Finding Your Mission & North StarBook Session 4
The Company Structure
A typical company may consist of the following departments/functions:
- Research & Development (R&D)
- Sales & Marketing
- Human Resource Management
- Accounting & Finance
- Responsible for the manufacture of goods, focusing on efficiency, employing mechanics, machine setup specialists, maintenance personnel, and machine operators.
- Can include just a few specialized functions with all other work outsourced or a fully functioning department that converts raw materials, assembles components into finished goods, and packages them.
Research & Development
- This department keeps a business competitive by providing insights into the market and developing new services, products or improving existing ones.
- The growth of the business sits mostly with the R&D department, and it is usually assigned the largest budget.
- Responsible for the procurement process, ensuring the supply of goods, production materials, and equipment so that a smooth production and sales process takes place.
- If the purchasing process falls, there's a risk that the business won't be able to manufacture products or keep the shelves stocked with sufficient volume to meet customer demand.
Sales & Marketing
- Marketing functions include research and development, pricing, distribution, customer service, sales, and communications.
- A sales department advises the marketing department based on customer feedback and focuses on customer contacts to drive sales.
Human Resource Management
- Responsible for recruiting, hiring, deploying, and managing an organization's employees. Oversees policies that govern workers and the relationship of the organization with its employees.
Accounting & Finance
- Responsible for ensuring the efficient financial management and financial controls necessary to support all business activities.