Task 1: Core business functions are activities of an enterprise yielding income: the production of final goods and services intended for the market or for the third parties. Categorize various core business functions. Select a core business function for the educational institute and give reason for your answer. (M1)(1.1)
Every business organizations possess its own fundamental business functions that exist for effective business process. Organization may differ in goals and the measures in which they seek to add value, but in common they acquire same foundation of business process. The fundamental purpose of functional areas is to ensure that all the business activities are carried out efficiently. Therefore it is essential for any company to achieve their aims and goals. The specific areas will be responsible for carrying out the specific aims as per the company demands.
Likewise, Educational institute is one of the forms of business organization that have its own business functions. Focusing on this, the major business functions of an educational institute are discussed below.
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MARKETINGThe main core business functions of an educational institute involves following,
HUMAN REOURCE MANAGEMENT
MANAGEMENT INFORMATION SYSTEM
OPERATION1.1 Business function chart
Customer strategy and relationships (marketing)
Finance and Capital management
Human resource management
Management Information system
Marketing: Marketing is one of the most important aspects of a company. The financial success of an organization depends on the combined efforts of financial strategies and marketing strategies. For this an educational institute needs to promote strategically so as to create awareness about its facilities and educational quality throughout the public people. This will enable any institute to capture the utmost market attention, make big brand name and make students and employees as competition and reputation are on line due to large number of institute broadly opened at the present (McDonald and Wilson, n.d.).
Finance and capital management: Most Business tycoon and Entrepreneurs consider this as the most important function of any business company. Similarly an educational institute also needs a finance department for regular stream of income and expense. Finance staffs keeps the record of all the money earned and spent that enables senior managers to know how much profit/loss is made and how much money is currently is held by business. Beside this finance department helps to produce cash flow forecast, monitor department budgets reports and provide necessary guidance to senior management related to capital expenditure.
Administration: Educational institute needs Administration for storing and retrieving papers and electronic records and confidential data. Administration helps in organizing meetings and preparing meetings documents with the board members and other Management officers. Its main duty is to find out and respond towards the enquiries of any committee (students, guardians, governmentâ€¦). It also helps in managing events during interviews and consultancy period for candidates and takes full responsibility for managing the institute necessities and supplies of office stationary and equipment.
Human Resource Management: In an educational institute HRM focuses on managing the staff members. It focuses on advertising job vacancies as need and receives and records all job interviews for necessary position along with the notification of result. It monitors the work efficiency of employee and keep track on their health and safety alongside arranging training facilities and encouraging their own professional development. Beside this it maintains staff records and liaises with staff associations or trade unions which represent the workforce.
Management Information System: For an educational institute, management information system has its major role for effective business process. MIS has helped institute by keeping it up to-date with every possible changes and development in field of education enables the institute to make operational, tactical and strategic decisions as per company need. The Computerized technique can gather all the relevant data both from inside and outside of an organization and provide access in a form that suits its purpose (Sadagopan n.d.).
Operations Management: Operation Management helps an educational institute to oversee, design and control the ways of providing education. It enables the institute to sum up the best ideas to bring physical and technical aspect change for proper education. Operation management first visualizes the detail procedure for improving educational quality and hand over the respective duties to their respective management officers (Kachwala and Mukherjee, n.d.).
Always on Time
Marked to Standard
Among mentioned above, marketing seems to be one of the core business functions for an educational institute. Marketing helps to acquire information about whether and how their services satisfy the desires of target market customers i.e. students and parents. Marketing information system can provide practical and objective information to help firm develop and implement marketing strategies essential for effective marketing. One can even define "Marketing Planning" as designing, collecting, interpretations and reporting of information to help company resolve related marketing problems or take advantages of marketing opportunities (Pride and Ferrell n.d.).
An effective marketing requires proper planning. The marketing plans defines the nature of the business and what that organization do to satisfy its customers need's in market place. The level of planning will differentiate the success and failure of organization. In the procedure of planning, business philosophies and orientations are put into practice with marketing tittles but do not reflect authentic marketing thoughts. To keep up with the current fierce business competition and economic uncertainty, an organization must attempt to identify and isolate present actions and forecast how result can be expected to influence in future (Stevens, et al., 2006 ).
Task 2: You are a marketing officer of the educational institute. Evaluate how your institute affects and is affected bt the stakeholders to achieve set of aims and objectives of your institute. (1.2)(D2)
Stakeholders are an entity who affects and can be affected by an organizations actions, objectives and policy. For a successive company, one must be able to identify its major stakeholders. Similarly, Educational Institute also consist number of stakeholders of its own who are closely involved in overall operation of institute (Devon, n.d.). Gross and Godwin (2005 n.d.) states that "Educators should take their cues from success business have enjoyed by identifying, learning from and involving their stakeholders."
Below is the list of the major stakeholders that takes a key role in achieving the aims and objectives of an educational institute.
Students: Among mentioned above, Students are the top most stakeholders of any educational institute. Educational institute doesn't organize without the presence of students. Even the simplest change in the institute business process can affect the entire students and their education and vice versa. For any educational institute, the number and necessity of students can be determining aspects for allocating resources. Hence, being stakeholder students possess intrinsic and extrinsic motivational factors. Intrinsic motivation comes with appreciating the value of education. Likewise extrinsic motivations are the accolades that a student receives as they complete their education (Short and Greer, 2002).
Student's Guardian: Guardians as stakeholders, tends to choose those colleges and institute that can assure the quality education, which enable their children to lead prolific and responsible lives in a global society (Cotton and Wikelund, 2001). The degree of parent interest in high quality educations is the critical factor to be considered in education environment on the educational aspiration of students. So the institution must keep these conditions intact to be able to hold guardian's attention towards them.
Staffs/Faculty Members: For a business organization, human resource has its fundamental importance. Educational Institute along with students must be able to hire highly experienced teachers and other members for smooth business process. The empowerment of teachers will facilitate the empowerment of students (Short and Greer, 2002). Teacher empowerment guide teachers towards a significant role in decisions making, organize towards working environment and opportunities to serve in a wide range of professional roles.
Administration: Administrator are the prominent stakeholder of the educational institute (Spillane, Camburn, and Pareja, 2007), and set the studious tone for students, parents, staff, and community members through effective participation. Effective and active administration can develops a mutual team approach to decision making and problem solving (U. S. Department of Labor, 2008), while simultaneously and consistently developing and maintaining policies and guidelines of an educational foundation.
Board members: Board members are the foundation member of any business organization. In an educational institute board member has the power to hire and fire other teachers and administrator. The Board functions for the formation of law, policies and rule for institution. Darden (2008) claims that the board policies are equivalent to confined law for the employee on companies. They are considered as the sentinels of the policy that help to execute changes that will benefit or support the entire department who has the responsibility of implementing and maintaining the policies set by the board.
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Every stakeholder has their own roles on the educational institute as an integral part of entire organization. As the thoughts and attitude change to meet the information era, the structure and hierarchy within an educational institute and the role of the stakeholders may change. The students evolve and adapt to the modern educational mold that are introduced so student may dictate the success or failure on their career. Thus, the students create their very own globe through the education that the stakeholders provide and in time they will restructure and amend the educational system to fit their environment and learning needs.
a.Cotton, K., & Wikelund, K. R. (2001). Parent involvement in education. Retrieved June 18, 2008, from http://www.nwrel.orglcomm/resources.html
b. Darden, E. (2008). Policy, the law, and you. American School Board Journal, 195(4). Retrieved on June 19, 2008, from EBSCOhost database
c. Gross and Godwin (2005), Educational stakeholders by Lina Cadora, childlightusa.wordpress.com/2008/09/06/educational-stakeholders-by-lisa-cadora/
d. Kachwala and Mukherjee, (n.d.), OPERATION MANAGEMENT AND PRODUCTIVITY TECHNIQUE.
e. McDonald and Wilson (n.d.) 7th Edition, MARKETING PLANNING, How to prepare them, How to use them.
f. Pride and Ferrell (n.d.) MARKETING 2012 EDITION PRIDE AND FERRELL .
g. Sadagopan S. (n.d.) MANAGEMENT INFORMATION SYSTEM.
h. Stevens et al., 2006, Marketing Planning Guide, The Haworth Press, Inc., 10 Alice street, Binghamton, New York
i. Short, P. M. and Greer, J. T. (2002). Leadership in empowered schools: Themes from innovative efforts. Upper Saddle River, NJ: Pearson Education
k. Spillane j., J. P., Camburn, E. M., & Pareja, A. S. (2007). Taking a distributed perspective to the school principal's workday. Leadership and Policy in school, 6(1), 103-125.
WEBSITE and DOCUMENTS
Devon, List of Stakeholders, www.devon.gov.uk/cypsp-listofstakeholders.pdf
U. S. Department of Labor (2008). Education administrator. Retrieved June 18, 2008, from http://www.bls.gov/home.htm