Asafasfass
Submitted by freefortermpapers on 06/24/2008 03:00 PM
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Asafasfass
My Watches Pty Ltd located at 10/2 North Parade Campsie 2194 is the business that I will be addressing key business functions. They include operations, employment relations, marketing and accounting and finance.
The four main business functions are operations (including manufacturing, engineering, research and development, information technology, service and support), accounting and finance, employment relations and marketing (including sales).
Operations refer to the business processes that involve transformation or, more generally, ¡¥production¡¦, as stated in the text Business Studies in Action. The operation of My Watches Pty Ltd is the selling of finished products, which are watches and clocks. They also do a service of fixing watches and replacing straps, which they actually carry out the service.
There are several key elements to secure profits by controlling operations. These include:
Ü Inventory control: This is the constant watch of stock. This needs to be closely monitored for customer demand, competitors and trend. I believe My Watches Pty Ltd does this because of the high demand of customers wanting new watches for gifts etc. New trends are also a key factor as well because of the new designed watches coming in regularly. This leads to a high customer demand. Also spare parts like watch batteries are important to be monitored as most customers want their battery replaced.
Ü Financial management: Operation management need to negotiate with financial management and make use of financial ratio. For example what impact does the operation style have on profit levels? Does the operation need to be modified? This is what Mr and Mrs Pak (Owners) have to consider for the business to succeed.
Employment relations covers all aspects of employment resourcing and includes the acquiring, developing, maintaining and motivating of staff in addition to those...
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