7 types of Business Functions in Corporate World

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7 types of Business Functions in Corporate World
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April 1, 2022
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two men and four women meeting in officeBusiness is the activity of making ones living or making money by producing or buying and selling products.

Business functions in the corporate world
Table of Contents
Business functions in the corporate world
6 Fundamentals of Business management are :
Automation and Technology
Digitalization
consumer awareness:
Ecosystem
Franchise business model
Subscription Business Model
Management system
Organisational behaviour
Supply chain and Distribution
Investment
Training and Development
Merger and Acquisition
Q what is supply chain ?
Q . What are unicorns ?
Business functions are the activities carried out by an enterprise which yielding income,the production of final goods or services.

Friends ! Today we talk on the different stages of the business to grow and their existence in the market .

Businesses provide productivity, employment and a kind of financial protection which is significant to nations economy.

Business functions are the activities carried out by an enterprise which yielding income,the production of final goods or services.  Friends ! Today we talk on the different stages of the business to grow and their existence in the market .   Businesses provide productivity, employment and a kind of financial protection which is significant to nations economy.
Business functions are the activities carried out by an enterprise which yielding income,the production of final goods or services.
Friends ! Today we talk on the different stages of the business to grow and their existence in the market .
Businesses provide productivity, employment and a kind of financ
Enterpreneurship is an exciting but risky .

Businesses practices are changing and so are market demands . You wouldn’t want to bring to the market a product or service that isn’t in demand .

The 6 major functional areas of business management involve

strategy ,
marketing,
finance,
human resources,
Tecnology and equipment
and operations.
Therefore all Businessman and Enterpreneur should concentrate on researching and thoroughly understanding these areas as they relate to the individual business.

6 Fundamentals of Business management are :
People
Operations
Accounting and finance
Strategy
Sales and Marketing
In a Business the Businessman perform  regular activities on a regular basis to enable the business to carry out its mission. These are :

Automation and Technology
gray vehicle being fixed inside factory using robot machines
Business automation
Automation is one of the primary levers for touuchless operations.There is a jump in demand leading to industry-wide automation adoption.

Automation has gained traction as startups and global enterprises reduce costs and freeze hiring as they brace for a business environment where interest rates could go up due to inflation.

The automation of repetitive tasks is coming to the rescue of IT companies amid high attrition rates and cost cuts in a high inflatory environment.

Market size for digital automation to touch $600 billion this fiscal,says Gartner report.

Technology is helping people and organisations to solve the challenges. Organisations of every size ,in every industry are looking to adapt the latest technology

Employees can be more unified and focused on the work . servicenow is also the new technology based plateform for the corporates.

Technology will be the primary driver of investments worldwide over the next five years , according to TCS executive officer .

Digitalization
Data plays a crucial role in helping build awareness and foster change .

company as a Brand should embraced digital which helped to track the customers online thereby pushing them to e commerce parteners and leading to a multi fold growth in business .

woman wearing tank top sitting by the window
A new dimension to business .

Globally successful super apps have been built around core services like social messaging , digital payments ,food tech, e mobility , online shopping , paying utility bills etc .

Digital business initiatives to push spending on enterprise applications and infrastructure software into double digit growth in 2023 .

India’s IT spending set to touch 110 billion $ .also Boeing Co. Is hiring the three biggest us.cloud-computing companies & Amazon.com Inc.

Mircrosoft Corp. to help with digital makeover aimed at giving it’s airplane designers and software development more tools .

By 2025 half of the urban households will have atleast one smart device in addition to the smartphone says the report .

Kantar study shows 87% Indian Households to have an Internet connection by 2025 and 900 million active internet users in India by 2025

Focus on social media

Revenue Sources

consumer awareness:
man standing behind flat screen computer monitor
Consumer awareness
Focus on The User Not On Selling

Focus on the customer)user/Viewer,and what value can be added to their lives,rather than push product on them.

It is a matter of understanding the audience and what value can be added to their lives.

The first question is not ” Is it going to work?,but rather ,”If it is work, would it matter.” … …………Eric toone ,former deputy director of Us department of energys  Advanced research projects

most of the top sellers are created in specific demands from the customers.

D2C wave is an attempt to build brands for the next decade of consumption .

For D2C players , product quality ,brand consistency and dependability and innovation are driven by customer insights.

There should be knowledge and awareness about new products and services of your organisation .

Dissemination of the right information to the consumer is the responsibility of the company .

It should bring a change in mindset towards substandard quality .

Ecosystem
The Humans and technology should work together .

YouTube, Facebook , Google the big giants play important role in digital economy ecosystem .

YouTube is likely to get a dedicated postcad homepage.

microsoft launches startups founders Hub plateform .

Jio adds Highest number of Active Users . Airtel ,Tech Mahindra Tie Up to Develop 5G use cases .

“To maintain a long term business , you have to look at sustainability as a way of continuing on a longer-term basis.” ——

——-OP Agrawal , CEO ,WRI India

Large IT players such as Tata consultancy services ,Infosys and Wipro are giving stiff competition to mid tier IT companies as they all join race for small IT Deals .

Tata digital build an urban company like service and run a full flaged OTA play too

Tata digital has also started working on online investment products where Tata Neu consumers can invest .

Driving the next wave of business transformation
corporate ecosystem helps channel partner , employees and pramoters .

Franchise business model
Franchises play an integral role in any organisation. Franchising is the New frontiers in shared business.

The Franchising industry in india is growing at 30-35 % year on year and is pegged to touch USD 100 billion by 2024.

How franchises work ?

A Franchisor of an established business or a chain of a businesses, license a third party to use the orginal businesses  brand name and logo, products or services, business model etc to conduct business.

Today,owing to the presence of many players in the market, opening a new business and fight for stability , which is why most young entrepreneurs opt for franchises.

What makes Franchising a successful

Helps build a larger consumer base
Franchises have a lower rate of failure as compared to other startups
Reduced burden of building , promoting and sustaining the business.
Tried and tested products of an existing business.
Utilising an existing business model
Ready clientele or known target group.
Leveraging the branding and trademark.
The sector like Education, Healthcare , Telecommunication there is a rise in the influx of International brands and multinational companies in the country, giving the Franchising sector a major boost .
The enterpreneural edge

From launching franchises in Co-working spaces, E-commerce, Logistic and Delivery etc,these sectors are fast contributing a chunk of the revenue to the economy.

Established business model

Another perk of the Franchising model is that the mode of business is already set by the Franchisor.

Subscription Business Model
From Grocery stores and Restaurant Memberships to car rental and newspapers services, there is a Subscription for everything.

“Subscription business models are based on the idea of selling a product or service monthly, quarterly or yearly recurring subscription revenue.”… Kiran Jaiswani, Senior Manager at Venture Capital Firms

This model focuse on establishing long term relationships with customers who can pay one time fee to  regularly access the brand’s products or services .

Benefits of Subscription Business Model :

Subscription-based pricing attracts more customers
Allows businesses to engage customers for an extended time.
Recurring Revenue Increased
Ensures the viability of a business in times of turbulence
Better business opportunities and higher profits margins for the company.
Management system
Transportation like car sharing , Freight should manage by the companies.

innovation should apply as innovative designs , software .Data intelligence to measure learn and improve.

develop product as a service business model .

Organisational behaviour
How to build successful organisations with high performance cultures ? There should be healthy workplace .

Employees are responsible for the success of their companies ,even though low turnover and reduced productivity are consequences of having an unhealthy workplace.

According to Erez Yoeli :

Three game theory principles can create an environment where cooperation and altruism thrive .

The Idea is to try and uncover the hidden ways in which our incentives shape our preferences and beliefs, our sense of justice, rights and altruism.

Engage people’s desire to contribute to the social good.

Use these tools :

Use multiple modes of communication
Obtain a commitment .
Make information easy to access
Provide timely feedback and reminders.
Supply chain and Distribution
There should be strong supply chain management as companies grow their network to reach every nook and corner.

After pandemic FMCG companies makes disruption in supplies through wholesalers, and technology advancements had brought down the cost of direct distribution .

Trademark and Quality control

Use Accredited Conformity Assesment Bodies so that it assures Tecnical Competence, reliability and integrity of the company products and services.

National Accreditation Board for Testing and Calibration Laboratories (NABL) ,NABCB, Quality council of India (QCI)

Investment
Business expansion , overall repayment done as efficiency increased .

Bad loans should resolve fast. Investment should done in phygital offices .

India’s first phygital offices are Parinee Brillions Worli.

share market , derivatives ,FD , mutual fund , liquidity are the major issues to be concern .

Inflation will lead to further downtrading -consumer buying either cheaper products,smaller packs or delaying consumptions .

Hdfc bank plans to raise 50 k cr through bond sales .

Phygital business approaches combines the best of the physical and digital world to offer a convinent  and trustworthy customer experience .

The future of great customer experience is ‘phygital’ .

Whether at an airport ,a bank or a restaurant a  kiosk makes it possible for users to accomplish routine tasks quickly and efficiently by using digital technology and following the advice of professionals stations at this units .

Set up of kiosks and popups stalls where customers visited frequently..
Nothing wrong with being a solo founder because 65% of startups fail due to cofounder conflicts ……Andrew Gazdecki

That’s why the legal aspect are very important when there is a big deal always open to new MOU and agreements .

A Big Deal aid investment.

Training and Development
strategic planning , workshop, connecting people and numbers to build innovative products or services and deliver a rich consumer experience.

There should be taken the swift action on education and skilling to reap the benefits of demographic expansion .

The Augmented Reality Tecnology and AR software  provides certain advantages to businesses :

Product view -AR Tecnology allows potential customers to view and interact with your products or service before purchasing.

Enhance content– AR tecnology allows users to embed various types of data onto Content.

Training- AR solutions enable users to train employees more thoroughly than they can through meetings.

Productivity– It improve workflow and processes at their businesses.

Merger and Acquisition
Many Acquisitions in the early and growth stages can tend to derail .

The joint venture partners complement each other with unique skill sets,key to bringing together a Marquee development .

As walton street Debt Fund invests Rs 75 corore in shapoorji pallonji JV.

Purchasing power

Cars and gadgets are on women’s shopping list ,too so that company should focus on it .

According to survey ; women homemakers account for 40 % of electronic items and 25% of additional car purchase .

THE POWER OF DREAMS , POWER OF ASSOCIATION
Q what is supply chain ?
Ans . Supply chain management is the combination of the activities of designing, manufacturing, packaging and transporting of the goods or products .

Q . What are unicorns ?
Ans. Those startup whose valuation is over 1 billion dollars are Unicorns .In india nykaa ,byjus are the unicorns .

Q . what are the three largest logistics firm’s ?

Ans.Delhivery ,Ecom Express and Xpressbees are the largest ecomerce focused logistics firm’s in india .

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