MG408: Analyzing the Roles and Importance of Business Functions

This report elucidates the significance of various business functions within an organization, emphasizing their individual roles and collective importance for overall productivity. It delves into the specific functions of finance, highlighting its role in budgeting and transactional activities; marketing, focusing on product commercialization and promotional strategies; human resources, emphasizing talent acquisition, employee training, and fostering a productive work environment; and operations, underscoring its responsibility for the production process and product design. The report concludes that effective communication and coordination between these business functions are essential for business efficiency and competitive advantages, ultimately contributing to the organization's success. Desklib provides access to this assignment and many more resources for students.

MG408 THE GRAUDATE
CHALLENGE

TABLE OF CONTENTS
1.INTRODUCTION........................................................................................................................3
MAIN BODY..................................................................................................................................3
2. Business functions:......................................................................................................................3
2.1 Role of Finance business function:........................................................................................3
2.2 Role of marketing:.................................................................................................................3
2.3 Role of Human Resource:.....................................................................................................4
2.4 Role of Operational function:...............................................................................................4
3. Importance of all the business functions working together:....................................................4
4. CONCLUSION............................................................................................................................4
REFERENCES................................................................................................................................5

1.INTRODUCTION
Business functions are the set of actions which is carried out by the organization, it can
be distributed into the core and support functions (Suppatvech, Godsell and Day, 2019). It is
important for the company to manage all their functions for the better productivity of the
business. This report describes the Importance of the different business functions.
MAIN BODY
2. Business functions:
Business functions mainly ensures the better or proper functioning of the organisation. As
they are yielding for the good revenue. The different business functions are as follows:
2.1 Role of Finance business function:
It is the important business function which sets the budget for the operational process. It involves
all the transactional activity of the business. For An example as for the Sainsbury company their
finance department are able to manage all their business finances which makes them a good
supermarket chain in UK. Finance department allows the company to set the budget for the
activities so that investment can made accordingly. Therefore it is also important for the
organisation to have the skilful employee who are able to manage the finance system of the
organisation.
2.2 Role of marketing:
Marketing define as the commercialisation of the product and service of the organisation, for that
reason it is important for the organisation to have the structured marketing department who
handle all the promotional activities. For example if Unilever organisation have the good
marketing team than they will be able to promote their product at good level to attract the
customer in the market. Good marketing team enable the business to reach at peak or to achieve
the good marketing position. It is the responsibility of the marketing manager to conduct good
market research so that it would be beneficial for good decision-making process (Beinke,
Nguyen and Teuteberg, 2018)

2.3 Role of Human Resource:
Human resource business function is the effective for the organisation as the HR team hires the
fresh talent for their organisation who possess all the knowledge and skills related to their
business. Human resource team also provide the activities and training session to the employees
so that they will develop the skills and development regarding their business. Human resource
team also responsible for providing the better environment to the employee so that it will reflect
productivity in their work.
2.4 Role of Operational function:
This function is responsible for the production process of the organisation, as the operational
team manage the designing of the product and services, also to produce the product according to
the information. Their main work is to make the good product available in the market for the
customer.
3. Importance of all the business functions working together:
Therefore these are the business function which are very important for the organisational
productivity. It is important for the company to have good communication process in inter
department so that every business function work properly. It is essential for the business
efficiency also for the competitive advantages.
4. CONCLUSION
From the above report it is concluded that possessing a good coordination between the
business function can offer the organization a good opportunity. Above report described about
the different business functions and their roles for carrying out the operation for the organization.

REFERENCES
Books and Journals
Beinke, J.H., Nguyen, D. and Teuteberg, F., 2018. Towards a business model taxonomy of
startups in the finance sector using blockchain.
Suppatvech, C., Godsell, J. and Day, S., 2019. The roles of internet of things technology in
enabling servitized business models: A systematic literature review. Industrial Marketing
Management. 82. pp.70-86.