Explanation should include the activities within each primary function of business and explain how the functions work together to sustain an organization which fulfills the company’s mission and objectives:
- Production and procurement (e.g., manufacturing, operations)
- Financing (e.g., obtaining funding to start and maintain a business, granting credit to customers)
- Accounting (e.g., financial record keeping)
- Management (e.g., planning, organizing, staffing, directing, controlling)
- Marketing (e.g., planning, pricing, promoting, distributing)
- Marketing information management (e.g., obtaining and maintaining information on customers, trends, and competing products)
Process/Skill Questions:
- Why are the functions vital to business success?
- What are some typical activities within each business function?
- What role does distribution play in the success of a marketing business?
- Why is planning important to business success?
- What is procurement? What are the benefits and challenges involved with procurement?
- What is the relationship between production and management? Between financing and accounting? Between production and marketing?