Importance of Business Functions: MG408 Graduate Challenge Report

This report provides a comprehensive overview of key business functions, including marketing, finance, operations, and human resources. It defines the role of each function and emphasizes the importance of their collaboration for overall organizational success. The report uses academic texts and examples to support its analysis, highlighting how these functions must work together to achieve common goals, as demonstrated by successful organizations. The interrelation between different departments is essential to the achievement of the same organizational goal. The report concludes that the functions are important to their aspects and properly and effectively achieve its goals and objectives.

Graduate Challenge

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Role of all the functions...............................................................................................................1
Importance of the department or functions working together.....................................................2
CONCLUSION................................................................................................................................2
References....................................................................................................................................3

INTRODUCTION
Business Function can be defined as "a cycle or activity that is performed regularly to do
an aspect of the mission of an organization". The activities which are carried out by companies
are can be divided according to different departments of company. There are various functions of
a business that are discussed in this report.
MAIN BODY
Role of all the functions
 Marketing Function- Marketing is a collection of activities which are carried on to
promote products and services of company in the target market. Good marketing
strategies helps companies such as Walmart in building brand name and attracts customer
in large number.
 Finance Function- In business like Walmart, finance function helps in acquiring funds
and utilizing them in such a way that company may carry its operations in effective
manner. Money is the soul of business without it things wouldn't run easily.
 Operations Function- Associations are comprised of various offices or aspects that need
to cooperate, however regularly battle to do as such (Rickly and Cook, 2017). An
operation manager has the significant obligation of guaranteeing that these various
machine gear-pieces cooperate in accomplishing objectives of the organization like
Walmart as entirety.
 Human Resources- Having made some amazing progress since customary "work force,"
HR is a basic business function that assists organizations such as Walmart with prevailing
with regards to recruiting representatives, keeping them drew in, and supporting their
development and improvement (Qiu and Tong, 2017).
Importance of the department or functions working together
All the departments of organisation are interrelated within the Walmart because activity
of one division is directly or indirectly associated with other departments (Amelink and Edwards,
2020).
For example, with reference to Walmart the marketing function as to acquire funds from
the finance department of company for which it needs to explain the plan it has formulated for
promotional activities (Aptoula and Bayyurt, 2020).
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The interrelation between all the departments is necessary because all these divisions
work for the accomplishment of same organisational goal (Pierucci, 2019).
If they do not have coordination between them then the organisational goal can not be
achieved effectively and their can be duplicability in use of scare resources (Page, Trudgett and
Bodkin-Andrews, 2019).
CONCLUSION
From the above report it can be concluded that business functions are the various
activities which can help the business function properly and effectively achieve its goals and
objectives. Functions like marketing, finance, operations and human resource are performed in
the business and they are important to their aspects.
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References
Amelink, C.T. and Edwards, C.D., 2020. Exploring the Socialization Experiences of
Underrepresented Engineering Graduate Students. Journal of Women and Minorities in
Science and Engineering. 26(4). pp.357-379.
Aptoula, N.Y. and Bayyurt, Y., 2020. Features of Electronic Feedback on Graduate Level
Writing. In English for Specific Purposes Instruction and Research (pp. 145-158).
Palgrave Macmillan, Cham.
Page, S., Trudgett, M. and Bodkin-Andrews, G., 2019. Creating a degree-focused pedagogical
framework to guide Indigenous graduate attribute curriculum development. Higher
Education. 78(1). pp.1-15.
Pierucci, L., 2019. Challenges for Teaching Wireless Communications Standards at the Graduate
Level. Education Sciences. 9(4). p.298.
Qiu, Z. H. and Tong, M. S., 2017, December. Improvement on education quality of graduate
students facing the challenge of big data era. In 2017 IEEE 6th International Conference
on Teaching, Assessment, and Learning for Engineering (TALE) (pp. 156-159). IEEE.
Rickly, R. and Cook, K.C., 2017. Failing Forward: Training Graduate Students for Research—
An Introduction to the Special Issue.
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