Graduate Challenge 1: Functions in Business and Their Importance

This report, titled "Graduate Challenge 1," examines the critical roles of various business functions in achieving organizational success. It delves into the importance of production, marketing, operations, finance, and human resources. The production function is highlighted for its role in cost reduction and market expansion, using Airdri Ltd. as an example. The marketing function's focus on customer satisfaction and promotion, exemplified by Zara, is also discussed. The operations function's emphasis on efficiency and innovation, with Lush UK as an example, is explored. The finance department's role in managing funds and making decisions, illustrated by ALDI, is analyzed. Finally, the human resource department's importance in selecting and maximizing employee performance, with Samsung as an example, is discussed. The report concludes that consistent, innovative business functions are crucial for business growth and profitability.

GRADUATE
CHALLENGE
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5
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INTRODUCTION
Businesses are playing an important role in the development of economies and it
increases the standard of living. It utilises the resources and improves the quality of life and
fulfils the wants of the people (Cantù and et.al., 2015). It is an economic activity and there are
many functions of the business which makes it successful.
MAIN BODY
Businesses includes many activities which involve different role and importance of
departments which are related to production, distribution and exchange of goods and services.
There are many functions of the businesses like marketing, finance, human resource, operations,
etc.
The production function of a business procure the raw material and converts it in finished
goods to make them economic and the businesses can earn profits by selling them. It is important
for the businesses to maximize profits and minimise costs of the operation. Example, the
production department of Airdri Ltd. Is focussing on reducing the cost to expand their markets in
many countries. They have an effective production department which works to increase profits of
the organisation (Macchi, Savino and Roda, 2020).
The role of marketing function is to increase the sales of good and services by satisfying
the needs of customers (Vandekerckhove and Ramioul, 2015). It is important in the businesses to
maintain the long term relationships with customers and it helps in promoting the products.
Example, Zara is the fashion organisation which focuses on providing good experience to
customers. They promote their products and have a good word of mouth.
Operations function of the businesses are making the process fast and efficient. They are
focussing on increasing the quality of products and satisfying the needs of customers by giving
them good experience. The importance of operations functions is to provide innovation and
increases profits of the business and increasing customer satisfaction. Example, Lush UK
provides innovative products and services to customers and understands their needs.
The role of finance department is to make the balance between the profits and
expenditures and provides funds to different department in the businesses. The importance of
finance department is to manage the finances in the business and helps in decision making.
Example, the finance function of ALDI is making the decisions of different department and
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managing the finances. They have to invest in many promotions and require strategies to achieve
profits.
Human resource department is the important function of the business as they select the
best employees to make the organisations successful. They function of HR is to increase the
performance of the employees in the business. The importance of human resource department is
to increase profits by maximizing the efficiency of the employees (Tapscott, 2015). Example,
Samsung has a strong selection department which is important for them as human resource is the
most important resource in an organisation.
CONCLUSION
From the above report it is concluded that the businesses are successful when the
functions are consistent, innovative, etc. and understanding the strategies to achieve the goals of
the organisations. They are helping the business to grow and coordinating the functions make the
businesses effective and helps in achieving profits.
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REFERENCES
Books and Journals
Cantù, C. and et.al., 2015. Innovative and networked business functions: customer-driven
procurement. Journal of Business & Industrial Marketing.
Macchi, M., Savino, M. and Roda, I., 2020. Analysing the support of sustainability in the
manufacturing strategy through a multiple perspective of different business functions.
Journal of Cleaner Production, p.120771.
Vandekerckhove, S. and Ramioul, M., 2015. Using business functions to identify new and
growing jobs. In Hard Work in New Jobs (pp. 35-48). Palgrave Macmillan, London.
Tapscott, D., 2015. The digital economy. McGraw-Hill Education,.
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