MG408 Graduate Challenge: Importance of Business Functions Report

This report, created for the MG408 Graduate Challenge module, provides a 500-word analysis of the importance of various business functions, specifically focusing on marketing, finance, and human resources. It defines the roles of these functions and emphasizes the necessity of their effective collaboration for organizational success. The report also examines essential academic skills, such as evidence-based writing and Harvard referencing, vital for undergraduate students. The analysis is supported by academic texts and demonstrates the application of these skills within a business context. The report highlights the interconnectedness of different business functions, the importance of strategic alignment, and the development of key academic abilities, making it a valuable resource for understanding business operations and academic excellence.

Graduate Challenge
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Table of Contents
LO1 Significance of diverse business purposes ..........................................................................3
LO2 Essential academic abilities to be a positive undergraduate student...................................3
REFERENCES................................................................................................................................5

LO1 Significance of diverse business purposes
Marketing and Finance:
In business there are various functions that unpin the management and workforce.
Marketing and finance play crucial role in business functions. Marketing is ongoing process
which engages customers to the product and firm. Whereas finance refers to a analysing terms
such as debt, capital, money, liabilities etc. Finance is important for business to support operating
activities and functions to run smoothly within the organisation. Marketing and finance both are
base of the entities without which business can't operate in the market. Main motive of business
is to make money and profit (Feng and et. al., 2015). Marketing is the source to profit sales and
revenue and also it assist in brand awareness, promotion as well as advertising. Finance make
business strong by providing funds and assets(Difference between finance and marketing, 2017).
Main aim of finance function in entity is to support firm with enough funds and resources which
are required in business. Both functions are time consuming as well as risky but with proper
strategies and frameworks they give a rise in business and entity.
Marketing and Human Resource:
Business is a broad term and it is important to focus on all the in and out trends and
situations. Marketing and human resource both are required in every phase of business.
Marketing is used by entities to gain profit and money. With assist of marketing firm can
increase sales and product awareness in market as well as in eyes of customers. It is concept
which has different strategies, tools and techniques which are adopted by firm according to
happening of an event or situation. Human resource is also crucial because it reinforces culture
of performance management, training and development, recruiting etc. It assist business to
acquire and search for resources and information which is applicable and required by entities for
their expansion (Relationship between marketing and human resources, 2019). Thus, both play
important role according to their requirement in business. Human resource are workforce of
organisation which provide them with reliable output and results. Multitasking functions are also
performed by human resource (Cummings and et. al., 2014).
LO2 Essential academic abilities to be a positive undergraduate student
Skills are crucial in academics as they reflects ability and capability of particular
individual to perform a task. In context to academics, skills and knowledge are important and
which has to be taken as tool by students to become successful in future. Two important types of
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skills are practical and research skills. Practical skills are those in which human interaction and
involvement is present. Where as research skills are those in which intensive and broad research
is required about a particular topic. Both these skills has deep impact on students growth and
development. In Academics, other than practical and research skill there are other skills which is
important for students such as time management, concentration, prioritization etc. It depends on
students attributes and behaviour to adopt which type of skills (Shields and et. al., 2015).
Undergraduate students are at learning process thus they have ability to acquire and change
themselves into a valuable asset.

REFERENCES
Books and Journals
Feng, H. and et. al., 2015. Marketing department power and firm performance. Journal of
Marketing, 79(5), pp.1-20.
Cummings, T. G. and et. al., 2014. Organization development and change. Cengage learning.
Shields, J., and et. al., 2015. Managing employee performance & reward: Concepts, practices,
strategies. Cambridge University Press.
Wolff, B.G., and et. al., 2014. Student performance at a community college: Mode of delivery,
employment, and academic skills as predictors of success. Journal of Online Learning
and Teaching, 10(2).
Stelnicki, A. M and et. al., 2015. Who Is the Successful University Student? An Analysis of
Personal Resources. Canadian Journal of Higher Education, 45(2), pp.214-228.
Benson, V., Morgan, S. and Filippaios, F., 2014. Social career management: Social media and
employability skills gap. Computers in Human Behavior, 30, pp.519-525.
Online:
Difference between finance and marketing. 2017. [Online] Available
through<https://bizfluent.com/info-8302763-difference-between-finance-
marketing.html>.
Relationship between marketing and human resources. 2019. [Online] Available
through<https://www.teamgate.com/blog/marketing-and-human-resources-relationship/>.
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