Importance of Different Business Functions - MG408 The Graduate Challenge

This article discusses the importance of different business functions like marketing, finance, operation and production, and human resources in the context of MG408 The Graduate Challenge. It explains how these functions are interlinked and how their efficient management can lead to the growth of an organization. The article also highlights the case studies of Tesco, Amazon, Sainsbury, and Marks and Spencer to support the arguments.

MG408 THE GRADUATE
CHALLENGE

Table of Contents
MAIN BODY...................................................................................................................................3
Importance of different business functions..................................................................................3
Conclusion.......................................................................................................................................4
REFERENCES................................................................................................................................5

MAIN BODY
Importance of different business functions
Marketing
Marketing plays a crucial role in promoting in order to promote the business.
Marketing is the way of providing information to the targeted customer which helps to
increase revenue of the company. Company adopts marketing strategies to build a
positive image in the market for their brand (Wong, Amalathas and Zitkova, 2020).
Tesco is adopting efficient marketing strategies for their business. Further, with the help
of marketing campaign customer gets to know about Tesco's product and services and
its benefits. Marketing helps to create organization brand value in the market to get high
profit (Bukhori and et.al., 2019). Without marketing, company can't sale their product
because it is required to make their customer aware related to the new product,
features, benefits etc. Moreover, all the selling strategies like discounts, offers can be
communicated with the help of marketing.
Finance
Finance plays important role in the growth of an organization. In order to meet day to
day requirement it is required to have sufficient working capital. Moreover, finance is the
base of all the other activity which are performing to generate higher revenue. Amazon
is efficiently managing finance department. Further, with the help of sufficient capital
Amazon garbs a lot of opportunities in the market. In addition to this, all the activities
like purchase of material, labour payment, investment in plant and machinery etc. can
be done with the help of finance (Maddodi, Jansen and de Jong, 2018).
Moreover, company required finance to invest in marketing, hiring new candidates,
production of finished goods etc. Therefore, it can be say that finance play a major role
in the Tesco.
Operation and production
Operation is the core part of any business where all the raw material are to be
converted into finished goods (Bukhori and et.al., 2019).In the operation segment of the
business, decide the price quote and quality of raw material etc. in order to get finished
goods. Company mainly earns their operation activities. If company has well managed

their production which include management of labour, raw material, overheads etc. then
organization will grow automatically.
Sainsbury has an efficient operation department which perform all the production task
efficiently. It performs their function for optimum utilization of their resources by properly
investing (Bell, 2017). With the help of proper operation management, Sainsbury
reduces wastage of resources, duplication of work, save time etc.
Human resources
Organization is made of human resources and it plays important role in the growth of
company. A right person at the right place take organization at the top. With the help of
management, company make strategic planning and try hard to achieve it. Moreover, A
satisfied workforce can generate higher productivity which automatically converted into
profit.
Marks and Spencer are efficiently managing their workforce to increase the turnover.
Moreover, human resources build and maintain organization culture. Marks and
Spencer vision and mission is be achieved by proper assigning their responsibility
(Aspesi and et.al., 2019).
As company hires desirable candidates who can adopt the changes as occurred. With
the help of training and development company get skilled and trained staff who can
increase the quality of product and services.
If business function are not likened to each other than all activities which are required to
run the business will get stopped(Maddodi, Jansen and de Jong, 2018). Moreover, if
operation area will not get linked to other function then this will create the problem of
finances for raw material, marketing for the finished goods and the human resources to
perform the task. This will create the situation of shutdown (Bell, 2017). Therefore,
company need to maintain the co-relation to meet the objective of business. Moreover,
finance is the blood of the business if other functional area don't get fund to perform
their activity which lead to create a situation poor performance.

The significance of business functions being linked to one another.
Here you need urgently to write about this. What if the business functions are not
linked to each other?
CONCLUSION
Company needs to manage all the business function together to attain the objective.
Moreover, all the activities are performing together like finance department arrange the
fund for business and then invest that amount in operation activity to produce the goods
and services. Human resources are to be employed in all area of the business. Further,
after getting finished goods business adopt marketing practices to showcase their
product and services. Moreover, if all the functions work together than it will increase
the organization productivity, profitability and smooth functioning of business operation.

REFERENCES
Aspesi, C. and et.al., 2019. SPARC* Landscape Analysis: The Changing Academic
Publishing Industry–Implications for Academic Institutions.
Bell, S., 2017. What about the bookstore?: Textbook affordability programs and the
academic library-bookstore relationship. Temple University Libraries.
Bukhori, B. and et.al., 2019. The effect of smartphone addiction, achievement
motivation, and textbook reading intensity on students’ academic achievement.
Maddodi, G., Jansen, S. and de Jong, R., 2018, March. Generating workload for erp
applications through end-user organization categorization using high level
business operation data. In Proceedings of the 2018 ACM/SPEC International
Conference on Performance Engineering (pp. 200-210).
Wong, H.M., Amalathas, S.S. and Zitkova, T., 2020. A Business Operation Stability by
Improving the Speed of Restoration on Software Application
Service. Management. 8(1). pp.60-68.