Paper type: Essay Pages: 7 (1515 words)
Every Company needs a Business assembly or a strategy, which will be sculpted by the collaboration between the Functions to ensure the successful progression. The function ” is a process or operation that is performed routinely to carry out a part of the mission of an organization “. Furthermore, to run a business will require to have more than one functions, each has its role or part in terms to achieve the company goal. Each department may have its own procedures, Expenses, staff, and managers, and each department is related to the other departments to maintain the company vision.
This report aims to show the four major departments, the importance of each one of them and how these four departments separate key departments that are collaborating to achieve one vision.StrategyThe Chain of any business plan starts from a strategy and well-planned vision, it’s the foundation of any business plan and the core management function. According to (Kotar, J low 2018 ) There is only one winning strategy.
It is to carefully define the target market and direct a superior offering to that target market . Definition of a business strategy can be understood as the course of action or set of decisions which assist the entrepreneurs in achieving specific business objectives. It is the master plan that the management use to secure a competitive position in the market, carry on its operations, please customers and achieve the desired ends of the business. Perhaps creating a strategic plan would be the key behind to maximize business growth for a long or mid-term goal, and showing the plan to achieve those goals for a company benefit. Starting from setting a plan for the overall goals to developing a plan to achieve them it’s under the CEO and the development plan team, they will analyze and anticipating what is the risks are behind any business growth. According to (MacDonald- December 4, 2015) there are 6 essentials point to create an effective business strategy such as:1- Gather the Facts: setting a strategic model will help to analyze how the company performance is and demonstrate past achievements, and the two known models are SWOT (strengths, Weakness, opportunities, threats) and Steeple (social, technological, economic, environmental, political, legal, ethical).2- Develop a vision statement: setting the company vision or describing the future of the company 3- Develop a mission statement: knowing what is the procedure to achieve the company vision 4- Identify strategic objectives: setting objectives for all the function to reach the company goal.5- Tactical plans: implementing the strategies and bring them to the floor by adding suppliers and focusing on actions instead of plan and mindset thinking.6- Performance management: Key Performance Indicator is key behind monitoring and keeping the hard work on track sometimes monitoring and having the same level of progress will lead to creating new plans.OperationsOperations management is a vital component of any organization as it controls the whole operating system of the organization. According to ( Kenton, 2019 ) the definition of operations management is ‘the administration of business practices to create the highest level of efficiency possible within an organization”. Operations management role is achieving the equation between the expenses and revenue to achieve the highest net operating profit. Operations are using Manpower, materials, equipment, and technology to develop and deliver goods to clients. According to (Quain, 2019) Operations managers have responsibilities in the company such as:1-managing the budget: the function of this role is to manage and determining the expense of the current project is it still under budget or finding less costly suppliers or products to complete the project with lesser expenses.2-Manages Inter-Departmental Communication: the function of this role to communicate the other departments together, to make them focus on the same production goal.3-Manages Customer Service Issues: when it comes to customer satisfaction, the operation manager would be the one who handles it as long as giving a solution for better customer experience.4-Manages Support Services: each company has services include information technology, administrative support, financial services or procurement, the role of the operation manager would be to make sure that those suppliers performing well for a business benefit.Marketing”Marketing is an organizational function and a set of process for creating, communicating, and delivering value to the customer and for managing customer relationships in ways that benefit the organization and its stakeholders’ ( Pena,2013). Marketing plans became an essential part of business plan strategy, promoting for a product can enhance the company revenue by targeting a specific audience and selling products depend on their needs, choosing a marketing plan needs focusing on many aspects such (Yodiz, 2016)1-Defining the target.2-knowing buyer behavior.3-Marketing strategies based on defining the target, and testing the audience.4-evaluate those strategies And there are two main types of business strategies 1. Business to business (B2B) marketing; companies selling a product to another company Such as Maersk Line shipping company. 2. Business to consumer (B2C) marketing; companies selling the products to consumers such as Retails Chain (Bose, 2016)There is a huge difference between B2B and B2C because each has a different target or goal. Their different points are:1- Purchasing process.2- Brand Loyalty.3- Product knowledge.4- Marketing. As well as there are sup types of marketing strategies such as: 1. Paid advertising: it can be in a different way such as TV Commercial, social media marketing and or print media collateral.2. Cause marketing: Because marketing links the services and products of a company to a social cause or issue. It is also well known as cause-related marketing.3. Relationship marketing: Customer loyalty, and depends on how to give the customer an unforgettable experience which will build a relationship between the consumer and the seller. 4. Undercover marketing: Marketing the product in a tricky way.5. Word of mouth: Product or experience impact on the consumer, and it is the most important way of marketing.6. Internet marketing: Digital marketing, by using social media and many platforms.7. Transactional marketing: retailers encourage customers to buy with shopping coupons, discounts, and huge events or campaigns. It enhances the chances of buying the promoted products.8. Diversity marketing: It caters diverse audience by customizing and integrating different marketing strategies. It covers different aspects like cultural, beliefs, attitudes, views and other specific needs. FinancesManagement of money or Finance, “Finance is the procurement (to get, obtain) of funds and effective (properly planned) utilization of funds. It also deals with profits that adequately compensate for the cost and risks borne by the business” (Akrani, 2011). Finance is the heart of any business plan and business goal can be achieved only with the help of effective management of finance. Financial management helps to control the financial obligation of the business concern and leads to take financial planning of the concern. For a better image, the finical plan should divide into two the past, and the future and each has it is own function The past (Hong, 2019):1-. Bookkeeping and Payables/Receivables: The role of this function is to corresponding with vendors and suppliers, above and beyond recording transactions.2-Financial Reporting and Control: The role of this function that takes raw accounting entries and transforms them into usable and comparable financial statements.3-Tax and Compliance: The role of this function will make sure all of the government forms and filings are sent complete and on-time to the taxman.The future (Hong, 2019):4. Strategic Planning and Financial Planning & Analysis: The role of this function is for showing the connection between the past and the future of the expenses and sales. The plan will show the area of improving and to forecasting the upcoming events and needs 5. Treasury & Working Capital Management: The role of this function it too maintains the cash flow in the company and to make sure it will not run of cash because of any currency risk or crisis. 6. Capital Budgeting: the role of this function is to identify and analyze the most effective project based on company benefit, and to decide which project would give the higher profit. As well as to keep an eye on how this project is performing. 7. Risk Management: the role of this function is to keep the company reputation safe, it will not be active unless there are financial scandals such as (Enron, WorldCom, et cetera) and issues when it is affecting currency, interest rate, market, operational, legal, etc. and trying to identify the risk to work on minimizing it and control it.8. Corporate Development & Corporate Strategy: this function role is focused on sourcing and analyzing mergers, acquisitions deals, raising debt and equity financing. As well as having a substantial plan such as opening a new business.In conclusion, any business plan required more than one department. All the key departments contributing together to achieve one goal and one vision. Perhaps they are completing each other. For example, having a business required strategy function, strategy to be applied needs operation function. After having a solid plan on real life, it is required to set all the financial expense and to create a future plan for all the profit and budgets. Finally, promoting a company or a product by following an effective marketing plan.
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Every Company needs a Business assembly or a strategy which will be. (2019, Aug 20). Retrieved from https://studymoose.com/every-company-needs-a-business-assembly-or-a-strategy-which-will-be-essay