The activities needed to run a business can be divided into five functional areas:
1. Management involves planning, organizing, staffing, directing, and controlling resources to achieve organizational goals.
2. Operations transforms resources (labor, materials, money, and so on) into products.
3. Marketing works to identify and satisfy customers’ needs.
4. Finance involves planning for, obtaining, and managing company funds.
5. Accounting entails measuring, summarizing, and communicating financial and managerial information.
In 1992, FUBU was founded by Daymon John, J. Alexander Martin and Carlton Brown as a hat company based in Hollis, Queens, New York. Over the next 20 years, FUBU expanded its product line to include not only hats, but also jeans, rugby shirts, football and hockey jerseys, T-shirt, baseball caps and shoes and it also expanded globally. In addition to clothing, the company also developed a record label. Go to businessideaslab
1. Identify the main activities or functions of FUBU’s business and explain how each activity benefits the company.
2. What are some of the external factors that have an influence on business? How did these external factors specifically influence this particular business?
3. What do you think about FUBU’s decision to leave the U.S. apparel market? If you were consulting to the leaders of FUBU, what advice would you give them regarding their plans to reenter the market?
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