This report discusses the importance of various business functions at successful organisations and how they contribute to achieving desired objectives.
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Table of Contents INTRODUCTION...........................................................................................................................1 MAIN BODY...................................................................................................................................1 Importance of distinct functions of business...............................................................................1 CONCLUSION................................................................................................................................2 REFERENCES................................................................................................................................3
INTRODUCTION In the competitive world, graduates faced challenges in understanding functions that are operated in company (Black, 2016). Business functions are mentioned to the practices or activities that are carried out to yield income. The business report is prepared on importance of various business functions at successful organisations. MAIN BODY Importance of distinct functions of business. Business functions are described as activities that are performed routinely so to achieve the set organisational mission in prompt and effective manner. In an organisation, various functions are carry out in successful manner. Following are key business functions of successful organisations: Marketing: The function which assists in identifying together with sourcing potential commodities in the market where they operate and promote through various techniques is defined as marketing function (Aagaard, 2016). Marketing function plays various roles in any organisation. For example, listening customer needs, tracking trends along with monitoring competition, searching new, unique, helpful and innovative marketing tool, coordinate efforts with partners and improving sales processes are some of role that is played by marketing of Aston Martin. Production: It is ongoing function that have functional relationships with quantity of producedcommodityandproductionfactors.Itconnectsinputsandoutputsbykeeping technological laws unchanged. The main role performed by production in successful firms is turning inputs towards usable and finished outputs by following a production process series. For example, production function at Toyota Motors have role of converting raw materials into automotive vehicles by following systematic procedures of production. Human resources: It is the business department that is charged with sourcing,screening and selecting job applications along with administers various programs for the employees. The function is responsible to handle necessary activities of the entity (Cooper and Et. Al., 2016). For instance, major roles that human resource plays in Ferrari are compliance management, talent acquisition and selection, keeping records, maintaining safe work environment and performance appraisal. 1
Finance: The function which assess needs of funds and searches suitable sources in order to raise them is said to finance function. Finance is major part of the company success. In context to Toyota Motors, finance plays role of managing daily workings, acquiring funds as per needs and planning expenditures in various activities so to reach determined state. When all these above functions work together then results in reaching towards set mission before deadlines (Charter and Et. Al, 2017). It is very important for the organisational administrators to ensure that all business functions operates together in order to get beneficiary results. Moreover, when these functions works in combined manner at Toyota motors then it facilitates better communication that prevents improper sending, missing deadlines and sending distinctmessagestotargettedpopulation.Inaddition,variousworksandcoststhatare unnecessary or performed twice are reduced or eliminated when all the functions of company works in combination to one another. So, it is very important for successful organisations to combine all functions as they generates beneficiary results for the company. CONCLUSION The above business report concludes that business functions are the common activities that yields about income generation for company. The common business functions of successful organisations are marketing, human resource, finance and production. Different functions plays different role in institution. When all these are combined to work together then they ensures better communication and saves costs that are important for achieving desired objectives. 2
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REFERENCES Books and Journals: Black, B., 2016.Professional nursing-e-book: concepts & challenges. Elsevier Health Sciences. Aagaard, A., 2016.Sustainable business: Integrating CSR in business and functions. Stylus Publishing, LLC. Cooper, R. and Et. Al., 2016, January. International Practices of SH&E Metrics and Its Alignment with Business Functions. InASSE Professional Development Conference and Exposition. American Society of Safety Engineers. Charter, M. and Et. Al, 2017. The role of business in realising sustainable consumption and production. InSystem Innovation for Sustainability1(pp. 56-79). Routledge. 3