Importance of Business Functions in the Success of Lloyds Banking Group Plc

MG408 The Graduate
Challenge

Table of Contents
Introduction.................................................................................................................................................3
Main Body...................................................................................................................................................3
Conclusion...................................................................................................................................................5
References...................................................................................................................................................6

Introduction
Business is about performing different functions together in order to ensure that the
business will flourish in the future period of time. Here, business function plays a significant role
in attaining success and growth. The present study is based on Lloyds Banking Group Plc.
It is a well-known financial service provider of UK. The report will cover how different
functions play a crucial role in success of a business entity.
Main Body
In current time, it is important to perform several business related
functions with utmost efficiency so that the business become successful. For
this purpose, it is important to maintain an effective correlation among
different business related activities (Turcan, 2018). Here, different business
functions performed by Lloyds Banking group are mentioned below:
Finance: This function is related to procuring the funds from different
sources such as banks, venture capital, equity and more (Polak and et. al., 2020).
Finance department of the respective company ensured that all other
departments have adequate amount of money so that they can perform the
activities efficiently. Efficient financial management ensures that the
organization has sufficient funds in order to maintain consistency in
business.
Marketing: Marketing aims to promote the products or services at
wide level so that entity can easily attract huge number of audiences
(Fedaseyeu, Linck and Wagner, 2018). In context of Loylds Banking group,
marketing will help the company in improving the brand value. With this,
they can easily promote the banking products that will lead the entity
towards future enhancement. In addition to this, marketing will also improve
the existing reputation of the entity.