Functional Areas in Business - 1844 Words

Task 1: Research different functional areas, provide definitions of each of these functions: * Customer Servise Customer service is the provision of service to customers before, during and after a purchase. Customer service is a series of activities designed to enhance the level of customer satisfaction – that is, the feeling that a product or service has met the customer expectation. Its importance varies by products, industry and customer; defective or broken merchandise can be exchanged, often only with a receipt and within a specified time frame. Retail stores often have a desk or counter devoted to dealing with returns, exchanges and complaints, or will perform related functions at the point of sale; the perceived success of†¦show more content†¦And it does not, as marketing invariably does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse, and satisfy customer needs. * Human resources The division of a company that is focused on activities relating to employees. These activities normally include recruiting and hiring of new employees, orientation and training of current employees, employee benefits, and retention. Formerly called personnel. * Sales The activity or business of selling products or services. Contract involving transfer of the possession and ownership (title) of a good or property, or the entitlement to a service, in exchange for money or value. Essential elements that must be present in a valid sale are (1) competence of both the buyer and seller to enter into a contract, (2) mutual agreement on the terms of exchange, (3) a thing capable of being transferred, and (4) a consideration in money (or its equivalent) paid or promised. * Finance Finance is the study of how investors allocate their assets over time under conditions of certainty and uncertainty. A key point in finance, which affects decisions, is the time value of money, which states that a unit of currency today is worth more than the same unit of currency tomorrow. Finance aims to price assets based on their risk level, and expected rate of return. Finance can be broken into three different sub categories: public finance, corporateShow MoreRelatedFunctional Areas of Business1107 Words   |  5 PagesFunctional Areas of Business Management MGT/521 Functional Areas of Business The functional areas of business are areas that allow the organization to operate, develop, and progress abiding by laws and regulations when implementing policies and procedures in the organization to all employees and management. 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