Business Studies Report: Functions of HR, Marketing and Finance

This report provides an overview of key business functions, focusing on the roles of human resources, marketing, and finance. It emphasizes the importance of business studies in developing effective strategies for organizational growth. The report discusses the core responsibilities of each function, highlighting how they contribute to achieving business objectives. The HR function focuses on staffing, compensation, and employee relations. The marketing function concentrates on attracting customers and promoting products/services through various channels and the marketing mix. The finance function focuses on budget and funds management. The report concludes that a comprehensive understanding of these functions is crucial for successful business management and strategy development. The references include a journal article that provides context to the topic.

Introduction to Business Studies
INTRODUCTION
It is essential for a company to conduct business studies as that will
help in determining opportunities, strengths, weakness, threats, and
factors and so on. It is important to conduct because according to
that manager of an organization able to develop effective strategies
which leads to growth of business successfully.
Role of HR, Marketing and finance functions
In a company there are different functions that perform different
roles through which company can attain their desire goal and
objective. These functions are human resource, marketing as well as
finance. The role perform by these functions are depend upon the
work which is allotted to them as well as work can be depend upon
the different elements of marketing mix i.e. product, price, place and
promotion. In respect of this report role of human resource,
marketing as well as finance are described below in respect of
promotion element of marketing mix:-
Human resource function – The respective department are
responsible for practices spanning a huge variety of different core
functions. The main roles of the human resource function are
staffing, compensation, development of workplace, maintaining
relation among employees and labour, safety and health of staffs and
many more. Moreover, human resource function also plays major
roles in promotion element as they mainly hire best candidates for
the marketing team who promote product or services in best manner.
Through this company able to attract more and more customers and
encourage them to purchase their products or services. They also
train employees so that they know best way of promoting goods as
well as services.
Finance function
It is another main function in a company as the roles of this department involves
several practices such as develop budget, acquiring as well as utilization of funds
while conducting operations and many more. It is mainly considered as lifeblood of
business as without it not other functions able to run in smooth manner. In order to
conduct promotion of products and services finance function plays major role. It is so
because they will mainly provide funds or develop budget according to that
promotion activities can be conducted for attracting customers at huge ratio.
Marketing function
In a company the main role of marketing function is to attract more and more
customers and encourage them to purchase products and services so that firm earn
huge profit. There are several other roles of marketing functions such as market
analysis, marketing planning, management of products or services, pricing, channel
management and so on. In respect of conducting promotion marketing function plays
major role as they select best channels for promoting products or services so that they
can reach more customers in less time. Moreover they also adopt different as well as
innovative ideas for promotion which encourage staffs to purchase products or
services.
CONCLUSION
Through the evaluation of above mentioned topics it can be analyse that by
conducting business studies in proper manner a company manager able to develop
proper strategies and plans which help them in attaining desire goal successfully.
REFERENCES
Kostovska, I. and et.al., 2020. Going beyond the hype: conceptualising “media
ecosystem” for media management research. Journal of Media Business Studies,
pp.1-21.