Download - BASIC BUSINESS FUNCTIONS & FIRM HIERARCHY
“BASIC BUSINESS FUNCTIONS & FIRM HIERARCHY “
PRESENTED BY:MAHGUL KHAN HIBA SHAIKHMARYAM QAZI VARDA SHAIKH
BASIC DEFINITION OF BUSINESSFormal organization that provides PRODUCTS or SERVICES to make profit.
PRODUCT BUSINESS
SERVICEBUSINESS
That make tangible
products, that has some physical
existence.
That provide
services like managing, planning,
maintaining etc.
SUPPORTS
4 BASIC BUSINESS FUNCTIONS
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BUSINESS PROCESS
BUSINESS PROCESS• Manner in which work is organized, coordinated &
focused to produce a valuable product or service.• It is basically defined in two areas:
For example:1. Some processes tied to functional area.Sales & marketing identifying customers.2. some processes are cross-functional.These are Fulfilling customer orders.
FUNCTIONAL AREAS OF OPERATIONS
• Functional areas are interdependent.• Each of the function requires data from the others. • Its main purpose is, better integration of functional
areas leads to improvements in: communication. Workflow. Success of company.
THE ORDER FULFILLMENT PROCESS
THE ORDER FULFILLMENT PROCESS
• Fulfilling customer orders involves a complex set of steps that requires the close coordination of the sales, accounting, and manufacturing functions.
FIRM HIERARCHIES OR
LEVELS OF MANAGEMENT IN A
FIRM
FIRM HIERARCHIE:“AN ORGANIZATIONAL STRUCTURE RANKED ACCORDING TO THE LEVEL OF IMPORTANCE”
• Firm hierarchical structure consists of a chain of commands that looks like a pyramid, shows the flow of authority from top to bottom.
• The distribution of power among the individuals of a corporation.
LEVELS OF MANAGEMENT IN A FIRM
There are three levels of management in a firm
•Senior management
•Middle management
•Operational management
Senior set of individuals, executive managers they are board of directors
Work in specific departments like accounting, marketing or production
convert resources into desired goods and services