MG408: Business Report on Key Business Functions and Their Roles

This business report, created for the MG408 Graduate Challenge module, examines the crucial roles of various business functions within an organization. The report delves into the marketing function, detailing its responsibilities in market research, customer analysis, and strategy development. It also explores the human resources department's role in employee management, compensation, and training, using Sainsbury's as an example. Furthermore, the report covers the operations and production department, highlighting the application of management concepts in creating goods and services, as well as the finance department, emphasizing its importance in resource allocation and financial planning, with Merrill Lynch as a case study. The report concludes by emphasizing the interconnectedness of these functions and their collective contribution to achieving organizational objectives, supported by academic references and demonstrating evidence-based writing and Harvard referencing as required by the assignment brief.

BUSINESS REPORT
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Table of Contents
Introduction......................................................................................................................................2
MAIN BODY...................................................................................................................................2
Role of marketing function:....................................................................................................2
Role of human resources function:.........................................................................................3
Operations and production department:.................................................................................3
Role of Finance department:..................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCE...................................................................................................................................6
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Introduction
Every organization comprises of different functional units that together help in increasing
the effectiveness of all the efforts and contribution that is made by individual towards
achievement of such laid down organization objective (Pushkar, . and Pandey, 2019). There is
division of departments according to some specific functions which they have to perform such as
based on marketing functions human resource functions of Finance function. Present report is
discussing about the importance of the functional units for a organization and how they help in
smooth functioning of all the operation area.
MAIN BODY
Role and Importance of marketing function:
Marketing function consist of different rows such as consisting of buying activities selling
transportation storing collecting of market information are some of the major functions that are
performed by Marketing department of every organization (Liddelow, . and Barres, 2017). Such
as in case of Tesco it is a large organization the marketing department of Tesco help in
researching of the target market & collecting information of the Expectations of customers and
then for the strategies are formed according to such requirements of customers so that this
organization can get a competitive advantage.
Role and Importance of human resources function:
Human Resource Department of every organization is dealing with the staff of the
organization and they have to perform certain necessity functions such as hiring of employees
planning their compensation, benefits, making policies regarding training to search employees. It
is functions together help in managing the overall working culture and human resource of the
organization. Such as Sainsbury’s is also one of the top retail organizations in UK (Kraan, 2017).
Human Resource Department of Sainsbury’s is having high consideration to perform all
the functions associated in such a way that it can be towards contribution and increase in
productivity of all the human resources and stakeholder that are internally or externally
associated with the organization (Zoni,. and Pippo, 2017).
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Role and Importance Operations and production department:
The production and operation functions of every organization is dealing with how
management concepts can be applied for effectively carrying on creation of goods and services
and providing them according to certain specified standards to the final customers (Cummins,
Peltier, Jand Dixon, 2016). The production function is actually one of the four functions in
manufacturing organizations as all their activities are dependent on the different decisions and
aspects related to production of the large variety of goods and services which they are offering.
Role and importance of Finance department:
Financial resources are one of the most important resources without which no organization
can carry on their function. Finance function is providing all the necessity required for efficient
functioning of the operations. Finance function is basically classified into three type’s long term
finances medium term and short term (Combes, Duranton and Gobillon, 2017). Major objectives
of Finance function is to plan the investment decisions dividend decisions liquid to decisions and
helps in purchasing of assets. In organization such as Merrill Lynch that is a investment
organization the finance function place a very important role in such type of organization as all
the soul functions are dependent on availability of finance.
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CONCLUSION
Above report discusses about the role of some of the major functional areas of every
business organization. It can be said that all the function areas are support system that help in
carrying on the nature functions in such a manner that there can be optimum utilization of all the
available resources and maximum contribution made by the stakeholders after objectives that
have been laid down and are related with the mission and vision of whole organization.
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REFERENCE
Books and Journals
Combes, P.P., Duranton, G. and Gobillon, L., 2017. The production function for housing:
Evidence from France.
Cummins, S., Peltier, J. W. and Dixon, A., 2016. Omni-channel research framework in the
context of personal selling and sales management. Journal of Research in Interactive
Marketing.
Kraan, D.J., 2017. Enhancing the finance function in line ministries. OECD Journal on
Budgeting, 16(2), pp.75-92.
Liddelow, S.A. and Barres, B.A., 2017. Reactive astrocytes: production, function, and
therapeutic potential. Immunity, 46(6), pp.957-967.
Pushkar, B.K. and Pandey, S., 2019. Role of Promotional Strategies in Rural Market.
Zoni, L. and Pippo, F., 2017. CFO and finance function: what matters in value creation. Journal
of Accounting & Organizational Change.
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