Critical Thinking Example: Functions of a Business

2021-07-10 15:17:49
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Boston College
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Critical thinking
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Businesses serve a variety of functions in the society. These functions of the business play the most important roles in the sustenance of the human kind in the world. These business functions are much elaborated as in the paragraphs below.

These functions include:

Innovation function that entails carrying out researchers with major goal being to bring about development

Marketing function,

production function,

Human resource function,

Financial function

Information management functions.

Production function

Production is the creation of services and goods following a given procedure that depends on the commodity to be made. The personnel which is to be responsible for this process needs business knowledge to properly take the whole process. One must ensure that the goods produced to meet the quality of the consumer's demand, goods are properly dated and delivery done on good dates; the items are of the quantity that is estimated to satisfy the customers need and that the goods are produced at the minimum costs. Meanwhile, the production manager has to properly and ensures that the production process ensures the safety of the environment.

Financial function

This IS another core business function that is vital in human sustenance. This business function is concerned with the three decisions namely; dividend decision, the financial decision that is concerned with budgeting and planning, and investment decision that deals with the capital build where the costs are other running or fixed and the also whether the investment is to be long term or short term (CDyer, 2006). The business keeps its relationships with the financial market such as the shareholders and the institutions and also ensures that it cares for other factors such as the capital raising sources, risk management, and share buybacks.

Management and Information function

This is another important aspect of the modern business. Modern business highly depends on efficient communication for its well run. The function of information, in this case, is to ensure collection, generation, and communication of the business ideas to all those who need the ideas in a more easy and eligible manner. The ideas that are transmitted through the proper communication are used by thee managers and the entire business plan in making business decisions. The information cell acts as a storehouse for the information for the whole business plant (Drucker, 2005). Information manager is responsible for collecting, receiving, recording and analyzing the information received, doing operational functions, and maintaining public relations with the people with the business.

Innovation

Is concerned with coming up with a new market or new production process that has been introduced into the business world. This function of business is stimulated by thinking and the willingness of the people to come up with new and more effective modes of production and marketing techniques too.

Marketing functions

Marketing refers to the getting of goods and services that have already been produced to the reach of the consumers. The marketing personnel decides on the kind of branding to be made on the product .manager also distributes, promote and set prices of the goods and services (Mintzberg, 1990).

Human resource functions

This is the body in the business that is meant to increase human effectiveness in the business. Human resource manager selects train, promote, transfer and keep industrial relations by proper disciplining the workers. It is thus evident that the business functions all depend on each other in running the business.

 

Reference

CDyer, L. (2006). Critical Thinking for Business Students. Captus Press.

Drucker, P. F. (2005). Managing Oneself. Harvard Business Review, 83(1), 100109.

Mintzberg, H. (1990). The Managers Job: Folklore and Fact. Harvard Business Review, 68(2), 163176.

 

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