Analyzing the Role and Importance of Business Functions in a Firm

This essay explores the significance of various business functions within an organization, emphasizing their interconnected roles in achieving organizational goals and objectives. It highlights the importance of marketing in attracting customers and generating revenue, finance in managing and allocating funds, operations in optimizing production processes and reducing costs, and human resources in recruiting and developing employees. The essay further emphasizes that when these functions work collaboratively, they contribute to the overall success and growth of the firm by ensuring efficient resource utilization, timely completion of tasks, and the delivery of superior products and services. The conclusion underscores the necessity of these functions working in unison to accomplish the overarching goals of the company.

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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
CONCLUSION................................................................................................................................4
REFERNCES...................................................................................................................................5

INTRODUCTION
There are different business functions in an organisation like, marketing, finance, operations and
human resource (Avci, 2021). All the functions are working together to accomplish goals and
objectives of company.
MAIN BODY
Importance of different business functions
Business functions are important because it helps in taking correct decision and better plans can
be made for achieving goals and objectives of organisation. It is essential to make plans so that
work can be done on time and it helps in growth and development of firm. There are different
business functions like, marketing, finance, operations and human resource. When all these
functions are working together then it helps in completing work on time and better products can
be provided to people. When all these functions are working properly then work is managed and
profit can be earned by company. It is essential to make plans properly so that work can be
completed on time. For successful organisation it is essential that all these functions work
together and focus on achieving goals and objectives of company (Heikkilä, Kaipia and Ojala,
2018).
Marketing- marketing plays a crucial role in an organisation because it helps in attracting
people by providing them relevant information and goals of organisation can be accomplished.
Marketing is one of the essential function of company as it helps in providing relevant
information to people and more people are attracted. Advantages of marketing are, it facilitates
exchange in the ownership and possession of goods and services, helps in optimum utilisation of
resources, increases sales of company because people are attracted. Marketing is beneficial for
growth and development of firm as it provides details to customers about new product.
Marketing manager is conducting market analysis and making plans accordingly so that people
can be attracted and helps in generating more revenue.
Finance- another function of organisation is finance. In every business or firm, funds are
required and it is the responsibility of finance manager to manage funds and arrange funds in
advance so that work can be completed on time. It is essential to make budgets and finance
manager should interact with other departments so that they can know how much fund is
required and make arrangement accordingly so that targets can be accomplished.

Operations – this is another function in an organisation which is responsible for handling
production department. Operation manager are making plans to reduce wastage of resources and
lower operating costs. They are making plans for employees so that resources can be used
efficiently and interact with finance manager when funds are required. for providing training to
employees they are interacting with HR manager (Macchi, Savino and Roda, 2020).
Human resources – human resource is one of the important department because they are
handling all the activities and recruiting right person for the company. They are interacting with
all the other departments for providing training and development programs to employees,
deciding compensation of employees.
CONCLUSION
From the above discussion it can be concluded that, there are different business functions in an
organisation such as, marketing, finance, operations and human resource. All the functions are
interconnected with each other and working together so that goals and objectives can be
accomplished.

REFERNCES
Books and Journals
Avci, P., 2021. Structures and Functions of Holding Companies in Different Countries.
In Handbook of Research on Financial Management During Economic Downturn and
Recovery (pp. 41-57). IGI Global.
Heikkilä, J., Kaipia, R. and Ojala, M., 2018. Purchasing category management: providing
integration between purchasing and other business functions. International Journal of
Procurement Management. 11(5). pp.533-550.
Macchi, M., Savino, M. and Roda, I., 2020. Analysing the support of sustainability within the
manufacturing strategy through multiple perspectives of different business
functions. Journal of Cleaner Production. 258. p.120771.