Importance of Business Functions

This assignment analyzes the importance of various business functions for the success of an organization, specifically focusing on Marks & Spencer. It delves into the roles of marketing, human resource management, finance, and operations management within the company, highlighting how these functions contribute to achieving its goals and objectives.

Importance Of Different
Business Function

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Marketing...............................................................................................................................3
Finance...................................................................................................................................3
Human Resources...................................................................................................................4
Operations Management.........................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
The business function is operation or steps in order to perform routine work to carry out
part of mission of enterprise (Business Functions, 2019). The function of marketing, finance,
operation and HRM helps in achieving goals and objectives of firm. The given report is based on
Marks and Spencer which was founded in 1884 that is retailer business. It highlights importance
of different business functions for performing activities.
MAIN BODY
The different business functions of Marks and Spencer are:
Marketing
As per the article Marketing Function, 2019 Marketing is role that assist company for
identification and source of successful products for marketplace where they perform and operate
by differentiating from similar goods. This function assist in analysing market successfully for
production of goods and services for their consumer in order to meet their need and demand
(Marketing Function, 2019).
The manager of M&S need to do proper marketing before launching of any new products
in market. This helps in knowing about taste, preference, need and demand of consumers. Such
function is important in M&S as it assists in creating information of customer contact, promotion
requirement, sales, product planning and others (Marks and Spencer: Structure and Culture,
2019).

Finance
As per the views of Josh Fredman, 2019 It is the function which is taken for providing
funds needed by organisation in order to meet goals and objectives. It is acquisition of long term
and short term funds. It includes various institutions, instruments and practices with helps of that
funds can be obtained (The Role of Accounting & Finance in Business Management, 2019).
The finance manager of M&S concerned with total allocation of funds to different
activities and measuring those outcomes. There are multiple decisions which need to be made by
manager such as investment, dividend, financing, portfolio management. It helps in doing proper
investment so that maximum output can be achieved (Marks and Spencer: Structure and Culture,
2019).
Human Resources
As per article view, it is used for describing formal system for management of individual
within organisation. It helps in business to maximize productivity through optimization of
effectiveness of staffs and workers. The responsibilities of HR manager is to do staffing, defining
work, employee compensation and benefits. This helps business to manage each and every work
effectively (Human Resource Management, 2019).
The HR manager of M&S need to coordinate number of employee employed, rewards,
incentives, salaries offered, training and others. As they helps in issues solving related with
compensation, safety, benefits, wellness, motivation, training and others. They provide overall
direction to M&S and accomplishing goals and objectives (Marks and Spencer: Structure and
Culture, 2019).
Operations Management
As per Will Kenton, 2019 Operation Management is system of enterprise practices in
order to create efficiency at high level within organisation. It is process for converting labour and
material into products and services for maximizing profits. This helps in balancing cost with
revenue for achieving highest profit. It is very important function for business to achieve goals
and objectives (Operations Management, 2019).
The manager of M&S should involves utilization of resources through materials,
technology, equipment and staff. The person handling operation management are operation
manager who develop, deliver and acquires goods to consumers on basis of need, abilities and
demand of organisation (Marks and Spencer: Structure and Culture, 2019).

All the function work effectively in an organisation that leads to achievement of goals
and objectives. In business, all works are organised by management to way of functions when
they performed and contribute in achieving goals and objectives. Thus, it is very important for
Marks and Spencer to work according to functions so that they can achieve their vision and
mission.
CONCLUSION
From above report, it can be concluded that there are various functions required in
organisation for running business successfully. Marketing, HR and finance functions has been
discussed which helps in achieving goal and objectives.
REFERENCES
business function. 2019. [Online]. Available through:<
http://www.businessdictionary.com/definition/business-function.html>
Marketing Function. 2019. [Online]. Available through: <https://www.mbaskool.com/business-
concepts/marketing-and-strategy-terms/10696-marketing-function.html>.
The Role of Accounting & Finance in Business Management. 2019. [Online]. Available
through:<https://smallbusiness.chron.com/role-accounting-finance-business-
management-65620.html>.
Human Resource Management. 2019. [Online]. Available through:
<https://www.inc.com/encyclopedia/human-resource-management.html>.
Operations Management. 2019. [Online]. Available through:
<https://www.investopedia.com/terms/o/operations-management.asp>.
Marks and Spencer: Structure and Culture. 2019. [Online]. Available through:
<https://www.ukessays.com/essays/business/the-changing-structure-and-culture-at-
marks-and-spencers-business-essay.php>.