Business Functions and Their Importance: MG408 Essay, 2020-21

This essay, written for the MG408 Graduate Challenge module, explores the critical roles of various business functions within an organization. It defines the functions of marketing, finance, production/operations, and human resources, emphasizing their individual contributions to overall business objectives. The essay highlights the importance of each function, illustrating how they interrelate to achieve common organizational goals, using Tesco as a case study. The author uses academic texts and Harvard referencing to support the analysis. The essay concludes by underscoring the interconnectedness of these functions and their collective impact on a company's success. It emphasizes that the effective coordination of these departments is essential for achieving organizational goals.

ESSAY
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Table of Contents
INTRODUCTION ..........................................................................................................................2
Different roles of business functions......................................................................................2
Importance of all functions.....................................................................................................3
CONCLUSION ...............................................................................................................................3
REFERENCES................................................................................................................................4
INTRODUCTION
Business functions refers to a process of operation which makes sure about adequate
working in an organisation. No business can operate with having different functions in it.
Business functions includes several departments of an organisation which are inseparable from
achieving success and growth (Crawford, 2020). These are marketing, finance, human resource,
production, etc. which all coordinates and contributes to organisation in attaining its objectives
or goals. In present essay different roles of each function along with their importance in business
is being discussed by taking Tesco into analysis.
Different roles of business functions.
Marketing
Marketing function of any business plays a very important in advertising and promoting
company's product or services which helps in increasing sales and generate high revenue
(Krishnaveni and Monica, 2018). This makes public aware about business offerings for
customers use. Its key role is to promote company's mission and vision to reach customers or
investors in market.
TESCO marketing department performs its role by advertising company's products
through direct communication with its buyers that focuses on building trust of customers towards
company.
Finance
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Finance department's main role is to allocate and arrange monetary funds for company. In
order to utilise it in business operations as well as for the purpose of making certain investments
that gives returns to company in a form of capital appreciation (Nespeca and Chiucchi, 2018) .
At TESCO finance departments aims at adding value to their company by injecting
enough funds into its operations. Finance department at TESCO also plays a role by forecasting
its sales margin, making financial reports such as cash flow, balance sheet,etc.
Production
Production department aims at managing affairs related to manufacturing of goods that
company offers to its customers (Primo, Gil-Saura and Frasquet-Deltoro, 2020). Their role is to
arrange required resources for production process and manufacturing of goods for sale.
TESCO production department main role is to observe manufacturing process right from
getting order to final shipment of such goods bearing high quality results in them.
Human Resource
The main role of human resource department is to employ competent personal for actual
working in company. HR department is required to take interviews of candidate and place them
at right job based upon their skills and competency. Their role is to provide fair remuneration on
time to company's employees.
TESCO HR department role is to direct and instruct their employees in order to achieve
organisational goals and employing deserving candidate to right post.
Importance of all functions.
All the business functions are interrelated with each other and aims to achieve
organisational common goal by combining their individual efforts into one direction. Human
resource department provides right candidates to different departments such as finance,
marketing production, etc. Marketing department helps company in knowing sales target and
production department manufactures goods according to sales idea. For this finance department
allocates adequate fund that is used in producing goods.
CONCLUSION
From the above essay it cam be concluded that each department has its own role and
importance in business without which no company can accomplish its goals and achieve success.
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REFERENCES
Books and Journals
Crawford, R., 2020. ‘But nobody talks to accountants’: the growing influence of the finance
department in the advertising agency. Accounting History Review. 30(1). pp.89-111.
Krishnaveni, R. and Monica, R., 2018. Factors influencing employee performance: The role of
human resource management practices and work engagement. International Journal of
Business Performance Management. 19(4). pp.450-475.
Nespeca, A. and Chiucchi, M.S., 2018. The Role of Business Intelligence in the Production,
Transmission, and Reception of Performance Measures: A Case Study. In Performance
Measurement and Management Control: The Relevance of Performance Measurement
and Management Control Research. Emerald Publishing Limited.
Primo, M.C., Gil-Saura, I. and Frasquet-Deltoro, M., 2020. The role of marketing and product
design in driving firm’s performance. Journal of Product & Brand Management.
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