Business Functions: Importance and Interrelationship Report, MG408

This business report, prepared for the MG408 Graduate Challenge module, examines the critical roles of various business functions within an organization. The report defines and analyzes the importance of marketing, finance, operations/production, and human resources functions. It emphasizes how each function contributes to overall business success and profitability, using examples of successful organizations. The report also highlights the interrelationship between these functions, demonstrating how they must collaborate effectively to achieve organizational goals. It provides evidence-based writing and utilizes Harvard referencing to support its arguments, meeting the requirements of the assignment, which aims to evaluate the importance of different business functions and how they connect to each other to achieve the desired outcomes. The report concludes by summarizing the key findings and reinforcing the significance of integrated business functions for organizational performance.

CW 1 BUSINESS
REPORT

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Types of business functions, their importance and interrelationship between all of them.........3
CONCLUSION ...............................................................................................................................4
REFERENCES ...............................................................................................................................5

INTRODUCTION
Business function are the actions carried out by an organization, they can be divided into
functional and operational functions (Macchi, Savino and Roda, 2020). All the functions are
very essential for companies as it help to achieve set objectives and aim as well as increase the
performance level of businesses rather than before. The current report explain the importance of
business functions and also justified how they interact together with appropriate examples.
MAIN BODY
Types of business functions, their importance and interrelationship between all of them
Importance of business functions-
Marketing function-
It is one of the most essential function within organizations because it helps to sell
services and goods in target marketing and contribute to generate revenue. It helps to gain the
attention of people who seek for purchasing quality products. The bottom line of any firms it to
make profit and marketing is an important channel to reach that end aim (Painter and et.al.,
2019).
Production-
Production function is also very essential in context of business, as it help to improve the
performance of companies and contribute to increase profit margin. They are able to provide and
produce quality products according to the needs of consumers and also support to increase export
potentials (Paipuri, Leclercq and Krug, 2019).
HRM function-
Human resource management play vital role in firm, they deal with problems related to
employee performance management, safety, compensation, training and motivation. It is one of
the most significance function within organizations because they hire and recruit new applicant
who are able to contribute and participate in procedure of achieving objectives of firms.
Finance function-
In context of business, finance function is crucial because it helps to utilize and acquire
funds necessary for efficient operations. For example, by managing and utilizing funds, finance
department in TESCO help in increasing profitability of companies, increases overall value of
businesses and encourage workers to save money.
All the business functions interact together-

Human resource management and production department-
HRM and production department interact and work together effectively in order to
achieve business goal (Belay and et.al, 2017). For example, M&S want to provide better quality
of products and satisfy the needs of its consumers while purchasing. Human resource department
help production section by providing them skilled applicants, they recruit and talented people
who are able to work more effectively that enhance practices of production department more
than before.
Finance and HRM-
Along with above functions, finance and HRM also work together in order to increase
and improve profitability of organizations. Finance section according to the needs and
requirement allocate funds and resources to human resource department which make them able
to develop hiring and recruitment plans effectively.
Marketing and production-
Production and marketing functions work together on new goods, production
communication with marketing department what it takes to produce item, and how adding
features change production or price time. They work and interact together within TESCO and
other companies to create a good that consumer wants, they are able to effectively produce.
CONCLUSION
From above analysis it has been concluded that all the functions work together effectively
and efficiently in order to enhance the practices as well as performance of businesses within
specific sector.

REFERENCES
Book and Journals
Belay, H and et.al, 2017. Assessment of Marketing Skill Application in Tourism Places in
Srikakulam District, Andhra Pradesh. International Journal of Innovative Research and
Practices. 5(12).
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.
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.
Paipuri, M., Leclercq, L. and Krug, J., 2019. Validation of MFD-based models with microscopic
simulations on real networks: Importance of production hysteresis and trip lengths
estimation.