What functional areas are?
Functional area refers to the method of dividing an organization into different segments where the respective segments that are divided will serve as fully functional units that perform stated functions. For example, a company's sales department is a common functional area, and the staff in this area would all be focused on selling the company's products. Explain why functional areas are important to a business?
A business's functional areas are the departments depending upon the company's management structure that manages the main functional areas of business in a company. Most businesses share the main functional areas in common. Some functional areas are marketing, accounting, customer service, and human resources. There may be other functional areas such as but not restricted to international business and research and development. Analysis: It includes investigative and understanding industry in which the company want to enter into the business. Formulation: During this stage the company want to articulate its mission, outlines its goals, objectives and mission and decide a particular type of strategy like stability or expansion strategy etc. Implementation: The formulated strategy is put into action in this stage the resources are allocated for effectively engaging the employees into the production process. Evaluation: In this stage the system continuously check whether the formulated strategy is being implemented and checks any deviation between the actual and the expected output of the strategy. Select two very different businesses and explain what they do Tesco: Tesco is a supermarket. It sells a variety of things for your needs, like food, drinks, clothes, toys, toiletries etc. It's like Wal-Mart (Or ASDA) or Sainsbury’s etc. It competes with other supermarkets to do well. Its main exports are food (Vegetables, fruit, bread, frozen good etc.) and Drinks. Tesco supplies a wide range of goods such as groceries and house hold...
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