MG408 - Business Functions and Their Strategic Importance for Growth

This report provides an overview of essential business functions, including marketing, finance, production, and human resources, emphasizing their interconnected roles in organizational success. It uses Marks and Spencer as a case study to illustrate the practical application of these functions and their strategic importance in achieving growth in both local and global markets. The report concludes by highlighting the significance of understanding and effectively managing these functions for developing a well-managed and successful business.

MG408 - The Graduate
Challenge

Table of Contents
MG408 - The Graduate Challenge..................................................................................................1
INTRODUCTION...........................................................................................................................3
Business Functions......................................................................................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................1

INTRODUCTION
In a business, it is necessary to identify some major function so that plan can be developed. Core
functions are the activities which can increase the income and fine goods and products. The
report will illustrate the concept of different business functions to demonstrate the core academic
skills.
Main Body
Business Functions
Role of Marketing : This department is responsible for sales and after sales
services. This group of people will evaluate the customers need and desires which
should be fulfilled(Gao, and etc.al., 2017). Marketing includes price, distribution,
packaging, customer services and product development methods. Marks and
Spencer marketing strategy is very effective in the growth of their business. The
company provide the promotional advertisements to attract the customers.
Role of Finance : Finance and accounting deals with money of the organization.
All the budgets and expenditure which is required in a company is undertaken by
finance management. This factor includes financial information the management
for planning the decision, government taxation and statements, company economy
transactions as salary of an employee.
Role of Production : The major part of business functions stars from this factor.
Production means converting the raw material into a fine quality components.
Along with this it includes a good and consistent services if a organization is a
service based company.
Role of Human Resources : This management is responsible for maintaining and
hiring the work force in a company. Recruitment to hiring all the activities are been
done under this objective(Sliż, 2019). Human Resources includes the payroll system
of an individual, training and development, terminal and dismissal and other
industrial relation.

Organizing and managing the business functions are important sources of making a
comfortable development. All these functions are interconnected with the entire
process of management. There are the four major function of business and their
major roles are described above. Here, framing an example considering a company
Marks and Spencer to show the relationship between all these characteristics. It is a
very basic rule that product – finance – marketing– human resources are
interrelated to each other. Marks and Spencer is a retail clothing store where the
outfits are produced. For making the products company requires a stable finance.
When a dress in being designed it needs marketing or promotion for the consumer.
After all that workers who help in designing the material they need a human
resources management for their any obstacle and for providing payrolls.
CONCLUSION
In this report, it has been concluded about the importance of business functions for developing
the occupational growth. In a market, it is required to understand the chief events of creating a
well managed association(Tweedie, Nielsen and et.al., 2018). The above brief is describing the
role of the functions and with how these are interconnected with each other. Apart from this,
taking the help of Marks and Spencer organization to explain and understand these concepts in a
detailed manner. Applying these strategic function can lead an industrial to a successful position
in a local and even global market.

REFERENCES
Books and journals
Gao, and etc.al., 2017. Probabilistic model checking-based service selection method for business
process modeling. International Journal of Software Engineering and Knowledge
Engineering.27(06).pp.897-923.
Tweedie, D., Nielsen and et.al., 2018. The business model in integrated reporting: Evaluating
concept and application. Australian Accounting Review.28(3).pp.405-420.
Sliż, P., 2019. Robotization of business processes and the future of the labor market in poland–
preliminary research. Organizacja i Kierowanie. 185(2).pp.67-79
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