Importance of Different Business Functions

The assignment details the importance of various business functions, such as marketing, finance, and human resource management, in managing organizational processes effectively. It discusses the role of each function in achieving business goals and objectives, highlighting key activities and strategies for success.

The importance of different business
functions to demonstrate core academic
skills of evidence based

Table of Contents
1.Importance of different business functions..............................................................................3
REFERENCES................................................................................................................................5

1.Importance of different business functions
Business function are those activities that carried out by the organization in order to
manage the entire process effective manner. There are different types of importance of business
functions in the organization as followings :
Role of marketing- Marketing is term which is useful for organization to promote their product
and service in marketplace. It is a collection of activities performed by firm to increase the
profitability and productivity in global world. Marketing team performs different role in the firm
for growth and development (Albertoni and Piscitello et.al., 2017).
 Marketing is innovating new technique and technical changes that help for understand the
need and requirement of consumers.
 Marketing is process that plays important role in organization that performs managerial
functions and consisting activities such as advertising, product planning, research
planning and demand forecasting etc. these are important role that performed by
Marketing team.
 Marketing is development of standard of product and services in marketplace. In this
way, many customers attracts towards the organization and their product (ostadinović,
Nikolić and Šantrić-Milićević, 2018).
Finance- finance and accounting is the best way to score the organization activities but finance
is main part of company to establish the personal business at any places. There are various type
of role performing in the organization. Profit planning-the basic aim of business to make profit that's why finance play
important role in firms to find the better way improve thee productivity and profitability.
This is also determining the individual products and services. Many companies
promoting their product in effective manner that's why this organization establish their
own brand and image in marketplace(iu Wang and Huang, 2017). Capital management-After creating an effective plan, the finance turn into the different
method for funding the business operations and functions.
 Risk management- The main role of finance in the business process is indispensable
because financial analyst every day monitoring the activities and making decision.
Manager also analyse the current project of company.

Human resource- Human resource management is main part of organization to manage the
business operations and function in proper manner. HRM planning an effective strategies and
managing the performance of employee and selecting the best employee to achieve their goals
and objectives. There are various types of human resource management role as followings:
 Commitment building- Human resource management is playing important role for
planning an effective strategy for increasing employee commitment towards the
organization (Mehra, 2018).
 Training and development- Human resource department is providing the training and
development to their employee and they will improve their skill and knowledge which
helps for managing the business process in proper manner. Development program is
required for improving the capability.
 Building capacity- HRM team help for develop the business according to the
competitive advantages. To build an effective team to resolve all the business problem
and issues in effective manner (Vidgen, Shaw and Grant, 2017).

REFERENCES
Books and journals:
Albertoni, F. and Piscitello et.al., 2017. The reshoring of business services: Reaction to failure
or persistent strategy?. Journal of World Business, 52(3), pp.417-430.
Kostadinović, M., Nikolić, D. and Šantrić-Milićević, M., 2018. The role of gender and
comorbidity on function and movement in elderly population: Importance of physical
activity. Medicinski podmladak, 69(2), pp.16-22.
Liu, S., Wang, L. and Huang, W.W., 2017. Effects of process and outcome controls on business
process outsourcing performance: Moderating roles of vendor and client capability
risks. European Journal of Operational Research, 260(3), pp.1115-1128.
Mehra, M.R., 2018. Human Resource Management and Its Importance for Today’s
Organizations. Journal of HR, Organizational Behaviour & Entrepreneurship
Development, 2(2), pp.15-20.
Vidgen, R., Shaw, S. and Grant, D.B., 2017. Management challenges in creating value from
business analytics. European Journal of Operational Research, 261(2), pp.626-639.