Graduate Challenge: Detailed Report on Essential Business Functions

This report provides an overview of essential business functions that are crucial for an organization's effective operation, particularly for startups and small businesses. The report details various functions, including production, human resources, sales and marketing, research and development, accounting, and purchasing. The production function is highlighted as the core of business operations, emphasizing its dependence on the target market and investment in resources. Human resources are described as essential for managing employees and ensuring compliance with labor regulations. Sales and marketing are presented as vital for brand promotion and revenue generation, while research and development are recognized for their role in innovation. The accounting function is emphasized for financial management, and purchasing is shown as critical for maintaining product quality and cost-effectiveness. The report references several sources to support its analysis, providing a comprehensive understanding of the interconnectedness and importance of these functions in achieving business success.

Graduate Challenge

TASK
Business functions are procedures or actions that guarantee an organization’s effective operation.
In particular, start-ups and small businesses hire individuals who, instead of recruiting
professionals, may execute multiple functions. To get an enterprise-wide view of operations, the
Company Functions consist of terminology information (Bryant, Straker and Wrigley, 2018).
The Business Functions describe and describe the functions which serve investment banking
entities' key production process. There are mentioned different functions that conduct by the
business such as:
Production function: The role of production dominates the powerful position in the operations
of a business and is a knowledge expansion. The development process is dependent entirely on
the target market, as production is validated whenever sales lead to profit. The manufacturing
role requires significant investments in fixed assets and working capital. Of course, there is a
need for greater rules by either the sales consultant over investing in sustainable resources.
Human resource function: One of the most significant business function for enterprises with a
wide range of employees is human resources (HR) administration. It is the duty of Hr
professionals to recruit talents, monitor prospective applicants, handle workplace relationships
and establish optimal workplace conditions. The HR department also wants to guarantee that
labor and jobs regulations are complied with, answer personnel complaints and settle disputes.
Such developers develop training programmers for new workers in several companies to help
them become happy with the organization’s culture and values (Langenus and Dooms, 2018).
Sales and marketing: The same department also carries out these two business functions. Sales
and marketing divisions have the role of promoting the brand and reaching out to customers,
prospective and current clients, investors and more. Its ultimate purpose is to generate revenue
and raise brand awareness. Sales and marketing experts are accountable for market and attract
demographic analysis, social networking sites tracking of the corporate name, designing
promotional strategies and finding new customers. They can also layout pamphlets and other
promotional items, write content on the internet, and reaching over to reporters and media.

Research & development: Research and development spending is an investment spending in the
environment of innovation and competition, and R&D itself is an aid to the company's
sustenance and development. If there is indeed a relentless attempt to develop and sophisticate an
established product and add new variations, the business is required to be phased out and out of
the business (Mendling and et.al, 2018).
Accounting function: Businesses recognize the value of accounting, so they employ an
accounting department to offer professional services. This unit, which performs and manages the
finance , accounting, budgeting, and costing operations, is responsible for the auditor or financial
adviser; it is considered one of the management resources.
Purchasing function: It is one of the most significant roles in the organisation of output. In the
purchasing department, there are many highly trained professionals who also improve the quality
of jobs and support to sustain fair prices of products. The buying feature is closely linked to sales
(Treichel, Farrugia and Beyder, 2018).
All the above functions are important for the business to conduct different activities in
proper manner and get success.

REFERENCES
Books and Journal
Bryant, S. T., Straker, K. and Wrigley, C., 2018. The typologies of power: Energy utility
business models in an increasingly renewable sector. Journal of Cleaner Production. 195.
pp.1032-1046.
Langenus, M. and Dooms, M., 2018. Creating an industry-level business model for
sustainability: The case of the European ports industry. Journal of Cleaner
Production. 195. pp.949-962.
Mendling, J. and et.al, 2018. Blockchains for business process management-challenges and
opportunities. ACM Transactions on Management Information Systems (TMIS). 9(1).
pp.1-16.
Treichel, A. J., Farrugia, G. and Beyder, A., 2018. The touchy business of gastrointestinal (GI)
mechanosensitivity. Brain research. 1693. pp.197-200.