MG408 - Business Functions: An Analysis of Roles and Importance

This report provides an overview of the importance and roles of various business functions within an organization. It emphasizes that business functions are high-level groupings of establishment capabilities and procedures that elaborate the work of the firm in a well-structured manner. The report specifically discusses the marketing function, highlighting its role in representing the business and reaching out to customers and investors. It also covers the finance function, which ensures proper financial record-keeping and helps in investing in business activities and managing risks. The operations function is examined for its role in producing goods and services, while the human resources function is highlighted for managing the employee lifecycle and ensuring the recruitment of suitable candidates. The report concludes that all business functions play a significant and unique role within the establishment and are equally important for any company.

MG408 THE GRADUATE
CHALLENGE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Importance and role of various business functions......................................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Business functions are the high level grouping of establishment capabilities and
procedures that will elaborate the work of the firm in well-structured manner (Vidgen, Shaw and
Grant, 2017). This report will describe the importance of different business functions along with
their role within an organization.
MAIN BODY
Importance and role of various business functions
Business functions helps the firm in order to represent the type of work that has been
conducted within an establishment and the role that has been played by various individuals
within the business community. Basically the entire structure of the firm has been completely
dependent upon different functions that has been explained in detail below:
 Marketing function: Marketing department plays a vital role as it acts as the face of the
firm which provides appropriate services with the help of better coordination and
production of material that effectively represent the business. It is their primal
responsibility to reach out the prospective customers, community, investors and through
which the firm will enable to represent the establishment in optimistic shed in the market
space (Straková, 2018). This function is significant as it helps the company to sell out
their goods and services among the competitive world in which various other alternatives
are also available. It has been identified from various studies that without marketing team
businesses are unable to exist in the external environment.
 Finance function: They ensure the completion of all the financial records in proper
manner in most accurate and up to date way. The range of finance function is wide
specifically in larger business firms. It is extremely important to be presented within any
firm as this department helps in investing into new as well as existing business activities
by providing appropriate budget that has been available to the establishment. It also helps
to manage risks, borrowings, exchange assets, doing savings and various other activities
as well.
 Operations function: This department is accountable for production of goods and
services along with delivering good quality products among the market place. They play
important role by fulfilling their all the necessary functions such as preparation, creating,

guiding, controlling as well as stock management. It illustrates the core operations of the
company in terms of designing the work structure as well as their functioning (Wallin,
2017). It describes the ways in which the raw material has directly converted into the
finished goods and made them in usable manner for the consumers.
 Human resource function: The HR department is group of individuals who are
responsible to managing the employees complete life cycle from very early stage till then
the candidate exists within the firm (Fountaine, McCarthy and Saleh, 2019). Their
function is extremely important as it helps the firm to recruit correct candidates who are
appropriately work for the betterment of the establishment. Apart from this, they are
accountable to manage various other actions such as managing, providing training and
development sessions, giving resolutions to the problems and various other activities.
CONCLUSION
From the above report it has been concluded that, various business functions plays
significant and unique role within the establishment and thus they are all are equally important
for any company.

REFERENCES
Books and Journals
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.
Straková, J., 2018. Importance of Selected Corporate Functions in Creation of a Corporate
Strategy by Business Entities in the Czech Republic from the Viewpoint of Their Sector
Differentiation.
Wallin, R.L., 2017. The use of virtual reality to increase efficiency and profitability in different
industries and functions: how head-mounted display can bring value to sectors with its
competitive attributes.
Fountaine, T., McCarthy, B. and Saleh, T., 2019. Building the AI-powered organization. Harvard
Business Review, 97(4). pp.62-73.