Describe The Goals And Responsibilities For Each Of The Core 

Describe the goals and responsibilities for each of the core components of business


This assignment aims to explore the fundamental components of a business by identifying their respective goals, responsibilities, typical job titles, and associated costs. Understanding these core areas is essential for grasping how businesses operate and sustain themselves efficiently.


The goal of this task is to describe each core component in one or two sentences, list relevant job titles, and specify one type of cost associated with each component, ensuring that each cost type is unique across all components. This exercise will help in understanding the structure and resource allocation of various business functions.


Paper For Above instruction


Core Components, Goals, Responsibilities, Job Titles, and Costs in Business


Strategic Management


Strategic Management focuses on defining the long-term vision of the organization and formulating strategies to achieve competitive advantage. Its responsibilities include analyzing the external environment, setting organizational goals, and aligning resources to meet strategic objectives.
  • Typical Job Titles: Chief Strategy Officer, Strategic Planning Manager, Business Analyst
  • One Type of Cost: Consulting fees

Finance and Accounting

This component manages the company's financial resources, including budgeting, financial reporting, and ensuring regulatory compliance. It aims to maximize financial efficiency and investor confidence.

  • Typical Job Titles: Financial Controller, Accountant, Budget Analyst
  • One Type of Cost: Software licensing fees

Human Resource Management

Human Resource Management is responsible for recruiting, training, employee relations, and developing organizational culture. It ensures the organization has the right talent to meet its goals.

  • Typical Job Titles: HR Manager, Recruitment Specialist, Training Coordinator
  • One Type of Cost: Employee benefit costs

Marketing

Marketing aims to identify customer needs, promote products or services, and build brand awareness to drive sales and business growth.

  • Typical Job Titles: Marketing Director, Content Marketing Specialist, Market Research Analyst
  • One Type of Cost: Advertising expenses

Sales

The Sales component is responsible for selling products or services, maintaining customer relations, and meeting revenue targets. It directly impacts the company's revenue streams.

  • Typical Job Titles: Sales Manager, Account Executive, Business Development Representative
  • One Type of Cost: Commissions and incentives

Operations Management

Operations Management oversees the day-to-day activities involved in producing goods or delivering services efficiently and effectively, ensuring quality and controlling costs.

  • Typical Job Titles: Operations Manager, Supply Chain Coordinator, Quality Control Supervisor
  • One Type of Cost: Material procurement expenses

References

  • Bartol, K. M., & Martin, D. C. (2017). Management. McGraw-Hill Education.
  • Heizer, J., Render, B., & Munson, C. (2017). Operations Management (12th ed.). Pearson.
  • Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2017). Strategic Management: Concepts and Cases. Cengage Learning.
  • Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Fundamentals of Human Resource Management. McGraw-Hill Education.
  • Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson.
  • Brigham, E. F., & Ehrhardt, M. C. (2016). Financial Management: Theory & Practice. Cengage Learning.
  • Schwalbe, K. (2018). Information Technology Project Management. Cengage Learning.
  • Porter, M. E. (1985). Competitive Advantage. Free Press.
  • Eggert, A., & Ulaga, W. (2017). Customer perceived value: Theory and managerial implications. Journal of Business & Industrial Marketing, 32(7), 877-887.
  • Drucker, P. F. (2007). Management Challenges for the 21st Century. HarperBusiness.

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