A Comprehensive Look at the Importance of Business Functions

This essay explores the importance of various business functions within an organization, categorizing them into core and support functions. Core functions like production, sales, marketing, and research and development directly contribute to revenue generation, while support functions facilitate these core activities. The essay highlights the interdependence of these functions, emphasizing that each plays a crucial role in overall business operations. It discusses specific functions such as production, sales and marketing, research and development, human resource management, and accounting and finance, detailing their respective contributions to achieving organizational objectives, improving efficiency, and gaining a competitive advantage. The conclusion emphasizes that effective management and coordination of these functions are essential for the smooth operation and ultimate success of a business.

Importance of different
business functions

Contents
Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................2
REFERENCES................................................................................................................................4

INTRODUCTION
Business function refers to different types of business activities that are performed within
an organisation to meet its objectives. These objectives vary from business to business depended
on its nature. The activities of business are divided into various departments or functions such as
budgeting, planning, performance analysis, strategizing, etc. W ithin the report, essay on
importance of various business functions will be considered.
MAIN BODY
Business functions are categorised into two parts, namely, support functions and
core functions. Support business functions refers to those business activities that are
operated for the purpose of facilitating core functions of business (Valentine and
Fleischman, 2018). Core business functions are those activities that are performed
within the business to yield income, for example, production, sales and marketing,
research and development, etc.
Organising and managing functions of business are significant within an
organisation as these functions are interdependent and interconnected with each other.
Each business functions plays a crucial role for another functions and if any one of the
function gets missed then business operations will get interrupted.
Production function expresses the relationship between physical outputs and
physical inputs of an organisation. This function is important within an organisation
because it helps in addressing the allocative efficiency in utilizing factors of production.
It provides information regarding increasing or diminishing returns to scale that helps
in making business decisions.
Another business function is sales and marketing which helps in conducting
market research and formulates selling as well as promotional strategies. The main
motive of this business function is to generate sales volume and expand brand
awareness (AlNaaji and Qusef, 2021). Sales and marketing functions provides
assistance to organisation in gaining competitive advantage over rivalries in the market.
Research and development function is associated with creation of new and
innovative products or processes. This function is closely coordinated with sales and
marketing function as it helps organisation by providing the information related to
perceptions of customer-base. This function is significant because it gives powerful
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insights and information and results in improving the existing processes and products to
increase the efficiency of business.
Human resource management function is concerned with manpower within the
business (Geodecki and Głowacki, 2020). This function is important because it helps in
extending the effectiveness and employees' contribution to achieve targets of
organisation.
Accounting and finance is the key function of any business that is accountable to
ensure management of efficient finance and financial controls that are essential to
support activities of business (Rialti and Marzi, 2020). This function facilitates in
keeping the proper and accurate financial records of business through which better
formal decisions can be made.
CONCLUSION
From above discussion, it is interpreted that business function is a key aspect within an
organisation which helps in running the business activities in a smooth way. All these business
functions are essential part of an organisation and their ultimate motive is to attain the
objectives of organisation in an effective and efficient way. These functions ensure a
business to run it operations properly. Their interconnection results in reducing the cost
of business and helps the organisation in getting its success.
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REFERNCES
Books and Journals
AlNaaji, H. and Qusef, A., 2021, July. A Conceptual Framework for Representing Business
Functions and Their Role in the Quality of E-Banking Services. In 2021 International
Conference on Information Technology (ICIT) (pp. 627-633). IEEE.
Geodecki, T. and Głowacki, J., 2020. The importance of new technologies for business
development: Automation and robotisation in the services industry. In Outsourcing in
European Emerging Economies (pp. 38-51). Routledge.
Rialti, R. and Marzi, G., 2020. From Big Data to Performance: The Importance of
Ambidexterity, Agility and BDA Integration in Business Processes—A Theory-Based
Framework. In Ambidextrous Organizations in the Big Data Era (pp. 39-67). Palgrave
Pivot, Cham.
Valentine, S. and Fleischman, G., 2018. From schoolyard to workplace: The impact of bullying
on sales and business employees' machiavellianism, job satisfaction, and perceived
importance of an ethical issue. Human Resource Management. 57(1). pp.293-305.
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REFERENCES
Books and Journals
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