MG408 Business Report: Business Functions and Their Importance

This business report examines the significance of various business functions, with a particular focus on demonstrating core skills in marketing functions within an organization, using Tesco as an example. The report defines the roles of marketing, finance, human resources, and operations, highlighting their individual importance and interdependencies. It emphasizes the crucial links between these departments, illustrating how their collaboration is essential for the overall success of the business. The report references academic texts to support its analysis, providing a comprehensive overview of how these functions contribute to an organization's strategic objectives. It covers the core functions of Tesco, providing insights into how different departments, such as marketing, finance, human resources, and operations, work together to achieve business goals. The report concludes by summarizing the key findings and reinforcing the importance of integrated business functions.

BUSINESS REPORT

Table of Contents
BUSINESS REPORT......................................................................................................................1
1.2 INTRODUCTION.....................................................................................................................4
1.3 Marketing...............................................................................................................................4
1.4 Finance...................................................................................................................................4
1.5 Human resource.....................................................................................................................4
1.6 Operations..............................................................................................................................4
1.7 How business functions links ................................................................................................5
1.8 CONCLUSION..........................................................................................................................5
REFERENCES................................................................................................................................1

1.2 INTRODUCTION
Business functions are termed out as activities that carried out by enterprise and also
divide into the core functions and support functions (Podder, Samanta and Gurunath, 2020). The
present report is based on to investigate significance on different business functions to
demonstrate core skills of marketing functions of entity as Tesco.
1.3 Marketing
Marketing defined as activities that undertakes to promote the activities as to buying and
selling of product and services. It is inclusive of the activities that is inclusive of the things as
researching, promotion, selling and distributing the commodities and services. It plays the crucial
role between the customers and enterprise (Cui, 2017).
1.4 Finance
This is defined as significant part of financial management. It is activity that is mainly
concerned with control and planning of financial resources. In addition to this, Financial
functions of Tesco is inclusive of utilizing and acquiring funds for undertaking effective
operational activities (Podder, Samanta and Gurunath, 2020). In order to cope up with the needs
of enterprise, the firm has to take the initiatives to invest the business funds systematically.
1.5 Human resource
Human resource termed out as strategic plan of action that helps to create effective
management of people in company. Therefore, the main role of this is to assist the business to
gain competitive advancement. This is term that is mainly designed to maximise employee
performance to undertake better services with the employer strategic objectives. Thus, main
functions of human resource management as are hiring, staffing, training, development,
motivation and communication (Albertoni, Elia and Piscitello,2017).
1.6 Operations
Operational activities of the enterprise is mainly concerned with areas of management
that undertakes the business functions as to designing and controlling the process of productions
and redesigning of business activities (Macchi, Savino and Roda, 2020). Its streamlines the
operational activities of the enterprise. Henceforth, operational management to the enterprise is
inclusive of planning, organising and controlling the resources that must be used to produce the
firm goods and services (Kaatz, Jacobs and Wasley, 2018).

1.7 How business functions links
The organisation as Tesco has varied departments that is inclusive of marketing, human
resource, finance and operations. Thus, all departments of chosen enterprise are interrelated to
each other. Each department hold the specific function and process that are interrelated. Hence,
the output of one department is input of another. Marketing department of Tesco defined the
needs of resources so that finances department can arrange the funds for it (Macchi, Savino and
Roda, 2020). Without support of finance department marketing activities cannot be carried out
effectively. Marketing, operational and finance department define the needs of skilled person to
their unit to Human resource department (Xiao, 2018). So, HR department of the quoted
enterprise will be liable to identify the suitable person for specific department. Thereafter, HR
department of Tesco also frames the rules and regulation to carry out business functions
effectively for each department.
1.8 CONCLUSION
Hereby, it can be summarized that business functions are termed out as activities that are
carried by enterprise to undertake effective working activities. However, the study has covered
the business functions to demonstrate core skills of marketing functions.

REFERENCES
Books and journals
Albertoni, F., Elia, S. and Piscitello, L., 2017. Complementing the reshoring of manufacturing
activities: the relocation of business functions. In Reshoring of Manufacturing (pp. 57-75).
Springer, Cham.
Cui, L., 2017. Fuzzy approach to eco-innovation for enhancing business functions: a case study
in China. Industrial Management & Data Systems.
Kaatz, L., Jacobs, K. and Wasley, E., 2018, December. Mapping Climate Exposure and Climate
Information Needs to Water Utility Business Functions. In AGU Fall Meeting Abstracts.
Macchi, M., Savino, M. and Roda, I., 2020. Analysing the support of sustainability in the
manufacturing strategy through a multiple perspective of different business
functions. Journal of Cleaner Production. p.120771.
Podder, S.K., Samanta, D. and Gurunath, R., 2020. Impact of Business Analytics for Smart
Education System and Management Functions. In Advances in Computing and Intelligent
Systems (pp. 479-488). Springer, Singapore.
Xiao, T., 2018, July. The Functions and Expressions of English Euphemism in Business
Negotiation. In 4th International Conference on Arts, Design and Contemporary Education
(ICADCE 2018). Atlantis Press.
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