Business Functions and Interrelationship: A MG408 Report 2020-21

This report, prepared for the MG408 Graduate Challenge module, analyzes the roles of key business functions including marketing, operations, finance, and human resources. It defines each function's responsibilities and importance within an organization. The report emphasizes the interrelationship between these departments, highlighting how their collaboration fosters strong relationships, improved information flow, and the achievement of common goals. The report utilizes academic sources and demonstrates evidence-based writing with Harvard referencing, as required by the assignment brief. The report also highlights the importance of these functions working together effectively, supporting the argument with evidence from successful organizations. The report aims to demonstrate core academic skills of evidence-based writing and Harvard referencing.

Role of business
functions and the
importance of
interrelationship

INTRODUCTION
Every business requires some structure to carry their business operations whether it is
small or big. Business has to work in various areas where it is required to develop different
departments for effective functioning. Functional areas means the large organisation divided into
different areas where individuals are employed according to the skills and expertise required to
operate the work. With the help of these departments businesses can carry out their work
effectively without getting any hurdles.
MAIN BODY
Marketing: Marketing department works to create awareness about the business products in the
market and to identify the needs and wants of consumers (Zhong and Luo, 2018). They knew
that customer would know about the product only when they promote and advertise the products
in the best manner. The marketing department has to create content for the company products
and has to manage the social media as in today's world most of the people are operating social
media. On the same time, they have to communicate with other departments like the production,
finance, human resource to work according to the customer requirements. For effective
marketing strategies, interpersonal relationship skills and content creation plays significant role
in marketing department.
Operation: The operation department is responsible for manufacturing of products of the
business. They have to see the designing, controlling the process of production and have to check
the quality of production. The operation manager has to ensure that the production goes in
systematic direction and according to the demands in the market. The manager has the
responsibility of predicting the demand that will be created by consumers in the market so they
can make their planning in that form. And not only this, the operation department has to ensure
that the production of the goods is made timely so they can be delivered at right time. For getting
better results an individual must have critical thinking and reliability.

Finance: Finance department is considered to be lifeblood of any business as the working of this
department is totally based on money (Hasan and et. al., 2019). Because without money business
won't be able to carry out its work effectively. The finance department has to decide the budgets
that each department have to work on and has to manage all the cash outflows and inflows from
the business. This department has to prepare financial statements at the end of the year which
determines whether the company is in profit or loss. It is essential for the candidate to have
analytical and decision making skills in finance department.
Human resource: Human resource department main function is to recruit people with required
knowledge and skills to fill the vacant position (Im, Nam and Cho, 2020). They provide training
and learning to the recruited people and plans the developing and administering programs which
will help to increase the productivity of the employees. Apart from this, the department is also
responsible to provide salaries and other compensation and benefits to the employees. Key skills
required by a candidate in human resource are ethics, discretion, conflict management etc.
Importance of all these functions working together
 Interrelationship between these departments helps in developing strong and healthy
relationships among the team members and helps them working towards common goals.
 The detailed and clear exchange of information improves the capability of departments to
work towards the same goals.

REFERENCES
Books and Journals
Zhong, D. and Luo, Q., 2018. Knowledge diffusion at business events: The
mechanism. International Journal of Hospitality Management. 71. pp.111-119.
Hasan, N. and et. al., 2019. Factors affecting post-implementation success of enterprise resource
planning systems: a perspective of business process performance. Enterprise
Information Systems. 13(9). pp.1217-1244.
Im, K., Nam, K. and Cho, H., 2020. Towards successful business model management with
analytic network process-based feasibility evaluation and portfolio
management. Electronic Markets. 30(3). pp.509-523.