Importance of Different Business Functions and Their Roles in Business Management

This article discusses the importance of different business functions, including marketing, finance, operations/production, and human resources, and their roles in business management. It explains how these functions work together and the impact of their collaboration on the organization's success.

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Table of Contents
INTRODUCTION...........................................................................................................................1
Importance of different business functions......................................................................................1
Role of Marketing............................................................................................................................1
Role of Finance................................................................................................................................1
Role of Operations/Production........................................................................................................1
Role of Human Resources...............................................................................................................2
Explain the importance of all these functions working together well.............................................2
CONCLUSION................................................................................................................................2
References:.......................................................................................................................................3

INTRODUCTION
Business management can be defined as the combination of various functions performed
within the organization. The following discussion is based on the importance of different
business functions, role of marketing, role of finance, role of operations/production, role of
human resources and the importance of all these functions working together well with conclusion
(Wolniak, 2020).
Importance of different business functions
Business functions helps in providing the framework required to view the enterprise as
per the business activities. Business functions are important because they help in coordinating
each and every activity of the business. Business functions helps in the management of teams
and groups in order to gain productivity and increased performance (Păunescu and Argatu,
2020).
Role of Marketing
Marketing has the role of promotion the products and services of the company by
creating awareness about the brand. Its role is to create selling strategies by conducting
marketing research as per the target market. It is also responsible for the product and service
management as a whole. Moreover, its role is to manage pricing as per the competitors and
distribution system as well (Longoni, Luzzini and Guerci, 2018).
Role of Finance
Finance function has the role of proving the information of financial information in order
to support business planning and decision making. Its role is to control the physical and financial
resources with the help of budgeting and cash flow within organization. Another major roles are
investing, negotiating, treasury management and evaluation (Kraus, Kraus and Osetskyi, 2020).
Role of Operations/Production
Operation function is responsible for the production and delivery services in an effective
and efficient manner in terms of time, cost and energy. It has a role to maintain the sustainability
in the company. Moreover, it is also responsible for planning, scheduling, controlling, quality
control and inventory control (Jiang and Hu, 2019).
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Role of Human Resources
Human resource function has the role of managing the entire life cycle of the employee
which includes the recruiting, hiring, on boarding, training, eliminating and administering the
employee benefits. Moreover, workplace safety, employee relations, compensation planning,
labour law compliance and payroll and HR systems are all the functions under human resources
management (Nalimova, 2020).
Explain the importance of all these functions working together well
It is necessary that all these functions must work together in a collaborative manner. This
is because they are all interdependent on each other. If one function will not perform good than
other functions will get affected in a negative manner. Therefore, it is important to function in a
combine manner (Vdovenko, Baidala, Burlaka and Diuk, 2018).
CONCLUSION
It is concluded that business management is an important concept to learn and study so
that its applications can be applied in the real world organizations. Hence, it is important to
analyse the importance of different business functions. It is necessary to determine the role of
marketing, finance, operations and human resources. It is essential to examine the importance of
all these functions working together well. Therefore, this essay covers all such areas in order to
better understand the conception of business management.
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References:
Books and Journals
Jiang, Y. and Hu, Z., 2019. Discussion on Business Administration Functions, Management
Principles and Methods.
Kraus, K., Kraus, N. and Osetskyi, V., 2020. New quality of financial institutions and business
management. Baltic Journal of Economic Studies, 6(1), pp.59-66.
Longoni, A., Luzzini, D. and Guerci, M., 2018. Deploying environmental management across
functions: the relationship between green human resource management and green supply
chain management. Journal of Business Ethics, 151(4), pp.1081-1095.
Nalimova, A.V., 2020, August. Organization of construction based on the main management
functions. In IOP Conference Series: Materials Science and Engineering (Vol. 913, No. 4,
p. 042027). IOP Publishing.
Păunescu, C. and Argatu, R., 2020. Critical functions in ensuring effective business continuity
management. Evidence from Romanian companies. Journal of Business Economics and
Management, 21(2), pp.497-520.
Vdovenko, N., Baidala, V., Burlaka, N. and Diuk, A., 2018. Management mechanism of agrarian
economic system: composition, functions and factors of development in Ukraine. Problems
and Perspectives in Management, 16(2), pp.179-189.
Wolniak, R., 2020. Main functions of operation management. Production Engineering
Archives, 26.
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