This assignment explains different types of business functions and their role in an organization, and justifies the importance of all these functions working together.
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BUSINESS FUNCTIONS
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Table of Contents INTRODUCTION...........................................................................................................................2 TASK...............................................................................................................................................2 Varied business functions and its significance in context of working together..........................2 CONCLUSION................................................................................................................................3 REFERENCES................................................................................................................................4
INTRODUCTION Business functions are actions and key activities carried out by a company; they can de distinguish into core functions and support activities. The current essay will explain different types of business functions and their role in an organization. Furthermore, this assignment will justify importance of all these functions working together. TASK Varied business functions and its significance in context of working together Marketing function- It is the main function of TESCO that helps to play vital role in success and growth of its business (Kirova, 2017). With the help of this activity company can effectively promote business and their mission in systematic manner. Marketing function helps to reach out to target consumers, prospects, and community, while developing an overarching image that shows business in a positive light. Furthermore, it aid to establish strong relation between target consumers and company, which is important. Finance function- In context of TESCO, this function work effectively and aid to increase profitability level even better. It includes utilization and acquiring of funds important for efficient business operations. Finance manager by indentifying needs and allocating funds can increase operational efficiencies of company rather than before and also contribute to manage funds allocation activities in effective manner. It has to allow decision across company and provide several benefits. They are highly accountable for allocating money to marketing and other business departments (Keating and Ghani, 2017). Production function- Along with all above business functions, it also plays crucial role in long term success of TESCO. Production is functional area accountable for converting inputs into completed output through a range of production procedures. They work more closely with marketing, finance and
almost every department of company to make and serve the best within target market segment, which in return increase overall efficiency of firm. By making assure that raw materials are offered to consumer’s production manage increase satisfaction degree of people, which is important for business. Human resource function- HR function of TESCO by working with finance and marketing achieve business objectives which is essential for company. Furthermore, it plays vital role in firm as it help to strengthen workforce and their abilities which allow people to grab competitive benefits. HR activities fall under five different core functions; recruiting, compensation, development, labour relations and other. Importance of all above function working together- As discussed above, human resource, operation, marketing and finance are working together at workplace within TESCO, in order to enhance productivity and performance level of business rather than before. When all these functions perform together, they can contribute to grab competitive advantages for organization. In recent time, due to intense competition level company face a lot of challenges and feel high pressure to sustain for longer. So, in that case it is really very important for above functions to work together and drive firm towards sustainability. CONCLUSION From aboveanalysis,ithasbeenconcludedthatby workingtogethermarketing, operations or production, human resources and finance department achieving set aims of business in effective manner.
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REFERENCES Book and Journals Keating,E.andGhani,N.M.,2017.FinanceDepartmentRestructuringattheField Museum.Kellogg School of Management Cases. Kirova, V., 2017. Exploring the role of strategic marketing department.Journal of Marketing Development and Competitiveness.11(2).