Role and Importance of Business Functions: A Case Study of Tesco
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This report evaluates the role and importance of different business functions in Tesco, including Marketing, Finance, Operations, and HR. It discusses how each function contributes to the success of the organization.
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Table of Contents INTRODUCTION..........................................................................................................................3 MAIN BODY..................................................................................................................................3 Evaluate the role and importance of different business functions..............................................3 CONCLUSION................................................................................................................................4 REFERENCES................................................................................................................................5
INTRODUCTION Business functions refers to a set of elements that can be performed by organisation department(Chinmulgund and Tapas, 2020).In this report the choosen firm is Tesco( a british MNC of groceries and merchandise retailer, headquartered in England UK). This report is discusses about the company's role and importance in terms of Marketing, Finance, Operations and HR. MAIN BODY Evaluate the role and importance of different business functions. Marketing It refers to the activity for buying and selling of goods and services from production to its consumer. The mainrolethat can be perfomed by Tesco is directly connect with clients through advertising campaigns. This can help in strengthning the trust of customers in terms of its brand image alongwithloyalty and also influence the business decisions in respect to the customer needs. This function is veryimportantfor organisation in generating its revenue by attracting customers towards its products and enhanced its reputation through customer awareness related to products. Finance It is a business movement that portray to control all the financial capacity like banking, planning, loaning , getting and contributing assets. It plays a keyrolein Tesco, by taking care of all the monetary exchange that aides in dynamic alongside expanding the deals and edges. The importanceof money work in Tesco is to make expectation regarding what may be occur in coming scenerio and furthermore help to settle smart financial decisions in respect to long haul financing methodologies as well as income. Production It alludes to a technique that depicts the several combinations ofraw material which can changed over into completed products. All the monetary prosperity is made underway interaction that point straightforwardly or by implication to fulfill human needs(Deepak and Jeyakumar, 2019). Tesco assumes a significantroleby taking responsibility of assembling items with incomparable quality and least usage of resources with a given time. Also, itsimportanceis to change input into yields by successful utilization of land , labour and money.
Human Resource It decides the organization division that is accused of discovering, screening, enrolling, choosing, preparing and managing the benefit program for an employee(Sardanelli, 2020). It includes liabilities which incorporate pay and advantages, recruiting, terminating and stay up to date with any sort of laws that might influence the organization and its representatives. HR plays a critical rolein Tesco, as it helps in deaing with a quick changing business climate and a more noteworthy interest for quality workers.Importanceof HR in this organization is to work on the abilities and type of their representatives at a possible stage with the goal that they can convey their best to accomplish organisational objectives. CONCLUSION It is conclude from the above report that thebusiness function is a very important attributeof an organisation.It comprisesdifferentfactorssuch HR, Finance, Marketing, Production for deciding the situation of the organization in marketplace.. All components played out a particular assignment that can help in distinguished the prescribed procedures for a group to accomplished wanted objectives and produce benefit without losing any sight.
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REFERENCES Books and Journals Chinmulgund, A. and Tapas, P., 2020. Business sustainability and the role of hr in an organisation. Indian Journal of Ecology.47(spl). pp.31-41. Deepak, R.K.A. and Jeyakumar, S., 2019. Marketing management. Educreation Publishing. Sardanelli,D.,2020.ApproachtoDualMarketing:Re-organisationofStructuresand DevelopmentofCompetencies.In BeyondMulti-channelMarketing.Emerald Publishing Limited.