Graduate Challenge Report: Functional Areas and Interrelationship

This report provides an overview of the key functional areas within a business, including finance, marketing, human resources, and operations. It examines the specific roles and responsibilities of each department, such as financial management, promotional activities, recruitment, and ensuring quality goods and services. The report emphasizes the interrelationships between these departments, illustrating how they rely on each other to achieve organizational goals and enhance productivity. Examples from companies like Tesco, Burberry, and Tesla are used to highlight the practical application of these functional areas and their collaborative efforts in driving business success. The conclusion stresses the importance of integrated teamwork among different functional areas for increasing business profitability and efficiency.

Graduate Challenge

Table of Contents
INTRODUCTION...........................................................................................................................1
Task .................................................................................................................................................1
Role of different functional areas and their interrelationship.................................................1
CONCLUSION................................................................................................................................2
REFERENCES................................................................................................................................3

INTRODUCTION
The business function is define as the set of activities that is to be carried out by different
department in a firm to achieve goals and objectives. These different functional area determines
the smooth functioning of each activities in the organisation.
Task
Role of different functional areas and their interrelationship
The importance and role of different functional area and their interrelationship with each
other is highlighted below:
Finance: This department ensure that there is availability of funds in the organisation, it
finance department of the company is responsible for answering questions like how much fund
is required and various sources that can be used to raise the fund(Dodgson, 2018). For example,
Tesco's finance department ensure that there is availability of fund in the company, company is
also using various sources to fulfil the need of the short term and long term fund.
Marketing: This department is responsible for creating, pricing and distributing goods
and services among the customer also making consumer aware of the goods and services using
various various promotional activities and increasing the sale of the firm. For example, the
marketing department of Burberry, which is a famous clothing brand using advance promotional
techniques like social media marketing, billboards to attract their customers and increase their
profitability(Han, 2020).
Human Resource department: This department involves activities like recruiting and
selecting right candidate for the right job to fulfil all the vacancy in the organisation. This
department ensure that proper training and development is given to each individual as per the
requirement enhance their skills and knowledge. For example, HR department of Tesco ensure
that there is availability of skill labour in the organisation, and also right person is at the right
place.
Operations: This department ensures that there is quality and quality of goods and
services are supplied to the customers, it is one of the important functional area of the
organisation as it involves ensuring day to day operations of the business. For example, the
operations department of the Burberry ensure that all the important operations of the business are
carried out effectively and efficiently(Lushnikova, 2019).
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All the different functional department of the business relay on each other in some or
other way in order to carry out their activities(Julien, 2018). For example, the finance department
ensures that there is enough availability of fund in each department to carry out their activity also
finding different sources of funds for the requirement of different departments. Also the role of
human resource department is fulfilling all the required vacancy with skilled candidates in each
department, like wise the marketing department helps human resource department and operation
department by carefully analysing the internal and external department and analysing the needs
of the customers and then as per the requirement providing the necessary information about the
customer taste and preferences to the operation department so that they can fulfil their demand
by providing quality and quantity products. For example, in Tesla, which is biggest electric
vehicle company, various functional department works together to enhance their productivity and
profitability effectively(Southwick and Charney, 2018).
CONCLUSION
From the above discussion it can be concluded that different functional area working
together helps in enhancing profitability and productivity of the business enterprises. In the
above report the role and importance of different functional areas of the business and also the
interrelation between these different department is highlighted.
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REFERENCES
Books and journals
Dodgson, M., 2018. Technological collaboration in industry: strategy, policy and
internationalization in innovation (Vol. 11). Routledge.
Han, M., 2020. The E-Bayesian estimation and its E-MSE of Pareto distribution parameter under
different loss functions. Journal of Statistical Computation and Simulation, 90(10).
pp.1834-1848.
Julien, P.A. ed., 2018. The state of the art in small business and entrepreneurship. Routledge.
Lushnikova, O., 2019. Entrepreneurship: Social Functions, Business Features and Psychological
Determinants of Success. Psychology. Journal of Higher School of Economics, 16(4).
pp.674-689.
Southwick, S.M. and Charney, D.S., 2018. Resilience: The science of mastering life's greatest
challenges. Cambridge University Press.
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