This report discusses the role of finance, production, marketing, and human resource functions within Tesco, a British multinational retail organization. It highlights the importance of these functions in achieving organizational success and growth.
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Business Report 1
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INTRODUCTION There are different types of functions or department those who perform their operations within an organisation. All these functions are essential for organisational successful growth and profitability (Laisasikorn and Rompho, 2019). Present report includes the role of finance, production, marketing and human resource within Tesco. Company operate their functioning as British multinational groceries and general Merchandise retailing organization. In addition to this importance of different function is also being covered in this report. Marketing Marketing function is one of the most essential activities that formulate relationship among consumers and organisation by offering products and services to them (Kumar and Mishra, 2019). This function is responsible for branding organisation the marketplace through advertising and interacting with customers. This function is responsible for the subsequent growth of entity. In marketing function, activities such as research, communication, planning, product development, promotion selling and more are conducted with an aim to increase overall sales ratio of organisation.For example,the company used adverstiment on social media for aking people aware baout its new product and encourage them for purchasing that helps to increase sales. It includes sales promotion in Tesco through clubcards, free gifts, point of sale materials etc. Finance Finance is termed as a life blood of any business entity. This function is related to acquiring and utilising funds for efficient operations within an organisation in order to make sure that all the operations within company run smoothly (de Waal and et. al., 2019). This function maintain proper budget of organisation as to control cost, increase profitability and enlarge market share holding of entity.For instance, the given company can use sources of funds like 3
bank loans to execute their new project by managing funds in different departments through making budgets to complete desired goals successfully. Operations/Production This department is responsible to manage the process and development of products and services. In this function activities such as planning, organising, coordinating and controlling are being duly undertaken (Kishore, Pretorius and Chattopadhyay, 2019). In orderto manage resources of company in a best effective manner as to generate value for company.For example, it includes to make production strategy to improve features of products in order to fulfil changed needs and wants of clients for retaining them with brand to enhance profitability of business. Human Resources Human resource function is one of the most important functions within an organisation as in this recruitment and selection of potential and skilled candidate is being done with the activitieslikestaffing,training,managingetc(Alsaadat,2019).Thisfunctionincludes recruitmentof efficientcandidatesfor organisation as to increase overallproductivity of company in a significant manner.For instance, a manager hire a candidate with experience of working in marketing for 2 years in marketing department to fulfil roles & responsibilities. All these functions have significant role within Tesco along with this they perform their operations with the motive to increase company long term sustainability and growth within Marketplace. Importance Major importance of different business function is that, activities that are being performed in these function lead organisation to achieve success and growth in a significant manner (Sheng and et .al., 2019). All these functions perform their roles towards a common motive which is to create value for entity. Within Tesco functions like finance, marketing, human resource and productions are being involved those who significantly operate their functioning to increase profitability of company. It has been identified that by performing their roles together company can not only able to decrease unnecessary cost but can also able to accomplish targets in more effective manner and can serve their customers with best. 4
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CONCLUSION As per the above mentioned report it has been concluded that within an organisation there are different functions that are being performed in order to accomplish business goals and objectives. It is essential for all these functions to work together in order to fulfil main motive of an organisation which is to ensure successful growth within marketplace and gain large profitability. 5
REFERENCES Books and Journals Kumar, P. and Mishra, J.M., 2019. Destination marketing & management organisation in India: Conceptual evolution & present status.Asian Journal of Multidimensional Research (AJMR),8(11), pp.11-22. de Waal, A and et. al., 2019. Identifying the characteristics of a high-performance finance function.Journal of Advances in Management Research. Kishore, N., Pretorius, J.H.C. and Chattopadhyay, G., 2019, December. The Roles of Functional Managers and Project Managers in a Matrix Organization. In2019 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM)(pp. 784- 788). IEEE. Alsaadat, K., 2019. Strategic human resource management technology effect and implication for distancetrainingandlearning.InternationalJournalofElectricalandComputer Engineering,9(1), p.314. Sheng, X. And et .al., 2019. The curvilinear relationship between daily time pressure and work engagement: The role of psychological capital and sleep.International Journal of Stress Management,26(1), p.25. Laisasikorn, K. and Rompho, N., 2019. A study of the relationship between a successful enterprise risk management system, a performance measurement system and the financial performance of Thai listed companies.American Journal of Business,10(2). 6