Role and Importance of Business Functions in an Organisation
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This report discusses the roles and importance of various business functions within an organisation, using Morrisons as a case study. It explores the functions of marketing, finance, operations, and human resources, and how they contribute to the overall productivity and profitability of the company.
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Table of Contents INTRODUCTION...........................................................................................................................1 Role of marketing, finance, operation, human resource within organisation............................1 Importance of different business function in organisation.........................................................2 CONCLUSION...............................................................................................................................2 REFERENCES................................................................................................................................3
INTRODUCTION Organisationisencompassesofdifferentdepartmentsuchasmarketing,finance, operation, production with different set of roles and responsibilities. Along with this, each of functional areas are interrelated with each other that help establishment to attain increased level of productivity and profitability (Abuabara and et.al.,2018). This report is based on Morrisons which is one of the largest supermarket chain in UK retail industry and it is incorporated in the year of 1899. In this study, it involves roles and importance of various business function within organisation for achieving pre determined goal in a better way. Role of marketing, finance, operation, human resource within organisation For obtaining sustainable profitability, Morrisons has various departments who put their best performance in obtaining profit maximisation with an optimal utilisation of resources which is explained below: Marketing:This business function is mainly concerned with promoting the brand or product by utilising different promotional tools like direct selling, advertisement, personal selling and so on. Due to which, Morrison company can create strong relationship with customers and can strengthen its profitability ratio (Dijkman and et.al., 2015). Finance:In this division, it empower Morrisons to acquiring the fund for firm and also to manage the money so that they can easily accomplish the business activities as well as ascertain the finance in a better way. Moreover, it assist establishment to utilise the available resource at optimum level in order to obtain profit maximisation within a competing marketplace (6 Most Important Functions of Business, 2018). Operation:Under this functional area, it is responsible for satisfying the customer demand and need by producing best quality of products and service. With the help of this, Morrisons company can maximise the profit with a proper utilisation of resources. In regard of Morrisons, it process various checkout services solely to consumers with ten commodities and also make use of RFID technology which help them to enhance throughput rate of checkout process (Managing Operation in Morrisons, 2018). Human resource:This section is related with managing and hiring skilled or talented personnel who can put their best effort for an achievement of business objective in an amended way. Thus, Morrisons's HR use several recruitment tools like job fare, campus recruitment, job
advertisement in newspaper and many more that enhance firm's productivity and proficiency ratio (Ahearne, Lam and Kraus, 2014). Henceforth, the above mentioned roles of various departments enable Morrisons to gain competitive advantage and also acquire increased level of employee satisfaction in an effective mode. Importance of different business function in organisation In order to survive within today's competitive marketplace, cooperation and collaboration of various business function inside company is necessary. This is because, it help Morrisonsto adopt innovative or novel ideas into functional areas that lead firm to place their brand in a best position. Moreover, every business unit are connected to each other that paves the way for organisation to cope with all challenges and threat in an innovative and creative style without nay hindrances (Davis, 2014). Along with this, it empowers managers to gain increased levels of satisfaction from both employee as well as customer as it motivate them to being competitive in existing industry.In addition to this, the business functionshelp Morrisons to identify the current or emerging trend of market as well as assist them to make corrective course of action in order to obtain sustainable profitability ratio in an improved way (The Importance/Significance of Organising an Organisation, 2018). For example, Morrisons company make use of all managerialandoperationalfunctionoforganisationsothattheycanexecuteplanning, organising, staffing, directing procedure effectively and also can accomplish their desired goal in an efficacious and expeditious way. CONCLUSION From the above discussed report, it has been summarised that in an organisation every functional areas contains equal roles which lead firm to attain increased level of productivity and profitability. Moreover, each and every departments are interconnected with each other that aid employee and employer to build healthy relationship which benefit firm to improve its overall performance in an amended way.
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REFERENCES Books and Journals Abuabara, L and et.al.,2018. A systemic framework based on Soft OR approaches to support teamwork strategy: an aviation manufacturer Brazilian company case.Journal of the Operational Research Society. 69(2). pp.220-234. Ahearne, M., Lam, S. K. and Kraus, F., 2014. Performance impact of middle managers' adaptive strategy implementation: The role of social capital.Strategic Management Journal. 35(1). pp.68-87. Davis,K.,2014.Differentstakeholdergroupsandtheirperceptionsofprojectsuccess. International journal of project management. 32(2). pp.189-201. Dijkman, R. M and et.al.,2015. Business models for the Internet of Things.International Journal of Information Management. 35(6). pp.672-678. Kernbach,S.,Eppler,M.J.andBresciani,S.,2015.Theuseofvisualizationinthe communicationofbusinessstrategies:Anexperimentalevaluation.International Journal of Business Communication. 52(2). pp.164-187. Yang, M and ety.al., 2017. Value uncaptured perspective for sustainable business model innovation.Journal of Cleaner Production. 140.pp.1794-1804. Yeager, D. S and et,al.,2014. Boring but important: A self-transcendent purpose for learning fosters academic self-regulation.Journal of personality and social psychology. 107(4). p.559. Online 6MostImportantFunctionsofBusiness,2018.[Online].AvailableThrough: <http://www.preservearticles.com/business/6-most-important-functions-of-business/ 30339> FunctionsofManagement,2019.[Online].AvailableThrough: <https://www.managementstudyhq.com/functions-of-management.html> ManagingOperationinMorrisons,2018.[Online].AvailableThrough: <https://www.eruptingmind.com/managing-operations-in-morrisons/> Organisation: Concept, Nature, Importance and Benefits2018.[Online]. Available Through: <http://www.yourarticlelibrary.com/organization/organisation-concept-nature- importance-and-benefits/70058> The Importance/Significance of Organising an Organisation2018.[Online]. Available Through: <http://www.yourarticlelibrary.com/organization/the-importancesignificance-of- organising-an-organisation/8656>