MG408: Graduate Challenge: Business Functions Report Analysis

This report, submitted for the MG408 Graduate Challenge, examines the roles of marketing, finance, operations/production, and human resources within an organization. It defines each function with references to academic texts, highlighting their individual contributions to overall business success. The report then emphasizes the crucial importance of these functions working in harmony, supported by evidence from successful organizations, using Tesco as a key example. The analysis includes the significance of marketing strategies, financial management, efficient operations, and effective human resource practices. The report concludes by underscoring the necessity of integrated function for achieving organizational goals, increasing brand image, and improving revenue.

Graduate challenge

Table of Contents
INTRODUCTION...........................................................................................................................1
Roles of marketing, finance, operation & production and human resource................................1
Importance of these functions working together for organisational success with example........2
REFERENCES................................................................................................................................3
Books and Journals.....................................................................................................................3

INTRODUCTION
Business functions are important activities performed to run the organisation successful
(Austin, McCormick and Van Puymbroeck, 2016). These are divided into two categories named
as core function which considering revenue and income generating tasks. While support
functions are the activities supporting core functions indirectly.
Roles of marketing, finance, operation & production and human resource.
Role of marketing :- It plays vital role in the understanding and analysing needs and
wants of customers, delivering them important information about products & services and
satisfying them. Tesco constantly invested in its promotion and marketing strategies such as-
marketing research, advertisement & promotions, customers care & services to build trust and
loyalty among customers which leads to increasing profit and revenues of firm (Tesco
Marketing, 2016). For instance company arranges promotion campaigns and offering club-cards
to its customers as a way to thank them for making direct communication with end users to
create brand loyalty.
Role of finance :- This function considered allocation and management of required fund
for successful operation of entire company (Nunhes, Barbosa and de Oliveira, 2017). In Tesco's
huge success finance plays important role. Company's finance department regularly ensures the
activities such as- recording day-to-day business transaction, measuring firm's financial
positions, controlling cash flows, taking strong financial decision by comparing estimated and
actual performance (TESCO COMPANY PROFILE, 2020.). Finance plays crucial role in smooth
operation of business. For instance Tesco's monetary department ensures the availability of
additional funds to pay off bills, debts, employees and to invest in new projects.
Role of operations and production :- It performs significant role in effective and
efficient management of all the activities related to manufacturing or producing of goods & items
for achievement of profit (Raduški, 2017). Tesco's operation department performed activities like
making quality products and effective services, delivery of items on time etc. this shows the
effectiveness in company's production system. For example production department of firm uses
EPOS system to ensures the availability of enough stock. This electronic point of sale digital
system helps in recording sales, providing accurate information about price, updating stock
levels etc.
1

Role of human resources :- This performs tasks related to planning, staffing and
development of human in the organisation. In terms of Tesco HR department gives vital
contribution in success of firm by carry out activities such as- building healthy relationships
between employees and managers as well as making industrial relations with other enterprises,
conducting development plans and programs for training & development of employees,
instructing or directing staffs towards company's objectives, motivating employees to achieve
effectiveness in performance (Human Resource Management in Tesco PLC, 2020).
Importance of these functions working together for organisational success with example.
All these functions of Tesco plc performed vital role in the wide success of company.
There is a great co-ordination between different departments of company. For instance effective
and unique marketing strategies helps the organisation in knowing customers expectations,
finance department allocate the financial recourse from internal and external sources and also
controlling firm's reserve funds to meet future circumstances, production department uses TQM,
lean manufacturing techniques for effectiveness in process and HR department ensures the
healthy workforce or effectiveness in performance of mankind (Krutyakova and Anyushenkova,
2018). This leads to increments in profit and revenues, building huge brand image. It is important
for these functional units in terms of performing effectively as it is useful for each of them in
terms of accomplishing prominent sales and objectives. Along with this, to increase brand image
and reputation, these units plays an important role in terms of working together as it is useful for
improving significant revenues ans sales of company. It is also described that if these units does
not properly work with full coordination then it can become loss and tends to develop negative
impact on the running and functioning of company.
CONCLUSON
From above discussion it is observed that proper functioning of business activities are
important for organisation's growth. Different departments like production, HR, marketing and
finance are responsible for the smooth functioning of entire firm.
2

REFERENCES
Books and Journals
Austin, D.R., McCormick, B.P. and Van Puymbroeck, M., 2016. Management functions in
recreational therapy. Sagamore Publishing.
Gschwind, M.K. and Salapura, V., International Business Machines Corp, 2016. Instructions and
functions for evaluating program defined conditions. U.S. Patent 9,424,037.
Krutyakova, M.S. and Anyushenkova, O.N., 2018. Changing functions of management at the
present stage. Наука и образование: новое время. (5). pp.176-180.
Nunhes, T.V., Barbosa, L.C.F.M. and de Oliveira, O.J., 2017. Identification and analysis of the
elements and functions integrable in integrated management systems. Journal of cleaner
production. 142. pp.3225-3235.
Păunescu, C., Popescu, M.C. and Blid, L., 2018. Business impact analysis for business
continuity: Evidence from Romanian enterprises on critical functions. Management &
Marketing. Challenges for the Knowledge Society. 13(3). pp.1035-1050.
Raduški, D., 2017. Basic management functions in culture and arts organisations. Management:
Journal of Sustainable Business and Management Solutions in Emerging Economies.
21(81). pp.59-66.
Shinde, S.V., 2018. Functions of management. Lulu. Com.
Online
Human Resource Management in Tesco PLC. 2020. [Online] Available through
<https://academiapapers.net/human-resource-management-in-tesco-plc/>./
TESCO COMPANY PROFILE. 2020. [Online] Available through
<https://corporatewatch.org/tesco-company-profile/>./
Tesco Marketing. 2016. [Online] Available through <https://research-methodology.net/tesco-
marketing-strategy/>./
3