Importance of Business Functions in Wilko Retail Ltd.

This report highlights the significance of various business functions in the success of Wilko Retail Ltd., a British high-street chain. It discusses the roles of departments such as HRM, marketing, finance, and operations in achieving corporate goals and customer satisfaction. The report emphasizes the interrelation between these functions and their collaborative efforts to create value for the business.

Graduate Challenge

Table of Contents
INTRODUCTION...........................................................................................................................1
Main Body.......................................................................................................................................1
Conclusion.......................................................................................................................................2
REFERENCES................................................................................................................................3
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INTRODUCTION
To create the most value of business for a customer, it is essential to understand the
importance of each function first. It includes marketing, finance, human resource, operations and
more, where every function performs crucial role in running a business successfully (Bolton,
2019). The present project is going to demonstrate the importance of these business functions, in
context with Wilko Retail Ltd. This British high-street chain offers a wide variety of households
and home-ware goods, including stationery products.
Main Body
Wilko Retail Ltd. has been incorporated in 1930 by Tony Wikinson and Lisa Wikinson,
till then today, it is considered as one of the longest run company. Behind its success, major role
has been performed by its functions, like HRM, marketing and more (Bilińska-Reformat and et.
al., 2019). All of these departments works collaboratively, with purpose to achieve corporate
goals and create profit for satisfying the interest of shareholders. In this regard, sales and
marketing divisions of Wilko Retail Ltd., are mainly responsible for creating value of business
for its customers and measure ROI systematically, to keep improvement in business. For this
purpose, marketing team mainly focuses on identifying demand of customers, their preferences
and intensity of competition. This would help other departments of mentioned firm in performing
their part of role, for achievement of customer satisfaction (Quix, 2019). Similarly, finance
department of present retail firm seeks mostly to manage and maintain funds in organisation, so
that other departments can perform well. It helps in identifying resources from where demand of
capital in business can be managed. Along with this, managers also take financial decisions
regarding with investment in technology and other aspects of business, for further expansion. It
would give benefits to run organisation sustainably for longer period (Bolton, 2019).
Furthermore, other departments like human resource management also considered as one
of the important ones, whose main role is to perform workforce planning and increase
organisational performance, to maintain competitive position of business (Quix, 2019). This
division emphasis more on hiring workforce and make them capable to perform as per
organisation, so that higher satisfaction of customers can be achieved. Similarly, operations and
production department also help Wilko Retail Ltd. in managing its entire resources and
developing plans to run sustainable business in future, for maintenance of competitive position.
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However, every department performs distinct role but all are somehow interrelated with each
other (Bilińska-Reformat and et. al., 2019). For example – marketing department helps financial
division in identifying sources of funds; while HRM provide workforce to each section for
performing their functions.
Conclusion
It has been concluded from this report that behind success of every firm, every
department performs equal and important role. All departments like HRM, finance, marketing
and more, work collaboratively and share information with each other to achieve business
objectives, in desired way. They also help in giving their commitment to run business sustainable
for longer period of time, through meeting and extending the customer satisfaction.
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REFERENCES
Books and Journals
Bilińska-Reformat, K. and et. al., 2019. Sustainable development concept and creation of
innovative business models by retail chains. International Journal of Retail &
Distribution Management.
Bolton, R. N., 2019. Responsible Research in Retailing: Is Your Research Really
Useful?. Journal of Retailing. 95(3). p.3.
Quix, F., 2019. Retail marketing. Routledge.
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