CW1: Examining Core Business Functions and Their Impact on Success

This report provides an overview of essential business functions, including marketing, human resources, finance, and production, highlighting their importance in achieving organizational success. Marketing is presented as a crucial function for promoting products and services and enhancing customer understanding, while Human Resources focuses on recruitment, employee development, and maintaining a positive work culture. The Finance function is essential for managing financial resources and ensuring effective decision-making, and the Production function aims to optimize output while minimizing input costs. The report concludes that the effective integration and utilization of these functions are vital for achieving organizational objectives and overall success. Desklib offers a variety of resources including past papers and solved assignments to aid students in their studies.

CW1 Business Report

Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Business Functions and Importance............................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
The term business can be referred as an organisation which engages in various industrial,
commercial and in occupational activities in order to generate profit. Business functions are the
activities which are carried out business concern. It encompasses with various functions such as
Marketing, Human Resource, Finance and Operations. This essay will cover business functions
along with importance within an organisation.
TASK
Business Functions and Importance
Business function is an ongoing operation or process which ensures proper functioning of
organisation (Zhang, Zhao and Xu, 2016). Marketing is one of the most crucial function of
business and it involves promoting or products and services to target audience (Gomber, Koch
and Siering, 2017). There are various ways by which company can showcase its offering such as
by opting both traditional and modern marketing tools. Marketing acts as a bridge which
connects company with its customers or vice versa. With effective marketing, company can
boost sales, enhance productivity, strengthen brand and leads to better understanding of
customer. In addition to that, marketing facilitates in creation of employment opportunities and
in generating higher profit (Sozuer and et al., 2020). The other crucial business function is
Human resource and it relates to recruitment and selection, performing payroll administration
activities, on-boarding and relieving formalities and many more. A Human Resource Manager is
carry out various task such as evaluates employee performance, conduct training and
development session and maintain positive work culture (L’Écuyer and Raymond, 2020). This
department is in-charge of keeping employees satisfied and safe. It plays vital role in developing,
reinforcing along with changing culture of organisation. It is responsible for identifying skilled
people and on boarding them, plans for workforce and facilitates employee communication.
Effective Human Resource Department results in reduction of employee absenteeism and in
employee turnover ratio. It formulates effective training and development session in order to
make employee more productive. It directly contributes in fulfilment of objectives. The another
business function is Finance and it relates to management of inflow and outflow of financial
resources. This business functions helps in presenting current financial position. One of the most
important role of financial function is to keep all financial records up to date. It facilitates in

better decision making and leads to effective allocation of financial resources. Finance function
is responsible for management of company’s money and in obtaining funds for company.
Finance function keeps records of all financial transactions which can be used in making
decision. It assists in taking various decision such as in investment decision, dividend decision
and in liquidity decision. It encompasses with all financial records along with allocation in such a
manner that it yields higher profit. Effective financial function facilitates in better allocation of
resources and preparation of budget for future planning. Another business function is production
function and it express relationship between quantity of production factors used and amount of
finished good obtained (Yankovyi and et al., 2019). The core aim of production function is to
minimise input and to maximise output. It is imperative for company to emphasize on enhancing
efficiency by lowering down overall cost of production. Company can enjoy high profit by
effective production function.

CONCLUSION
From the above project essay, it was concluded that marketing, HR, production and finance
function are crucial when it comes to company’s success. Effective combination and usage of
these function can help in accomplishment of objectives within short span of time.

REFERENCES
Books and Journals
Zhang, Y., Zhao, S. and Xu, X., 2016. Business model innovation: an integrated approach based
on elements and functions. Information Technology and Management, 17(3), pp.303-
310.
Gomber, P., Koch, J.A. and Siering, M., 2017. Digital Finance and FinTech: current research
and future research directions. Journal of Business Economics, 87(5), pp.537-580.
Sozuer and et al., 2020. The past, present, and future of marketing strategy. Marketing
Letters, 31(2), pp.163-174.
L’Écuyer, F. and Raymond, L., 2020. Enabling the HR function of industrial SMEs through the
strategic alignment of e-HRM: a configurational analysis. Journal of Small Business &
Entrepreneurship, pp.1-33.
Yankovyi and et al., 2019. OPTIMIZATION OF THE CAPITAL-LABOR RATIO ON THE
BASIS OF PRODUCTION FUNCTIONS IN THE ECONOMIC MODEL OF
PRODUCTION. Scientific Bulletin of National Mining University, (4).