FUNCTIONAL ASPECTS OF BUSINESS

Marketing

Marketing is a broad term. It is the activity, set of instructions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

In Management, there are 2 types of Strategies that are Push Strategy and Pull Strategy. In early times, even today at some extent it is believed that a person/individual or a company that can sale anything is a good at marketing. But it is not truth.

Do you know why?

Marketing is based on the concept of Pull Strategy and not Push Strategy. Pull Strategy focuses on understanding the demand and requirements of customer, manufacturing or innovating a commodity so that customer receives a product which adds to the value of customer. This helps in creating a strong a loyal customer base. Its not that the customer is compelled to purchase a commodity, not considering whether the customer requires that product or not. (Push Strategy) in which the customer will buy the product once but will not show any demand in future.

Human Resource (HR)

Human Resources (HR) is the division of a business that is charged with finding, screening, recruiting, and training job applicants, and administering employee-benefit programs. Human resources responsibilities also include compensation and benefits, recruitment, firing, and keeping up to date with any laws that may affect the company and its employees.

Many companies have moved away from traditional in-house human resources (HR) administrative duties and outsourced tasks like payroll and benefits to outside vendors.

Topic 1: Introduction to Human Resources Management | The Borgen Project

Finance

“Finance” is a broad term that describes activities associated with banking, leverage or debt, credit, capital markets, money, and investments.

Basically, finance represents money management and the process of acquiring needed funds. Finance also encompasses the oversight, creation, and study of money, banking, credit, investments, assets, and liabilities that make up financial systems