Business Functions: Significance and Collaboration for Company Success

This report provides an overview of the primary business functions: finance, marketing, human resources, and operations. It explores the individual roles of each function, including financial management, marketing strategies, workforce planning, and operational efficiency. The report emphasizes the significance of these functions and how their collaborative efforts contribute to a company's growth and success. Using the example of Tesco, the report illustrates how coordination between marketing and HR functions aids in effective promotion and recruitment, while finance ensures financial stability. The operations function focuses on reducing waste and meeting consumer expectations. The report concludes that the coordinated efforts of these business functions are crucial for a company's long-term survival and success.

Business
Report

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY .................................................................................................................................3
Business functions......................................................................................................................3
Significance of business functions .............................................................................................4
CONCLUSION ..............................................................................................................................4
REFRENCES ..................................................................................................................................5

INTRODUCTION
Marketing, finance, human resource and operations are primary business functions
which work individually while also making collaborative effort for the growth and success of the
company. This report describes significance of various business functions and the contribution of
their collaboration in success of the company.
MAIN BODY
Business functions
Finance function: This function involves acquisition and usage of funds which are
required for smooth functioning of the company. This function assesses and minimises risks
related to business investment to ensure that the company has financial resources to conduct
their daily activities and make progress in their industry (Ittner and Oyon, 2020).
Marketing function: The role of this business function is to construct and implement
effective marketing strategy, discharge social responsibility,, gain understanding of consumer
needs and market trends by conducting market analysis and communicating with potential
consumers of the company to increase sale of the firm while forming brand image which
matches with the core values of the company and represents the firm in a positive light. The
organisation is able to construct and sustain a loyal workforce which assists the company secure
favourable position in their industry (Baker and Saren 2016).
Human resource function: The primary role of this function is related to workforce
planing, employee development,employee compensation, maintenance of safe and healthy
workforce and sustaining positive employee and labour relation. HR function is considered with
utilisation of effective recruitment and selection approaches, employee reward systems, and
training programmes to construct a highly talented and satisfied employees.
Operations function: Optimum utilisation of raw materials to manufactures goods and
procedure according to the needs of the consumers by planning organising and controlling every
organisational resources required for construction of goods or services is the maintain focus of
operations function. The company is able to make products which exceed consumer expectations
and meet market demands through this function which helps the company gain leading position
in their market (Bulsara. and et. al., 2017).

Significance of business functions
Finance, marketing human resource and operations are primary business functions which
ensure smooth functioning of the company. These business functions are related to each other
and make a collaborative effort for the growth and success of the company. The British retail
giant TESCO has leading position in their industry because of coordination between various
business function. Collaboration between marketing and HR function ensures that the employees
at marketing department are trained and can face various challenges effectively which results in
effective promotion of the company (Holbeche, 2018). This collaboration helps in promoting
vacancies at TESCO effectively to attract and recruit the most suitable employees. This helps the
company construct talented workforce and suitable brand image. Finance function collaborates
with every function to understand financial needs of TESCO and acquire funds accordingly
which minimises financial risk while providing each function with required financial resources.
Operations function collaborates with other functions to reduce wastage in manufacturing
process while producing products according to consumer expectations. The company is able to
secure high profitability through this collaboration between various functions.
CONCLUSION
From the above report it is concluded that business functions play an important role in
the growth of the company. The coordinated effort made by these functions not only ensures
smooth functioning of the company but also create a path for success and long term survival of
the firm.

REFRENCES
Baker, M.J. and Saren, M. eds., 2016. Marketing theory: a student text. Sage.
Bulsara. and et. al., 2017. Exploring green business functions and green brand equity:
proposition of a conceptual framework. International Journal of Qualitative Research
in Services, 2(4). pp.262-279.
Holbeche, L.S., 2018. Organisational effectiveness and agility. Journal of Organizational
Effectiveness: People and Performance.
Ittner, C.D. and Oyon, D.F., 2020. Risk Ownership, ERM Practices, and the Role of the Finance
Function. Journal of Management Accounting Research, 32(2). pp.159-182.