This report discusses the importance of business functions in driving business organizations to achieve their goals and objectives. It focuses on the functions of production, marketing, finance, and HR, and emphasizes the need for coordination and collaboration among these functions.
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EVALAUET THE IMPORTANCE OF BUSINESS FUNCTIONS Table of Contents
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INTRODUCTION...........................................................................................................................3 BUSINESS FUNCTIONS...............................................................................................................3 IMPORTANCE OF BUSINESS FUNCTIONS AND LINKAGES...............................................4 CONCLUSION................................................................................................................................4 REFERENCES................................................................................................................................5
INTRODUCTION Business functions plays a significant role in an appropriate functioning of business organisation. There are various functions performs towards achievement of organisational goals and objectives which includes marketing, HR and sales function, finance and production function (Cantù and et. al., 2015).Marks and Spencer (M&S) which is currently dealing in selling wide range of products including clothing, home and food products is taken for the purpose of preparing this report. Here are the functions that plays critical and important role in the growth and success of M&S BUSINESS FUNCTIONS Production function:It is the function which is responsible to produce quality products and develop services by taking support from human resource, funds and other facilities available within an organisation. Nowadays, customers prefer quality over a price thus producing quality will be the main priority of production function. In the context of M&S, production function or division is more organised which mainly emphasis on improving quality on continuous basis with an objective of retaining loyal customers for longer period of time (Business function, 2019). Marketing function:It is the function which is held responsible to create awareness about new offerings of company in market by using various promotional tools such as socialmedia, TV advertisementetc. In the context of M&S, marketingfunctions conductsmarketresearchwithanobjectiveofidentifyingcustomers’needsand requirements so as to meet them in satisfactory way(Kozina, 2014). Finance function:It is the function which is responsible to make decision regarding investment, financial and dividend decision. It ensures organisation to execute different businessactivitiesinpre-determinedwaywithoutfacinganyinterruptionsdueto shortage of funds(Chang, 2016). HR function:It is the function which is held responsible to make decision regarding developmentofexistingemployeesandrecruitingskilledcandidatestomake organisations such as M&S more capable to achieve its desired goals and objectives (Fareri and et. al., 2018).
IMPORTANCE OF BUSINESS FUNCTIONS AND LINKAGES Business functions plays a significant role in driving business organisation to achieve its pre-determined goals and objectives within limited time period. These includes finance, HR, marketing, production etc. It is essential for manager of each function to get support from each other in order to perform their allotted responsibilities in productive manner so as to ensure organisation with generation of high revenues and profits(Importance and functions of business, 2019).Foraninstance,ifmarketingandproductionfunctionperformsthroughbetter coordination, then it makes easy for M&S to identify market needs and requirements and offering them same with high quality. It makes strong market presence of M&S which ease them to attract new customers as well from different places. Contributing maximum by HR function by recruiting skilled employees assist an organisation to bring out innovation in their current offerings that will make them more capable to compete with their rivals such as Tesco, Asda etc. Thus, contribution from each functions on equal basis increases the chances of an organisation to achieve its long-term goals and objectives within pre-determined time period(Vandekerckhove and Ramioul, 2015).. CONCLUSION It can be concluded from the above report that the growth and success of business organisations are very much depends on the contribution made by different business functions which includes finance, HR, Marketing, Production etc. It makes easy for an organisation to make availability of market information and financial resources which makes them possible to execute different business operations in more effective and efficient way.
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REFERENCES Books and Journals Cantù, C. and et. al., 2015. Innovative and networked business functions: customer-driven procurement.Journal of Business & Industrial Marketing. Chang, J. F., 2016.Business process management systems: strategy and implementation. Auerbach Publications. Fareri, S. and et. al., 2018. Workers 4.0: skills, profiles and jobs in different business functions. Economy, employment and skills: European, regional and global perspectives in an age of uncertainty.p.95. Kozina,A.W.,2014.Managerialrolesandfunctionsinnegotiationprocess.Business, Management and Education.12(1). pp.94-108. Vandekerckhove, S. and Ramioul, M., 2015. Using business functions to identify new and growing jobs. InHard Work in New Jobs(pp. 35-48). Palgrave Macmillan, London. Online: Importanceandfunctionsofbusiness.2019.[Online] <https://www.kullabs.com/classes/subjects/units/lessons/notes/note-detail/2226> Businessfunction.2019.[Online]:<http://www.businessdictionary.com/definition/business- function.html>