Importance of Business Functions in the Growth and Success of Tesco

This report discusses the importance of marketing, finance, production, and human resource functions in the growth and success of Tesco, a British Retail supermarket.

BUSINESS REPORT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................2
REFERENCES................................................................................................................................3

INTRODUCTION
Business function refers to activities that are carried by enterprise. These functions are divided
further into core and support functions. Marketing, production, finance and human resource play
and significant role in growth and success of the organisation (VALIYAN, ABDOLI, and
KARIMI, 2018). Present report will lay emphasis on Tesco. It is a British Retail super market.
MAIN BODY
Marketing refers to activities relating to creation, communication, delivery and exchange
of offerings having value to others. Marketing helps Tesco to provide values to consumers
whom business wants to satisfy & retain. It is important for establishing relations between
consumer and organisations. Marketing helps in brand recognition through participating in
social activities, sales promotion and interacting with customers through feedback (Shrivastava
and Little 2015, July). Success of the business depends on the effectiveness of marketing.
Finance in very business play a vital role, it is responsible for acquiring funds, managing
funds and planning the investment of funds. It plays the role of managing resources for meeting
the organisational objectives. It provides the basis for planning, controlling and budgeting the
operations of Tesco (Slater, 2015). Business cannot run successfully if sufficient funds are not
available for carrying out the operation of business.
Production refers to producing goods that are in demand in market. It plays the role of
turning inputs or raw materials into finished goods via various production process. Production
department is responsible for creation of finished products that will be enable Tesco to earn
revenues. For meeting the goals and objectives of Tesco production process should be carried out
appropriately meeting the needs and demands of customers (Frost and Li, 2017). Production is
the most important factor.
Human Resource is an important component in business organisation. All the activities
related to human staff of companies are taken by human resources department. They ensure that
all employees of the Tesco are satisfied with their jobs and clearing the issues faced by them.
They perform the task of keeping employees motivated so that they can increase their efficiency
for achieving the organisational objective (Gkorezis, Georgiou and Theodorou, 2018).
All these function are very important for the growth and success of the organisation. An
organisation can manage its operations if it is not able to perform any of the functions effectively
(Kyriakopoulos, Hughes and Hughes, 2016). It helps in managing all the functions of the
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organisation efficiently. Without properly performing the marketing functions company cannot
create brand awareness or generate revenues for the Tesco (Jones and Kierzkowski, 2018).
Financing provides company with the finds that are essential for running the business. It finds the
best sources that could be taken fort financing the company. For managing the operations of
business company should have enough funds (Gkorezis, Georgiou and Theodorou, 2018). For
meeting the demands and needs of consumers they should be able to produce the required
quantities of the product maintaining the quality of product. Most important task is performed by
human resource department that deals with motivating employees increasing their efficiency and
retaining them by giving them rewards and recognition (Rahimi, Møller and Hvam, 2016).
CONCLUSION
From the above research it can be concluded that business environment is influenced by various
function of marketing. Tesco for their constant growth and success should ensure that they
manage all the functions of marketing efficiently and effectively.
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REFERENCES
Books and Journals
Frost, G.R. and Li, Y.M., 2017. The role of astrocytes in amyloid production and Alzheimer's
disease. Open biology. 7(12). p.170228.
Gkorezis, P., Georgiou, L. and Theodorou, M., 2018. High-performance work practices and
nurses’ intention to leave: the mediating role of organizational cynicism and the
moderating role of human resource management-related educational background. The
International Journal of Human Resource Management. 29(3). pp.465-484.
Guest, D.E., 2017. Human resource management and employee well‐being: Towards a new
analytic framework. Human Resource Management Journal. 27(1). pp.22-38.
Jones, R.W. and Kierzkowski, H., 2018. The role of services in production and international
trade: A theoretical framework. World Scientific Book Chapters. pp.233-253.
Kyriakopoulos, K., Hughes, M. and Hughes, P., 2016. The role of marketing resources in radical
innovation activity: antecedents and payoffs. Journal of Product Innovation
Management. 33(4). pp.398-417.
Rahimi, F., Møller, C. and Hvam, L., 2016. Business process management and IT management:
The missing integration. International Journal of Information Management. 36(1).
pp.142-154.
Shrivastava, S. and Little, M., 2015, July. Designing atomic business functions with distributed
control. In 2015 IEEE 17th Conference on Business Informatics (Vol. 1, pp. 51-59). IEEE.
Slater, S.P., 2015. The Tasks of Strategic Market Management: The Role of Marketing.
In Proceedings of the 1989 Academy of Marketing Science (AMS) Annual Conference (pp.
667-667). Springer, Cham.
VALIYAN, H., ABDOLI, M.R. and KARIMI, S., 2018. Designing of model of innovative
environmental functions for the development of business functions with fuzzy approach
(Case Study: Tehran Stock Exchange pharmaceutical companies).
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