Graduate Challenge 1: Analyzing Key Business Functions Report

This report, addressing Graduate Challenge 1, examines the significance and interrelation of core business functions within an organization. The report focuses on four key departments: marketing, finance, production, and human resources. It elucidates the role of marketing in increasing sales and analyzing market trends, the function of finance in managing funds and maintaining financial performance, the production department's responsibility for manufacturing goods and services, and the human resource department's role in hiring and retaining skilled employees. Furthermore, the report emphasizes the interconnectedness of these departments, highlighting how they collaborate to achieve organizational goals. For example, the report illustrates how HR provides skilled employees to support marketing efforts and how the finance department allocates resources based on production needs. The references include various books and journals supporting the analysis of the business functions.

GRADUATE CHALLENGE
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TABLE OF CONTENTS
MAIN BODY...................................................................................................................................3
LO 1.................................................................................................................................................3
REFERENCES................................................................................................................................5
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MAIN BODY
LO 1
Importance of Business functions
Marketing
This is basically the department in organization which is engaged in marketing and
selling the products of organizations. The main importance of this department is that it helps to
increase the sales of the product which in turn assist the organization to establish its position in
market and capture great market share (Berman, 2015). The marketing function thus plays an
important role within organization where it is not only involved in increasing the sales of the
company but this department also help in estimating the market trends that might impact
TESCO.
Finance
This is the department which is concerned with managing the funds of organizations and
thus maintain the overall financial performance of the company. The importance of finance
department in any organization is to ensure that the appropriate cash is available to the company
for carrying out its operations and activities. Besides this, the finance department helps
companies to maintain their profitability and revenue ratio and thus ensure the appropriate
allocation of funds (Gerasimov and Gerasimov, 2015). Besides this, the finance department in
TESCO also helps the company to set target for various department like marketing through
which they are able to understand their responsibilities more deeply.
Production
This department is mainly responsible for manufacturing of various goods and services
and thus forms an inseparable part of an organization. Thus they are responsible for transforming
raw material in finished goods as well as services (Argyris, 2017). The importance of this
department is that it ensure that the appropriate quality as well as quantity of products are
produced which are meeting the quality standards. Thus, it helps the organizations to properly
monitor the quality of products to attract customers.
Human resource
This is the most significant department of any organization where their main role is to
hire and select the talented and qualified employees for organization. They are responsible for
providing effective training to personnel asd thus retaining them. The importance of this
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department lies in its core functions and thus helps the organization by providing skilled and
potent employees who have the capability to achieve organizational goals and objectives. Thus,
it helps the organization by retaining employees and providing them the effective training to
shape their skills.
Interrelation
These all department are interlinked to each other and hence an organization cannot
survive without the coordination of these departments (Tolbert and Hall, 2015). Thus, these all
are linked together in the sense that HR department in TESCO helps marketing department by
providing skilled employees who are capable enough to convince customer for purchasing the
product. In the similar way, Finance department helps HR department by quantifying how much
expenditure will occur on various aspects of employees like training, compensation, education
fees etc. Thus, in this way all the departments are linked to each other and hence works in close
coordination for achieving business goals. This interrelation in TESCO therefore plays an
important role and helps it to establish its position in market. Another example is that the
production department of TESCO indicate the finance department how much raw material will
be required for producing a product. Finance department in turn allocate the resources and
money accordingly.
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REFERENCES
Books & Journals
Argyris, C., 2017. Integrating the Individual and the Organization. Routledge.
Berman, E., 2015. Performance and productivity in public and nonprofit organizations.
Routledge.
Gerasimov, B.N. and Gerasimov, K.B., 2015. Modeling the development of organization
management system. Asian Social Science.11(20). p.82.
Tolbert, P.S. and Hall, R.H., 2015. Organizations: Structures, processes and outcomes.
Routledge.
Wibrowski, C.R., Matthews, W.K. and Kitsantas, A., 2017. The role of a skills learning support
program on first-generation college students’ self-regulation, motivation, and academic
achievement: A longitudinal study. Journal of College Student Retention: Research,
Theory & Practice.19(3). pp.317-332.
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