Importance of Different Business Functions and Their Role in Enhancing Productivity

This report discusses the importance of different functions of business such as finance, marketing, operations, production, and human resources and their role in enhancing productivity. It also explains the significance of all functions working together. The report concludes that businesses are crucial for the survival of an economy and contribute to its financial abundance.

MG408 The Graduate
Challenge

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Importance of different business functions and also about the role of finance, marketing,
operations, production and human resources..............................................................................3
Explain the importance of all the functions working together ...................................................4
CONCLUSION ...............................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Business can be defined as the organisation or an enterprising entity which carries out the
professional activities and they can be industrial, commercial or others. Within the economy,
businesses are important because it act as the source of employment and it also strengthens the
economy through providing the locally produced goods and services(Matschke and Brösel.,
2021). The present report will cover discussion about the importance of different functions of
business and also about the role of marketing, finance, human resources, production and
operations. In addition to this, the report will cover analysis about the importance of all the
functions working together.
MAIN BODY
Importance of different business functions and also about the role of finance, marketing,
operations, production and human resources
There are different functions of business which are very important at the organisational
level and these functions contribute into context of enhancing the productivity level. These
functions of business are defined into the following manner:
Role of different functions of business
 Finance: It is important because it basically contribute in terms of financial planning,
investing and financing. It is about making money available when it is required within the
business.
 Marketing: This function is important within the business because it contribute in terms
of managing the brand, conducting campaign management, creating content which
provides search engine optimisation for the website(Păunescu and Argatu., 2020). It is
mainly about creating awareness regarding products and services.
 Operations: It is important because it is mainly about the work of managing the inner
working of the business so it runs into efficient manner which is as much as possible.
 Production: This function of business is important because it directly affects the
customer experience and also the future of organisation itself.
 Human resources: HR role is important because they contribute in terms of talent
management, employee benefits and compensation, training and development,
compliance and work place safety as well.

Explain the importance of all the functions working together
When all the functions of business work together then it increases the productivity level
and efficiency as well(Valiyan and et.al., 2018). As different functions are responsible for
different responsibilities so when they work together then it is easier to make coordination and
work into result oriented terms. When they work together then communication level get
enhanced due to which the level of working get increased due to which results can be achieved
into shorter period of time.
CONCLUSION
The above stated report concludes that business is very important for the survival of an
economy. Without business it becomes very challenging to enhance the financial level of an
economy. It has been concluded that there are different functions of business and every function
has their own role at the organisational level. When all the functions of a business work together
then it enhances their level into positive terms with the right kind of approach. So in the overall
manner, businesses are very important in order to create financial abundance within the
economy.

REFERENCES
Books and Journals
Matschke, M. J. and Brösel, G., 2021. Business valuation: Functions, methods, principles. UTB.
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.
Valiyan and et.al., 2018. Designing of model of innovative environmental functions for the
development of business functions with fuzzy approach (Case Study: Tehran Stock
Exchange pharmaceutical companies). Management Accounting, 11(37), pp.59-75.