Importance of Business Functions Report - MG408, 2019-20

This report, prepared for the MG408 Graduate Challenge module, examines the crucial roles of various business functions, including marketing, finance, operations/production, and human resources. It defines each function's responsibilities and highlights their interconnectedness, emphasizing the importance of effective collaboration for organizational success. The report also addresses the development of essential academic skills and techniques necessary for undergraduate students, such as essay writing, presentation skills, self-motivation, and time management. The analysis includes the application of these concepts to real-world scenarios, supported by academic references, to provide a comprehensive understanding of business functions and academic excellence.

DIFFERENT FUNCTIONS
OF BUSINESS

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
Importance of business functions................................................................................................3
LO2..................................................................................................................................................4
Skill and techniques for undergraduate student..........................................................................4
CONCLUSION ...............................................................................................................................4
REFERENCES................................................................................................................................6

INTRODUCTION
Tesco is dealing in the providing the groceries and delivering the products. The essay
consist of the importance of the business functions and also the skills and techniques necessary
for the undergraduate student.
LO1
Importance of business functions
Marketing
Marketing functions include the marketing of the products such as groceries are sold in
the Tesco. Marketing department is linked with other department which will improvise the
products according to the needs of the customers. Department is providing the market
information to the production department and it would also provide the information to the sales
department as well.
Finance
Finance functions is done by the finance department, it is allotting the budget to the
various departments according to their needs. It also looks in to the financial position of the
company. Finance department is looking after the cash flow in the organization (Poluha 2016).
Operations
Operation functions include the productions and operation of the products which would
be sold in the market. Marketing department is providing the need of the customers to the
production department which will improvise the products. Production department looks after
needs of the customers and the quality of the products as well.
Human resource
Human resource department is hiring the new employees and the also looking after the
needs of the employees in the company. It is utilizing the human resources for the work of the
company. It is maintaining the relations between the employer and employees. Human resource
department will benefit the company and improve the environment of the office premises
(Schabus, Kross and Verbeeten 2018).
LO2
Skill and techniques for undergraduate student
Essay writing

Students in colleges and universities must be able to write the essay in the effective form.
The essay includes the English writing skills and the research work on the topic given. It also
includes others qualities like clarity in mind regarding the topic. The students also need to
explore themselves while doing research for the essay (Bustinza, and et.al., 2015).
Presentation skills
Presentation is quite important for the student, it includes the creating the effective
presentation of power point and the audience would praise that presentation. Students must also
try to speak in public which will increase the confidence in the student.
Self motivation
Motivation is necessary for the student because at some point of time the student would
be irritated for doing the work. At that point of time students needs motivation and also students
must be self-motivated which will increase the confidence among the students.
Time management
Students must be able to manage the time and perform the work according to the time
given. Students must also participate in the social activities with the studies in the universities.
The students must be able to manage the schedule which would not give them stress. One must
keep the record of the appointments for managing the work effectively.
CONCLUSION
From the essay provided above the Tesco would be managing the work through
implementing on the business functions. The under graduate students must the skills which will
increase their knowledge while studying.

REFERENCES
Books and journals
Bustinza, and et.al., 2015. Servitization and competitive advantage: the importance of
organizational structure and value chain position. Research-Technology Management. 58(5).
pp.53-60.
Poluha, R.G., 2016. Strategic Importance of the Supply Chain. In The Quintessence of Supply
Chain Management (pp. 9-54). Springer, Berlin, Heidelberg.
Schabus, M., Kross, P. and Verbeeten, F., 2018. The Relation between Internal Forecasting,
Misreporting, and the Importance of Meeting Performance Benchmarks.