MG408 The Graduate Challenge: Importance of Business Functions

This report, submitted for the MG408 The Graduate Challenge module, evaluates the importance of different business functions, including management, operations, marketing, and accounting & finance, and how they link together to contribute to organizational success. It defines the roles of each function, emphasizing the need for effective collaboration supported by evidence from successful organizations. The report also highlights the development of academic skills and techniques necessary for undergraduate success, such as note-making, mind mapping, reading aloud, teaching others, and improving time management, referencing academic texts using Harvard style.

The Graduate Challenge

TABLE OF CONTENTS
LO1..................................................................................................................................................3
Evaluating importance of different business function and how they link together.....................3
LO2..................................................................................................................................................3
Developing academic skills & techniques needed to be successful undergraduate student.......3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

LO1
Evaluating importance of different business function and how they link together
Management
The major role of management is to manage and supervise their employees performance.
There are different management activities such as planning, organizing, controlling & leading. In
planning, managers establish various goals and objectives along with strategies which are needed
to execute goals (Nagy and et.al., 2018). In controlling, businesses make sure that activities are
performed while being on track and any deviations can be tackled easily.
Operations
In operation function, all the factors of production are manufactured into final good and
services according to desired level of quantity and quality. Operation function is heart of a
business because it carries out major activity of production according to the marketing trends
information provided by marketing department.
Marketing
This function identifies all the customer needs and preferences and design product to
meet those needs. It also includes examining the ways in which products will be promoted in the
market after considering the budget prepared by finance and accounting function. In today's time,
social media tools are used extensively for promotion purpose.
Accounting & Finance
The function that provides high-level management with information that is required to
frame decisions related to allocation of company resources is the accounting function. This
function consults with marketing and production function about the financial sources required
and prepares budget accordingly (Snihur and Wiklund, 2019). Finance managers plans for short
term & long term finance needs and make necessary arrangements as to what all sources should
be tapped for acquiring financial resources.
LO2
Developing academic skills & techniques needed to be successful undergraduate student Making notes: It is not possible to remember everything that is taught in college and
student should make notes (Hill and et.al., 2019). It can be done by making bullet points,
reworking on ideas into concepts, using highlighters to mark important areas, index

cards, graphs, charts and diagrams and it should be made sure that answer in notes should
be according to the questions of each lesson. Using Mind maps: Mind mapping is a good technique which helps in organizing &
summarizing the important areas to have a better view of information on one single page.
It becomes easier way to study and revise the topics in more meaningful way. It can also
be done computer using softwares for some brainstorming ideas. Reading out loud: Students can also memorize chapters by reading out loud at home or
by recording themselves (Porteous and Machin, 2018). Then, listening those recordings
while travelling. Many a time, there are chapters and modules which require continuous
revision which can be done by listening to audio. Teaching others: A student can have deep understanding od new concepts by teaching
other students. This helps in building confidence and thoroughly preparing the topics.
Teaching others will enable the student to dig deeper into concepts and figuring out the
problems that could not be realized otherwise.
 Improving time management: It is very important to manage the time because for
student half of the time is spent at schools, house work, playing, etc. (Stagg, Eaton and
Sjoblom, 2018) Therefore, student should make proper time table and follow it strictly to
ensure that goals are attained in stipulated time.

REFERENCES
Books and Journals
Hill, M. A. and et.al., 2019. Undergraduate recognition of curriculum-related skill development
and the skills employers are seeking. Chemistry Education Research and Practice. 20(1).
pp.68-84.
Nagy, J. and et.al., 2018. The role and impact of Industry 4.0 and the internet of things on the
business strategy of the value chain—the case of Hungary. Sustainability. 10(10). p.3491.
Porteous, D. J. and Machin, A., 2018. The lived experience of first year undergraduate student
nurses: a hermeneutic phenomenological study. Nurse Education Today. 60. pp.56-61.
Snihur, Y. and Wiklund, J., 2019. Searching for innovation: Product, process, and business
model innovations and search behavior in established firms. Long Range Planning. 52(3).
pp.305-325.
Stagg, S. D., Eaton, E. and Sjoblom, A. M., 2018. Self‐efficacy in undergraduate students with
dyslexia: a mixed methods investigation. British Journal of Special Education, 45(1),
pp.26-42.Stagg, S.D., Eaton, E. and Sjoblom, A.M., 2018. Self‐efficacy in undergraduate
students with dyslexia: a mixed methods investigation. British Journal of Special
Education. 45(1). pp.26-42.