MG408 Graduate Challenge: Business Functions Report 2019-20

This business report, prepared for the MG408 Graduate Challenge module, explores the critical roles of Marketing, Finance, Production, and Human Resources within an organization. It defines each function, emphasizing their importance in achieving sustainable competitive advantages and meeting organizational goals, as supported by academic texts and research. The report analyzes how these functions interrelate and contribute to overall business success, referencing various studies and real-world examples like ASDA and British American Tobacco. It highlights the significance of financial planning, marketing strategies, and HR practices in fostering innovation and adapting to changing customer preferences, culminating in a conclusion that stresses the interconnectedness of these core activities for competitive edge. The report utilizes evidence-based writing and Harvard referencing, fulfilling the assignment's requirements to demonstrate academic skills and evaluate the links between different business functions. The report also discusses the role of financial planning in an organization.

Running head: BUSINESS ADMINISTRATION
BUSINESS ADMINISTRATION
Name of the student
Name of the university
Author note

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Table of Contents
Introduction......................................................................................................................................2
Marketing.........................................................................................................................................2
Finance.............................................................................................................................................2
Production........................................................................................................................................3
HR activities....................................................................................................................................3
Conclusion.......................................................................................................................................4
References........................................................................................................................................5

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Introduction
The different business activities contribute to the sustainable edge of the same while
assisting the same in meeting the common goals of sustenance in intensely competitive markets.
It has been observed that marketing, finance, production and human resource related
considerations support an organization in improving their operational criteria while improving
their position in the competitive fields.
Marketing
According to Leonidou and Hultman (2019), marketing plays an important role in
commercializing the proposition that is being developed by the same. Marketing is specifically a
set of activities that introduces the organization and its offerings to the customers while
influencing their buying behavior. The diverse range of marketing campaigns that were
considered by ASDA encouraged the venture in gaining sustenance in the highly competitive UK
markets (Wang and Kim 2017). The increased marketing efforts also contributed to the growth
and expansion of the business is the different regions. Therefore, most of the organizations
undertakes meticulous planning on the product, pricing, promotion and distribution related
activities with the purpose of improving the rate of operations in adherence with the changing
preferences of the customers.
Finance
The financial planning related activities of an organization supports the same in
developing recognition on the competencies and the manner in which the resources might be
allocated for addressing the sustenance related concerns of the venture (Sponem and Lambert
2016). Henttu-Aho (2016) reflected in a report that the financial budgeting related activities of an

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organization enables the same in developing an idea on the cost expenditures that might be
considered by the same while framing strategies. Therefore, financial considerations and
calculations play an important role in improving the rate of operations of a venture while
operating as per the common goals.
Production
Production and overall operations of the venture supports in maximizing the chances of
profitability of a venture. According to the research made by Butt et al. (2019), production and
continuous innovation in the operational processes allows an organization in increasing the
effectiveness of the offerings while adhering to the changing taste and preferences of the
customers. The increased productivity of British American Tobacco (BAT) have considerably
contributed to the growth and expansion of the venture while addressing the increasing demand
of the customers related to tobacco (Srivastava, Pandey and Mohanty 2018).
HR activities
The Human Resource of every organization holds a positive contribution towards the
corporate success and competitive edge of the business in intensely competitive markets. The
streamlined performance of the workforce or human resource towards achieving the common
business objectives contributes to its sustenance. According to Järlström, Saru and Vanhala
(2018), the human resource of an organization effectively supports continuous innovation related
concerns faced by the organization while increasing their participation in the new process
designs. It has been observed in this connection that the proactive support of the human resource
enabled Tesco in improving the innovativeness while adhering to the changing preferences and
lifestyle of its customers (Korff, Biemann and Voelpel 2017).

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Conclusion
Therefore, the increased rate of innovation in the business practices are specifically
reliant on the core activities like marketing, financial budgeting, HR planning and productivity.
The core activities support an organization in gaining a competitive edge over the existing
market players.

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References
Butt, M.A., Nawaz, F., Hussain, S., Sousa, M.J., Wang, M., Sumbal, M.S. and Shujahat, M.,
2019. Individual knowledge management engagement, knowledge-worker productivity, and
innovation performance in knowledge-based organizations: the implications for knowledge
processes and knowledge-based systems. Computational and Mathematical Organization
Theory, 25(3), pp.336-356.
Henttu-Aho, T., 2016. Enabling characteristics of new budgeting practice and the role of
controller. Qualitative Research in Accounting & Management.
Järlström, M., Saru, E. and Vanhala, S., 2018. Sustainable human resource management with
salience of stakeholders: A top management perspective. Journal of Business Ethics, 152(3),
pp.703-724.
Korff, J., Biemann, T. and Voelpel, S.C., 2017. Human resource management systems and work
attitudes: The mediating role of future time perspective. Journal of Organizational
Behavior, 38(1), pp.45-67.
Leonidou, C.N. and Hultman, M., 2019. Global marketing in business-to-business contexts:
Challenges, developments, and opportunities.
Sponem, S. and Lambert, C., 2016. Exploring differences in budget characteristics, roles and
satisfaction: A configurational approach. Management Accounting Research, 30, pp.47-61.
Srivastava, V., Pandey, S.K. and Mohanty, A.K., 2018. Training And Development: A Tool For
Retention And Productivity. ITIHAS-The Journal of Indian Management, 8(3).

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Wang, Z. and Kim, H.G., 2017. Can social media marketing improve customer relationship
capabilities and firm performance? Dynamic capability perspective. Journal of Interactive
Marketing, 39, pp.15-26.