Functional Areas of Business
Company leaders are required to develop skills based on 11 functional areas of business. Each of those operative area helps to keep businesses running to their fullest potential. The size of the organization does not matter, however it does have an impact on how each function affects the company. Those functional areas of business include management, law, human resources management, leadership, accounting, finance, economics, research and statistics, operations management, marketing, and strategic planning. Each area plays a vital role toward the success of the organization. Management is a broad area within the 11 functions that keep a business running smoothly. It is the practice of coordinating and overseeing the work of others to make sure they are in line with accomplishing the organizations goals. The role of the manager in the management department is to ensure employees are working in a diligent manner. Law is a very important part of the functional areas of business. Management in this role must study and understand legal aspects of the business. The organization has to remain in compliance with federal and state regulations. As a result, managers in the law department of each company hold the responsibility of safeguarding its intellectual property. Attorneys within each company follow expectations set by the Model Business Association Corporation Act. An article in Business Law Today states that the goal of the committee for the Model Business Association Corporation Act is to speak to and publish information regarding information on issues relating to the public and private sectors (“Inside Business Law,” 2013). Many laws within an organization have to deal with employee guidelines and regulations. The specific functional area of the business assigned to handle employees is the human resources department. This area of the business deals with hiring, training, and disciplinary actions. The department positions its...
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