Importance of Business Functions and Their Interrelation

This report examines how different business functions are important and demonstrates their link with each other within a business sector. It focuses on Tesco, a largest supermarket headquartered in the U.K.

Business report

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1.................................................................................................................................................3
Discuss how different business functions are important & demonstrate their link with each other
.........................................................................................................................................................3
CONCLUSION....................................................................................................................................4
REFERENCES.....................................................................................................................................5
Books & Journal:.............................................................................................................................5

INTRODUCTION
In corporate world, business is wider and broader which includes activities & functions. In
enterprise, it is essential to be focused on business functions as well as operations so that goals are
achieved in proper manner (Getachew, 2020). Main aim of this report is to examine how business
functions are linked with other. Tesco, a largest supermarket headquartered in U.K. Firms is located
globally and deals in variety of products such as groceries, consumable items etc. This report
includes different types of business functions & their interrelation with each other within a business
sector.
TASK 1
Discuss how different business functions are important & demonstrate their link with each other
Business functions are essential to be focused so that decision making & procedures are
carried out in most appropriate way. With help of business functions, it is easy to achieved
objectives within a period of time. In relevance with chosen entity, they too have several types of
business functions which are marketing function in which it focuses on examining and analysing
customer behaviour towards a product or a service. It includes market plan, channel management
etc. It is important for company to focus on their marketing department so that these functions are
carried out properly. Further one is human resource in which it includes recruitment, selection,
hiring of candidates to a vacant position. In this, main focus is towards employees roles &
responsibilities (Lavaei Adaryani, 2019). In relation with Tesco, they have assure that HR
department is able to carry out their roles & responsibilities in effective manner. Then comes
finance function in which auditing, recording of transactions, acquisition of funds efficiently etc.
Through this, it is easy for entity to maintain and manage income as well as expenditure of firm at
all aspects. They all are inter-linked with each as marketing human resource functions assist
marketing to assign roles, responsibilities, tasks to employees upon their skills or knowledge. Then
finance functions are also inter-related with marketing as they help marketing department that how
they can manage funds of company in efficient way.
Further human resource & finance functions are too inter-related with each other because it
finance department help in accessing tom utilizing of resources and same to achieve organisational
goals and same is done by human resources. So, it has been examined all are inter-related with each
through which it is easy for them to complete within a time period (Naumovski, 2018).

CONCLUSION
After analysis of above report, it is examined that in business without use of functions it is
not possible to use resources or assets in appropriate way. So, in this report it includes several types
of functions which are used in business. It has been evaluated that with use of business functions,
organisation is able to carry out their work in smooth and effective manner. Furthermore, it is
crucial to be aware about these functions so that managers & leaders both are able to fulfil their
roles in organised way. Furthermore, inter-relation between functions shows that they useful for
development & growth of business at wider scale.

REFERENCES
Books & Journal:
Getachew, 2020. The Importance of Quantitative Skill Sets Across Business Functions: An
Appraisal of Employer Expectations Versus Curriculum Emphasis in Schools of Business in
the United States.
Lavaei Adaryani, 2019. Content analysis of business cooperatives theories emphasizing network
functions.Journal of Business Management,11(1), pp.3-24.
Naumovski, 2018. Supporting Critical Business Functions by using Public Key Infrastructure
(PKI).
Schwaab, 2019. Human Resources Management “(HRM5081), part of module 1:„Foundations in
Business Functions “.