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

This report discusses the significance of different business functions in the success of Lloyds Banking Group Plc. It covers finance, marketing, operations, and human resources functions and their interrelation.

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.

Operations: It is an essential business function which is related to
manage the daily activities of the organization efficiently. By maintaining the
operations efficiency, company ensured that their daily activities carried out
smoothly (Heggde and Shainesh, 2018). In context of the respective business
entity, their daily operations are related to provide banking and financial
products to the customers. Effective operation management helps the
company to provide appropriate services to customers. Managing
operational activities properly will lead the company towards future
enlargement.
Human resources: This function is about managing human resources
of the company efficiently. It included the activities related to recruitment,
selection, motivation, training and more. For this purpose, HR department
perform the recruitment function so that they can hire potential individuals
(Rana, 2018). In reference of Lloyds banking group, HR function is performed
by the company in order to hire efficient people. In addition to this, they also
motivate and encourage staff to work with utmost proficiency.
Link of the business functions:
Finance and Marketing: In finance function, activities related to funds
procurement, allocation and control are performed. The department
provides adequate amount of funds marketing department of the respective
bank. On other side, marketing department plays a crucial role in enhancing
the sales and revenue of the business entity. This interrelation helps in
effective management of the operation of entity.
Marketing and Human resource: Human resource department helps
marketing department in order to get potential candidates. Further, they also
arrange necessary training sessions so that productivity of employees
enhanced in future period of time. Here, marketing department play a crucial
role in promoting the vacant position so that HR department can select
efficient candidates from the applications received.

Each and every department of the organization is interrelated with each-
other in different ways. This coordination is important to attain the common
organization goals.
Conclusion
It is summarized with above-mentioned report that business functions
are the activities that are performed in order to ensure the future success.
There is discussion regarding significance of business function in current
business setting.

References
Books and journals
Fedaseyeu, V., Linck, J.S. and Wagner, H.F., 2018. Do qualifications matter? New evidence on
board functions and director compensation. Journal of Corporate Finance, 48, pp.816-
839.
Heggde, G. and Shainesh, G. eds., 2018. Social media marketing: Emerging concepts and
applications. Springer.
Julien, P.A. ed., 2018. The state of the art in small business and entrepreneurship. Routledge.
Polak and et. al., 2020. “Intelligent” finance and treasury management: what we can expect. AI &
SOCIETY, 35(3), pp.715-726.
Rana, D., 2018. The future of HR in the presence of AI: A conceptual study. The Future of HR in
the Presence of AI: A Conceptual Study (November 24, 2018).
Turcan, R.V., 2018, May. Legitimation: Uncertainty, Latent Functions and Ignorance. In the 7th
Aalborg International Business Conference.