Evaluation of Business Functions and Interrelation Report

This business report examines the critical importance of various business functions and their interrelationships within an organization, using Marks and Spencer (M&S) as a case study. The report begins by defining business functions and their role in organizational success, then delves into the significance of key departments such as Human Resource Management (HRM), Finance, Production, and Marketing. It highlights the specific contributions of each function, including workforce management, financial resource allocation, product development, and market promotion. The report emphasizes the interconnectedness of these functions, illustrating how they rely on each other for effective operation. For example, the HR department recruits skilled employees for each department, the finance department allocates funds, the production department provides the product, and the marketing department promotes the product, all of which is crucial for achieving profitability and market share. The report concludes by reinforcing the necessity of these functions working together for the smooth operation and profitability of the business. The assignment provides insights into how different business functions interact within an organization to achieve its goals.

Business report

Table of Contents
........................................................................................................................................................1
INTRODUCTION ..........................................................................................................................1
Main Body.......................................................................................................................................1
Evaluate the importance of different business functions and importance of their interrelation 1
CONCLUSION ..............................................................................................................................2
REFERENCES................................................................................................................................3

INTRODUCTION
Business functions are described as the activities whic are required by the organisations
to carry out the operations in a successful manner. It identifies and describe the functions that
support the core processing activities of an organisation (Business Functions, 2019).
Organisations include different business functions which have their own importance and role in
contributing to run the operations in effective and efficient manner. The present assignment
report is based on Marks and Spencer (M&S) which is engaged in selling wide range of products
such as clothing, home and luxurious food products (About Marks and Spencer, 2019). The
report will expalin importance of these businees functions and the importance of their
interrelation with each other.
Main Body
Evaluate the importance of different business functions and importance of their interrelation
Business structure is conists of many functional divisions which are very important in
carrying the operations for the company in effective way (Noe and et. al., 2017). The different
business functions are mainly categorized as follows:
Human Resource Management
The HRM department is concerend with the issues of performance mamnagement,
compensations, employee motivations, trainings etc. It plays a very important role in managing
employees and the environment of the workplace. The importance of this business function in
organisations is that it helps in recruiting skilled and higly qualified workers for the required job
(Stone and Stone, 2013).
Finance Department
It is the most important department for any organisation as it is the one which is
responsible for providing financial assistance to all the other departments accordiong to their
requirements and managing the sources to collect funds form the market (Shamray and
Posylkina, 2014).
Production Department
The importance of production department in any organisation is related with the
producing the desired products and services for the customers in a effective manner(Marketing's
Interaction with Other Functional Units, 2018). The main aim of this department is to add value
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to the products and services that leads in creating a good and strong relations with the customers
(Hitomi, 2017).
Marketing Department
This department plays a very vital role in any organisation as it helps in promoting the
business and mission of the organisations. The importance of this department is that it promotes
the products and services in the market and attracts the customers that results in achieving the
profitablility in the market and capturing the market share (Kotler and Reibstein, 2013).
Importance of these business functions working together
As, these functions have their own roles and responsibilities in the organsation they are
also very important for proper functioning of each other and the deopartment functions are
interelated. As, the HR department hires workforce for the organisation according to the
requirement of the job title (Marketing and its relationship with other business activities. 2019).
So, it will select employees of different skills for the each department accordingly. For example,
the HR department will help Tesco plc in hiring suitable candidate for the finance department
which will help the company in proper functioning of the department which will eradicate the
problems of the finance department. The fincae department will provide accurate fund to the HR
department to carry the functions in efective manner.
The finance department of Marks and Spencer assist its production department by
providing funds for buying raw materials for the production process and to marketing department
also to carry out the promotion activities on a full fleged manner which result in increasing the
profitablilty of the company in the market (The Importance of Finance and Production
department, 2018).
CONCLUSION
The above report descibes the different business functions and their interrelations with
each other. These functions are very essential for the organisation and it is very important for
them to work together as it is required for smooth functioning of the business organisation and to
gain profit in the market.
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REFERENCES
Books and Journals
Dalton, C., 2016. Brilliant Strategy for Business: How to plan, implement and evaluate strategy
at any level of management. Pearson UK.
Gitman, L. J., Juchau, R. and Flanagan, J., 2015. Principles of managerial finance. Pearson
Higher Education AU.
Hitomi, K., 2017. Manufacturing systems engineering: A unified approach to manufacturing
technology, production management and industrial economics. Routledge.
Kotler, P. and Reibstein, D., 2013. Does your company really need a marketing department.
Marketing News, pp.20-21.
Noe, R. A. and et. al., 2017. Human resource management: Gaining a competitive advantage.
New York, NY: McGraw-Hill Education.
Shamray, A.S. and Posylkina, O.V., 2014. Directions of improvement in activities of finance
department of enterprise.
Stone, R. J. and Stone, R.J., 2013. Managing human resources. Wiley.
Online
Business Functions. 2019. [Online] Available
Through:<https://www.ibm.com/support/knowledgecenter/en/SSRA3Z_8.9.2/
com.ibm.ima.po_soa/comp/vocab/biz%20funcs/bus_fun_soa.html>.
Marketing and its relationship with other business activities. 2019. [Online] Available
Through:<http://www.sanandres.esc.edu.ar/secondary/marketing/page_14.htm>.
The Importance of Finance and Production department. 2018. [Online] Available
Through:<https://www.techfunnel.com/fintech/the-importance-of-finance-and-
procurement-collaboration/>.
About Marks and Spencer (M&S). 2019. [Online] Available
Through:<https://corporate.marksandspencer.com/aboutus>.
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