Importance of Different Business Functions and Skills for Undergraduate Students

This report discusses the importance of different functional units in an organization, such as marketing, finance, human resources, and operations. It also explores the interrelation of these functions and their role in achieving organizational objectives. Additionally, the report highlights the skills required to be a successful undergraduate student, including time management, stress management, effective communication, problem-solving attitude, research skills, and socializing skills.

Business Report

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
Importance of different business functions..................................................................................3
Interrelation of different business functions................................................................................4
LO3..................................................................................................................................................4
Skills required to be a successful undergraduate student.............................................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Business is an important part of human activity which helps in economic development of
the nations. Running a business requires carrying out multiple activities with respect to different
domains. The functions are never ending in order to achieve organizational objectives. In this
report, ASDA is taken an organization, which is the leading British supermarket retailer. It
provides clothing, food, home care products, electronics and financial services. It was founded
1949 and headquartered in Leeds, UK. This report present about the importance of different
functional units of an organization and skills required to be a successful undergraduate student.
LO1
Importance of different business functions
There are various departments in an organization based on the required. The core
departments are stated below.
Marketing
The marketing department plays a crucial role in achieving the goals (Nathan, 2018). It
carries out different functions such as conducting the market research and analysis, identifying
the customers needs and preferences, coming up with new and innovation product ideas, carrying
out the promotion and branding activities (Role of Marketing. 2020). In ASDA, the marketing
department works continuously to meet the changing demand of the market and achieve its
objectives.
Finance
The finance department assist the other departments or organization as a whole in
executing the activities (The Role of the Finance Function in Organizational Processes. 2020).
The main role of finance department is to make plans along with the cost associated with it,
budgeting, investment analysis, identifying the sources of funds for the project etc. The finance
team of ASDA is highly professional and expert which assist business in taking cost advantage
by reducing cost.
Human resource
The HR departments main function is to recruit and train the required personnel in the
organization to meet the organizational objectives(Armstrong and Taylor, 2020). It is also
responsible for maintaining a healthy relationship in the organization among the employees,
enforcing employment laws and motivating employees (Harris, 2016). The HR team of ASDA is

working effectively in employing the efficient employees who are dedicated and motivated
towards work.
Operation
This department is responsible for managing the operation process of the organization
from product creation to final delivery of the product to the consumers (The Role of Operations
in Organizational Effectiveness. 2020). It also controls the inventory and other resources to
ensure optimum utilization of resources. ASDA's operation department is very structured and
efficiently handled as employees work carefully.
Interrelation of different business functions
All the business functions are interrelated and connected to each other and in order to
achieve the required goals it is essential for all of them to work together. The marketing team
after proper market research provides the report to finance team to analyse the cost and then an
information is sent to the operation department to start the production activity as per the
requirement.
LO3
Skills required to be a successful undergraduate student
Skills that are essential for success are stated below (Farrington, 2019).
 Time management
 Stress management
 Effective communication
 Problem solving attitude
 Research skills
 Socializing skills
CONCLUSION
It can be concluded that different organizational functions have a specific role to play
which is essential for success. All these function are required to work together in harmony for
the smooth functioning of an organization.

REFERENCES
Books and journals
Armstrong, M. and Taylor, S., 2020. Armstrong's handbook of human resource management
practice. Kogan Page Publishers.
Harris, R., 2016. New organisations and new workplaces. Journal of Corporate Real Estate.
Online
Farrington, R., 2019. 5 SKILLS EVERY COLLEGE STUDENT MUST DEVELOP TO BE
SUCCESSFUL. [Online]. Available through: <https://thecollegeinvestor.com/20345/5-
skills-every-college-student-must-develop-to-be-successful/>.
Nathan, 2018. FUNCTIONAL AREAS OF BUSINESS: BUSINESS DEPARTMENTS
EXPLAINED. [Online]. Available through:
<http://www.biznas.co.uk/business/functional-areas-of-business-explained/>.
Role of Marketing. 2020. [Online]. Available through: <https://www.studiowide.co.uk/role-of-
marketing/>.
The Role of Operations in Organizational Effectiveness. 2020. [Online]. Available through:
<https://smallbusiness.chron.com/role-operations-organizational-effectiveness-
73178.html>.
The Role of the Finance Function in Organizational Processes. 2020. [Online]. Available
through: <https://www.managementstudyguide.com/role-of-finance-function-in-
organizational-processes.htm>.