Importance of different business functions

This document discusses the importance of different business functions, including marketing, finance, production/operation, and human resource. It explains how these functions work together to achieve common goals and objectives of companies. The document also highlights the role of each function and their significance in improving the performance and efficiency of businesses.

GRADUATE CHALLENGE

Table of Contents
MAIN BODY...................................................................................................................................3
Importance of different business functions..................................................................................3
REFERENCES................................................................................................................................5

MAIN BODY
Importance of different business functions
Human resource, production or operation, marketing and finance are the different
business functions that work together in order to achieve common goal and objective of
companies.
The role of all business function-
Marketing-
It is the set of actions related to delivering, developing and exchanging offerings that
have value for consumers (Jansen, 2017). The role of marketing in companies is to create value
for people and build strong consumers relationships. The marketing team create valuable ads and
make plan to promote services and products of businesses. Skilled and effective team members
within this function work to build relationship between target customers and companies offering
to market. Marketing function of businesses tasked with branding of firms, participation in
publicity activities, consumer interaction and advertising through different marketing tools that is
quite beneficial (Jain and Yadav, 2017).
Finance-
It is the main function of business, finance is accountable for acquiring funds for firms,
the role of this function is to create plan for expenditure of funds on different assets effectively.
The main role of finance department is to allocate fixed budget to all departments in companies
(Collewaert and Manigart, 2016). Finance department is very essential in firms, it covers broad
range of activities from basic funds allotments to book keeping as well as giving financial
information important to organizations survival.
Production/Operation-
It is the functional areas of organizations, production role is to turn inputs or raw
materials into finished products through range of production procedures effectively within
allotted budgets by finance department. In simple words, production section is set of functions
within companies that is accountable for manufacturing of products (Szafranek, Michalski and
Wiechetek, 2016).
Human resource-
HR plays vital role in business, they are accountable for selecting, placing, recruiting and
interviewing the best applicants. Their role is to hire skilled workers for all the departments in

business in order to work effectively and increase productivity. Human resource department
communicate and develop effective relationship with every section in firms which is essential for
them as help to acquire information about workers needs or requirement at workplace.
Importance of all functions work together-
In context of business, all above functions of companies work together which is quite
beneficial for them. When marketing function work with HR and production function, they can
be able to gain the attention of consumers towards firms (Nadiv, Raz and Kuna, 2017). Human
resource department hire talented candidates for marketing and finance department, according to
requirement that help to complete day to day work effectively. Finance function of organizations
allotted fixed budget which is essential for business. In simple words, with the help of working
together all these functions increase productivity, efficiency of business operations and improve
the performance of firms much better than before. Connection and interrelation between all these
function is significant for companies, as it makes them stronger and highly applicable for gaining
competitive benefits. When all the functions or departments work together they can increase the
productivity and operational effectiveness rather than before. The success for businesses were
only depend when their functions work together and communicate with each other effectively.

REFERENCES
Book and Journals
Alon, I and et.al., 2016. Global marketing: contemporary theory, practice, and cases. Routledge.
Collewaert, V. and Manigart, S., 2016. Valuation of Angel‐Backed companies: The role of
investor human capital. Journal of Small Business Management. 54(1). pp.356-372.
Jain, E. and Yadav, A., 2017. Marketing and Technology: Role of Technology in Modern
Marketing. IOSR Journal of Business and Management. 19(5). pp.49-53.
Jansen, W., 2017. New business models for the knowledge economy. Routledge.
Nadiv, R., Raz, A. and Kuna, S., 2017. What a difference a role makes: Occupational and
organizational characteristics related to the HR strategic role among human resource
managers. Employee Relations. 39(7). pp.1131-1147.
Szafranek, M., Michalski, R. and Wiechetek, L., 2016. Information Systems for Supporting
Production Processes in a Company Manufacturing Roof Metal Sheets-A Case Study.
In Managing Innovation and Diversity in Knowledge Society Through Turbulent Time:
Proceedings of the MakeLearn and TIIM Joint International Conference 2016(pp.
1023-1031). ToKnowPress.