Importance of Business Functions in Achieving Business Objectives

This essay outlines the importance of various types of functions in achieving business objectives and demonstrates core academic skills. It discusses the marketing, finance, production, and human resource functions and their interrelationships.

Graduate Challenge/Business Report

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................4

INTRODUCTION
The term business functions refers to the activities that are performed by the organization.
These activities are categorized into support functions and core functions. Core functions means
the activities that help to generate income. The development of products or services are intended
for third party or for the market (Polzin, von Flotow and Klerkx, 2016). The Essay will outline
the importance of various types of functions to demonstrate core academic skills.
MAIN BODY
The importance of various types of functions of the business and also the importance of
all the functions working together is described below -
Marketing function-
It is the process of offering products or services to the ultimate customers with the aim to
satisfy the desires and needs of producers as well as clients. It plays an important role in
developing a process through which consumers and producers are brought together in the
relationship of exchange and transfer of ownership takes place.
Finance function-
The function of finance is responsible for various types of decisions and their
implementation such as financial decisions, investment decisions and dividend decisions etc. The
finance function helps business to maintain the relationship with financial markets and also take
care of other issues like risk management, share buybacks and sources of raising capital etc
(Martensen and Mouritsen, 2017).
Production function-
Production department plays an important role in developing goods or services for
satisfying the needs of customers. The manager of production department is responsible for
performing various responsibilities such as to fulfil the quantity requirements, to ensure the
production of goods and services in particular quantity etc.
Human resource function-
The function of human resource deals with the human resource of the company. It is
related with improving the effectiveness of performance of employee's in the business. The

major aim of human resource function is to maintain effective workforce, motivating employee's
to perform better etc (Brannen, Piekkari and Tietze, 2017).
All the functions are interrelated with each other. The human resource department helps
marketing department in recruiting skilled workforce. Further, finance department provides
budget for performing different business functions etc. Marketing department provides
information to production department to produce specific number of units for the customers.
Further, adequate finance is required to perform different marketing activities such as promotion,
advertising etc. The interrelationship between all business functions helps to achieve the aim and
objectives of the business. Marketing department supports purchase department to buy raw
material according to the demands of customers.
CONCLUSION
From the above Report it has been concluded that, business functions such as human
resource function, marketing, finance, production function etc. all plays an important role in
achieving the aim and objectives of the business. Marketing plays an important role in offering
products to the clients, using tools and techniques to promote the products. Further, the Report
has explained that departmental managers have separate duties and responsibilities in respect of
effective functioning of their department.
REFERENCES
Books and Journals -
Brannen, M.Y., Piekkari, R. and Tietze, S., 2017. The multifaceted role of language in
international business: Unpacking the forms, functions and features of a critical challenge to
MNC theory and performance. In Language in international business (pp. 139-162). Palgrave
Macmillan, Cham.
Martensen, A. and Mouritsen, J., 2017. Prioritising marketing activities in different types of
marketing functions. Total Quality Management & Business Excellence. 28(11-12). pp.1264-
1284.
Polzin, F., von Flotow, P. and Klerkx, L., 2016. Addressing barriers to eco-innovation: Exploring
the finance mobilisation functions of institutional innovation intermediaries. Technological
Forecasting and Social Change. 103. pp.34-46.