a service? What are the 4 factors of production?

Learning Outcomes The main business functions and their roles: Human Resources Finance and Accounts Marketing Operations (AO2)

What different departments might a typical business have? Why do businesses need to split into different functional areas (departments)? What different departments might a typical business have?

R&D Business Functions Finance Operations Sales and Marketing Procurement R&D Human Resources Finance Operations Customer Service Businesses may have some or all (plus more) of these departments depending on its size and the nature of the business

The four departments you have to study in-depth are….. Marketing Finance Human Resources Operations Management

Task – Collective memory In groups of 3 Each person from your group is going to take it in turns to have a 15 second look at a diagram You must return to your group and fill in as much detail as you can

Task - 2 mins each Write a list of all of the tasks that are the responsibility of the… Marketing Department Finance Department Human Resources (Personnel) Department Operations (Production) Department

Very important Point…. Although we often study these functions separately, they are very much Interrelated…… They have to work together and communicate for business success

Lets look at some examples….. In the following scenarios what would each of the four functions need to do?

The company want to launching a new product in 6 months time

A popular tv channel screens a program which exposes the cereal market for marketing unhealthy products to children

The company has decided to close down a factory in America in order to move production to Brazil where labour is cheaper