2701319
Description
Mind Map by Josephine Lesman, updated more than 1 year ago
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Created by Josephine Lesman
over 9 years ago
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Business Functions
- work towards the fulfillment of the business' goals
- be coordinated so that they have common purpose
- Operation management
- all activities in which managers engage to produce goods and services
- responsible for transforming
inputs into outputs
- inputs are
resources used in
production
process which
include raw
materials, capital
equipment, labor,
information, time,
and money
- outputs are the
finished goods and
services
- Transformation
- Elaborately Transformed Manufacturers
- Simply Transformed Manufacturers
- Elaborately Transformed Manufacturers
- Transformation
- inputs are
resources used in
production
process which
include raw
materials, capital
equipment, labor,
information, time,
and money
- influence the
quality, cost, and
availability of
goods and services
- characteristics of operation management
depends on the type of the business
(manufacturer that produces tangible
(physical) goods or service organization
that produces intangible goods (services))
- Quality management
- strategy that a
business uses to
ensure that its
product meets
consumer
expectation
- Quality control
- inpections in the production process to check for problems
- inpections in the production process to check for problems
- Quality assurance
- a system where a business achieves a set of standards in production
- a system where a business achieves a set of standards in production
- Total quality management
- ongoing business commitment to excellence that
is applied to every aspects of business operation
- ongoing business commitment to excellence that
is applied to every aspects of business operation
- strategy that a
business uses to
ensure that its
product meets
consumer
expectation
- responsible for transforming
inputs into outputs
- all activities in which managers engage to produce goods and services
- Operation management
- be coordinated so that they have common purpose
- Marketing management
- marketing is a total system of interacting activities designed to plan,
price, promote, and distribute products to customers
- marketing concept
- consumer's needs and
wants are met while
achieving business' goals
- consumer's needs and
wants are met while
achieving business' goals
- target market
- group of customers to which a
business intends to sell its products
- approaches
- mass marketing
- large range of consumers
- large range of consumers
- market segmentation
- total market is subdivided into groups of
people who share common characteristics
- total market is subdivided into groups of
people who share common characteristics
- niche market
- narrowly selected market
- narrowly selected market
- mass marketing
- approaches
- group of customers to which a
business intends to sell its products
- marketing strategies
- actions undertaken to
achieve marketing goals
through the marketing mix
- product
- price
- promotion
- place
- actions undertaken to
achieve marketing goals
through the marketing mix
- marketing is a total system of interacting activities designed to plan,
price, promote, and distribute products to customers
- Financial management
- Accounting
- financial management tool that
is involved with the recording
and analysis of all the business'
financial transaction
- cashflow statement
- from operating activities
- from investing activities
- from financing activities
- from operating activities
- income statement
- summary of the income earned and the
expenses incurred during trading period
- summary of the income earned and the
expenses incurred during trading period
- balance sheet statement
- main elements: assets, liabilities, and owner's equities
- shows a business' overall financial stability
- main elements: assets, liabilities, and owner's equities
- financial management tool that
is involved with the recording
and analysis of all the business'
financial transaction
- how business funds its activities
- Accounting
- Human Resource management
- effective management of the
formal relationship between the
employer and employee
- human resource cycle
- effective management of the
formal relationship between the
employer and employee
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