Importance of Business Functions in Next PLC

This report discusses the importance of business functions in Next PLC, a British multinational retailer. It covers functions like marketing, finance, production, and human resources.

Business Report

Table of Contents
INTRODUCTION...........................................................................................................................2
MAIN BODY...................................................................................................................................2
Importance of business functions...........................................................................................2
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Business functions are those activities which are being carried out by the enterprise as they
lead to divide their core and support functions. In this context, the business activities of company
undertake productions of final products and also being supported by the enterprise to permit and
facilitate the business functions (Tarba and et. al., 2019). To carry forward this report, Next PLC
is considered which is a British multinational clothing, footwear and home product retailer,
headquarter in England, UK. Moreover, company has around 700 stores in UK, Europe, Asia and
Middle East. Moreover, the report leads to cover details regarding the importance of business
functions within an organisation.
MAIN BODY
Importance of business functions
Business functions are important in order to produce effective products and services of an
organisation in order to coordinate and control all the factors of production. Manufacturing of
products and services are one of the significant functions of business which is being related with
suitable input like machine, men and so on. In this context, some of the business functions are
discussed regarding Next PLC:
 Marketing: Marketing function is important for an organisation as it helps in selling
suitable products and services. For this, the bottom line of any organisation tends to make
marketing and money which is an important channel in to reach towards their goal
(Varga, 2019). In context of Next PLC, marketing function is important as it leads to
attract customers from the crowded area to target their audience. Marketing also tends to
offer better experience of in-person or online shopping and also develop brand image of
Next PLC in order to grow their business.
 Finance: Finance functions undertake the effective use of suitable funds which is
important for effective operations. Finance is the lifeblood of business and also helps in
smooth functioning of an organisation (Prajogo, Castka and Searcy, 2020). It is the basic

source in order to run any organisation. In terms of Next PLC, finance is useful for them
to establish their business by developing proper plan, expanding and diversifying
company regarding its growth and helps in purchasing assets.
 Production: The purpose of this function is to effectively allocate the efficiency for the
use of factors which are being input in production and the suitable result depict the
effective distribution of income of those factors (Assa, 2021). In terms of Next PLC, this
function is important in order to have effective output in physical manner as it is related
with the maximum amount of result for the obtained number of inputs that helps in
enhancing growth and success of company.
 Human resources: Human resources are important for having growth and development
of company and also tends to enhance the culture of an organisation (Lawan, 2020). In
terms of Next PLC, HR department is important in order to have proper development of
company undertaking various functions like recruitment and selection, training and
development, performance management, managing culture, employees and so on.
CONCLUSION
By considering the above discussion, it is being analysed that business functions are
important in order to run an organisation in smooth manner. For this, it is important for
companies to have better coordination among various business functions as it leads to create
value for company regarding its success.

REFERENCES
Books and Journals
Assa, R., 2021. Knowledge management placement in organizations. In A Research Agenda for
Knowledge Management and Analytics. Edward Elgar Publishing.
Lawan, U., 2020. Growth Characteristics of Businesses owned by Nigerian Female
Entrepreneurs. Al-Muqaddimah: A Journal of the Humanities, Law, Social and
Management Science, 2, pp.236-248.
Prajogo, D., Castka, P. and Searcy, C., 2020. Paymasters and Assurance Providers: Exploring
Firms’ Discretion in Selecting Non-financial Auditors. Journal of Business Ethics, pp.1-
17.
Tarba, S.Y and et. al., 2019. The impact of organizational culture differences, synergy potential,
and autonomy granted to the acquired high-tech firms on the M&A performance. Group
& Organization Management, 44(3), pp.483-520.
Varga, V., 2019. THE IMPORTANCE OF THE PERFORMANCE INCREASING IN THE
SUPPLY CHAIN STAGES WITHIN PETROLEUM COMPANIES. Managerial
Challenges of the Contemporary Society. Proceedings, 12(1), pp.16-20.