MG408 Report: Importance of Business Functions and Linkages

This report examines the significance of various business functions, including marketing, finance, production, and human resources, in ensuring the effective operation and success of a business. The report focuses on Marks & Spencer (M&S) as a case study, highlighting how these functions contribute to achieving organizational goals and maintaining a competitive edge. It defines the roles of each function and emphasizes the importance of their interdependencies for high performance, revenue generation, and customer satisfaction. Effective collaboration between these functions is crucial for identifying customer needs, producing quality goods, managing finances, and fostering a productive workforce. The report concludes that integrating these functions is essential for achieving business advantages and outperforming rivals.

IMPORTANCE OF BUSINESS
FUNCTIONS

Table of Contents
Introduction......................................................................................................................................3
Business functions...........................................................................................................................3
Importance of business functions and Linkages..............................................................................3
Conclusion:......................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Business functions are those operations which ensures the appropriate functioning of a
business firm. There exists different type of business functions like HR functions, marketing and
sales function, finance and production function (Dijkman, Vanderfeesten and Reijers, 2016).
This assignment is based on M&S which is a London based MNC, headquartered in
Westminster, UK. This topic will cover about merits of business functions in attaining success
within an organisation. M&S is a global company which provide luxurious cloths, home items
and food products to their customers (Painter and et. al., 2019). Different functions of M&S
business are stated below:
Business functions
 Production function: Production is development of services and goods by using money,
material, men and other facilities available to a company. Organised production benefits
M&S in producing good quality product in specified quantities so that needs of customers
can be fulfilled properly (Cantù and et. al., 2015).
 Marketing function: This function of a firm helps in brining consumers and producer
together in exchanged relationship so that particular motives can be gained. In context
with M&S, purpose of marketing function is to identify the needs and requirements of
customers so that they can be served as per their expectations (Fareri, and et. al., 2018).
 Finance function: This function of business is responsible for investment decisions,
financial decisions and dividend decisions. This function helps a company in managing
their funds and budgets so that each business activity can be performed without any
financial shortage (Albertoni, Elia and Piscitello, 2017).
 HR function: This function deals with employees of a company and works to improve
the working potential of people. This function helps in eliminating the effectiveness in
employees due to which they are able to work productivity and business firms like M&S
earns high revenues and profits against rivals.
Importance of business functions and Linkages
Business functions are referred to the activities which are performed by an enterprise to
yield sufficient income so that high advantage over competitors can be attained. Main business
functions associated with a company are finance, HR, marketing production etc. It is important

for the manager of company to perform their business functions in a productive manner so that
high revenues and profits can be earned (Vandekerckhove and Ramioul, 2015). For example, if
production and marketing function of company will work effectively, it will be easier for M&S
to identify the needs of customers and offering them same product in high quality. This will help
M&S in sustaining a strong presence in workplace. Effective working of HR function will ensure
that only skilled employees will be hired due to which complex work of a company will be
performed in a simplified and timely manner (Chang, 2016). Due to this, attainment of
organisational goals will be easier for M&S and they will be able to achieve high revenues and
profits without any difficulties (Sainidis, Robson and Heron, 2019).
CONCLUSION
As per this given report, it has been concluded that marketing, finance, HR and
production are main business functions for a company. With the help of these business function,
a company can work in a systematic manner so that organisational goals can be attained
properly. This will allow the company to finish their activities prior deadlines and without any
shortage of finances. This will benefits a firm in attaining high business advantages and profits
against rivals.

REFERENCES
Books and Journals
Dijkman, R., Vanderfeesten, I. and Reijers, H. A., 2016. Business process architectures:
overview, comparison and framework. Enterprise Information Systems. 10(2). pp.129-
158.
Fareri, S. and et. al., 2018. Workers 4.0: skills, profiles and jobs in different business functions.
Economy, employment and skills: European, regional and global perspectives in an age
of uncertainty. p.95.
Chang, J. F., 2016. Business process management systems: strategy and implementation.
Auerbach Publications.
Painter, M. and et. al., 2019. Sharing vocabularies: Towards horizontal alignment of values-
driven business functions. Journal of Business Ethics. 155(4). pp.965-979.
Cantù, C. and et. al., 2015. Innovative and networked business functions: customer-driven
procurement. Journal of Business & Industrial Marketing.
Albertoni, F., Elia, S. and Piscitello, L., 2017. Complementing the reshoring of manufacturing
activities: the relocation of business functions. In Reshoring of Manufacturing (pp. 57-
75). Springer, Cham.
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.
Sainidis, E., Robson, A. and Heron, G., 2019. Environmental turbulence and the role of business
functions in the manufacturing strategy debate: The case of UK-based SMEs and the
Great Recession. Journal of General Management. 44(4). pp.190-208
Why Is it Important to Combine Functions in Business? 2019.[Online].
https://smallbusiness.chron.com/important-combine-functions-business39866.html/
Six most important functions of business. 2019. [Online].
http://www.preservearticles.com/business/6-most-importantfunctionsofbusiness/30339/
Importance and functions of business. 2019.[Online]
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Business function. 2019.[Online]:< http://www.businessdictionary.com/definition/business-
function.html >