Analyzing the Significance of Core Business Functions Report

This report examines the significance of key business functions, including marketing, finance, human resources, and operations, in achieving organizational goals. It highlights how each function contributes to business success, providing examples from companies like TESCO, Asda, and Sainsbury's. The report emphasizes the interrelation of these functions and their collective impact on driving business growth. It concludes that effective management and coordination of these functions are crucial for attaining objectives within set time periods, ultimately contributing to the overall success of the organization. Desklib provides access to similar solved assignments and past papers.

CW1 Business Report

Table of Contents
Introduction..........................................................................................................................3
Main Body...........................................................................................................................3
Conclusion...........................................................................................................................5
References............................................................................................................................6

Introduction
In business, different functions are performed in order to accomplish the set goals
(Macchi, Savino and Roda, 2020). Main aim of the present study is to acknowledge the
significance of different business functions. The report will cover significance of business
activities in order to accomplish the set goals.
Main Body
Business is a combination of different activities which need to perform to attain the set
goals. These functions include marketing, finance, HR and more. For business success, it is
imperative to perform all these functions efficiently. In this context, significance of numerous
business functions in relation to different examples of organization is given below:
Marketing: This function is related to performing promotional and advertisement
activities in order to promote a product or service. In marketing, strategies are prepared so that a
company can easily get the attention of more number of people (Dodgson, 2018). In context of
TESCO, they execute marketing campaign which helps the company in attracting the audience.
In addition, it also enhances the brand awareness so that more and more people purchase the
product of the organization. Additionally, marketing is one of the crucial ways to set unique
identity of brand in market.
Finance: In business, funds are required to carry out different activities. Without funds, it
is not possible to perform various business functions (Wagner, 2020). Here, finance department
of Asda not only provides suitable amount of funds but also make sure to allocate the funds
properly. In addition to this, budget is also prepared by the finance managers which help in
keeping a track over income and expenditure within the company. In addition, they prepare the
financial statements in order to analyze the current position of the organization and identify the
scope of further improvement which further lead organization to maintain its performance level.
Operations: It is one of the crucial business functions that is about managing the daily
operations of a company. In each and every business, numerous activities are performed on daily
basis. It is the duty of operations department to manage all the entire process efficiently. In

Sainsbury’s, operation function is important in order to maintain consistency in production and
delivery of goods. This function also makes the organization enable to produce the products in
minimum cost and achieve higher profitability. Moreover, this help company to execute all
activities without any issues and provide products as well as services to customer timely.
Human resources: In human resource function, activities such as recruitment, selection,
training and more are performed. This function is imperative as it helps in hiring potential
candidates who can further prove assets for the company (Millar, Groth and Mahon, 2018). In
context of Aldi, execution of all the HR functions are helpful in hiring efficient candidates for
the success of organization. Further, training programs are also arranged by the respective
department to improve productivity of employees. This also help organization to aware its
employees about the new changes and policies as well.
The above stated functions are crucial and can drive positive outcomes for the entity.
Here, finance, marketing, HR and operations activities are interrelated with each-other. The
interrelation of all these activities can drive huge growth for the business entity. It is important
for higher authorities of an organization to ensure that there is an effective relationship among all
the functions as it assist to attain objectives within set time period.

Conclusion
It is analyzed with above study that marketing, finance, HR and operations are the crucial
business functions. If performing well, these functions can significantly contribute towards the
success of the organization.

References
Books and journals
Dodgson, M., 2018. Technological collaboration in industry: strategy, policy and
internationalization in innovation. Routledge.
Macchi, M., Savino, M. and Roda, I., 2020. Analysing the support of sustainability within the
manufacturing strategy through multiple perspectives of different business
functions. Journal of Cleaner Production, 258, p.120771.
Millar, C.C., Groth, O. and Mahon, J.F., 2018. Management innovation in a VUCA world:
Challenges and recommendations. California management review, 61(1), pp.5-14.
Wagner, S.M., 2020. Business and Environmental Sustainability: Foundations, Challenges and
Corporate Functions. Routledge.