Importance of Business Functions and Academic Skills

The assignment discusses the significance of different business functions in an organization like M&S, which is known for its clothing and luxury home products. It explains how these functions, including marketing, finance, human resource, and operation, work together to achieve long-term objectives. Additionally, it emphasizes the importance of academic skills such as problem-solving attitude, communication skill, and updated knowledge for a successful undergraduate student.

INTRODUCTION
Business function refer to the routine function carried out in an organisation to achieve
its long term objective. Herein, M&S which is known for its clothing and luxury home products
both primary as well as secondary business function plays valuable role. Topics to be covered
under business report are importance of different business function. Along with that academic
skill and technique necessary to be successful undergraduate student.
LO1: Importance and interrelation between different function
M&S believes in adopting new strategy and innovation to cater new trend, taste and
preference of its customer. To make it happen other business functions like human resource,
marketing, finance and operation plays a significant role.
Marketing along with finance plays an important role in making business plan related to
goods or services. M&S makes whole financial budget in advance after anticipating the market
and then allocate the funds on different resources like promotion campaign . Moreover, financial
segment provides the data related to expenses and revenue business is generating. Accordingly,
business can perform its existing as well as future actions.
Primary role of human resource include recruitment and selection of personnel. Thus
recruitment and retrenchment takes place on the basis of market demand, reach or coverage.
Suppose if M&S decides to diversify in new country after analysing all external condition. Then
to open its outlets or for further connecting with third party they need to conduct whole hiring
process as well as training which is a part of Human resources. Thus above illustration specify
the interrelation between human resource and marketing.
Marketing and production both perform function for each other. Like production
determine number of goods marketed and market demand determine operation activity.
Therefore, in M&S production is done on the basis of market demand and competition. When
demand increase M&S tries to spread its reach by engaging in production activities to bring
profitability. On contrary, when the demand decreases due to external factor like competition
then M&S too changes its scheme bring new offers or discount to regain its lost share.

LO3: Academic skills and technique necessary to be successful undergraduate student
Successful undergraduate student needs to have various skills or trait. Among them one
of the most important skills is learning habit. Student need to have learning and retaining
ability that comes from continuous practice of reading. Hence, this learning or reading habit will
prepare student for making sound business decision in future. Therefore, M&S look for updated
knowledge in their employees.
Communication skill in student life is very necessary, interaction brings clarity in
thought. Moreover, communicative sessions makes student an asset for company as their inbuilt
good communicative skill helps in maintaining the decorum in team as well as within whole
organisation.
Critical thinking ability helps not only student to be successful in future but also
company of which they are part of. M&S especially look for employee who have problem
solving attitude, so that they need less supervision and handle all things effectively.
CONCLUSION
From the above essay it has been concluded that trait of student like problem solving
attitude, communication skill and updated knowledge can directly benefit the profitability of
M&S. Furthermore, to achieve long term profitability both primary and secondary functions are
valuable. Primary function basically include production of quality goods, whereas secondary
function includes the interrelation of other business function in order to attain objective of
company.

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Zikmund, et. al. 2013. Business research methods. Cengage Learning.