Graduate Challenge: Business Functions Report (MG408 Module)

This report, prepared as part of the MG408 Graduate Challenge module, provides a comprehensive overview of the critical business functions within an organization. It delves into the roles and importance of marketing, finance, operations/production, and human resources, highlighting their individual contributions and the necessity of their effective collaboration. The report emphasizes the significance of each function, from identifying customer needs in marketing to managing capital in finance and ensuring efficient production in operations. It stresses the interconnectedness of these functions, illustrating how they collectively contribute to the successful delivery of products and services, using examples of successful organizations. The report concludes by underscoring the importance of integrated business functions for achieving positive organizational outcomes, supported by evidence-based writing and Harvard referencing, as required by the assignment brief.

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Management

Executive Summary
Business functions include management, operational, accounting, marketing and finance
department. Activities performed by these department links with each other in order to ensure
the right product and service delivery to the customer. In addition to this, every function has
its own role and responsibilities in the organisation that is required to deliver.

Contents
Introduction................................................................................................................................3
Key functional areas of business and their importance..............................................................3
Link of business functions with each other................................................................................3
Conclusion..................................................................................................................................4
References..................................................................................................................................5

Introduction
It is true that different business functions are being controlled and performed through
different departments. Operational efficiency is the major reason for separating business
operation into the functional area. In the paper, discussion has been carried on the different
business functions and their relative importance.
Key functional areas of business and their importance
1. Management: the main role of manager is to supervise the performance of its people.
Management activities include planning (setting goals), organising (organising the operations
of business and enabling business for using resources in effective manner), controlling
(controlling the activities within business and taking corrective actions after noticing
mistake), and leading (lead group or team through the development or new process of the
product).
2. Operations: Operational department is seen as the heart of the business that caters to
the needs of customers. Operating department is responsible for seeing the daily operations
from raw material ordering to scheduling workers from producing tangible goods (Walmart,
2020).
3. Marketing: the importance of this function lies in identifying the customer needs and
designing products accordingly for meeting their needs. It also develops the pricing strategy
for capturing the market share. It is therefore responsible for overseeing and building the
internet presence of company (Bititci, 2016).
4. Accounting: Accounting department provides the necessary information to manager
that further helps them in making the resource allocation decision. In this way, they are
responsible for preparing the financial statement.
5. Finance: finance department plans for long as well as short term capital need and
further analyse the impact of borrowing on the financial well-being (Hyde, 2019).
Link of business functions with each other
It is true that management function provides the necessary information to the workers
regarding product operation. Without operation department, it is not possible to make the
product as per customer demand. For making every product, it is quite necessary to prepare
their budget. In order to ensure the product visibility to the customers, marketing department

is required that ensures the collaboration with HR for spreading the brand messaging to the
company. In this way, business functions are linked with each other for ensuring the
successful transfer of final product to the customer. Walmart is one such company that not
only succeeded due to its strong operation. It also has some of the impressive capabilities
including processes, logistics, real estate practices, effective human resource, and best
working in finance department (CFI Education Inc, 2020).
Conclusion
In the limelight of above discussion, it can be concluded that different business functions are
required in order to ensure the successful transfer of product to the final customer. Without
human resource, it is not possible to ensure the marketing of product to reach the wide
number of people. In this way, it can be said that every business function is required to
perform for bringing the positive outcome in the organisation.

References
Bititci, U.S., 2016. Managing business performance: The science and the art. United States:
John Wiley & Sons.
CFI Education Inc. 2020. Walmart marketing mix. [online] Available from:
https://corporatefinanceinstitute.com/resources/knowledge/other/walmart-marketing-mix/
[accessed 2/03/2020].
Hyde, R.R. 2019. How Walmart model wins with “everyday low price”. [online] Available
From: https://www.investopedia.com/articles/personal-finance/011815/how-walmart-model-
wins-everyday-low-prices.asp [accessed 2/03/2020].
Walmart. 2020. Our business. [online] Available from: https://corporate.walmart.com/our-
story/our-business [accessed 2/03/2020].