Importance of Business Functions in 21st Century

This essay discusses the importance of business functions in the 21st century for gaining competitive advantage. It highlights the significance of marketing, financial and production management, human resource management, public relations, and general management. The essay emphasizes the need for a specific strategy that is useful in the development of a business in a short span of time. The essay also mentions the importance of team development and hiring trained and skilled staff for the development of business functions.

Business functions

Table of Contents
ESSAY ............................................................................................................................................3
Importance of business functions.....................................................................................................3
REFERENCES................................................................................................................................5

ESSAY
Importance of business functions
In 21st century it is compulsory for a business organisation to formulate and develop
adequate business functions for gaining competitive advantage. The business organisation must
focus on specific strategy that is helpful in determination of precise business functions. In the era
of stiff competition between different companies it is essential for a business entity to formulate
and hire professional management that provides support to different business functions (Cagle,
2019). It is essential for a company to focus on marketing for selling products and services in a
quick and fast manner for business development. Major companies should provide effective
training to different employees for gaining efficiency and effectiveness in different operations.
A business entity must also focus on financial and marketing department in order to
develop a critical approach at the marketplace. The major aim of every business is to earn profit
at the marketplace and also satisfy employees and customers at the same moment of time. In the
era of stiff competition between different companies it is compulsory for a company to deploy
professional human resource management to manage different type of employees (Macchi,
2020). Production management is another important business function which is necessary for
providing quality products and services to the customers. The major responsibility of top level
management to perform different operations which leads to satisfaction of employees. A
business entity must also maintain public relations in a precise manner to attract large number of
customers from the marketplace.
The company must involve different trained and skilled employees to perform better
business functions. Business functions are helpful in increasing profit for the company as well as
they are also helpful in increasing growth of a particular company. The business environment of
a workplace is different so it is utmost responsibility of management to take into consideration
different objectives which are essential in business development (Păunescu, 2018). It is also
important for a business to focus on general management in order to develop a critical approach
at the marketplace. In the era of competition it is essential for a company to plan for a specific
strategy that is useful in development of a business in a short span of time. Major companies in
market generally focus on different types of procedures which are helpful in maintaining
business functions for future development. In the recent times most of the companies are hiring

trained and skilled staff for development of business functions. It is the major responsibility of
management to plan a precise strategy which is helpful in achievement of different development
related goals. Many companies at the marketplace are also involved in development of different
major policies which are suitable for handling different types of operations. It is the major
responsibility of management to develop a precise approach which is beneficial for business
development in a short span of time (Yulianto, 2021). The business organisations should also
focus on team development in order to perform different operations in a smooth manner. There
are several companies at the marketplace which focus on business functions in order to gain
competitive edge over other companies.

REFERENCES
Books and Journals
Cagle, M.N., Yılmaz, K. and Doğru, H., 2019. Digitalization of Business Functions under
Industry 4.0. Digital Business Strategies in Blockchain Ecosystems: Transformational Design
and Future of Global Business, p.105.
Macchi, M., Savino, M. and Roda, I., 2020. Analysing the support of sustainability within the
manufacturing strategy through multiple perspectives of different business functions. Journal of
Cleaner Production,258, p.120771.
Păunescu, C., Popescu, M.C. and Blid, L., 2018. Business impact analysis for business
continuity: Evidence from Romanian enterprises on critical functions.Management &
Marketing,13(3), pp.1035-1050.
Yulianto, E., Sudirman, I. and Setiawan, A., 2021. Developing a Conceptual Model of
Implementation of Business Functions Integration in the Internal Business Process
Performance.Asia Proceedings of Social Sciences,8(2), pp.73-78.