Unit I Scholarly Activity
This assignment allows you to demonstrate the following outcomes:
1. Identify basic business concepts.
1.2 Describe the major goal and responsibilities for each of the core components of business.
1.3 List typical job titles and a cost associated with each of the core components of business.
Instructions: The purpose of this assignment is to describe the goals and responsibilities for each of the core components of business. Then, list the typical job titles and a cost associated with each component. The table below contains cells where you can insert each of these elements.
Describe the goals and the responsibilities with one or two sentences. Then, simply list the typical job titles in the appropriate cells. Each typical job title cell contains the minimum quantity of titles to include. Finally, list one type of cost associated with each component; you must use a different type of cost for each component (i.e., you can only use “salary” once).
In your own words, complete the table below. Then, save all of your work to this template and submit it in Blackboard for grading.
|Core Component||Goal||Responsibilities||Typical Job Titles||One Type of Cost|
|Strategic Management||The goal of Strategic Management is to have all other individual functions of business work together as a team to achieve one goal. An example of this could be a Wing Commander in the military. The Commander must ensure that many different people of different specialties are working together to accomplish the mission, goal, or objective.||In business, It is the responsibility Strategic Management to have each individual function work together as a unit; while fulfilling their own individual purposes, so that an organization may achieve its objectives.||1. Senior Manager of Strategic Innovation2. Corporate Development Manager3. Strategic Partnerships Manager||-Professional development workshops|
|Finance and Accounting||The overall goal of Finance and Accounting is to maintain financial stability within a business and provide managers and leaders with an accurate picture of money coming in and going out. This department helps managers in making the best decisions for a business based upon collected financial data that will help to ensure a profit.||Finance and Accounting tracks incoming and outgoing money within a business and shows management the areas within a business that are getting the most out of the money that they use. This is vital in establishing budgets and tracking if certain expenses are effective in producing a return.||1. Auditor2. Cost Accountant||Payroll Software (Example: Patriot Payroll)|
|Human Resource Management||The goal of Human Resource Management is to ensure the right person is in place for each job to help firms or businesses achieve their objectives. Another HRM goal is to ensure all employees and prospective employees are treated fairly and are given the right tools and opportunities to perform their respective jobs.||Human Resource Management has the responsibility of recruiting, screening, training, appraising and rewarding employees of a business. HRM is also largely responsible for maintaining the overall work environment.||1. Labor Relations Specialist2. Training and Development Manager||Training Costs|
|Marketing||The goal of the Marketing component is to ensure businesses are meeting the current needs and wants of its targeted customers. To ensure the right products or services are being provided and that obsolete or low performing/low demand goods or services are not hindering a company’s potential profits.||It is the responsibility of Marketing to understand what customers want, promote goods or services, advertise, and brand, among many other things. Marketing has the duty of determining, defining, anticipating, and fulfilling the needs and wants of customers in order to best help businesses provide goods or services based on customer’s needs.||1. Brand Manager2. Advertising Manager3. Consultant||Advertising (Print, Radio, TV, etc)|
|Sales||Simply put, in business, the goal of Sales is to sell the products or services, and collect the money. Generate the revenue for the business.||Sales is responsible for selling products, goods, services, or whatever else a business is offering. Sales is also responsible for assisting customers in deciding which products they may want to buy, and collecting money for the good or service.||1. Sales Manager2. Director of Sales||Commission Costs|
|Operations Management||Operations Managements goal is to balance costs and revenue of a business. OM has the goal of not only saving businesses money, but keeping product costs low for the customer.||It is the responsibility of Operations Management to ensure businesses are operating in the most efficient methods possible. OM ensures every aspect of a business including goods, services, and people of an organization are producing some sort of profit, and that every aspect has a positive return on investment.||1. Supply Chain/Material Manager||Salary|
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