Business Functions Report: Collaboration for Organizational Success

This report provides an overview of different business functions, including marketing, finance, human resources, and operations, and their roles within an organization. It emphasizes the importance of effective collaboration among these functions to achieve organizational goals, increase revenue, ...Read More

BUSINESS REPORT
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY .................................................................................................................................3
Role of different business function ............................................................................................3
Importance of different business functions.................................................................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5
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INTRODUCTION
This report focuses on different business functions and importance of effective collaboration
among them in order to achieve goals and objectives of organisation. Effectively collaboration
among business functions help in boosting revenues of organisation and contributes in
maximizing productivity and profitability of organisation. Different business function includes
information about various departments within organisation such as marketing, human resource,
finance, operations.
MAIN BODY
Role of different business function
Business functions are different activities that are needed to perform business functions.
These function involves marketing, finance, human resource, operation activities to run business.
These function helps to control and monitor different activities of the business. Business
functions determines the objectives to be accomplished put the business activities (Carbery and
Cross, eds., 2018).
Marketing : Marketing involves functions to conducts develops market offering by analysing
the market demand and trend to create brand value in the market. It helps to evaluates different
marketing strategies in order to promote the goods and services to the target customer. Marketing
department of helps in developing relationships with the target customer and achieve market
goodwill.
Finance: Finance involves the functions to finance the activities of business, financial
department of any organisation are responsible to determine the sources and allocation of funds
in the business, finance is crucial for carry the business activities.
Human resource: human resource functions involves recruiting, staffing and training the human
workforce of an organisation in order to achieve organisation objectives. Human capital is an
important asset to any organisation so it becomes crucial for managing the human workforce to
conducts business functions (Ehrhardt and Brigham, 2016).
Operations: operation involves function to conduction day to day business activities to run and
mange business functions. It involves production and other functions to carry the functioning of
business activities.
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Importance of different business functions
When all different business functions such as marketing, operation, human resource and
operation works together it serves many befits to the organisation. Some of these importance are
discussed below:
Profitability: profitability is the most important objective of a business. Business operates to
accomplish the profit goals in order to achieve growth and stability. Marks and Spencer is a
multinational retailer, to achieve the business success it manges different organisational function
in a way to coordinate business efforts and achieve the business success (Gomber, Koch and
Siering, 2017).
Productivity: Business productivity is crucial for accomplishing organisation objectives. In
Tesco different functional department works with each other which helps to achieve productivity
in business operation.
Positive working culture: Coordinating different business functions of the organisation helps to
develop a sense of ethical working vulture in the organisation (Kotler, 2015). Zara is an UK
based organisation doing business in global market, due the workforce diversity it becomes
crucial to maintain workforce discipline, when different business functions works with each
other it helps to develop a sense of ethical working relationship which help to share new business
ideas and team efforts.
CONCLUSION
This report concludes about various business functions and how these business functions
contributes in growth and development of organisation. It involves different strategies which are
implemented by organisation managers in order to effectively utilise available resources to
achieve desired goals and objectives of organisation. Coordination between different business
function are important to achieve business success.
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REFERENCES
Book and journals
Carbery, R. and Cross, C. eds., 2018. Human resource management. Macmillan International
Higher Education.
Ehrhardt, M. C. and Brigham, E. F., 2016. Corporate finance: A focused approach. Cengage
learning.
Gomber, P., Koch, J. A. and Siering, M., 2017. Digital Finance and FinTech: current research
and future research directions. Journal of Business Economics. 87(5). pp.537-580.
Kotler, P., 2015. Marketing and Sales. Marketing. 1009. p.3V.
Macchi, M., Savino, M. and Roda, I., 2020. Analysing the support of sustainability within the
manufacturing strategy through multiple perspectives of different business
functions. Journal of Cleaner Production. 258. p.120771.
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