MG408: The Graduate Challenge: Interplay of Business Functions Report

This report, addressing the MG408 Graduate Challenge, examines the pivotal roles of marketing, finance, operations/production, and human resources within a business organization. It highlights how marketing establishes brand reputation and customer relationships; finance manages company finances, including tax and forecasting; operations balance revenue and cost through production management; and human resources recruit, train, and support employees. The report emphasizes the importance of these functions working together, illustrating their interdependencies through examples like the integration of marketing and finance for business growth, the collaboration between human resources and marketing for organizational development, and the coordination of operations and finance for effective budgeting. The conclusion underscores the significance of inter-functional relationships in enhancing productivity and communication, ultimately contributing to overall organizational success. The report references key academic sources to support its analysis.

MG408 The Graduate
Challenge

Table of Contents
INTRODUCTION ..........................................................................................................................1
CONCLUSION................................................................................................................................4
References:.......................................................................................................................................5

INTRODUCTION
Role of marketing in business organization
As organisational success mainly depended on business objectives and goals, therefore
marketing help the companies in setting specific goals.
Most fundamental role of marketing within business is to implement effective strategies
to build reputation of the specific brand.
Marketing play a significant role in establishing strong bond or relationship between
the organisation and customers (Durand and Huynh, 2022).
Role of finance in business organization
Finance function play major role in maintaining the company's books & also mitigate
the tax burden.
When organisation need money, then finance function helps the organisation in finding
most suitable sources that will be not much expensive
Role of the financial function include forecasting the future events by using analytics
and also help in knowing about risk which can occur in upcoming period.
Role of operations/production in business organization
Primary role of the production/operation function is to balance the revenue and cost so
that profit can be maximize
This functions is responsible to manage activities which are part of production of the
goods & services (Isen, Daubman and Gorgoglione, 2021).
Another significant role of the operation/ production is to plan the production schedule
& ensure that production procedure is carried out timely and within decided budget.
Role of human resources in business organization
Recruit potential worker and train or support them with the motive to improve their
performance so that they can reach their full potential & attain organisational goals efficiently.
Another major role is to develop and support a safe working environment to the
employees and also provide healthy and friendly work surrounding.
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It helps in providing the organisational structure & ability so that companies scan meet
the business needs by efficaciously managing or dealing with employee lifecycle.
Importance of all these functions working together well
In organization there are many significant functions that work together. It is because this
relationship between different functions helps the organisation in meeting their goals effectively.
Few example of relationship of these function along with their significant are mentioned below:
Marketing & finance- Both of these furcation are two pillar of organisation on which
company's growth and profit depends. Organisation integrate marketing and finance to produce
excellent outcome for future of the business (Morozova, and Menshikh, 2021).
Human resources and marketing- Both of these function work together in order to have
powerful impact on the organisational growth & performance. Marketing and HR acquire,
develop & deliver company's capabilities which are key to balancing growth.
Operation/production and finance- The finance department provide essential
information to a continued operation of the business. On the other hand, operation department
oversee execution of regular task. Few organisations choose to combine both these to create
effective budget dan meet organisational goals.
Thus, all this interrelationship of the different organisational function increased
productivity throughout the organisation. It also improve the communication among varied
function of the company. Apart form this, by taking responsibility of entire process, all these
function can start to feel as a significant part of entire project form the start to finish.
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References:
Books and Journals
Durand, R. and Huynh, C.W., 2022. Legitimacy judgments and prosociality: organizational
purpose explained. In Handbook on the Business of Sustainability (pp. 43-62). Edward
Elgar Publishing.
Isen, A.M., Daubman, K.A. and Gorgoglione, J.M., 2021. The Influence of Positive Affect on
Cognitive Organization: Implications for Education 1. In Aptitude, learning, and
instruction (pp. 143-164). Routledge.
Morozova, V. and Menshikh, V., 2021, November. Models of Using Qualitative Values of
Statistical Indicators in Organizational Management Systems. In 2021 3rd International
Conference on Control Systems, Mathematical Modeling, Automation and Energy
Efficiency (SUMMA) (pp. 256-260). IEEE.
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