Graduate Challenge: Examining Business Functions within Tesco Plc

This report examines the critical business functions within Tesco Plc, a major retail company. It delves into the roles of production, marketing, finance, and HR functions in achieving organizational goals. The report highlights the importance of each function and their interdependencies, illustrating how they collectively contribute to Tesco's market position and competitiveness. The analysis includes discussions on how these functions adapt to changing market trends, customer behavior, and the need for quality products. The report concludes by summarizing the significant role of these business functions in the overall success of Tesco Plc. The report also references several academic resources and online materials to support its analysis.

Graduate Challenge

Table of Contents
INTRODUCTION...........................................................................................................................3
BUSINESS FUNCTIONS...............................................................................................................3
IMPORTANCE OF BUSINESS FUNCTIONS AND LINKAGES...............................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Business functions contributes maximum efforts in execution of different business
operations with an objective of achieving organisational goals and objectives. These functions
include HR, production, finance and marketing (Budhwar and Debrah, 2013). The present
assignment report is based on Tesco Plc which is currently engaged in selling wide range of
products which includes books, clothing, furniture and many more. The report discusses the role
and importance of different business functions in the context of chosen organisation.
BUSINESS FUNCTIONS
 Production function: It includes responsibilities which relates with manufacturing of
standard quality of products and services. In modern scenario, customers are more health
conscious due to which they spend more on quality products rather than searching low
priced products. Due to well established organisation, Tesco has large number of loyal
customers whose retention can be possible only if production functions focuses on
improving quality instead of lowering prices (McDonald and Wilson, 2016).
 Marketing function: This function performs to influence the buying behaviour of
customers by communicating them about updates in current offerings using various
promotional channels such as TV Advertisement, Social media etc. Tesco is well-
established company having huge customer base and revenue thus these can be retained
only if market trends would be analysed on continuous basis through conducting
marketing research (Palmer, 2012).
 Finance function: This function performs to ensure an organisation about sufficient
availability of funds which is the main requirement during execution of different business
operations. In the context of Tesco Plc, finance manager makes decision regarding
investment, financial and dividend that strong the financial stability of company in rivalry
market (Business function, 2019).
 HR function: This function performs with an objective of filling the space of workforce
with skilled and experienced employees whose contribution increases the possibilities of
companies such as Tesco Plc to achieve its desired goals and objectives (Shephard, 2012)

IMPORTANCE OF BUSINESS FUNCTIONS AND LINKAGES
Business functions drives an organisation to maintain their strong presence in competitive
market by contributing mutually. For instance, finance and marketing function if performs
together, then it makes easy for Tesco Plc to prepare an effective marketing plan made by
marketing function with sufficient amount of financial resources raised by finance function
(Importance and functions of business, 2019). In modern market scenario, the market trends are
changing on continuous basis which must be tracked and identified to retain strong position in
competitive market. Thus, these functions assist an organisation to identify market trends and
make correction actions accordingly in order to compete with their rivals in more effective and
efficient way (Wise, 2012).
CONCLUSION
It can be summarised from the above report that business functions play a significant role in
the achievement of organisational goals and objectives by performing their allotted functions in
more appropriate way.

REFERENCES
Books and Journals
Budhwar, P.S. and Debrah, Y.A. eds., 2013. Human resource management in developing
countries. Routledge.
McDonald, M. and Wilson, H., 2016. Marketing Plans: How to prepare them, how to profit from
them. John Wiley & Sons.
Palmer, A., 2012. Introduction to marketing: theory and practice. Oxford University Press.
Shephard, R.W., 2012. Cost and production functions (Vol. 194). Springer Science & Business
Media.
Wise, C.P., Accenture Global Services Ltd, 2012. Finance function high performance capability
assessment. U.S. Patent 8,204,809.
Yochpaz, R., VNT SOFTWARE Ltd, 2014. Method and system for associating it assets with
business functions. U.S. Patent Application 13/888,416.
Online:
Importance and functions of business. 2019. [Online]
<https://www.kullabs.com/classes/subjects/units/lessons/notes/note-detail/2226>
Business function. 2019. [Online]:http://www.businessdictionary.com/definition/business-
function.html