MG408 Graduate Challenge: Business Report on Key Business Functions

This business report, prepared for the MG408 Graduate Challenge module, examines the critical roles of various business functions within successful organizations. The report defines and explores the importance of marketing, finance, production, and human resources, supported by academic texts and real-world examples. It emphasizes the significance of these functions working collaboratively to achieve organizational objectives, enhance communication, and reduce unnecessary costs. The report concludes that the integration of these functions is crucial for achieving desired outcomes and ensuring a company's overall success. The report uses Harvard referencing to support its arguments.

Graduate Challenge

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Importance of distinct functions of business...............................................................................1
CONCLUSION................................................................................................................................2
REFERENCES................................................................................................................................3

INTRODUCTION
In the competitive world, graduates faced challenges in understanding functions that are
operated in company (Black, 2016). Business functions are mentioned to the practices or
activities that are carried out to yield income. The business report is prepared on importance of
various business functions at successful organisations.
MAIN BODY
Importance of distinct functions of business.
Business functions are described as activities that are performed routinely so to achieve
the set organisational mission in prompt and effective manner. In an organisation, various
functions are carry out in successful manner. Following are key business functions of successful
organisations:
Marketing: The function which assists in identifying together with sourcing potential
commodities in the market where they operate and promote through various techniques is
defined as marketing function (Aagaard, 2016). Marketing function plays various roles in any
organisation. For example, listening customer needs, tracking trends along with monitoring
competition, searching new, unique, helpful and innovative marketing tool, coordinate efforts
with partners and improving sales processes are some of role that is played by marketing of
Aston Martin.
Production: It is ongoing function that have functional relationships with quantity of
produced commodity and production factors. It connects inputs and outputs by keeping
technological laws unchanged. The main role performed by production in successful firms is
turning inputs towards usable and finished outputs by following a production process series. For
example, production function at Toyota Motors have role of converting raw materials into
automotive vehicles by following systematic procedures of production.
Human resources: It is the business department that is charged with sourcing,screening
and selecting job applications along with administers various programs for the employees. The
function is responsible to handle necessary activities of the entity (Cooper and Et. Al., 2016). For
instance, major roles that human resource plays in Ferrari are compliance management, talent
acquisition and selection, keeping records, maintaining safe work environment and performance
appraisal.
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Finance: The function which assess needs of funds and searches suitable sources in order
to raise them is said to finance function. Finance is major part of the company success. In context
to Toyota Motors, finance plays role of managing daily workings, acquiring funds as per needs
and planning expenditures in various activities so to reach determined state.
When all these above functions work together then results in reaching towards set
mission before deadlines (Charter and Et. Al, 2017). It is very important for the organisational
administrators to ensure that all business functions operates together in order to get beneficiary
results. Moreover, when these functions works in combined manner at Toyota motors then it
facilitates better communication that prevents improper sending, missing deadlines and sending
distinct messages to targetted population. In addition, various works and costs that are
unnecessary or performed twice are reduced or eliminated when all the functions of company
works in combination to one another. So, it is very important for successful organisations to
combine all functions as they generates beneficiary results for the company.
CONCLUSION
The above business report concludes that business functions are the common activities
that yields about income generation for company. The common business functions of successful
organisations are marketing, human resource, finance and production. Different functions plays
different role in institution. When all these are combined to work together then they ensures
better communication and saves costs that are important for achieving desired objectives.
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REFERENCES
Books and Journals:
Black, B., 2016. Professional nursing-e-book: concepts & challenges. Elsevier Health Sciences.
Aagaard, A., 2016. Sustainable business: Integrating CSR in business and functions. Stylus
Publishing, LLC.
Cooper, R. and Et. Al., 2016, January. International Practices of SH&E Metrics and Its
Alignment with Business Functions. In ASSE Professional Development Conference
and Exposition. American Society of Safety Engineers.
Charter, M. and Et. Al, 2017. The role of business in realising sustainable consumption and
production. In System Innovation for Sustainability 1 (pp. 56-79). Routledge.
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