Report: Importance of Business Functions for M&S Success

This report analyzes the significance of various business functions within an organization, using Marks and Spencer (M&S) as a case study. It explores the roles of production, marketing, finance, and HR functions, highlighting their contributions to achieving organizational goals. The report emphasizes the importance of coordination between these functions, such as marketing and production, and the impact of skilled employees in driving innovation. It concludes that the success of a business relies heavily on the effective performance and integration of these key functions, enabling the organization to adapt to market demands and compete effectively. The report references several academic sources to support its findings, providing a comprehensive overview of the topic.

EVALAUET THE IMPORTANCE
OF BUSINESS FUNCTIONS
Table of Contents

INTRODUCTION...........................................................................................................................3
BUSINESS FUNCTIONS...............................................................................................................3
IMPORTANCE OF BUSINESS FUNCTIONS AND LINKAGES...............................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Business functions plays a significant role in an appropriate functioning of business
organisation. There are various functions performs towards achievement of organisational goals
and objectives which includes marketing, HR and sales function, finance and production function
(Cantù and et. al., 2015). Marks and Spencer (M&S) which is currently dealing in selling wide
range of products including clothing, home and food products is taken for the purpose of
preparing this report. Here are the functions that plays critical and important role in the growth
and success of M&S
BUSINESS FUNCTIONS
 Production function: It is the function which is responsible to produce quality products
and develop services by taking support from human resource, funds and other facilities
available within an organisation. Nowadays, customers prefer quality over a price thus
producing quality will be the main priority of production function. In the context of
M&S, production function or division is more organised which mainly emphasis on
improving quality on continuous basis with an objective of retaining loyal customers for
longer period of time (Business function, 2019).
 Marketing function: It is the function which is held responsible to create awareness
about new offerings of company in market by using various promotional tools such as
social media, TV advertisement etc. In the context of M&S, marketing functions
conducts market research with an objective of identifying customers’ needs and
requirements so as to meet them in satisfactory way (Kozina, 2014).
 Finance function: It is the function which is responsible to make decision regarding
investment, financial and dividend decision. It ensures organisation to execute different
business activities in pre-determined way without facing any interruptions due to
shortage of funds (Chang, 2016).
 HR function: It is the function which is held responsible to make decision regarding
development of existing employees and recruiting skilled candidates to make
organisations such as M&S more capable to achieve its desired goals and objectives
(Fareri and et. al., 2018).

IMPORTANCE OF BUSINESS FUNCTIONS AND LINKAGES
Business functions plays a significant role in driving business organisation to achieve its
pre-determined goals and objectives within limited time period. These includes finance, HR,
marketing, production etc. It is essential for manager of each function to get support from each
other in order to perform their allotted responsibilities in productive manner so as to ensure
organisation with generation of high revenues and profits (Importance and functions of business,
2019). For an instance, if marketing and production function performs through better
coordination, then it makes easy for M&S to identify market needs and requirements and
offering them same with high quality. It makes strong market presence of M&S which ease them
to attract new customers as well from different places. Contributing maximum by HR function
by recruiting skilled employees assist an organisation to bring out innovation in their current
offerings that will make them more capable to compete with their rivals such as Tesco, Asda etc.
Thus, contribution from each functions on equal basis increases the chances of an organisation to
achieve its long-term goals and objectives within pre-determined time period (Vandekerckhove
and Ramioul, 2015)..
CONCLUSION
It can be concluded from the above report that the growth and success of business
organisations are very much depends on the contribution made by different business functions
which includes finance, HR, Marketing, Production etc. It makes easy for an organisation to
make availability of market information and financial resources which makes them possible to
execute different business operations in more effective and efficient way.

REFERENCES
Books and Journals
Cantù, C. and et. al., 2015. Innovative and networked business functions: customer-driven
procurement. Journal of Business & Industrial Marketing.
Chang, J. F., 2016. Business process management systems: strategy and implementation.
Auerbach Publications.
Fareri, S. and et. al., 2018. Workers 4.0: skills, profiles and jobs in different business functions.
Economy, employment and skills: European, regional and global perspectives in an age
of uncertainty. p.95.
Kozina, A.W., 2014. Managerial roles and functions in negotiation process. Business,
Management and Education. 12(1). pp.94-108.
Vandekerckhove, S. and Ramioul, M., 2015. Using business functions to identify new and
growing jobs. In Hard Work in New Jobs (pp. 35-48). Palgrave Macmillan, London.
Online:
Importance and functions of business. 2019. [Online]
<https://www.kullabs.com/classes/subjects/units/lessons/notes/note-detail/2226>
Business function. 2019. [Online]:<http://www.businessdictionary.com/definition/business-
function.html >