Business Functions and Interrelation: A Comprehensive Report

This business report provides an overview of key business functions and their interrelation. It explores the roles of marketing, finance, human resources (HR), and production within an organization. The report highlights how these functions contribute to achieving overall business goals and objectives. Marketing's role in promoting products and gathering market data is discussed, along with finance's role in allocating budgets and managing financial performance. The HR function's responsibilities in recruitment, training, and maintaining employee relations are also examined. Finally, the report emphasizes the significance of the production function in converting raw materials into finished goods. The report concludes that the coordinated efforts of these functions are essential for a business's success and achieving its mission and vision, supported by references to relevant academic sources.

CW1 Business Report
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Table of Contents
INTRODUCTION...........................................................................................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5
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INTRODUCTION
A business consists of various function which enable in performing task and activities and
achieving overall goals and objectives. Each function performs different role and is interrelated
to one another (Burbela, 2019). Besides that, function may vary as per nature and size of
business. but there are some common functions such as finance, marketing, HR, etc.
Marketing –the role of marketing is to promote and advertise products and services in the
market. Also, they are responsible for developing strategy and plans of marketing. besides that,
they gather data and information from market about customer needs, competitors’ products and
services, etc. the marketing function is also related to branding of organisation, taking customer
feedback, engage in PR and many others.
Finance- Finance function plays a significant role in business. their role is to allocate budget to
different departments in order to conduct activities and tasks (Fratesi, 2017). Apart from it, they
maintain records of overall financial performance of company and accordingly developing
reports. Alongside, auditing is conducted to evaluate financial performance. Moreover, they
manage funds and do financial planning of where to allocate funds. In addition, valuation of
asset is done on annual basis. the main function is to manage income and expenditure of
organisation.
Production- Its main function is to produce good by converting raw materials and processing it
to finished goods. Furthermore, machinery is maintained and operated in this. in addition,
inventory of stock material is kept and checked. they also perform various types of operations for
producing different goods and services (Mghebrishvili and Urotadze, 2016).
HR- this function in related to managing human resource. It includes hiring, making payroll,
recruiting, etc. of skilled people. They analyze need of employees by developing job description.
Moreover, certain function like training and development, etc. are performed as well. alongside,
they solve conflicts and maintain relation between management and employees. HR also
manages staff by putting them at right place (Tavana, 2017).
Significance of all department
It is analysed that all business functions work together to achieve business goals. The HR
recruit right people at right place by identifying job specification and description. Also, they
provide training to them in marketing, finance and production department on how operations are
to be performed. besides that, finance provide funds to HR to give salary to staff. Furthermore,
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marketing promotes products and also share market data to production unit so that new product
can be produced. However, for advertising products finance unit allocate funds to marketing
(vom Brocke, Zelt and Schmiedel, 2016). So, in this way strategies and plans are developed of
each department and overall goals are achieved. they all contribute in business mission and
vision.
CONCLUSION
It is concluded that there are various business functions whose role is to attain goals and
objectives. HR role is to recruit, train employees and maintain culture. Finance function is to
allocate budget and record transaction. Marketing perform advertising and promote products.
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REFERENCES
Books and journals
Burbela, V., 2019. The role and functions of media communications in the modern information
society.
Fratesi, U., 2017. The role of functions in economic underperformance of southern European
regions. In Regional Upgrading in Southern Europe (pp. 55-74). Springer, Cham.
Mghebrishvili, B. and Urotadze, E., 2016, May. Functions of Retailing. In Proceedings of
International Academic Conferences (No. 3606245). International Institute of Social and
Economic Sciences.
Tavana, M. ed., 2017. Enterprise Information Systems and the Digitalization of Business
Functions. IGI Global.
vom Brocke, J., Zelt, S. and Schmiedel, T., 2016. On the role of context in business process
management. International Journal of Information Management, 36(3), pp.486-495.
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