Business Functions Report: Importance and Role Analysis

This report provides an overview of the core business functions within an organization, including marketing, finance, operations/production, and human resources. The marketing function is presented as crucial for customer satisfaction, market share growth, and effective product design. The finance function is highlighted as the lifeblood of the business, responsible for acquiring and utilizing funds for efficient operations and future planning. Operations/production is discussed as the core function for producing goods and services efficiently, while human resources is emphasized as the backbone of the business, focusing on employee effectiveness, talent acquisition, training, and maintaining employee relations. The report concludes by summarizing the importance of each function for organizational success, emphasizing their roles in economic growth, cost reduction, profit generation, and smooth operational functioning. References to relevant books and journals support the analysis.

CW1 Business Report

Table of Contents
Explaining importance and role of different business functions ................................................3
REFERENCES................................................................................................................................1

INTRODUCTION
Organisational functions acts as the core process or the set of an activities that is been
carried out within the department of company. The common functions of company includes
marketing, operation, human resource and finance function.
MAIN BODY
Explaining importance and role of different business functions
There are various business functions within an organization that plays a crucial role in
performing the business operations in an effective and efficient manner. The main business
functions which are played in each and every type of organization that are as follows-
Marketing
It is the practice of getting the goods and the services into hands of customers with a view
for satisfying desire and the needs of producers and consumers. It ensures survival, reputation
and the growth of company in an overall market and helps an organization in reaching to its
objectives by satisfying customers, gaining customer retention and increasing the market share. It
involves framing of effective and competitive marketing strategies that helps in setting up of fair
prices selecting right approaches and incorporating adequate changes. Marketing function plays
an active role in designing and managing the product offerings (Painter and et.al., 2019). It helps
in enhancing utility of product by meeting specifications of customers and enables in
maintaining balance between expectation of consumers and offering of competitors through
monitoring market very closely.
Finance function
In a business organisation, finance function includes an acquisition and utilization of the
funds that are essential for achieving efficient operations. Finance function is seen as the
lifeblood of the business as without it, an enterprise cannot run smoothly. Finance function helps
in establishing the business by determining the amount needed for starting the business and
planning for it. It ensures adequate funds for catering to the future needs and coping up with
uncertainty (Heikkilä, Kaipia and Ojala, 2018). It helps in identifying the appropriate sources of
the finance along with comparing the risk and the cost involved.
Operations/ Production function

Production relates to creation of the goods and the services with helps of certain
processes. Role of operation manager counted as very important as it ensures production of the
goods and the services in the specified quantities, to meet with the specified time frames or the
delivery dates, fulfilling quantity requirements, performing all the production operations at a
minimal cost. It includes planning, organizing, controlling and coordinating resources needed for
producing goods and services of company (Massa, Tucci and Afuah, 2017). It acts as the core
function of each and every organization as it provides for managing the people, technology,
information and equipment required in production of all the goods and the services.
Human resource
It refers to the function that deals with human side of the business and is concerned with
enhancing effectiveness of human resource in an enterprise. Human resources are indicated as
backbone of the business organization as it deals with most crucial resources of the business. It
helps in determining requirement of manpower in the company and hiring the best talent in an
organization (Weske, 2019). This function ensures proper training and the development of all
the employees he and the staff so that task could be performed as per the set standards. HR plays
a significant role in performance appraisal, motivation and maintaining cordial relations within
an industry.
CONCLUSION
By summing up the above report it has been summarized that different functions plays an
different role which are important for effective working of an organisation. Marketing function
leads to growth in an economy and raises living standard by offering improved and the superior
goods. HR function assist an enterprise in controlling turnover of an employees and reduces cost
of facilitating training to new employees. Finance helps in generating large profits by optimum
allocation and use of funds. Operation function helps in smooth functioning of routine operations
and ensure effective functioning.

REFERENCES
Books and journals
Heikkilä, J., Kaipia, R. and Ojala, M., 2018. Purchasing category management: providing
integration between purchasing and other business functions. International Journal of
Procurement Management. 11(5). pp.533-550.
Massa, L., Tucci, C. L. and Afuah, A., 2017. A critical assessment of business model
research. Academy of Management Annals. 11(1). pp.73-104.
Painter, M. and et.al., 2019. Sharing vocabularies: Towards horizontal alignment of values-
driven business functions. Journal of Business Ethics. 155(4). pp.965-979.
Weske, M., 2019. Business Process Modelling Foundation. In Business Process
Management (pp. 71-122). Springer, Berlin, Heidelberg.
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