Business Report: Importance of Business Functions (MG408)
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Report
AI Summary
This report, prepared for the MG408 Graduate Challenge module, delves into the critical importance of various business functions within an organization. It begins with an introduction to business functions, defining them as activities that facilitate core and support functions within an enterprise, using Next PLC, a British multinational retailer, as a case study. The main body of the report explores the significance of marketing, finance, production, and human resources. The marketing function is highlighted for its role in attracting customers and building brand image. Finance is discussed for its importance in fund management and smooth operations. Production is examined for its efficiency in resource allocation and output. Human resources are emphasized for their contribution to company growth and culture. The report concludes by underscoring the necessity of effective coordination among these functions for overall business success, supported by academic references.
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