16 Functions of Business
The main objective of business is to survive in business competition by making profit.
Business organizations seek to maximize profits by ensuring adequate availability of goods.
As an entrepreneur, the entrepreneur earns by offering goods, services, ideas, etc.
Business organizations need to perform this work to generate more profits and to do so the business functions are given below.
A production-oriented job
Companies build facilities with fewer resources and adapt to appropriate changes in resource use.
1. Purchasing: The commercial function is linked to the purchasing management function. If your purchasing job remains good, it will serve as a reminder of all the good things in your business.
2. Create usable forms: Business functions make organizations fit for human consumption. In a business concept, model availability can be in the form of preparing a product for consumption by customers.
b- Direct distribution function
Distribution functions are a set of functions that can be used to define a particular distribution. like what
1. Sales: Goods produced by commercial organizations are sold to customers for money. The company's normal mission is to produce high quality goods and sell them to customers.
2. Transport: Goods produced in one place are transported to another location from the entrepreneurs to the final consumers. Therefore, goods and services are said to increase mobility through means of transportation.
3. Storage: We know that many commodities are produced over a period of time and can be stored properly. Supplies can be easily stored at different times.
4. Banks: In business, a lot of money is needed to operate well. Banks save money and create capital.
5. Take risks: waste of goods, theft, drop in demand, etc. Common to all work situations. This is a risk in a business organization. By getting insurance, they can reduce these risks in the business.
6. Advertising: Advertising is important because the commercial function of advertising has many needs. It helps business organizations to communicate with customers and build strong relationships.
7. Packaging: Packaging helps customers identify the product. In packaging companies to produce products that are attractive and distinct from their competitors.
8. Standardization and Classification: Standardization plays an important role in business functions. Merchandise is standardized and classified so that customers who live far from the seller can buy just by looking at samples of the merchandise.
Other jobs
Without manufacturing and distribution, companies must maintain many other jobs. These business functions are described below.
1. Research: Business function research involves reading, watching, and listening every day to research potential business ideas. Commodities and market research should be conducted.
2. Development: A business organization should improve its organizational development, such as customer requirements, customer tastes, competition, etc. Organizations need to analyze product development, distribution processes, and competitive markets.
3. Bookkeeping: Bookkeeping is one of the necessary tasks for any type of business. The company maintains its accounting records such as sales purchases, lost revenue, asset liabilities, etc.
4. Clerical Duties: There are many formal duties that are performed in a business, such as compiling or recording important files, accounting, filing, drafting, etc.
5. Marketing Promotion: Marketing promotion is done by companies to promote their products. Marketing promotions are carried out by commercial organisations.
6. Social Development: Professional organizations are required to undertake various types of social assistance apart from their collective action.
A business organization does many things to achieve success. They must carry out their business functions in an extraordinary way to gain prestige in social life.
On the other hand, a successful business can only be established if all the necessary functions are properly implemented. Jobs are called work functions.
Business organizations seek to maximize profits by ensuring adequate availability of goods.
As an entrepreneur, the entrepreneur earns by offering goods, services, ideas, etc.
Business organizations need to perform this work to generate more profits and to do so the business functions are given below.
A production-oriented job
Companies build facilities with fewer resources and adapt to appropriate changes in resource use.
1. Purchasing: The commercial function is linked to the purchasing management function. If your purchasing job remains good, it will serve as a reminder of all the good things in your business.
2. Create usable forms: Business functions make organizations fit for human consumption. In a business concept, model availability can be in the form of preparing a product for consumption by customers.
b- Direct distribution function
Distribution functions are a set of functions that can be used to define a particular distribution. like what
1. Sales: Goods produced by commercial organizations are sold to customers for money. The company's normal mission is to produce high quality goods and sell them to customers.
2. Transport: Goods produced in one place are transported to another location from the entrepreneurs to the final consumers. Therefore, goods and services are said to increase mobility through means of transportation.
3. Storage: We know that many commodities are produced over a period of time and can be stored properly. Supplies can be easily stored at different times.
4. Banks: In business, a lot of money is needed to operate well. Banks save money and create capital.
5. Take risks: waste of goods, theft, drop in demand, etc. Common to all work situations. This is a risk in a business organization. By getting insurance, they can reduce these risks in the business.
6. Advertising: Advertising is important because the commercial function of advertising has many needs. It helps business organizations to communicate with customers and build strong relationships.
7. Packaging: Packaging helps customers identify the product. In packaging companies to produce products that are attractive and distinct from their competitors.
8. Standardization and Classification: Standardization plays an important role in business functions. Merchandise is standardized and classified so that customers who live far from the seller can buy just by looking at samples of the merchandise.
Other jobs
Without manufacturing and distribution, companies must maintain many other jobs. These business functions are described below.
1. Research: Business function research involves reading, watching, and listening every day to research potential business ideas. Commodities and market research should be conducted.
2. Development: A business organization should improve its organizational development, such as customer requirements, customer tastes, competition, etc. Organizations need to analyze product development, distribution processes, and competitive markets.
3. Bookkeeping: Bookkeeping is one of the necessary tasks for any type of business. The company maintains its accounting records such as sales purchases, lost revenue, asset liabilities, etc.
4. Clerical Duties: There are many formal duties that are performed in a business, such as compiling or recording important files, accounting, filing, drafting, etc.
5. Marketing Promotion: Marketing promotion is done by companies to promote their products. Marketing promotions are carried out by commercial organisations.
6. Social Development: Professional organizations are required to undertake various types of social assistance apart from their collective action.
A business organization does many things to achieve success. They must carry out their business functions in an extraordinary way to gain prestige in social life.
On the other hand, a successful business can only be established if all the necessary functions are properly implemented. Jobs are called work functions.
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