Importance of Business Functions: A Business Report (MG408)

This business report, prepared for the MG408 Graduate Challenge, examines the critical roles of various business functions within an organization, specifically focusing on marketing, finance, operations/production, and human resources. The report defines the core responsibilities of each department, illustrating their significance through examples, such as the operations of Tesco. It emphasizes the interconnectedness of these functions, highlighting how marketing relies on finance for budgeting, and how operations produce goods to meet customer needs. The report underscores the importance of these functions working collaboratively to achieve common business objectives and overall organizational success. It provides a comprehensive overview of how these departments contribute to the overall goals of a business, with references to academic texts and research to support the analysis.

CW1 Business Report
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Table of Contents
INTRODUCTION...........................................................................................................................3
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................5
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INTRODUCTION
Business functions are of different types and they perform various activities and tasks. They
all contribute in overall business objectives. However, each function is assigned various roles
and they attain it (Cook and Green, 2016). Generally, HR, operations are common business
department within organisations.
HR- the role of HR in Tesco is to hire and recruit candidates on basis of job roles and their skills
and capabilities. Also, they manage staff and provide them training of their specific job.
Moreover, Hr maintain payroll and evaluate performance of staff. They are also responsible for
developing culture and solving conflicts. For example- main function is T&D, selection, etc. of
employees within Tesco (Jensen, 2018).
Marketing- There are many functions that is performed by marketing department. they do
advertising and promotion of products and services. Furthermore, they conduct market research
to collect data and info about customer needs, trends, etc. In addition, customer feedback is taken
and branding is done. also, they decide the target market and accordingly develop plans (Nielsen
and Galamba, 2015). For example- In Tesco marketing unit do R&D and research in market.
Finance – Its main function is to record income and expenses of business. Moreover, budget is
estimated and accordingly financial planning is done. they also perform function to forming
reports and doing future analysis of sales and income. besides that, asset valuation and auditing
are also function of finance unit (Kemp and Owen, 2015). For example- In tesco they prepare
balance sheet, profit and loss account, etc. on annual basis to find out profit and loss.
Operations – the main function of operation is to produce products from raw material into
finished goods. In this a specific procedure is followed of manufacturing. Moreover, production
department produces variety of products as per needs of customers. For instance- Tesco
operation contains many fuctions
Importance of business functions
There is great importance of interrelationship between all business function within Tesco.
As they accomplish various goals but it is integrated towards common objective. Here, for
instance marketing advertise and promote products. so, for this they require budget from finance.
In this way marketing is done (Nayak, Linehan and Sanz, 2017). Apart from it, finance
function support in allocating capital to HR, marketing and operation to conduct daily activities.
with help of marketing, product and services is promoted and revenue is generated. The products
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are manufactured to fulfil customer needs. Therefore, these all result in achieving business goals
by working together. Other than this, each business function contributes in its own way.
CONCLUSION
So, it can be summarised that all business functions are interrelated to one another and
contribute in attaining common goals. the role of HR is to hire and recruit candidates. However,
marketing is engaged in doing advertising and promotion of products and services. Finance main
function is to record income and expenses of business and operation produce products from raw
material into finished goods. They all are interrelated with one another as they accomplish
various goals but it is integrated towards common objective.
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REFERENCES
Books and journals
Cook, W.D. and Green, R.H., 2016. Multicomponent efficiency measurement and core business
identification in multiplant firms: A DEA model. European Journal of Operational
Research, 157(3), pp.540-551.
Jensen, P.A., 2018. Organisation of facilities management in relation to core business. Journal of
Facilities Management.
Kemp, D. and Owen, J.R., 2015. Community relations and mining: Core to business but not
“core business”. Resources Policy, 38(4), pp.523-531.
Nayak, N., Linehan, M. and Sanz, J.L., 2017. Core business architecture for a service-oriented
enterprise. IBM Systems Journal, 46(4), pp.723-742.
Nielsen, S.B. and Galamba, K.R., 2015. When Sustainable Development is Core Business.
In European FM Conference 2011.
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